Exacta Payout

The Tote is a bookmaker in Britain which offers parimutuel betting on British horse racing in Britain. The firm was owned by the UK Government from 1928 and was the only bookmaker in Britain allowed to offer parimutuel betting on horse racing. The Tote was then sold to Betfred in July 2011 for £265 million, allowing them to offer parimutuel betting services.

• Exacta Odds Payout
• Exacta Payout Belmont Stakes

The Tote was sold by Betfred to the UK Tote Group in October 2019. In February 2020 the Tote launched a new website for customers - www.tote.co.uk

The pooled bets offered by the Tote are:

Parimutuel betting (from French pari mutuel, 'mutual betting') is a betting system in which all bets of a particular type are placed together in a pool; taxes and the 'house-take' or 'vigorish' are deducted, and payoff odds are calculated by sharing the pool among all winning bets. For the exacta, I will include the aforementioned #1 Smooth Like Strait, #2 Hit the Road, and #9 Ride A Comet, as well as Seabiscuit H. (G2) hero #8 Count Again (12-1), who is two-for-two at the trip. Kilroe Mile Wager. $10 Exacta: 3 with 1,2,8,9 ($40).

Win, Place, Exacta, Trifecta, Quadpot, Placepot, Jackpot, Scoop6 and Swinger.

Terminology[edit]

As other bookmakers can offer similar gambling services it is necessary to disambiguate the bets. A bookmaker win-only bet (on-the-nose) isn't the same as a Tote Win bet, as the bookmaker is offering fixed odds for that particular outcome, while the Tote is a dividend paid out from the betting pool. The betting pool is generated from individuals placing money on a Tote bet.

A price quote for a horse on the Tote is the current dividend payout on the event of that outcome happening. This tends to be similar to normal bookmaker odds, and tracks the market in a similar way, but at any given time may be better or worse than a bookmaker's quoted odds. However, since all bets are pooled, all bets are essentially 'starting price' (SP), that is, until the race has started (and all betting finished) one cannot calculate what the final payout will be; whereas bookmakers can offer either SP or a 'board price', that is, a guaranteed payout at a given price for a winning bet. (The SP for horse races is the average price offered by bookmakers when the race starts, as inspected by employees of the Jockey Club).

In 2020 the Tote launched Tote Guarantee ensuring Tote win bets will never pay out less than the SP.

Tote Win[edit]

The minimum stake for this bet is £2. One selects a horse from the field. This can be on any horse at any race meeting. The betting slip can be denoted with the horse's race card number, or the horses name (and if at another course, the name of the course), or it can be marked as the 'favourite', where the horse is not nominated but the bet is placed on whichever horse is favourite (has the largest amount of money put into the pool) at the start of the race. This will, obviously, have the lowest payout (since the pool will be shared with the largest number of winners) but the assumption is that if others have bet on it, it must have a good chance of winning.

Tote Place[edit]

A Tote Place bet is still on one, but the horse may come second, third or even fourth for the bet to win. Not every race qualifies for this type of bet. There must be a minimum of 5 horses in the field, the minimum stake is £2 and the following rules apply:

Each-Way[edit]

It is also possible to have an each-way ('e/w') bet, which is simply a combination of a Tote Win with a Tote Place bet. A £1 e/w bet is a total of £2, £1 for the Tote Win and the other £1 is for the Tote Place, and the money is split between the two separate pools (the Win pool and the Place pool).

Bookmakers other than the Tote do not generally offer a place-only bet, but only an each-way bet. This can be seen as a waste by bettors who believe their selection will finish 2nd or 3rd but will not come 1st; since half the money falls on the 'win' it is wasted. A non-Tote bookmaker will offer a quarter or a fifth for the e/w component, whereas the Tote place payout, and as such the e/w payout, is as always the betting pool dividend. With the advent of the exchanges, more and more bookmakers are beginning to offer 'place only' markets in an attempt to rival the exchanges. However, there is not a set in stone way for a punter to calculate the place odds as there is with an each-way bet, and the special place only odds offered by bookmakers can vary quite a bit, both bigger and smaller, from the place odds you would receive if betting each-way. This is particularly true in 'bad each-way' races, where the place odds are much less generous than if you bet each-way. The upside to this however goes back to what was said above; since the punter does not have to 'waste' half their stake on the win part of the bet.

