As a horse racing handicapper that rises to the occasion for the big events like the Kentucky Derby, other Triple Crown events and the Breeders’ Cup World Championships, Jamie Clark linked up with Basketball Insiders in 2022. Spending formative years in his godfather’s betting shop in jolly old England, the best thoroughbred meets from around the world have always fascinated him. Jamie spent three years editing the Coral sportsbook and news site before striking out on his own as a freelance tipster, putting his expertise at the disposal of big betting brands worldwide. You can now see his skills at work every time there’s a major meet on stateside. Look out for his views on the best-handicapped racehorses in graded stakes action across the site.
All posts by Jamie Clark
Following his graduation with an Honors in Business Administration, Nick redirected his focus from conventional stocks and bonds to the world of sports team performance investments. He employs a unique blend of advanced statistics and historical data to construct intricate sports investment models, pinpointing value opportunities and consistently yielding profits. Nick's contributions extend beyond a single platform, as his work can be discovered on outlets such as Pistons Powered, Winners And Whiners, and numerous other publications.
All posts by Nick RaffoulParimutuel betting horse racing wagers are really popular across the US. There are so many tracks and so many states that a uniform approach for bettors has always been needed. Learn all about the best offshore sportsbooks and racebooks for online parimutuel betting in the US today right here.
|
50% Up To $250 + 100 Free Spins |
|
Play Now |
|
Get a Welcome Bonus of up to $750 |
|
Play Now |
|
125% up to $1,250 |
|
Play Now |
|
125% Sign Up Bonus Up To $2,625 |
|
Play Now |
|
Get INSTANT 200% deposit bonus up-to 10ETH |
|
Play Now |
|
100% Deposit Bonus up to $1,000 + $10 Casino Chip |
|
Play Now |
|
100% up to $500 Welcome Bonus |
|
Play Now |
|
200% Bonus up to 1BTC + 50 Free Spins |
|
Play Now |
|
100% up to $1,000 Welcome Bonus |
|
Play Now |
|
75% Sports Welcome Bonus Up To $2,500 |
|
Play Now |
|
200% Bonus Up To $25,000 + 10 Free Spins |
|
Play Now |
|
50% Welcome Bonus Up To $500 |
|
Play Now |
|
100% Deposit Bonus up to $2,500 |
|
Play Now |
|
50% Bonus up to $200 |
|
Play Now |
|
200% Welcome Bonus Up to €25,000 + 50 Free Spins |
|
Play Now |
What is Parimutuel Betting?
Also called pari mutuel and sometimes hyphenated as pari-mutuel, parimutuel betting is easy to understand. A system of wagering that is different to fixed odds sports betting, parimutuel comes from the French pari mutuel, which roughly translates as mutual betting.
This is how it works. All wagers from a particular betting market – typically an individual horse race – go into a betting pool. Taxes and commission, like the house takes in casinos, are taken out of the total amount bet. The odds are then calculated based on the amount of money that has been staked on each possible outcome. The more popular a pick, the shorter the odds, and thus the smaller the payout. However, if the favorite doesn’t win, then those few bettors who wagered on the winner receive payouts that are potentially bigger than the fixed odds prices.
Final payouts can’t be determined until the betting pool closes and the race is off. This is how parimutuel wagers differ from fixed odds betting. With fixed odds, bettors take an agreed price or can choose the starting price (SP). In parimutuel betting, you don’t know the price of your pick until after the race (although there are occasionally morning lines which provide rough guidance).
How Does Parimutuel Betting Work?
Now you have read the parimutuel betting definition, you’ve probably got questions. How does this work in practice?
Parimutuel wagers don’t just apply to horse racing as we shall see, but it is the most popular sport with bettors for this type of gambling. Let’s say you are betting straight on a horse race. That is either to Win, Place, or Show. Keeping things simple, you go for a Win on Secretariat in the Kentucky Derby. All the handicappers have been talking him up and he punched his ticket to Churchill Downs with an impressive win in a prep race.
