Lots of betting strategies claim to be a way to beat the system and get one over on the house. But the Parimutuel betting system is very different, yet still very effective if it is used correctly. For those who are unfamiliar with the parimutuel betting system: what is it, what are the benefits of using the parimutuel betting system and how does it work? This article is for you, now let’s take a look.
What Is The Parimutuel Betting System?
The parimutuel betting system is sometimes known as the Tote, or pool betting in some places. While the vast majority of betting is against the house – either a casino or a sports betting company – this is not the case when it comes to the parimutuel betting system. The system is known as pool betting due to the fact all the wagers are placed in the same pool. The winners then split the money, with the system typically used in a sport like horse racing. Oftentimes, the house will still take a small cut of the poll in exchange for organizing all the betting. In many cases, the house is a state-run organization. As the parimutuel betting system has been in use for around 150 years, it is very established.
History Of The Parimutuel Betting System
It was all the way back in the 1860s when the parimutuel betting system was invented by Joseph Oller, who was a Spanish entrepreneur. Oller spent much of his life in France, which explains why the name of the parimutuel betting system appears to be somewhat French. After inventing the parimutuel betting system, Oller was able to persuade various horse racing tracks within France to use the strategy, but its path to success was far from easy. In fact, Oller spent some time in prison after he was accused of illegal gambling. But once he got out of prison, France took the step of legalizing the parimutuel betting system. Later, an Australian engineer by the name of George Julius was able to invent the automatic totalizer, which solved the problem of having to use manual calculations in the system.
Benefits Of Using The Parimutuel Betting System
One of the top benefits of the parimutuel betting system is it is legal in almost every country around the world. While betting is banned in a lot of nations, often for religious reasons, it is usually the case that the parimutuel betting system is still permitted to be used. Even in places like the United States, with legal betting status can be confusing since each state sets its own rules–the parimutuel betting system is still widely implemented. Nevertheless, even in places where more standard forms of betting are available, the parimutuel betting system is often still in place as an alternative method to be used. Some lotteries use a form of the parimutuel betting system in addition to gambling on a variety of different sports.
Does The Parimutuel Betting System Work?
With such a long history in place, without a doubt, the parimutuel betting system does work. In fact, the parimutuel betting system is invaluable in countries where other forms of betting remain illegal, giving people the chance to have a fair and legal bet on sports. However, it is likely that the parimutuel betting system could fade away in the future as sports betting progresses at its own pace throughout the world.