Tote Exacta[edit]

The Tote Exacta operates in the same way as a normal bookmaker's straight forecast. As always the Tote price for the forecast is always based on the betting pool dividend. A forecast is to predict the correct order of the horses finishing first and second. The minimum bet is £2 and the multiples of 10 pence over this, multiples can also be used to reach the initial minimum of £2. If the bet contains a non-runner the bet becomes void and unnamed favourites are not allowed.

There are three Exacta bets:

Single Exacta (straight forecast). Pick in the correct order the horses which will finish first and second.

Combination Exacta (reverse forecast). Pick in either order the horses which will finish first and second. This bet is actually two bets in one, it is exactly equivalent to two straight forecasts, the first of which you select horse A to beat horse B, and then the second is for horse B to beat horse A. It's possible to specify more than two horses, at which point the bet becomes more complex, for example with three horses the individual bets are now a-b, a-c, b-a, b-c, c-a, c-b.

Banker Exacta (banker forecast). Pick a horse which you think is going to finish first, and then any number of horses to finish second. For instances, with a banker horse a, and with three additional horses, the bets are a-b, a-c, a-d.

Bookmakers that are not Tote-syndicated will offer their own forecast prices based on their own odds that they are quoting. However bookmakers will normally allow you to place a 'Tote forecast' and will pay out whatever the Tote dividend payout was.

Tote Trifecta[edit]

Also known as a Trifecta: pick the first three horses in the right order. This is generally really difficult to do and the dividend for getting it right is correspondingly better. The Tote can nominate races containing more than 8 runners as Trifecta races. There are three types of Trifecta, the Single, Combination and Banker and they work the same way as Exacta bets, only with three horses instead of two. The minimum stake is £2.

Tote Quadpot[edit]

A Quadpot is operated at every meeting in the UK and it takes place on the third to sixth races on the card. The aim is to pick a horse that will be placed in each one of these races, according to the placing rules stated in the Tote Place section above. The minimum bet is 10p. The dividend is declared after the result of the last race is known and thus the betting pool divided by the remaining stakes which are left. One may select the favourite instead of naming a specific horse.

Tote Placepot[edit]

The Placepot is identical to the Quadpot except it operates over the first six races of a race card. All UK race meetings have six races as a minimum, occasionally seven and rarely eight, but the Placepot is always operated on the first six. This bet is very popular as it has the potential to allow a gambler involvement in the whole of the race card. The minimum bet is 5p.Here is a worked example:

The first race the gambler has opted to choose two horses. Maybe the gambler isn't confident of his abilities or maybe it is a large field and the gambler feels unable to just place one horse. On race two the gambler has elected to roll with the favourite, whatever it may be. In the final race the gambler has chosen three selections. This is often driven by the motive that if the gambler reaches the last race and still has a bet on, he doesn't want to lose out in the last race by only having one selection. The number of combinations in this bet is therefore 2 × 1 × 2 × 1 × 1 × 3 = 12. The gambler has decided to risk 20p per bet, so the total cost of this bet is £2.40.

If after the first race the gambler has failed to pick a selection which was placed then the bet is over. If a selection is placed, then the bet continues, and the winnings are transferred as the stake on the second race. In this example, horse 2 may be placed and horse 7 unplaced, which means the bet continues – but there are now only 6 valid combinations for winning left.

If the gambler is lucky and managed to get through to the end, then the Tote will calculate the dividend for a £1 unit stake. In this example the Tote is going to declare the dividend as £30, and the lucky gambler has 2 winning combinations. Two combinations at a stake level of 20p is 40p, so 40% of £30 is £12, a profit of £9.60.

If a favourite is placed in every single race the Placepot payout is typically as low as it can get, and it could be anywhere from £3 to £15, although anything less than £6–£7 is quite unusual. If favourites fail to finish in the places for half of the races then something around the £40–£200 could be anticipated, placepots of over £25,000 have been known but they are extremely uncommon. However, there isn't a science to guessing what the placepot might be, the placepot dividend is the calculation of the number of tickets left divided by the pool money.

There are a couple of additional rules which affect the operation of the Placepot (and indeed the Quadpot/Jackpot/Scoop6). If a selection becomes a non-runner it will be replaced by the Starting Price favourite. Where there are joint favourites and the gambler has selected to roll on the Favourite, then the horse with the lowest race card number will be taken. If the favourite withdraws (for instance, the horse refuses to enter its starting gate) and the market has no time to select a new favourite the horse with the next shortest odds will become the favourite. It's rare for a race card to progress without a couple of non-runners so a gambler will be affected by these rules from time to time.

