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# Exacta

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### Exacta

Parimutuel betting (from the French: Pari Mutuel or mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vig" are removed, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the Tote after the totalisator which calculates and displays bets already made.

The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games.

## Definition

Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold.

Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at "off track" facilities, where players may bet on the events without actually being present to observe them in person.

## Example

Consider a hypothetical event which has eight possible outcomes, in a country using a decimal currency such as dollars. Each outcome has a certain amount of money wagered:

 1 $30.00 2$70.00 3 $12.00 4$55.00 5 $110.00 6$47.00 7 $150.00 8$40.00

Thus the total pool of money on the event is $514.00. Following the start of the event, no more wagers are accepted. The event is decided and the winning outcome is determined to be Outcome 4 with$55.00 wagered. The payout is now calculated. First the commission or take for the wagering company is deducted from the pool; for example with a commission rate of 14.25% the calculation is: $514 × (1 - 0.1425) =$440.76. The remaining amount in the pool is now distributed to those who wagered on Outcome 4: $440.76 /$55 ≈ $8 per$1 wagered. This payout includes the $1 wagered plus an additional$7 profit. Thus, the odds on Outcome 4 are 7-to-1 (or, expressed as decimal odds, 8.01).

Often at certain times prior to the event, betting agencies will provide approximates for what should be paid out for a given outcome should no more bets be accepted at the current time. Using the wagers and commission rate above (14.25%), an approximates table in decimal odds would be:

 1 $14.69 2$6.30 3 $36.73 4$8.01 5 $4.01 6$9.38 7 $2.94 8$11.02

In real-life examples such as horse racing, the pool size often extends into millions of dollars with many different types of outcomes (winning horses) and complex commission calculations.

Sometimes the amounts paid out are rounded down to a denomination interval—in the United States and Australia, 10¢ intervals are used. The rounding loss is sometimes known as breakage and is retained by the betting agency as part of the commission.

### Hong Kong

The Hong Kong Jockey Club (HKJC) operates the following bet types and pools.

• Win: Select correctly the 1st horse in a race.
• Place: Select correctly the 1st, 2nd or 3rd horse in a race with 7 or more declared starters, alternatively select correctly the 1st or 2nd in a race where there are 4 to 6 declared starters.
• Quinella: Select correctly the 1st and 2nd horses in any order in a race.
• Quinella Place: Select correctly any two of the first three placed horses in any order in a race.
• Tirce: Select the 1st, 2nd and 3rd horses in the correct order in a race.
• Trio: Select correctly the 1st, 2nd and 3rd horses in any order in a race.
• First 4: Select correctly the 1st, 2nd, 3rd and 4th horses in any order in a race.
• Double Trio: Select correctly the 1st, 2nd and 3rd horses in any order in each of the two nominated races.
• Triple Trio: Select correctly the 1st, 2nd and 3rd in any order in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st, 2nd and 3rd horses in any order in the first two Legs of the three nominated races.
• Double: Select correctly the 1st horse in each of the two nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first nominated race and the 2nd horse in the second nominated race.
• Treble: Select correctly the 1st horse in each of the three nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in the first two Legs and the 2nd horse in the third Leg of the three nominated races.
• Six Up: Select correctly the 1st or 2nd horse in each of the six nominated races. There is a consolation prize given under the conditions that the player has selected correctly the 1st horse in each of the six nominated races.

### Japan

In Japan, Keiba (競馬, horse racing), Keirin (競輪, professional cycling), Kyōtei (競艇, hydroplane racing), and Auto Race (オートレース, motorcycle racing) operate the following bet type.[5][6][7][8] Wager must be a multiple of 100 yen except Each-way.

• Win (単勝, Tanshō): Runner must finish first (Keiba, Kyōtei and Auto Race).
• Place-Show (複勝, Fukushō): Runner must finish within the first two places (in a seven runners or fewer race) or three places (in an eight runners or more race) (Keiba, Kyōtei and Auto Race).
• Each-way (応援馬券, Ōen Baken): To place one bet to Win and another bet to Place-Show. (For example, betting 1,000 yen to Each-way means betting 500 yen to Win and 500 yen to Place-Show.) Wager must be multiple of 200 yen (Keiba with JRA's operation only).
• Bracket Quinella (枠番連勝複式, Wakuban Renshō Fukushiki), abbreviated as Waku-ren (枠連): The bettor must pick the two bracket numbers which finish first and second, but need not specify which will finish first. A bracket number (枠番, Wakuban) means runner's cap color (1: White; 2: Black; 3: Red; 4: Blue; 5: Yellow; 6: Green; 7: Orange; 8: Pink) (Keiba, Keirin and Auto Race).
• Bracket Exacta (枠番連勝単式, Wakuban Renshō Tanshiki), abbreviated as Waku-tan (枠単): The bettor must correctly pick the two bracket numbers which finish first and second (Keiba with some local governments' operation only).
• Quinella (連勝複式, Renshō Fukushiki), abbreviated as Uma-ren (馬連), Ni-sha-fuku (2車複) or Ni-renpuku (2連複): The bettor must pick the two runners which finish first and second, but need not specify which will finish first (Keiba, Keirin, Kyōtei and Auto Race).
• Exacta (連勝単式, Renshō Tanshiki), abbreviated as Uma-tan (馬単), Ni-sha-tan (2車単) or Ni-ren-tan (2連単): The bettor must correctly pick the two runners which finish first and second (Keiba, Keirin, Kyōtei and Auto Race).
• Quinella-Place (拡大連勝複式, Kakudai Renshō Fukushiki), also known as Wide (ワイド) or Kaku-renpuku (拡連複): The bettor must pick the two runners which finish the top three—no need to specify an order (For example, when the result of race is 3-6-2-4-5-1, the top three runners are 2, 3 and 6, and winning combinations are 2-3, 2-6 and 3-6.) (Keiba, Keirin, Kyōtei and Auto Race).
• Trio (3連勝複式, Sanrensho Fukushiki), abbreviated as San-renpuku (3連複): The bettor must pick the three runners which finish the top three, but no need to specify an order (Keiba, Keirin, Kyōtei and Auto Race).
• Trifecta (3連勝単式, Sanrensho Tanshiki), abbreviated as San-ren-tan (3連単): The bettor must correctly pick the three runners which finish first, second, and third (Keiba, Keirin, Kyōtei and Auto Race).
• WIN 5 / Select 5: The bettor must pick the winners of five designated races. Betting on operators' website by PC or cellular phone only (Keiba with JRA or some local governments' operation only).

## References

de:Totalisator
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