The Basics of Pari-Mutuel Sports Betting
If you’ve ever played horse racing, dog racing, or greyhound racing, you know that you’re not alone. Almost anyone can make money betting on these sports, and you can even win big. However, if you’re new to pari-mutuel sports betting, this guide will help you learn all the basics. There are two main types of pari-mutuel wagers: ‘Standard’ and ‘Jack”s Choice.
One of the most basic forms of pari-mutuel sports betting is horse racing. Bettors place bets on horses and wait for their results. The odds of a race depend on the number of bets placed on each horse. For instance, if you put a $2 bet on a 2-to-1 horse, the odds are 2/1. The same rules apply if you bet $2 on a 5-to-1 horse.
As the popularity of pari-mutuel betting has declined, horse racing has difficulty competing with other forms of gambling. Casino-style gaming, lotteries, and baseball have replaced horse racing as a popular way to bet on races. New casinos have made it harder for horse racing to compete, so pari-mutuel betting is in danger of dying.
The horse racing odds fluctuate frequently, so even a horse priced at 6/1 may drop to 2/1 by post time. Track oddsmakers post morning-line odds before the race begins to get the latest odds on a particular horse. However, the final price for a horse depends on the betting public, not the race’s trainer or owner. This is because of the unpredictable nature of pari-mutuel betting.
The law in the US allows dog racing, but not all states will enable the activity. Several states do allow dog racing, but the rules vary widely. Dog races are legal in Alabama, Arkansas, Iowa, Texas, West Virginia, and Wisconsin. You must be a resident to wager on greyhounds in Kansas and Oregon. There is a state commissioner of consumer protection in Connecticut, and Wisconsin has a state administration department.
While most dog races are graded, the UK, Australian, and US grading systems are different. To successfully bet on the dog races, you must understand the additional grading qualifications. Dogs move upgrading levels depending on their recent performances. For example, a greyhound that wins a race at A2 will move up to an A1 or TA level. However, this method is also risky.
While pari-mutuel gambling doesn’t take place on the same level as commercial gambling, it does give you a significant advantage over the house. The house never wins a bet. Instead, it clears money with a percentage. That means you are betting against the public at large and the odds of the dogs at the race track. The most basic type of bet is a straight bet.
Despite the widespread anti-gambling sentiment, greyhound racing has remained legal in the United States since it was first legalized in 1978. Greyhound races are also known as pari-mutuel, or pooled money betting, in which all money bet is collected and pooled together. While the federal government doesn’t support betting on greyhound races, several states allow greyhound racing.
The principle of trifecta wagering is similar to forecast betting, except that you need to choose the top three dogs and place them. However, the odds are much higher than those for forecasts, and it’s difficult to predict which dog will come in first, second, or third place. Another wagering strategy that you can use is the quinella, which involves betting on two dogs and hoping that they will finish together. This is similar to placing a bet on any two dogs in a race, but you can also set a bet on one dog and hope they finish first, second, or third.
While greyhound racing is legal in the US, the gambling industry is still growing in popularity outside the country. Over fifteen states in the US allow sports betting on greyhound races. While greyhound racing is not an organized sport, it still attracts a lot of wagers, especially amateurs. Greyhound racing odds are available online through licensed racebooks. The odds vary from state to state, but they can usually be found in most sportsbooks.