Tote Jackpot[edit]

The Tote Jackpot is a bet where you have to pick the first 6 winners at a meeting nominated by The Tote. The bet is available every day of the week excluding Saturday. The minimum stake is £1 and multiples are in multiples of 50p. Typically the payouts are very good for the Jackpot as it is very difficult to pick six winners in a row. The betting pool will roll into the next Jackpot event if there is no dividend to pay.

Tote Scoop6[edit]

Similar to the Tote Jackpot, Tote Scoop6 is run on Saturdays and occasionally on other days such as Boxing Day, and has been branded this way for television audiences, generally Scoop6 races are shown on terrestrial television in the UK. The stake for one line is £2, as opposed to a minimum 50p in the case of the Jackpot. As the pool will roll-over in the event of there being no dividends to pay the pool can become very large and wins in excess of £500,000 have been known. There is also a bonus fund whereby the winner of a Scoop6 event can attempt to pick the winner of the most difficult race in next week's Scoop6. This bet is also a Placepot bet, as the Tote also payout a dividend for selecting a horse to be placed in each race. According to the Tote, the average dividend is over £500 for a winning place line.

There is a major operational difference to this bet as compared to the Jackpot/Placepot/Quadpot: the six races on the Scoop6 card are nominated by the Tote from any of the race meetings on that day, typically the Scoop6 card will have a number of very difficult races such as handicap races with over 20 horses running, and races with 2- or 3-year-olds where many horses have no track record, making it difficult to select a winner. It is also the reason why the placepot payouts are correspondingly higher than a normal placepot as well. The televised coverage usually announces how many Scoop6 tickets are left after each Scoop6 race, and it is quite common to be left with only three or four tickets after the first four races.

As with other Tote bets, non-syndicated bookmakers will normally accept a Tote bet and pay out in line with the Tote dividend.

Toteswinger[edit]

This is a single-race exotic bet available on all races of six or more runners at every meeting, every day, players have to pick two horses to finish 1st, 2nd or 3rd in any order.

Each bet offers three chances to win as follows:

• Picking the horses that finish first and second in any order
• Picking the horses that finish first and third in any order
• Picking the horses that finish second and third in any order

A different dividend is declared for each outcome.

The minimum unit stake for a toteswinger bet is 10p (shops and online). Minimum unit stake on-course is 50p with minimum total spend £2 as per all totepool on-course bets. Toteswinger is unique to the tote; there is no other equivalent fixed odds or SP bet.

This is an extremely popular bet in overseas racing markets, particularly South Africa where it accounts for 40% of pool turnover.

See also[edit]

References[edit]

External links[edit]

Parimutuel betting (from Frenchpari mutuel, 'mutual betting') is a betting system in which all bets of a particular type are placed together in a pool; taxes and the 'house-take' or 'vigorish' are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the Tote after the totalisator, which calculates and displays bets already made.

The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games.

Definition[edit]

Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold.

Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at 'off track' facilities, where players may bet on the events without actually being present to observe them in person.

Example[edit]

In a hypothetical event that has eight possible outcomes, in a country using a decimal currency such as dollars, each outcome has a certain amount of money wagered:

Thus, the total pool of money on the event is $1028.00. Following the start of the event, no more wagers are accepted. The event is decided and the winning outcome is determined to be Outcome 4 with $110.00 wagered. The payout is now calculated. First the commission or take for the wagering company is deducted from the pool. For example, with a commission rate of 14.25% the calculation is: $1028 × 0.1425 = $146.49. This leaves a remaining amount of $881.51. This remaining amount in the pool is now distributed to those who wagered on Outcome 4: $881.51 / $110.00 = 8.01 ≈ $8 per $1 wagered. This payout includes the $1 wagered plus an additional $7 profit. Thus, the odds on Outcome 4 are 7-to-1 (or, expressed as decimal odds, 8.01).

Prior to the event, betting agencies will often provide approximates for what will be paid out for a given outcome should no more bets be accepted at the current time. Using the wagers and commission rate above (14.25%), an approximates table in decimal odds and fractional odds would be:

In real-life examples, such as horse racing, the pool size often extends into millions of dollars with many different types of outcomes (winning horses) and complex commission calculations.

