2013 Kentucky Derby Odds: Understanding Parimutuel Betting ...

If you?re new to horse racing?or if you?re a recreational player who just bets the big events?you?ve probably heard the term ?parimutuel wagering? thrown around and wondered what it means. Well wonder no more?in this article we?ll explain what parimutuel betting is in theory and practice. Most (but not all) horse race betting worldwide is done on a parimutuel basis. Sports betting, on the other hand, is most often considered fixed odds betting. The most simple distinction between the two is that in a parimutuel format the final odds on each entry isn?t determined until the accounting of the parimutuel pool is complete and can change until this has occurred. That?s the information that is always changing on the big tote boards you?ll see around the race track. In fixed odds betting?like sports betting?as the name implies the odds you receive are fixed at the time you place the bet.

Here?s the basic way that parimutuel betting works?all bets are placed into a pool (you?ll hear the term ?parimutuel pool? or just ?pool? a lot from horse racing types). After the race the ?vig? and other taxes and fees are deducted (called the ?takeout?) and the money remaining is distributed among all winning bets. The percentage of the pool allocated to each individual winner and type of winning bet varies widely.

One thing that is important for the sports bettor to remember when playing the horses is that it?s a parimutuel situation. In other words, you?re not playing against the house, you?re playing against the other bettors. The track just facilitates the betting and acts as a middleman, handling the money for a fee (usually 15 to 25 percent of the parimutuel pool). Another difference is that the track odds are determined by how much money is bet on each horse. If everyone bets on one horse?whether it is the best horse, or just has the catchiest name?it will go off as the favorite. Long odds on a horse doesn?t necessarily indicate a bad horse, but just one that the wagering public isn?t investing in. Sometimes this can be one and the same, but not always.

So where do the odds in the newspaper or program come from? The so-called ?morning odds? are basically educated guesses as to where the wagering will go and are set by the track?s handicapper?in the case of the Kentucky Derby that would be a gentleman named Mike Bataglia. Once the morning lines are established they move in response to how the market is betting.

Source: http://maboot.com/2013-kentucky-derby-odds-understanding-parimutuel-betting/

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