Types of horse betting
Parimutuel betting is very popular in the UK, it is the most common type of horse race betting. This popular betting system was invented by Joseph Oller, a Catalan impresario in 1867.
The French translation for this term means: to wager amongst ourselves. The main point of this type of betting is that the odds are not fixed.
People wager against each other, rather than placing a bet with a bookmaker. The betting system means that all bets are placed together in a pool. There are no bookmaker fees and the taxes are removed. Calculations for the payoff odds are made after sharing the pool with all the people who win the bets. This can lead to some lucrative wagering.
Parimutuel betting is different to fixed-odds betting, because the final pay-out is not known until the pool is finished. With fixed odd bets you know how much you are going to win at the time the wager is made.
This type of betting is often regulated by the state.
Some types of parimutuel gambling
You must pick the winning horse of the advertised Jackpot meeting of the day from each of the first of the six races.
Place a bet on the runner to finish either first place or second place.
This is made as one bet to win and the other to place. If you want to place a bet of £5 each way, it will cost £10 for the bet.
Correctly pick two horses to run in the same race. Both of the runners must win a placing in the race, either first or second, second and third or first and third. It can be in any order, apart from third and third.
You must pick a placed horse at any race meeting in Britain, from the third race, then the fourth race, fifth one and sixth one.
Every Saturday there are six Scoop six races advertised. Pick the winner (for the winner's fund) or a placed horse (for the place fund).
At any British race meeting you can pick a horse that was placed from each of the first of the six races.
You must pick the runners in the right order. Firstly, the one who finishes in first place, then you must pick the ones who finish in second place, then the one who comes in third.
The person who places the bet must correctly pick the consequent runners which finish first and then second, in the correct order.