You place a $5 parimutuel wager on Secretariat and he does the business on the racetrack. When the payout schedule comes through, Secretariat for the Win pays $5. If you’re wondering how to figure parimutuel betting here, then that schedule is always based on a $1 stake. Your wager was $5, so you receive $25 back including your stake. This means that betting $5 on Secretariat made you $20 in profit.
Payout schedules also include the returned dividends for a horse to Place and Show. Even an Exotic bet like the Exacta and Trifecta will be on there, but more on those later.
Top 5 Parimutuel Betting Sites Reviewed
We hear you say “enough already, where can I get my parimutuel wagers on?” The answer is with one of our top five sportsbooks, and specifically racebooks, from the list below. Let’s look at these through the lens of parimutuel betting horse racing wagers in more detail:
1. BetOnline – Reasonable Rebates on Parimutuel Bets
For over 25 years, BetOnline has offered US bettors the chance to wager on its sportsbook and racebook. Established in The Big Apple, this gambling company moved out of New York to Panama City, so it’s an offshore operator these days.
The racebook gives up to 9% rebates on losing parimutuel bets from selected tracks and events, which is among the most generous on the market.
BetOnline also has a $25 risk-free bet welcome bonus specifically for the racebook. Your first horse racing wager is covered if your pick loses, although note this comes with terms and conditions.
Besides parimutuel betting on North American thoroughbred and harness racing, BetOnline gives you the chance to wager on major international events. We’re talking the Epsom Derby and Royal Ascot in England, the Dubai World Cup and its card in the Middle East, and the Melbourne Cup in Australia.
The range of overseas horse racing probably isn’t as large as some other offshore racebooks, but you won’t miss out on anything major. BetOnline has the typical selection of parimutuel wagers, so you can bet an Exacta and other Exotics if you prefer those to straight plays.
The racebook could be a little faster with load times, but that’s a minor problem. Newbies can also get help starting out thanks to the Racebook 101 section as part of a great overall package.
What we like:
- Up to 9% rebate on losing wagers
- Racebook 101 guide for newbies
- North American and overseas races
- Typical range of parimutuel bets
What we don’t:
- Racebook loading speed is slow
2. BetNow – Excellent Parimutuel Odds
As well as fixed odds futures for major prep races, you can also bet on international horse races at BetNow. Parimutuel markets on daily horse racing action in the US and beyond are also at your fingertips.
There is the typical mix of thoroughbred and harness races from around the world. The FAQs and help center at BetNow are there for when you have questions or need guidance. Get in touch using the contact form, live chat, or phoning the BetNow helpline.
Payment methods at BetNow cover the standard options. Besides Mastercard and Visa, depositing through cryptocurrencies including Bitcoin, Ethereum, and Litecoin is also possible.
A betting promo sure to interest horse racing fans is BetNow’s racebook promo code. The bookie also provides other sign-up deals too, with a sportsbook free bet and crypto rewards. Some of these require a BetNow promo code but others do not.
What we like:
- Racebook bonus available
- Futures odds on big races
- Rebates for Churchill Downs bets
- Good range of customer support options
What we don’t:
- Lack of special wagers
3. Bovada – Top Dogs for Parimutuel Bets
With over 10 years in the gambling industry, the Bovada racebook is a brilliant place if you like to bet parimutuel. The reason is very simple. No other offshore platform can match the global focus of Bovada.
If you want to bet on all the dirt, turf, and harness racing stateside, they’ve got you covered, but Bovada offers far more than just North American racing. Parimutuel markets are available on South American races from nations like Argentina, Brazil, and Chile. This international flavor continues as you can bet on racing in Asian hot-spots like Hong Kong and Japan.
Meanwhile, Bovada has European racing covered, with UK and Irish racing along with events from places like France and Sweden. You can also wager on the action in Australia, New Zealand, and South Africa.
