There are many ways to place a bet on horse racing action across the planet, but one that has truly stood the test of time is that pari-mutuel betting.
Unlike other types of wagers available at the leading online sportsbooks, this type of bet sees the bettor place their money on a selection before knowing the exact odds that they are wagering on. However, what is pari-mutuel betting and should you try it?
Pari-mutuel betting is exceptionally popular across the United States and Australia, while only Totepool bets provide this service in the United Kingdom. Bettors will make their selection without knowing the exact odds for their selection, as the money that you get back for winning selections is dependent on the overall amount that has been staked on the wager by all customers using the service.
Pari-mutuel betting uses a system to work out the total amount wagered on the entire market, before the taxes and levies are deducted. The amount that is left in the pot is the purse that the bettors will be playing for.
For example, if the remaining purse leaves a total of $100, then a $10 stake on a winning selection would see every $1 return $10, meaning that the odds of the selection would be 9/1. That doesn’t always mean that the odds for selections won’t be available pre-race, as many pari-mutuel sites often give an indication of the returns that bettors could expect to get.
This form of betting has been a famous pastime for many horse racing players throughout history, as the returns from winning selections can often over-pay compared to traditional sportsbooks. The added excitement of not knowing the exact payout can also ensure that bettors remain invested in the races that they are betting on, meaning that there isn’t as great of an investment on the returns that you could stand to win.
Pari Mutuel betting is also extremely popular when it comes to Exacta and Trifecta markets, as the returns for these can be hugely more beneficial than when betting with the standard sportsbooks online. In the UK, Pari Mutuel betting is very popular on the Tote, as those that attend racecourses typically put on Placepots where they could get high returns from winning selections.
Pari Mutuel betting remains the most popular way to wager on races in the United States, France, and Australia, but it isn’t always the preferred option. The main reason for that is down to the fact that many horse racing players would prefer to know the odds and returns from their selections, which is always a key factor when examining a potential bet on the sport.
While we mentioned returns could be greater when betting through this method, it isn’t always the case. Many have found that betting on favourites to win races using the Pari Mutuel format can often return less money, as the selections will undeniably be more popular in the betting than the outsiders in the field.
This type of bet has been popular throughout history, and that looks set to continue for years to come. In fact, even bettors that don’t religiously wager on this type of bet still hold accounts where they can try out their luck from time to time.
That is typically the best tactic when it comes to Pari Mutuel betting, as bettors should always shop around to see where they can potentially find the best value for their selections, as this will see bettors be able to claim higher returns from winning selections.