म्यूटेल, Mutuel; Insurance | PARI-MUTUEL WAGERING | Financial Services | Pari-Mutuel Betting & Wagering System Explained | Types of Pari-Mutuel Wagers | Place Wager | Show Wager | Across the board | Each way.
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Here are some examples.
- Place Wager
The terms of this wager will vary depending on where in the world you live. In North America, a place wager is on a selection to finish either first or second. In other parts of the world it’s a wager on a selection to finish anywhere in “the places.” How many places count towards this wager depends solely on how many participants there are.
- Show Wager
This wager is specific to North America. It’s a wager on a selection to finish first, second or third.
- Across the board
This is a combination wager, available in North America. It’s effectively three different wagers – a wager, a place wager and a show wager. If the relevant selection finishes first, then all three wagers win. If it finishes second, then just the place and the show wagers win. If it finishes third, only the show wager wins.
- Each way
This is another combination wager, typically available in most regions outside North America. It combines a win wager with a place wager.
A wager on two selections to finish first and second, in the correct order.
A wager on two selections to finish anywhere in the top three places.
A wager on three selections to finish first, second and third, in the correct order.
These are just some of the many options available. These wagers can be extremely difficult to get right, but they tend to over very attractive payouts. This is what makes them so appealing and perfect for recreational bettors.
Pari-mutuel betting was invented by Joseph Oller back in 1867. He was a Spanish entrepreneur who spend most of his life in Paris, France. The name pari-mutuel originates from the French phrase “pari mutual,” which means “mutual betting.” After becoming frustrated with the bookmakers for making such large profits off of innocent bettors, it’s believed that Oller came up with an ingenious idea to solve this problem. Hence, pari-mutuel betting was born.
Oller was able to implement this form of wagering at several horse racing tracks throughout France. Things were going great until 1874, when he got accused of operating illegal gambling and sentenced to spend some time in prison. Despite that setback, by 1891, pari-mutuel wagering was fully legalized in France and fixed odds betting was finally banned. Oller had accomplished what he set out to do.
Following that move, pari-mutuel betting started to spread to other parts of the world. Australia, New Zealand, the United States and the United Kingdom all embraced this form of wagering on the grounds that it was “fairer.” In an interesting change of direction, Oller went on to open the now famous Moulin Rouge.
The biggest problem with pari-mutuel wagering was all the calculations that were required. They were initially done manually, which took a lot of time. This problem was solved by Australian engineer George Julius, who invented the automatic totalizator. He originally developed this as a mechanical vote-counting machine, but he was rejected by the government when he took his prototype to them. He then adapted his machine for the purposes of pari-mutuel wagering.
Historically, virtually all pari-mutuel betting operators around the world were state owned and not-for-profit. Any profits that were made either went directly to the government or, more typically, invested into horse racing. In recent years, many operations are now privately owned and run commercially.