Sometimes, the amounts paid out are rounded down to a denomination interval — in California,^[1]Australia^{[citation needed]}, and British Columbia^[2] 10¢ intervals are used. The rounding loss is known as breakage and is retained by the betting agency as part of the commission.

In some situations, a negative breakage may occur. For example, in horse racing when an overwhelming favorite wins (or shows or places).^[3] The parimutuel calculation results might call for a very small winning payout (say, $1.02 or $1.03 on a dollar bet), but legal regulations may require a larger payout (e.g., minimum $1.10 on a dollar bet).^[4] This condition is sometimes referred to as a minus pool.

Algebraic summary[edit]

In an event with a set of n possible single-winner outcomes, with wagers W₁, W₂, ..., W_n the total pool of money on the event is

${\displaystyle W_T=\sum _{i=1}^n{W}_i.}$

After the wagering company deducts a commission rate of r from the pool, the amount remaining to be distributed between the successful bettors is W_R = W_T(1 − r). Those who bet on the successful outcome m will receive a payout of W_R / W_m for every dollar they bet on it.

When there are k possible winners, such as a North American 'place' bet which has k = 2 winners, the total amount to be distributed W_R is first divided into k equal shares. If m is one of the k winners, those who bet on outcome m will receive a payout of (W_R / k) / W_m for every dollar they bet on it.

History[edit]

The parimutuel system was invented by CatalanimpresarioJoseph Oller in 1867.^[5]

The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, 'automatic totalisator' or 'tote board', invented by the AustralianengineerGeorge Alfred Julius. The first was installed at Ellerslie Racecourse, Auckland, New Zealand in 1913, and they came into widespread use at race courses throughout the world. The U.S. introduction was in 1927, which led to the opening of the suburban Arlington Racetrack in Arlington Park, near Chicago and Sportsman's Park in Cicero, Illinois, in 1932.^[6]

Strategy and comparison with independent bookmakers[edit]

Unlike many forms of casino gambling, in parimutuel betting the gambler bets against other gamblers, not the house, which necessarily implies that the bank cannot be broken. The science of predicting the outcome of a race is called handicapping.

Independent off-track bookmakers typically have a smaller take and thus offer better payoffs, but they are illegal in some countries. However, the introduction of Internet gambling led to 'rebate shops'. These off-shore betting shops promise to return some percentage of every bet made to the bettor. They may reduce their take from 15–18% to as little as 1–2%, while still generating a profit by operating with minimal overhead.

Parimutuel bet types[edit]

There may be several different types of bets, in which case each type of bet has its own pool. The basic bets involve predicting the order of finish for a single participant, as follows:

North America[edit]

In Canada and the United States, the most common types of bet on horse races include:

Single race

• 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.
• Across the board: the bettor places three separate bets to win, place or show.
• Exacta, perfecta, or exactor: the bettor must pick the two horses that finish first and second, in the exact order.
• Trifecta or triactor: 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.^[7]
• Box: a box can be placed around exotic betting types such as exacta, trifecta or superfecta bets. This places a bet for all permutations of the numbers in the box. An exacta box with two numbers, commonly called quinella or quiniela, is a bet on either of two permutations: A first and B second, or B first and A second. A trifecta box with three numbers has six possible permutations (for each of the three horses in the 'box' that can finish first, there are two possibilities for which will finish second: 3 × 2) and costs six times the betting base amount. A trifecta box with five numbers has 60 possible permutations and costs 60 times the betting base amount (5 × 4 × 3). In France, a 'box' gives only the ordered permutations going along an ordered list of numbers such that a trifecta box with six numbers would cost 20 times the base amount.
• Any2 or Duet: The bettor must pick the two horses who will place first, second or third but can finish in any order. This could be thought of as a double horse show key (see below).
• Hi 5 or Super 5: The bettor must pick five horses finishing in the exact order. Typically does not occur unless there are 8 or more horses in a race.