The Morning Line prices act as a guide to forecast odds for all US and Canadian races. Besides thoroughbred, quarter horse and harness racing, Bovada even has Virtual Racing that you can bet on.
All the straight and Exotic bet types associated with the sport are there for parimutuel bettors too. The only thing Bovada could do to make the racebook even better is to have some horse racing deals.
What we like:
- Bet worldwide on horses
- See Morning Line prices
- Virtual Racing bets available
- Straight and Exotic bets
What we don’t:
- No horse racing deals
4. Everygame – Great Racebook for Markets
At Everygame you can place parimutuel bets on several racetracks across North America while this form of wagering is also available on selected Australian meets too. When it comes to bonuses, Everygame has a decent range, but they do come with strict terms and conditions.
Limits are generally more relaxed around the main events in horse racing, so you can bet more dollars on the Breeders’ Cup, often held in California, and the Triple Crown. With these great promos relating to parimutuel betting horse racing wagers, Everygame gets a thumbs up.
What we like:
- Neat bonuses
- Good market coverage
- All parimutuel wager types
What we don’t:
- Offshore site can be hard to reach from some states
- Lower max stakes than rivals
5. MyBookie – Strong Range of Parimutuel Wagers
At MyBookie, bettors have been wagering on horses since 2014 when this offshore gambling platform opened out of Costa Rica. You can bet on thoroughbred and harness races from a range of countries – just check the menu on the left-hand side of the homepage. This always includes both North American and international options with events from Hong Kong and Japan, mainland Europe, and the UK and Ireland among the regular overseas races on offer.
You can also toggle the type of parimutuel wager. From the straight Win, Place, and Show wagers to Exotics, Daily Double, “Pick” bets, and Parlays, you can customize the racecard to suit your betting needs.
A dropdown on every event shows race details, so you know where the event takes place, how much the purse is, and the distance, surface, and type of race it is. Stake limits for bets are clearly visible at the bottom of each individual card.
A maximum 8% rebate on losing picks from qualified tracks isn’t as high as rates on other racebooks but it is still handy. Funds go straight into your account the following day, so this deal is faster to payout on MyBookie than a number of their competitors.
Supporting the parimutuel betting horse racing wagers are futures odds for the big events in the US. Races like the next Kentucky Derby, Pegasus World Cup, and Breeders’ Cup feature as part of a supplemental fixed odds betting service.
What we like:
- Wide range of parimutuel bets
- Good choice of overseas races
- 8% max rebate on losing picks
- Stake limits clearly displayed
What we don’t:
- Stake limits vary based on track
Discover our Top Betting Guides
Types of Online Parimutuel Betting
As you probably noticed in our reviews of top offshore racebooks and bookmakers for parimutuel bets, there are different types of wagers available. Some are only recommended for advanced bettors who know their stuff, but you should still be aware of them.
The basis of any parimutuel betting system requires an understanding of the options open to you in terms of wagers. Let’s start with the simple straight bets:
- Win – Pick the winner of the event.
- Place – Pick a horse to win or finish second.
- Show – Pick a horse to win, finish second or third.
- Across The Board – Three wagers in one, separate bets on Win, Place, and Show.
Now, let’s move on to the Exotic bets. These involve betting on more than one horse in the same race. They’re called Exotics because that’s what they are relative to the simpler straight bets:
- Exacta – Pick two horses to win and finish second in that exact order.
- Quinella – Pick two horses to win and finish second in either order.
- Trifecta – Pick three horses to win, finish second and third in that exact order.
- Superfecta – Pick four horses to win, finish second, third and fourth in that exact order.
- Duet – Pick two horses to finish first, second, and third in any order.
This just leaves Multis and Parlays to cover. These parimutuel wagers are all about picking multiple horses across different races, usually at the same track:
- Daily Double – Pick the winners of two consecutive races chosen by the racebook.
- Triple (Pick 3) – Pick the winners of three consecutive races chosen by the racebook.
