How would it be handled if the winner of a pool has no money bet on
them. Are different pools handled differently? I'm looking for ways
of handling this for Win, Place, Show, Quinella, Exacta, Trifecta.Hello Marty, and thanks for an interesting question. I make a trip
out to the track every now and then, but I must admit, I've never
stopped to think about what happens if no one places a bet on a horse.
Fortunately, there are others who DO think about such things. The
University of Arizona's "Race Track Industry Program" makes available
a copy of the closest thing the industry has to official rules of
pari-mutuel betting:
http://ag.arizona.edu/rtip/jmr.html
"The Joint Model Pari-Mutuel Rules are a combined effort between the
Association of Racing Commissioners International (RCI) and the North
America Pari-Mutuel Regulators Association (NAPRA) and is seen as an
"Industry Document"...The Model Rules are maintained on the University
of Arizona, Race Track Industry Program's web-site as a service to the
above two organizations and to be utilized by the entire pari-mutuel
industry."
The "Joint Model" rules, then, are the motherlode of information about
how to figure the results of a race under different betting scenarios,
including the ones you asked about, where no one wagers on a winning
horse.
Chapter 4 of the Joint Model rules covers wagering, and can be found at this link:
http://ag.arizona.edu/rtip/ModelRules/pdf/chapter_04.pdf
PARI-MUTUEL WAGERING - CHAPTER 4
The purpose of Chapter 4 is given as: "To describe the procedures and
requirement for conducting pari-mutuel wagering and defining specific
wager types."
I'll quote from the different sections of this chapter to answer your
question about win, place, show, Quinella, Exacta, and Trifecta
betting. Let's begin by looking at Win wagering in a bit of detail.
First, the actual text of the relevant sections:
==========
Win Pools
(1) The amount wagered on the betting interest which finishes first is
deducted from
the net pool, the balance remaining being the profit; the profit is divided by the
amount wagered on the betting interest finishing first, such quotient being the
profit per dollar wagered to Win on that betting interest.
(2) The net Win pool shall be distributed as a single price pool to
winning wagers in
the following precedence, based upon the official order of finish:
(a) To those whose selection finished first; but if there are no such wagers, then
(b) To those whose selection finished second; but if there are no such wagers then
(c) To those whose selection finished third; but if there are no such wagers, then
(d) The entire pool shall be refunded on Win wagers for that contest.
==========
In other words, the money being distributed to those who bet on the
winner of the race (the Win Pool) goes to those holding winning
tickets UNLESS "there are no such wagers", which is precisely the
situation you asked about. In that case, the Win Pool defaults to
second place ticket holders unless there are none of them either, in
which case it defaults to third place. If no one has bet on any of
the first, second or third place finishers, then the Win Pool is
refunded to the first place holders.
That's the general rule of thumb followed for any of the betting
pools...if no one has wagered on a winning horse, then there is a rule
for defaulting to the next winner, then the next, and eventually for
prescribing a refund. Of course, the Win Pool is the simplest
situation, and it gets a bit more complex for the other wagering
pools, but the basic idea is the same.
I've excerpted from the Chapter 4 rules the relevant text for the
other situations you asked about. All text below is verbatim from the
rule. If any of it is not clear -- or if you need additional
information -- just let me know by posting a Request for
Clarification, and I'll be happy to assist your further.
pafalafa-ga
==========
Place Pools
(1) The amounts wagered to Place on the first two betting interests to finish are
deducted from the net pool, the balance remaining being the profit; the profit is
divided into two equal portions, one being assigned to each winning betting
interest and divided by the amount wagered to Place on that betting interest, the
resulting quotient is the profit per dollar wagered to Place on that
betting interest.
(2) The net Place pool shall be distributed to winning wagers in the following
precedence, based upon the official order of finish:
(a) If contestants of a coupled entry or mutuel field finished in the
first two places, as
a single price pool to those who selected the coupled entry or mutuel field;
otherwise
(b) As a profit split to those whose selection is included within the
first two finishers;
but if there are no such wagers on one of those two finishers, then
(c) As a single price pool to those who selected the one covered betting interest
included within the first two finishers; but if there are no such wagers, then
(d) As a single price pool to those who selected the third-place
finisher; but if there
are no such wagers, then
(e) The entire pool shall be refunded on Place wagers for that contest.