Multiple races

• Double: the bettor must pick the winners of two successive races (a 'running' or 'rolling' double); 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).
• Triple: the bettor must pick the winners of three successive races; like doubles, many tracks offer 'running' or 'rolling' triples. Also called pick three or more commonly, a treble.
• Quadrella or Quaddie: The bettor must pick the winners of four nominated races at the same track.
• Pick six or Sweep six: Traditionally, the bettor must pick the winners of six consecutive races. However, there are variants ranging from three to nine races, with a four-race bet known as a Pick Four. Exclusively for the pick six, a progressive jackpot is sponsored by the host track and available at its satellite locations which grows until someone picks six winners correctly. There is also a consolation prize for those who pick five winners correctly, divided amongst the number of tickets registered in the system with five out of six right, in a case where nobody gets five or six winners, a four out of six consolation prize may occur. A Place Pick Nine makes up for the increased difficulty of the high number of races by allowing a second-place finish for a bettor's selected horse to count as a win.
• Jackpot: A twist on the traditional Pick 6 or Hi 5 bet is one where the progressive jackpot is paid only if there is one winning bet. In this case, the consolation prize is given to the multiple holders of the winning bets with the jackpot growing until there is one winner. If there is no winner when the racing season ends, a 'mandatory payout' occurs typically on the last racing day where the jackpot is paid out to whoever has a winning bet.

Win, place and show wagers class as straight bets, and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race. A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races. For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second.

People making straight bets commonly employ the strategy of an 'each way' bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across (short for across the board): the bettor bets equal sums on the horse to win, place, and show.

A parlay, accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.

Australia/New Zealand[edit]

Single race

• Win: Runner must finish first.
• Place: Runner must finish first, second or third place. In events with five to seven runners, no dividends are payable on third place (signified by 'NTD' or No Third Dividend) and in events with 4 or fewer runners, only Win betting is allowed.
• Each-Way: A combination of Win and Place. A $5 bet Each-way is a $5.00 bet to Win and a $5.00 bet to Place, for a total bet cost of $10.
• Exacta: The bettor must correctly pick the two runners which finish first and second.
• Quinella: The bettor must pick the two runners which finish first and second, but need not specify which will finish first.
• Trifecta: The bettor must correctly pick the three runners which finish first, second, and third.
• First4: The bettor must correctly pick the four runners which finish first, second, third and fourth.
• Duet: The bettor must pick two horses who will place first, second or third but can finish in any order.

Multiple races

• Running Double: The bettor must pick the winners of two consecutive races at same track.
• Daily Double: The bettor must pick the winners of two nominated races at the same track.
• Treble: The bettor must pick the winners of three nominated races at the same track. This bet type is only available in the states of Queensland and South Australia.
• Quadrella or Quaddie: The bettor must pick the winners of four nominated races at the same track.
• Big 6: The bettor must pick the winners of six nominated races, which can be at the same track or split over two or more tracks.

In Australia, certain exotic bet types can be laid as 'flexi' bets. Usually the price of an exotic bet is determined by a set multiple of the outcome, for example $60 for a five horse boxed trifecta at one unit ($1)—or $30 at half unit (50c). If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. Using a five horse box trifecta, the bettor may wish to lay only $20 on the outcome. Their percentage of winnings is now calculated as $20/$60 = 33.3%. If the bet is successful, the payout will be 33.3% of the winning amount for a full unit bet.

In recent times the 'Roving Banker' variant for Trifecta and First4 betting is now offered. For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker(s) with other runners to fill the remaining place(s). A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd. The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing(s).^[8]

Exacta Odds Payout

United Kingdom[edit]

The following pools are operated at meetings in mainland Britain:

Single race

• Win: Runner must finish first.
• Place: Runner must finish within the first two places (in a 5–7 runner race), three places (8–15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners).
• Each-way: Charged and settled as one bet to win and another bet to place (for example, a punter asking for a bet of 'five pounds each way' will be expected to pay ten pounds).
• Exacta: The bettor must correctly pick the two runners which finish first and second, in the correct order.
• Trifecta: The bettor must correctly pick the three runners which finish first, second, and third, in the correct order.
• Swinger: The bettor must correctly pick two runners to finish in the places, both runners must place, in any order.

Multiple races

• Jackpot: Pick the winner from each of the first six races of the advertised Jackpot meeting of the day.
• Placepot: Pick a placed horse from each of the first six races from any British race meeting.
• Quadpot: Pick a placed horse from the third, fourth, fifth and sixth race from any British race meeting.
• Scoop6: Pick the winner (for the win fund) or a placed horse (for the place fund) from the six advertised Scoop6 races. Saturdays only.
• Super7: Pick the winner from seven races. This bet ceased being offered by totepool from January 2012.

Exacta Payout Belmont Stakes

Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom, bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet of the day.

