lilredrooster
• Posts: 6791
Joined: May 8, 2015
June 29th, 2024 at 9:23:10 AM permalink
Quote: Mental

To illustrate the way parimutuel tracks operate, consider a match race between two horses where the public did not favor either. There is \$100K bet on each horse. The track takes out 16% of \$200K or \$32K. This is the house edge and it is 16% before any boost from breakage.

yeah, you're right

the exception is the minus pools where for example bridge jumpers bet a gigantic amount on a 1/5 fave to show in a 5 horse field and the track cannot pay them less than \$2.10 back by their rules no matter what the calculation is

there are I believe 3 tracks which require a minimum \$2.20 payout - and I believe the jumpers follow those tracks like hawks - 10% profit might not seem like much - but hey, it's double everywhere else

in these situations the tracks can actually lose money on a horse race - but a comparatively gigantic amount must be bet by the jumpers for that to happen

.
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
Mental
• Posts: 1433
Joined: Dec 10, 2018
Thanked by
June 29th, 2024 at 11:20:40 AM permalink
Quote: lilredrooster

Quote: Mental

To illustrate the way parimutuel tracks operate, consider a match race between two horses where the public did not favor either. There is \$100K bet on each horse. The track takes out 16% of \$200K or \$32K. This is the house edge and it is 16% before any boost from breakage.

yeah, you're right

the exception is the minus pools where for example bridge jumpers bet a gigantic amount on a 1/5 fave to show in a 5 horse field and the track cannot pay them less than \$2.10 back by their rules no matter what the calculation is

there are I believe 3 tracks which require a minimum \$2.20 payout - and I believe the jumpers follow those tracks like hawks - 10% profit might not seem like much - but hey, it's double everywhere else

in these situations the tracks can actually lose money on a horse race - but a comparatively gigantic amount must be bet by the jumpers for that to happen

.

I was once at the track for a four horse stakes race. The track would normally cancel the show pool, but they left it open just because it was a stakes race. A bridge jumper bet about \$100K on one of the favorites to show near post time. I quickly bet a few hundred on the other favorite to show. The bridge jumper's horse pulled up on the far turn. One of the horses paid \$28 to show! My show bet on the co-favorite paid \$15 to show and \$3.80 to win.
Last edited by: Mental on Jun 29, 2024
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DRich
• Posts: 11998
Joined: Jul 6, 2012
June 29th, 2024 at 4:37:01 PM permalink
Quote: Mental

Quote: lilredrooster

Quote: Mental

To illustrate the way parimutuel tracks operate, consider a match race between two horses where the public did not favor either. There is \$100K bet on each horse. The track takes out 16% of \$200K or \$32K. This is the house edge and it is 16% before any boost from breakage.

yeah, you're right

the exception is the minus pools where for example bridge jumpers bet a gigantic amount on a 1/5 fave to show in a 5 horse field and the track cannot pay them less than \$2.10 back by their rules no matter what the calculation is

there are I believe 3 tracks which require a minimum \$2.20 payout - and I believe the jumpers follow those tracks like hawks - 10% profit might not seem like much - but hey, it's double everywhere else

in these situations the tracks can actually lose money on a horse race - but a comparatively gigantic amount must be bet by the jumpers for that to happen

.

I was once at the track for a four horse stakes race. The track would normally cancel the show pool, but they left it open just because it was a stakes race. A bridge jumper bet about \$100K on one of the favorites to show near post time. I quickly bet a few hundred on the other favorite to show. The bridge jumper's horse pulled up on the far turn. One of the horses paid \$28 to show! My show bet on the co-favorite paid \$15 to show and \$3.80 to win.

I love finding opportunities where the Show pool pays more than the Win pool.
At my age, a "Life In Prison" sentence is not much of a deterrent.
Actuarial