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Horse Racing Pari-Mutuel Betting
Pari-mutuel betting
is another way to bet on horse racing. Here's how
it goes:
A group of bettors pool their money together through
an agent or the race track, the track takes out
a cut for itself to cover expenses and profit, and
the rest is given back the winning players.
At the track there are various types of bets available.
All money bet on a specific kind of wager is pooled
together. Once the betting is closed, the
track will deduct their share to cover taxes, dues
to the Racing Association, overhead expenses, purse
money, and the Breeders' Fund. For example,
at the Pimlico track in Baltimore (home of the Preakness
Stakes) the track will deduct 17% to 25% depending
on the type of wager.
The remainder of the pool will be divided among
the winning bettors.
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