==========
Show Pools
(1) The amounts wagered to Show on the first three betting interests to finish are
deducted from the net pool, the balance remaining being the profit; the profit is
divided into three equal portions, one being assigned to each winning betting
interest and divided by the amount wagered to Show on that betting interest, the
resulting quotient being the profit per dollar wagered to Show on that betting
interest. The net Show pool shall be distributed to winning wagers in the
following precedence, based upon the official order of finish:
(a) If contestants of a coupled entry or mutuel field finished in the
first three places,
as a single price pool to those who selected the coupled entry or mutuel field;
otherwise
(b) If contestants of a coupled entry or mutuel field finished as two
of the first three
finishers, the profit is divided with two-thirds (2/3) distributed to those who
selected the coupled entry or mutuel field and one-third (1/3) distributed to those
who selected the other betting interest included within the first three finishers;
otherwise
(c) As a profit split to those whose selection is included within the first three
finishers; but if there are no such wagers on one of those three finishers, then
(d) As a profit split to those who selected one of the two covered
betting interests
included within the first three finishers; but if there are no such
wagers on two of
those three finishers, then
(e) As a single price pool to those who selected the one covered betting interest
included within the first three finishers; but if there are no such wagers, then
(f) As a single price pool to those who selected the fourth-place
finisher; but if there
are no such wagers, then
(g) The entire pool shall be refunded on Show wagers for that contest.
==========
Quinella Pools
(1) The Quinella requires selection of the first two finishers,
irrespective of order, for
a single contest.
(2) The net Quinella pool shall be distributed to winning wagers in the following
precedence, based upon the official order of finish:
(a) If contestants of a coupled entry or mutuel field finish as the
first two finishers, as
a single price pool to those selecting the coupled entry or mutuel field combined
with the next separate betting interest in the official order of finish; otherwise
(b) As a single price pool to those whose combination finished as the
first two betting
interests; but if there are no such wagers, then
(c) As a profit split to those whose combination included either the
first- or secondplace
finisher; but if there are no such wagers on one of the those two finishers,
then
(d) As a single price pool to those whose combination included the one covered
betting interest included within the first two finishers; but if there are no such
wagers, then
(e) The entire pool shall be refunded on Quinella wagers for that contest.
==========
Exacta Pools
(1) The Exacta requires selection of the first two finishers, in their
exact order, for a
single contest.
(2) The net Exacta pool shall be distributed to winning wagers in the following
precedence, based upon the official order of finish:
(a) If contestants of a coupled entry or mutuel field finish as the
first two finishers, as
a single price pool to those selecting the coupled entry or mutuel field combined
with the next separate betting interest in the official order of finish; otherwise
(b) As a single price pool to those whose combination finished in
correct sequence as
the first two betting interests; but if there are no such wagers, then
(c) As a profit split to those whose combination included either the
first-place betting
interest to finish first or the second-place betting interest to
finish second; but if
there are no such wagers on one of those two finishers, then
(d) As a single price pool to those whose combination included the one covered
betting interest to finish first or second in the correct sequence;
but if there are no
such wagers, then
(e) The entire pool shall be refunded on Exacta wagers for that contest.
==========
Trifecta Pools
(1) The Trifecta requires selection of the first three finishers, in
their exact order, for
a single contest.
(2) The net Trifecta pool shall be distributed to winning wagers in the following
precedence, based upon the official order of finish:
(a) As a single price pool to those whose combination finished in
correct sequence as
the first three betting interests; but if there are no such wagers, then
(b) As a single price pool to those whose combination included, in
correct sequence,
the first two betting interests; but if there are no such wagers, then
(c) As a single price pool to those whose combination correctly
selected the firstplace
betting interest only; but if there are no such wagers, then
(d) The entire pool shall be refunded on Trifecta wagers for that contest.
==========
Again, if you have any questions at all, just let me know, and I'll be
happy to assist you further.
search strategy: Google search on: pari-mutuel rulesMy apologies for the fractured line-breaks. It looked OK in preview,
but somehow didn't survive the posting process very well.
Let me know if you have an problems with the text as posted.
pafalafa-gaThe answer given to me was exactly what I was looking for. Thank you for your help.#If you have any other info about this subject , Please add it free.# | |
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