Betting on the biggest horse racing events can often be a hugely engrossing affair, and that is only made event more enjoyable through one of the most popular types of betting- pari-mutuel.
This type of gambling is available across many online betting sportsbooks, with some of the biggest races on the calendar boasting massive prize funds for the bettors involved.
But, what is pari mutuel betting and how is it different from wagering with typical online sportsbooks?
What is Pari Mutuel Betting?
Pari Mutuel betting is a slightly different way to bet on the biggest events on the calendar, as it will see all bettors placing their stakes into a pool, with the winning bettors claiming their share of the prize fund. This type of betting is also known as pool betting, and it has been popular in the United Kingdom since the introduction of the Tote.
There is a cap on potential winnings when wagering on this type of gambling, as the prize fund is equally shared out between the bettors with the winning selection. Meanwhile, a small share is also taken by the house.
How Is It Different?
The biggest difference between Pari Mutuel betting and online sportsbooks is the fact that bettors will not be wagering on fixed odds when making their selection.
Therefore, the payouts with pari mutuel wagering are dependent on a number of factors, including the number of people that have put in money to place a bet, and the number of bettors that have successfully managed to find the winning selection. Payouts are determined after the race, which means that it is challenging to work out the potential returns that you stand to win when making the wager.
Is Pari Mutuel Betting Popular?
Pari Mutuel betting remains exceptionally popular throughout the world. One of the main reasons for that is down to the fact that it is legalized in more countries and states than online sports betting. It is a popular betting option among bettors making wagers on the latest horse racing and greyhound racing, with bets able to be placed on all course across the planet.
A growing number of sportsbook are also offering this type of bet, as it can add huge excitement to the races throughout the day. One of the most popular types of pari mutuel betting is found in the form of the Tote. This bookmaker enables bets to placed into a pool when it comes to a runner finishing in the top three. Winning bettors that have selected six correct horses to finish in the top three in the designated races will then earn their share of the prize pool.
Types of Pari Mutuel Betting
Pari Mutuel betting is similar to placing a bet on the popular markets at an online sportsbook, as there will be a number of different options available. Each will boast its only prize fund, with the bettors wagering on the markets creating the total purse that is available to win.
The most popular type of market is the win, here you will be paid out if you manage to find the winner of the race. Place and show wagers are also exceptionally popular, with the prior meaning that you will need to find a runner to finish in the top three. However, this is slightly different in North America, as the place market will cover only the top two places, with the show bet covering third.
Bets can also be placed on the exotic markets when pari mutuel gambling, meaning bettors can wager on the Exacta and Trifecta. Here, you will need to correctly predict the runners to finish first and second to land the Trifecta, and first, second, and third to land the Trifecta.