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Parimutuel betting is frequently used for club events where members (and others) can bet on teams and players. This type of betting is frequently used for Member-Guest Invitationals but can also be used for other tournaments. Bets can be easily entered before the event while live odds are computed. After the event is complete, results can be computed within seconds.
In this article, we will discuss how to set up and manage parimutuel betting.
Setting Up Parimutuel Betting:
Below are the steps to setting up Parimutuel betting:
Complete usual event setup (e.g., add rounds, add players, add tournament, create team lists, create flights, etc.)
Go to the Event/League > Event/League Profile > General Settings tab. Select the option to "Enable Parimutuel Betting."
Go to Event/League > Parimutuel > New Parimutuel Betting Session. Enter the settings for the betting (as shown below).
Select Tournament: Select the tournament that will be used for the betting. The tournament can be a multi-round or single-round tournament. If the tournament is flighted, then bets will be placed by flight, not overall.
Allow bets for: Permit bettors to bet one or more of the following:
Win: Bettor picks winning player/team.
Place: Bettor picks player/team that finishes 1st or 2nd.
Show: Better picks player/team that finishes 1st, 2nd, or 3rd.
House Fees: Sometimes, the house (staff or members managing the betting) collects a fee for their services. The fee can be a percentage of the total bets and/or a fixed amount.
For instance, in the screenshot above, the house takes $50 + 2% of the entire pot. If the tournament is flighted, the house fee should be entered per flight.
Calculate Odds (When using House Fees): Managers will decide if odds should be calculate before or after the house fee is subtracted (if house fee is used). Note: Odds are only created for bet amounts to "Win."
Calculate odds after the house cut: When this option is selected, we will subtract the house cut from the total amount of money placed on Win. The odds will be computed using the following formula:
Odds = (Pool - Commission - Wager) / Wager where:Pool: The total amount placed on Win
Commission: The house fee
Wager: The total amount placed on Win for a Player/Team
For example, with the house set to 10%, a total amount of $40 placed on Win, and the wager is equal to $10, the odds will be 2.6:1
Calculate odds before house cut: When this option is selected, we will not subtract the house cut from the total amount of money placed on Win. The odds will be computed using the following formula:
Odds = (Pool - Wager) / Wager where:Pool: The total amount placed on Win
Wager: The total amount placed on Win for a Player/Team
For example, with the house set to 10%, a total amount of $40 placed on Win, and the wager is equal to $10, the odds will be 3.0:1
Quick Bet Amount: Entering a Quick Bet amount will make it easier to select the sum of each bet (as shown below).
In the betting dashboard above, the Quick Bet amount has been set at $5, so bets can quickly be selected in multiples of 5.Calculate Place / Show Share Value: When allocating and distributing winnings for Place and Show, you can:
Allocate total pool to winners independent of amount bet: Where you take the entire pool of money, allocate it, and distribute to the winners.
First return amount bet to winners, then allocate remaining pool to winners: Where you can first give the winner's their bet amount back, then allocate and distribute the remaining pool money. Note: This method is the same as how the "Win" payout are done.
Send e-mail receipts: Players will receive an email confirmation and receipt for every bet when selecting this option. You can also provide an email address for external bettors when placing their bets.
Once the settings are selected, click "Save."
Entering Bets and Managing the Parimutuel Dashboard:
The Parimutuel Dashboard is where the bets are to be entered. To enter a bet, follow these instructions:
Move the first round to "In Progress" under the Rounds Menu.
Go to Event/League > Parimutuel > Dashboard.
Select the bettor.
Select who the bettor is betting on. (Note: You can also click on the player/team in blue)
Select or enter the amount being bet.
Click "Add Bet."
The sequence below shows the process of adding a bet.
To add a bet for an external bettor, follow these instructions:
Click "Bettor not on list? Add new bettor here".
Enter their name and email address (if you would like to send them a receipt).
Select who they are betting on.
Select or enter the amount being bet.
Click "Add Bet."
The sequence below shows the process of adding a bet from an external bettor.
The summary of previous bets will be listed below. You can edit the original bet, delete it, or print a receipt ticket (as shown below).
Below the bet summary, the players/teams will be listed with the current odds and the amount bet (as shown below).
These amounts and odds will continue to update as bets are being placed.
How Odds are Calculated:
Note 1: When taking a house fee, odds calculation can be seen earlier in this article.
In a traditional parimutuel, to correctly determine the odds for each team/individual, we should subtract the total amount wagered on a team/individual from the pool (i.e., Win, Place, Show) amount, then divide by the total amount wagered. Using this method the odds will be computed using the following formula:
Odds = (Pool - Wager) / Wager
where:
Pool: The total amount placed on Win.
Wager: The total amount placed on Win for a Player/team per Flight
For example, let’s assume that the total pool on Win is $65, and the wagers on team Zackis / Zackis is $10 (as shown below).
With this formula, the odds of winning for Zackis / Zackis is (65 - 10) / 10 = 5.5.
When calculating odd, only bet amounts on a player/team to "Win" are used. For example, in the graphic above, Cooksey/Bland did not have a bet placed on them to "Win," but bets were placed for "Place" and "Show," so no odds are displayed. Note: These odds are only accurate for bets on "Win" since bets on "Place" or "Show" can have multiple winners, and the odds may not be accurate.
Calculating the Results:
Once the event is complete and the results are final, you can calculate the Parimutuel results and payout by clicking "Calculate Results" in the dashboard.
The Tote Board (shown below) will show how much money will be returned on a $1 bet and the total money to be distributed for each team.
The Bettor Payments tab (shown below) will break down how much money should be distributed to each winning bettor.
If there are no bets on the winning player/team, the money is returned to the bettors.
Displaying Parimutuel Information on the TV:
Using the TV Display, you can display the following:
Live Betting Odds
Tote Board
Betting Payments
To do this, go to Event/League > Parimutuel > Dashboard > TV Display.
As bets are taken, the betting odds will automatically update on the TV. Once the final results are calculated, the Tote Board and Bettor Payments will be displayed. You can control what pages are visible at any time by going to "Manage Pages" in the blue TV settings bar (as shown below).
Keep in mind that only the Parimutuel information will be displayed on the TV from here. If you'd like the Parimutuel information and the tournament leaderboard to be included in the TV display, go to Rounds > Display Leaderboard > TV Leaderboard.
Displaying Parimutuel Information on the Portal:
Another great way to display parimutuel information is via the portal. There are two portal pages available relevant to parimutuel betting.
To add these pages to the portal, go to the portal, select the section you'd like to add the page(s) and click "New Page." Select the desired parimutuel portal page.
Printing Material:
The following parimutuel reports can be printed by clicking "Printouts" on the dashboard.
Detailed Summary by Bettor: This report breaks down the bets (and time of bets) by bettor. Click Here for an example of the report.
Bets by Competitor: This report is broken down by player/team and displays the amount that is bet on them along with the odds. Click Here for an example of the report.
Detailed Summary by Competitor: This report is organized by player/team and shows who bet on them and how much. Click Here for an example of the report.
Final Results: This report lists the final results of the parimutuel. You can access this report by going to the dashboard > Calculate Results > Printouts. Click Here for an example of the report.