Parimutuel Odds Calculation | MrExcel Message Board

pari mutuel odds calculator

pari mutuel odds calculator - win

Calculating win probabilities form closing price odds - HKJC

I am becoming interesting in algorithmic horse racing betting and was looking into Hong Kong racing, due to the ease of collecting data.
I am interested in using the public's opinion on a horse as a part of my model, therefore I am looking to scrape the closing odds of the horses.
I want to convert the closing odds into probabilities and use these as the "public's predicted probability of a horse winning".
I want to use these probabilities in a similar way to how Bill Benter used them.
Does anybody know if the odds presented in the results table (e.g. https://racing.hkjc.com/racing/information/english/Racing/LocalResults.aspx?RaceDate=2020/06/27&Racecourse=ST&RaceNo=2 ) are starting or closing odds?
Another problem is that when converting the odds into probabilities by taking the reciprocal of the odds (1/decimal odds), the resulting probabilities sum to be greater than 1. I am aware that for fixed-odds betting this expected as this is how the 'house' makes money, but i thought that in a pari-mutuel system the odds should sum to 1 as they are calculated based on the amount of money placed on a hose relative to the total amount of money bet on all the horses.
I can renormalize these reciprocals so they sum to 1 by dividing each reciprocal buy the sum of all the reciprocals, this gives numbers that sum to 1 and could be interpreted as probabilities. Does anyone know if this is a valid thing to do?
I know that in the paper 'Searching for positive returns at the track' ( http://ruthnbolton.com/Publications/Track.pdf ) they calculate these public probabilities by looking at the amount of money in betting pools, is this data available somewhere for horse races?
submitted by jsmit332 to horseracing [link] [comments]

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submitted by tiltgaming_team to tiltgamingg [link] [comments]

History of Pari-Mutuel Betting

History of Pari-Mutuel Betting
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Pari-mutuel betting was invented by Joseph Oller back in 1867. He was a Spanish entrepreneur who spend most of his life in Paris, France. The name pari-mutuel originates from the French phrase “pari mutual,” which means “mutual betting.” After becoming frustrated with the bookmakers for making such large profits off of innocent bettors, it’s believed that Oller came up with an ingenious idea to solve this problem. Hence, pari-mutuel betting was born.
Oller was able to implement this form of wagering at several horse racing tracks throughout France. Things were going great until 1874, when he got accused of operating illegal gambling and sentenced to spend some time in prison. Despite that setback, by 1891, pari-mutuel wagering was fully legalized in France and fixed odds betting was finally banned. Oller had accomplished what he set out to do.
Following that move, pari-mutuel betting started to spread to other parts of the world. Australia, New Zealand, the United States and the United Kingdom all embraced this form of wagering on the grounds that it was “fairer.” In an interesting change of direction, Oller went on to open the now famous Moulin Rouge.
The biggest problem with pari-mutuel wagering was all the calculations that were required. They were initially done manually, which took a lot of time. This problem was solved by Australian engineer George Julius, who invented the automatic totalizator. He originally developed this as a mechanical vote-counting machine, but he was rejected by the government when he took his prototype to them. He then adapted his machine for the purposes of pari-mutuel wagering.
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https://preview.redd.it/vclzd1ek61m11.jpg?width=656&format=pjpg&auto=webp&s=bdaf40f8e53402f158ed7c3a1557f6715788325f
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submitted by LucillaConstantia to legendarybet [link] [comments]

Need to understand how my late Father in Law designed a Pari Mutuel betting spreadsheet for his annual Kentucky Derby party as I'd like to modernize it as we carry on his tradition.

So my Father in law passed away from Pancreatic Cancer a little around 4 years ago. He was born and raised in Kentucky and the Kentucky Derby was something the family I married into celebrated every year like the superbowl.
He created a spreadsheet so that he could take bets from the people at his Derby party and at the end of the day pay out winnings via odds created via his spreadsheet. It appears to be what is called a basic pari mutuel betting spreadsheet he designed in Excel.
My wife and I are trying to bring the tradition back as I now my mother in law would love it as well as the other people who used to enjoy Gary's party. But I was thinking there has to be a way for me to modernize it. I built a basic Google Form where I could choose a horse from a drop down and then enter an amount for Win Place or Show and it would then be added to a Google Sheet. But I have no idea how to make things work to essentially transport each horse bet into a sheet to then calculate the odds. Gary basically used to have a spreadsheet, and would write down all the bets and then I would enter them by hand, click print and the odds would be updated but I would love to be able to sit at my computer and just take bets and let the odds display and update in real time.
Is this at all doable? I feel like I just don't have the knowledge to import/move the bets as they come in to the spreadsheet with the odds formulas to calculate and update?
Here is a link to the sheet I have that would log the bets and then update: https://docs.google.com/spreadsheets/d/1qLcVf9xDvk5tEh81sEoC1nUvxR5Ku985hV7JLbLsfH8/edit?usp=sharing
Any insight or tips or points to a guide or a specific tool or formula would be appreciated.
All the best!
submitted by beauandmavsdad to excel [link] [comments]

pari mutuel odds calculator video

Parimutuel Odds Calculation. Thread starter bosmith8; Start date Feb 7, 2016; Tags logical truncate B. bosmith8 New Member. Joined Feb 7, 2016 Messages 2. Feb 7, 2016 #1 I have a program for a charitable gaming calculator but don't understand exactly what the formulas do. There are six entries per 'race'. The formula is: IF(TRUNC((total bets Pari-mutuel betting is fun and, in the case of many multiple-race pools, can deliver some very handsome prizes into the bargain. But beware: smaller race meetings tend to carry less lucrative pool sizes, and so there may be times when fixed odds betting offers better returns on your investment. Despite that setback, by 1891, pari-mutuel wagering was fully legalized in France and fixed odds betting was finally banned. Oller had accomplished what he set out to do. Following that move, pari-mutuel betting started to spread to other parts of the world. Pari-mutuel system is wonderful mental model to think about the stock market. Like a horse race track, people go to stock market offering to buy/sell stocks and based on the price paid the odds of winning keep changing. Pari-mutuel vs. fixed odds betting. The biggest difference between pari-mutuel betting and fixed odds betting is that we won’t know what the potential payouts will be when we place our bets. The operators that provide pari-mutuel betting will display probably odds before the sporting event gets underway. Pari-mutuel Odds and What They Mean for Your Payouts Horse racing differs at the core from betting at a sportsbook in terms of the way odds are calculated and the manner in which wager are paid out. There are a number of differences between reading and calculating odds for traditional sports , and reading and calculating odds for horse racing. Wagering on horseracing is based on the “pari-mutuel” system. In the pari-mutuel system, the track or simulcast outlet gets a percentage of what is wagered called the “takeout.” The takeout pays for racetrack expenses, purse money, state and local taxes, etc. Payoff odds in horse racing are calculated by sharing the remaining pool (after takeout) among all placed bets. With Pari Mutuel betting, which was created by Pierre Oller in France in the 1860s, bettors wager against one another, with odds being determined by what percentage of the pot is bet on each competitor in the race or event. You’ll find the Pari Mutuel system in effect in horseracing, greyhound racing and jai alai contests. Making a bet can be confusing. Let us help! Follow these simple steps to figure out how much to bet. Select a bet amount in the left column. Select a bet type in the right column. Select the horses to include in the wager. The total cost of the ticket will appear next to the words Ticket Cost

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