Ireland[edit]

Tote Ireland operates the following pools

Single race

• Win: Runner must finish first
• Place: Runner must finish within the first two places (in a 5–7 runner race), three places (8–15 runners and non-handicaps with 16+ runners) or four places (handicaps with 16+ runners). (From 23 April 2000 to 23 May 2010, Tote Ireland operated 4-place betting on all races with 16 or more runners.)
• Each-way: Charged and settled as one bet to win and another bet to place (for example, a punter asking for a bet of 'five euro each way' will be expected to pay ten euro).
• Exacta: The bettor must correctly pick the two runners which finish first and second, in the correct order.
• Trifecta: The bettor must correctly pick the three runners which finish first, second, and third, in the correct order (introduced on 26 May 2010).

Multiple races

• Jackpot: A Pick 4 bet on races 3–6 at every meeting.
• Pick Six: On races 1–6 at one meeting on all Sundays and occasionally on other days (introduced on 9 January 2011).
• Placepot: The better must correctly pick one horse to place in each of the races 2–7.

Sweden[edit]

Bet types for harness racing (trotting):

Single race

• Vinnare (winner): Runner must finish first.
• Plats (place): Runner must finish within the first two places (up to five runners) or first three places (six runners or more).
• Vinnare & Plats: Two bets, one on 'vinnare' and one on 'plats' for the same runner. Asking for a bet of '50 SEK vinnare och plats' costs 100 SEK
• Tvilling (twin): The bettor must pick the runners that finish first and second, but need not specify which will finish first.
• Trio (trio): The bettor must pick the runners that finish first, second and third in a nominated race.

Multiple races

• Dagens Dubbel (daily double) and Lunchdubbel (lunch double): The bettor must pick the winners of two nominated races at the same track.
• V3: The bettor must pick the winners of three nominated races at the same track. Unlike V4, V5, V65 and V75, where a bet for all races must be made before the start of the first race, in V3 the bettor selects the winner one race at a time.
• V4: The bettor must pick the winners of four nominated races at the same track.
• V5: The bettor must pick the winners of five nominated races at the same track.
• V65: The bettor must pick the winners of six nominated races at the same track. Return is also given for (combinations of) five correctly picked winners, even if the same bet included all the six winners.
• V64: The bettor must pick the winners of six nominated races at the same track. Return is also given for (combinations of) five or four correctly picked winners, even if the same bet included more correct picks.
• V75: The bettor must pick the winners of seven nominated races at the same track. Return is also given for (combinations of) six or five winners picked correctly, even if the same bet included more correct picks. The betting pool is split into three separate pools for all combinations of seven (40%), six (20%) and five (40%) correctly picked winners. This is the largest nationwide betting game in Sweden, running each Saturday with weekly pools of about 80 MSEK ($11 million).
• V86: The bettor must pick the winners of eight nominated races at the same track. Return is also given for (combinations of) seven or six winners picked correctly, even if the same bet included more correct picks. The betting pool is split into three separate pools for all combinations of eight (40%), seven (20%) and six (40%) correctly picked winners.

Hong Kong[edit]

The Hong Kong Jockey Club (HKJC) operates the following common bet types and pools for horse racing.^[9]

Single race

• Win: Select correctly the 1st horse in a race.
• Place: Select correctly the 1st, 2nd or 3rd horse in a race with 7 or more declared starters, alternatively select correctly the 1st or 2nd in a race where there are 4 to 6 declared starters.
• Quinella: Select correctly the 1st and 2nd horses in any order in a race.
• Quinella Place: Select correctly any two of the first three placed horses in any order in a race.
• Tierce: Select the 1st, 2nd and 3rd horses in the correct order in a race.
• Trio: Select correctly the 1st, 2nd and 3rd horses in any order in a race.
• Quartet: Select correctly the 1st, 2nd, 3rd and 4th in correct order in a race
• First 4: Select correctly the 1st, 2nd, 3rd and 4th horses in any order in a race.

Multiple races

• Double: Select correctly the 1st horse in each of the two nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first nominated race and the 2nd horse in the second nominated race.
• Treble: Select correctly the 1st horse in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first two Legs and the 2nd horse in the third Leg of the three nominated races.
• Double Trio: Select correctly the 1st, 2nd and 3rd horses in any order in each of the two nominated races.
• Triple Trio: Select correctly the 1st, 2nd and 3rd in any order in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st, 2nd and 3rd horses in any order in the first two Legs of the three nominated races.
• Six Up: Select correctly the 1st or 2nd horse in each of the six nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in each of the six nominated races.

