Pari-mutuel betting program

Now suppose number 7 had won the match. Since no one bet any money on this possibility, typically the price of all win tickets would be refunded, although the exact policy depends upon local rules. This is a rare, but not unheard of event - it occasionally happens in very early or late matches which have fewer customers.

For reasons of either convenience, tradition or greed, all payoffs at the track or fronton are given as multiples of 10 cents. The answer is that it is deducted as breakage, and is split between the state and the fronton according to prevailing local laws.

These pennies certainly add up. It works out to, on average, a nickel per winning ticket, thus adding another percentage point or two to the house advantage. The computers used today crunch out these payoff computations in a fraction of a second. Thus payoff results are typically posted within a minute of the completion of each match, somewhat faster than in years past. But in those pre-computer days, the money counting and pool computations had to be done by hand.

That they were performed quickly and accurately enough to satisfy impatient and suspicious gamblers was a feat worthy of our respect. There are several interesting implications of the parimutuel system. First, the exact payoffs for any bet are not known to anybody in advance. To estimate the payoff you will receive, you really have to know how other people are betting. For this reason, every fronton or racetrack has an electronic scoreboard or monitor which flashes the current odds for each possible wager.

Observe the difference from casino games, where you always know that a correct bet on black in roulette pays off at two to one, regardless of how many other people have also invested on black. Because of the parimutuel system, every bettor can theoretically pick the winner in jai-alai and the fronton still makes money.

Frontons want you to bet, while casinos want you to lose. This may seem meaningless distinction, since casino odds are sufficiently stacked against you that the more you bet the more you are almost certain to lose. However, it shows up clearly in how the house deals with systems bettors.

Every casino employs a large security staff with sophisticated surveillance equipment who watch any successful bettor's every move. Retail Betting Now retail betting gets easier with our pari-mutuel betting software to run your retail business smoothly. Cashout Enable users to withdraw their money in between the event or match with a cash-out feature.

Risk-management Remove all your existing and potential risks with a risk management software that comes equipped with our pari-mutuel software. Multiple Payment Methods Provide users with multiple payment options by integrating different payment gateways in your pari-mutuel betting software. Major Cryptocurrencies Support Our pari-mutuel sports betting software solution supports both fiat and cryptocurrency including bitcoin.

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