[Parimutuel Betting] [Types of Bets] [Strategies for the 10 cent Superfecta]

Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house "take" or "vig" are removed, and payoff odds are calculated by sharing the pool among all winning bets.

The following is an example adapted from Wikipedia:

Consider a horse race with 8 horses. Suppose the bets on these horses are as given in the following table.

Horse | Amount Wagered |

#1 | $30 |

#2 | $70 |

#3 | $12 |

#4 | $55 |

#5 | $110 |

#6 | $47 |

#7 | $150 |

#8 | $40 |

The total amount wagered is $514. First, the wagering company or the track host will take a certain percentage from the total wagered. This is called the "take" or "vig". For example, suppose the take was 14.25%. This amounts to $73.25 and therefore the remaining pool of money is $440.76.

Now suppose horse #4 won the race. The amount bet on this horse was $55 and therefore the payout (for each dollar bet) will be 440.76/55 = 8 (approximately).

At any given moment (prior to the start of the race) the odds posted on the board are estimates of this final payout. For example, odds of 8 to 1 translate to a payout of $8 for each $1 bet.

First, there are the "straight bets":

**win**– to succeed the bettor must pick the horse that wins the race.**place**– the bettor must pick a horse that finishes either first or second.**show**– the bettor must pick a horse that finishes first, second or third.**exacta**(also called perfecta) – the bettor must pick the two horses that finish first and second, in the exact order.**quinella**– the bettor must pick the two horses that finish first and second, but need not specify which will finish first (similar to an exacta box).**trifecta**– the bettor must pick the three horses that finish first, second, and third, in the exact order.**superfecta**– the bettor must pick the four horses that finish first, second, third and fourth, in the exact order.**double**– the bettor must pick the winners of two successive races; most race tracks in Canada and the United States take double wagers on the first two races on the program (the**daily double**) and on the last two (the**late double**).**Pick 3**and**pick 4**- Picks the first in three or four consecutive races, not necessarily the first three or four races of the day. Some tracks offer a "rolling pick 3," on the first three races, the second through fourth, third through fifth, and so on.**Pick 6**(jackpot) - Picks the winners in six consecutive events.- Read the previous two tables carefully in order to calculate your "investment". Reminder: Don't forget the rows indicate the size of the field and the columns indicate the key horses in your bet (horses you believe will finish first, second, third or forth).
- Consider that a rough estimate for the payoff for these types of bets is $60 per 10 cent ticket.
- Determine how many horses you consider to be ("for sure") in the board,
this fixes the value of
*k*. - Use the first part of the table when you are in a "low risk" mood or the second part of the table when you are in a "high risk" mood.
- In any case, consider only those cells of the table in green.

Then the "exotic bets":

Lately a new bet, called the "10 cent superfecta", has been introduced with a lot of success. This is mainly because it allows "small bettors" access to big pools without investing too much money. The following table indicates the prices of certain combinations of this type of bet.

Assuming that we use a fixed number of horses ("key" horses) in each combination, with different sizes of the field (the total number of horses), the total cost of the bet will be given by the following formulas:

or

where *F* = the
total number of horses in the race and *k* = the number of key horses.

( k \ F ) | 8 | 9 | 10 | 11 | 12 |

4 | $2.40 | $2.40 | $2.40 | $2.40 | $2.40 |

3 | $12.00 | $14.40 | $16.80 | $19.20 | $21.60 |

2 | $36.00 | $50.40 | $67.20 | $86.40 | $108.00 |

1 | $84.00 | $134.40 | $201.60 | $288.00 | $396.00 |

( k \ F - 3 ) | 5 | 6 | 7 | 8 | 9 |

4 | $2.40 | $2.40 | $2.40 | $2.40 | $2.40 |

3 | $4.80 | $7.20 | $9.60 | $12.00 | $14.40 |

2 | $7.20 | $14.40 | $24.00 | $36.00 | $50.40 |

1 | $9.60 | $24.00 | $48.00 | $84.00 | $134.40 |

Here are some tips that you must consider the next time you step out to the track.