Japan[edit]

In Japan, Keiba (競馬, horse racing), Keirin (競輪, professional cycling), Kyōtei (競艇, hydroplane racing), and Auto Race (オートレース, motorcycle racing) operate the following bet type.^{[10][11][12][13]} Wager must be a multiple of 100 yen except Each-way.

• Win (単勝, Tanshō): Runner must finish first (Keiba, Kyōtei and Auto Race).
• Place-Show (複勝, Fukushō): Runner must finish within the first two places (in a seven runners or fewer race) or three places (in an eight runners or more race) (Keiba, Kyōtei and Auto Race).
• Each-way (応援馬券, Ōen Baken): To place one bet to Win and another bet to Place-Show. (For example, betting 1,000 yen to Each-way means betting 500 yen to Win and 500 yen to Place-Show.) Wager must be multiple of 200 yen (Keiba with JRA's operation only).
• Bracket Quinella (枠番連勝複式, Wakuban Renshō Fukushiki), abbreviated as Waku-ren (枠連): The bettor must pick the two bracket numbers which finish first and second, but need not specify which will finish first. A bracket number (枠番, Wakuban) means runner's cap color (1: White; 2: Black; 3: Red; 4: Blue; 5: Yellow; 6: Green; 7: Orange; 8: Pink) (Keiba, Keirin and Auto Race).
• Bracket Exacta (枠番連勝単式, Wakuban Renshō Tanshiki), abbreviated as Waku-tan (枠単): The bettor must correctly pick the two bracket numbers which finish first and second (Keiba with some local governments' operation only).
• Quinella (連勝複式, Renshō Fukushiki), abbreviated as Uma-ren (馬連), Ni-sha-fuku (2車複) or Ni-renpuku (2連複): The bettor must pick the two runners which finish first and second, but need not specify which will finish first (Keiba, Keirin, Kyōtei and Auto Race).
• Exacta (連勝単式, Renshō Tanshiki), abbreviated as Uma-tan (馬単), Ni-sha-tan (2車単) or Ni-ren-tan (2連単): The bettor must correctly pick the two runners which finish first and second (Keiba, Keirin, Kyōtei and Auto Race).
• Quinella-Place (拡大連勝複式, Kakudai Renshō Fukushiki), also known as Wide (ワイド) or Kaku-renpuku (拡連複): The bettor must pick the two runners which finish the top three—no need to specify an order (For example, when the result of race is 3-6-2-4-5-1, the top three runners are 2, 3 and 6, and winning combinations are 2-3, 2-6 and 3-6.) (Keiba, Keirin, Kyōtei and Auto Race).
• Trio (3連勝複式, Sanrensho Fukushiki), abbreviated as San-renpuku (3連複): The bettor must pick the three runners which finish the top three, but no need to specify an order (Keiba, Keirin, Kyōtei and Auto Race).
• Trifecta (3連勝単式, Sanrensho Tanshiki), abbreviated as San-ren-tan (3連単): The bettor must correctly pick the three runners which finish first, second, and third (Keiba, Keirin, Kyōtei and Auto Race).
• WIN 5 / Select 5: The bettor must pick the winners of five designated races. Betting on operators' website by PC or cellular phone only (Keiba with JRA or some local governments' operation only).

France[edit]

The following bet type are offered by the government-controlled betting agency Pari Mutuel Urbain (PMU).^[14][15]

