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It is a parimutuel system. Let me do my best to explain. This is why horse racing is by far te superior betting game over things like team sports.
The more bet on the winning combination the less that winning combination will pay. Considering that RICH STRIKE was considered the least likely winner prior to the race - this resulted in increased payouts for the winning combinations. But the more bet on the winning combination the less it would payout. Looking at the TRIFECTA pool it was $32 million total. After taking out the 20% takeout that leaves $26 million to be distributed to all the winners. A $1 winning trifecta paid $15,000. That indicates about 1,700 winning $1 tickets out of 32,000,000 $1 tickets placed. Adding another 100 $1 winning tickets would have reduced the payout somewhat. Quick math indicates TRIFECTA would have paid $14,400 for a dollar if someone added a $100 winning ticket. So that $100 winning TRIFECTA would have paid $1.4 million.
Eventually the law of diminishing returns kicks in. The more winning tickets the less each winning ticket pays.
Quote:
Originally Posted by ciceropolo
Question on the betting odds as I could not find anything about a 'maximum' payout and I am not familiar with Horse racing. There were some long odds due to Rich Strike winning, especially in the trifecta and super fecta. I heard it reported this morning that over $283 million was placed in bets.
If someone had placed a $100 wager on the trifecta (Rich Strike, Epicenter, Zandan) and the super trifecta (Rich Strike, Epicenter, Zandan, Simplification) would they actually have received payouts of $1.487 million and $32.15 million respectively?
Curious as to how this is handled from a mathematical perspective. Is there a betting limit? Is there a stated maximum payout limit? How does this work?
It is a parimutuel system. Let me do my best to explain. This is why horse racing is by far te superior betting game over things like team sports.
The more bet on the winning combination the less that winning combination will pay. Considering that RICH STRIKE was considered the least likely winner prior to the race - this resulted in increased payouts for the winning combinations. But the more bet on the winning combination the less it would payout. Looking at the TRIFECTA pool it was $32 million total. After taking out the 20% takeout that leaves $26 million to be distributed to all the winners. A $1 winning trifecta paid $15,000. That indicates about 1,700 winning $1 tickets out of 32,000,000 $1 tickets placed. Adding another 100 $1 winning tickets would have reduced the payout somewhat. Quick math indicates TRIFECTA would have paid $14,400 for a dollar if someone added a $100 winning ticket. So that $100 winning TRIFECTA would have paid $1.4 million.
Eventually the law of diminishing returns kicks in. The more winning tickets the less each winning ticket pays.
Just to add, for this race, the $1 superfecta paid out just over $321,000.
The $1 super high five paid out just over $740,000.
I'm old enough to remember watching the 100th Derby as a kid - this one was AMAZING!! I have watched it over and over but cannot find the overhead with the notes they showed after the Derby.
I truly think there was a chunk of luck in there as well, when the field appeared to go wide and Rich Strike made his move.
It was a great race to watch. He switched into another gear, and started moving through the crowd like they were standing still. And they weren't standing still! This was not a race where everyone looked spent at the end.... everyone was still running. This horse was just *faster*.
I hope he keeps it up. He's already made the Triple Crown races more interesting, we'll keep our fingers crossed.
This isn't my sport, but I watched the replay over and over to see where that horse even came from. He was passing other horses in traffic at the end and then accelerating right by them, it was pretty cool. What's with the biting the other horses and acting like an entitled jerk after winning, lol. He was hyped up.
This isn't my sport, but I watched the replay over and over to see where that horse even came from. He was passing other horses in traffic at the end and then accelerating right by them, it was pretty cool. What's with the biting the other horses and acting like an entitled jerk after winning, lol. He was hyped up.
Adolescent male.
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