Parimutuel betting is legal almost all around the world. It can be used on any sports in which the participants finish in a ranked order but it is mostly associated with horse racing. Parimutuel betting is famous among professional gamblers as well as recreational bettors.
In this article, we will talk about what parimutuel betting is and how it works. We will take a closer look at it and compare it with other forms of betting.
What is Parimutuel Betting?
Parimutuel betting is also commonly known as pool betting. It is one of the very old and popular betting forms that is used on various sporting events. In parimutuel betting, instead of placing a bet against the sportsbook the bettor places the bet against the people who are betting for the same sports event.
The bets that are placed go directly into a pool and the total betting amount is shared equally between the bettors who place the bets on winning selection. And some portion of the total amount goes directly in the shares of the house. A house is typically a private company or a state-run organization.
Parimetual is legal in some states of the US and other countries around the globe. Parimutuel betting is associated with dog racing, horse racing, and even golf.
Unlike other forms of gambling, you can not benefit from using a betting strategy with parimutuel betting. You can not benefit from fixed odds, unlike the fixed-odd betting. There are two factors on which the outcome depends when it comes to perimetral betting.
1) how many people placed the bet on the same sporting event
2) how many bettors placed bets on the winner
The outcome is only calculated after the betting is closed, which is before the event commences or after the sports event starts.
Which Is Better, Fixed Odds, Or Parimutuel?
With fixed odds betting, you have a certainty of knowing beforehand what you can win and many people prefer that certainty. On the contrary, with parimutuel betting, one can never know the exact returns until after the race. It is based on the current odds.
Betting odds are used to represent the probability of an event to happen. It enables you to predict how much money you are going to win if you win the bet. Now the question is which betting system has better odds. A lot of people, however, argue that because fixed odds have increased competition it provides better opportunities. Fixed odds bookmakers can set off on really low margins which provide better value to the bettors.
On the other hand, the supporters of parimutuel betting believe that because the operator can never lose or have any bad results, their prices are better. In this kind of betting, the long term odds are more lavish for the gamblers.
But, there is no conclusive research to know which form of betting is better. Some may like the fact that they are blind to what they will win until the results are in. But for some, this might be a major problem.
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