• Simple Gagnant (Win): The bettor must correctly pick the runner that finishes first.
• Simple Placé (Place): The bettor must pick a runner that finishes either first, second or third in the race. If there are 7 or less starters in the race then third place is not counted and the bettor must pick a horse that finishes either first or second. This bet type is not available on events with 3 or fewer runners.
• Couplé Gagnant (Quinella): The bettor must correctly pick the two runners which finish first and second in any order.
• Couplé Placé (Duet): The bettor must correctly pick two of the first three finishers in any order. This bet type is not available on events with 3 or fewer runners.
• Couplé Ordre (Exacta): The bettor must correctly pick the two runners which finish first and second in the correct order. Only available on races with 4-7 runners.
• Trio: The bettor must correctly pick the first three finishers in any order. Only available on races with 8+ runners.
• Trio Ordre (Trifecta): The bettor must correctly pick the first, second and third finishers in their finishing order. Only available on races with 4-7 runners.
• Tiercé/Tiercé Classic: First created in 1954. The bettor must correctly pick the first, second and third finishers in the race with a main dividend paid for selecting the exact order of finish, and a secondary 'Désordre' dividend paid for selecting the correct three runners but in the wrong order. Essentially a combination Trio Ordre/Trio bet with the main dividend paying at least 5 times the secondary one. On popular or famous races this bet type is sometimes labelled 'Tiercé Classique' but follows the same rules as the standard Tiercé.
• Quarté+: The bettor aims to correctly pick the first four finishers in the race with a main dividend paid for selecting the first four runners in their exact order of finish, a secondary 'Désordre' dividend paid for the selecting the first four finishers but in an incorrect finishing order and a tertiary 'Bonus' dividend paid for correctly selecting only the first three runners (in any order).
• Quinté+: The bettor aims to correctly pick the first five finishers in the race with a main dividend paid for selecting the first five runners in their exact finishing order, a secondary 'Désordre' dividend paid for the selecting the first five finishers but in an incorrect finishing order, a 'Bonus 4' dividend for selecting the first four finishers in any order, a 'Bonus 4sur5' dividend for selecting four of the first five finishers in any order and a 'Bonus 3' for selecting the first three finishers in any order. Furthermore, each Quinté+ ticket is given a number between 1 and 3,000 for a possibility of winning the Tirelire which is a cumulated jackpot of at least 500,000 € but often exceeding millions of euros. In order to win this jackpot, one needs to win the Quinté Ordre (five first finishers in order) and have the winning number which is drawn and published moments before the race starts. A matching No Plus number multiplies earning by ten on any Quinté ticket irrespective of the order.
• Pick5: The bettor aims to correctly pick the first five finishers in the race irrespective of the order. PMU selects races on which this bet is available.
• 2sur4: The bettor must correctly pick two out of the first four finishers in the race in any order. Only available on races with 10 or more starters.
• Multi/Mini Multi: The bettor selects between 4 and 7 horses for the Multi and between 4 and 6 for the Mini Multi which must contain the first four finishers in the race in any order. The main 'Gagnant en 4' dividend is paid to winning bettors who selected four horses, with decreasing 'Gagnant en 5', 'Gagnant en 6' and 'Gagnant en 7' dividends paid to winning bettors who selected five, six and seven horses respectively. The 'Multi' bet operates on races with 14 or more starters. The 'Mini Multi' operates on races with 10 to 13 starters and only allows for a maximum of six selections with no 'Gagnant en 7' dividend.
• Super4: The better must correctly pick the first, second, third, and fourth finishers in the correct order. Only available on races with 5-9 runners.

Tiercé, Quarté+ and Quinté+ bets are typically only offered on the largest race of the day.

See also[edit]

References[edit]

1. ^https://www.paulickreport.com/wp-content/uploads/2020/02/CHRB-Annual-Report-2018-19.pdf
2. ^https://www.bctoba.com/pdf/2012-02-24-Breakdown-of-Handle.pdf
3. ^https://www.drf.com/news/time-show-bettors-get-paid-what-they-deserve
4. ^https://www.paulickreport.com/news/ray-s-paddock/show-us-money-plight-simple-wager/
5. ^Ferran Canyameres, L'Homme de la Belle Époque, Éditions Universelles, Paris, 1946.
6. ^Steven A. Riess City Games: The Evolution of American Urban Society and the Rise of Sports pg. 188 University of Illinois Press (1991) ISBN0-252-06216-7
7. ^'Horse Betting Types'. bn.eu. Retrieved 11 July 2018.
8. ^'First4'. tabinfo.com.
9. ^'Pari-Mutuel Pools - Beginners guide - Betting Entertainment'. Hong Kong Jockey Club. Retrieved 2016-06-02.
10. ^'How to Bet (JRA)'. Japan Racing Association. Retrieved 20 May 2014.
11. ^'超初心者向けKEIRINナビ'. Keirin.jp. Retrieved 2016-06-02.
12. ^'Boat Race Official Web Site Basic Knowledge Of Boat Race'. Boatrace.jp. Archived from the original on 2016-05-30. Retrieved 2016-06-02.
13. ^'Auto Race Guide - Purchasing a Betting Ticket'. Autorace.jp. Retrieved 2016-06-02.
14. ^'Translation of the French Betting Rules'(PDF). PMU. Retrieved 18 December 2014.
15. ^'List of the French Racing Bets Proposed by Eurotierce'. EuroTiercé. Retrieved 18 December 2014.