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How Win Prices Are Derived In Pari-Mutuel Wagering
All racetracks in North America use the pari-mutuel system for conducting
wagering on the races. Frenchman Pierre Oiler first introduced this form
of wagering in 1865. All money wagered on a race goes into the corresponding
pool (all win wagers go into the win pool etc.) after
TAKEOUT; the remaining
money is divided up among those who have winning tickets. The racetracks
then round down the payoff to the nearest $.10 on the dollar, which is known
as BREAKAGE. The chart below
should help explain further on how pari-mutuels work and how prices are
derived.
The Tote Board
1:9
|
2.10
|
2.20
|
11
|
24.00
|
25.80
|
1:5
|
2.40
|
2.60
|
12
|
26.00
|
27.80
|
2:5
|
2.80
|
2.80
|
13
|
28.00
|
29.80
|
1:2
|
3.00
|
3.00
|
14
|
30.00
|
31.80
|
3:5
|
3.20
|
3.40
|
15
|
32.00
|
33.80
|
4:5
|
3.60
|
3.80
|
16
|
34.00
|
35.80
|
1
|
4.00
|
4.20
|
17
|
36.00
|
37.80
|
6:5
|
4.40
|
4.60
|
18
|
38.00
|
39.80
|
7:5
|
4.80
|
4.80
|
19
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40.00
|
41.80
|
3:2
|
5.00
|
5.00
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20
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42.00
|
43.80
|
8:5
|
5.20
|
5.40
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21
|
44.00
|
45.80
|
9:5
|
5.60
|
5.80
|
22
|
46.00
|
47.80
|
2
|
6.00
|
6.80
|
23
|
48.00
|
49.80
|
5:2
|
7.00
|
7.80
|
24
|
50.00
|
51.80
|
3
|
8.00
|
8.80
|
25
|
52.00
|
61.80
|
7:2
|
9.00
|
9.80
|
30
|
62.00
|
71.80
|
4
|
10.00
|
10.80
|
35
|
72.00
|
81.80
|
9:2
|
11.00
|
11.80
|
40
|
82.00
|
101.80
|
5
|
12.00
|
13.80
|
50
|
102.00
|
121.80
|
6
|
14.00
|
15.80
|
60
|
122.00
|
141.80
|
7
|
16.00
|
17.80
|
70
|
142.00
|
161.80
|
8
|
18.00
|
19.80
|
80
|
162.00
|
181.80
|
9
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20.00
|
21.80
|
90
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182.00
|
199.80
|
10
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22.00
|
23.80
|
99
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200.00
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200.20 +
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