- Quadrella (Pick 4) – Pick the winners of four consecutive races chosen by the racebook.
- Pick 6 – Pick the winners of six consecutive races chosen by the racebook.
- Parlays – Pick horses from different races to Win, Place, and/or Show in the same wager.
Parimutuel Betting System Options
Away from Parlays, we can categorize parimutuel wagers into two main types. There are straight bets such as Win, Place, and Show, and Exotic bets like Quinellas and Duets.
Advanced bettors know that you can cover more bases with Exotics than just the standard wagers. This involves using a neat parimutuel betting system or two along the way. You can box, wheel, and even reverse Exotic bets like Trifectas and Superfectas. There is both an upside and a downside to this.
Box or Reverse Parimutuel Bets
When you box or reverse an Exotic wager, this means the bet includes picks to finish in any order rather than a specific one. A Quinella, for example, is simply an Exacta reversed. If you fancy more than two horses to finish first and second, however, you could box the wager instead and include a third or even fourth pick. The unit stake multiplies so all permutations are covered.
From a simple AB BA Quinella where the unit stake doubles, a boxed version with three picks is AB AC BA BC CA CB. This means you must wager six times a standard AB Exacta to cover all those potential outcomes. You do reduce the risk of losing but you also reduce the profit made on such wagers. This is the balance pro bettors weigh up before making this play.
Wheel Parimutuel Bets
Wheeling is another tactic that advanced bettors use. This is where they strongly fancy one pick, usually to win, but aren’t sure about which horses will fill the place and show spots. Using a wheel with parimutuel wagers helps keep the number of permutations and total outlay down.
A wheeled Exacta, for instance, could see you bet on the favorite, horse A, to win and then three others, horses B, C, and D, to be second. This would only be three Exacta wagers in one, AB, AC, and AD, with the unit stake tripling. Costs don’t spiral and eat into profits so much when using this tactic.
The Best Mobile Parimutuel Betting App
All of the top horse racing betting apps available to bettors include parimutuel markets as standard. How do you know which gives the best mobile gambling experience, though? That is where we come in.
A top parimutuel betting app must not only be trustworthy but quick and easy to use. Dedicated mobile platforms for both Android and iOS devices, thus covering all bases with smartphones, is another hallmark of best in class. With offshore racebooks, we found that many of the top online parimutuel betting operators had great betting apps to go with them too.
Best Parimutuel Betting Sites Ranked
50% Up To $250 + 100 Free Spins
Play Now
100% up to $1,000 Welcome Bonus
Play Now
Get a Welcome Bonus of up to $750
Play Now
100% up to $500 Welcome Bonus
Play Now
100% Deposit Bonus up to $1,000 + $10 Casino Chip
Play Now
100% Deposit Bonus up to $2,500
Play Now
125% Sign Up Bonus Up To $2,625
Play Now
50% Welcome Bonus Up To $500
Play Now
50% Bonus up to $200
Play Now
200% Bonus up to 1BTC + 50 Free Spins
Play Now Explore our Top Betting App Guides
Parimutuel Betting Strategy
After already discussing the parimutuel betting system options that pro bettors use, it’s time for some more general strategies. These can help take your wagering to the next level. We asked our expert handicappers for their best approaches to parimutuel betting strategy and they came up with the following tips:
Use Betting Exchanges and Fixed Odds Markets as Guides
Betting on horses takes place all around the world. Parimutuel wagers are just one route you can take. It’s the most popular form of gambling on the sport stateside but this shouldn’t stop you from looking at other sources.
Betting exchanges overseas will probably have a market on all major North American thoroughbred horse races like the Pegasus World Cup in Florida, so consult them and see what bettors are backing to win and laying to lose.
Fixed odds markets are available across the pond in the UK and Ireland, meanwhile. This can also be a guide to whether you should bet on the favorite or pick another horse. Tunnel vision about parimutuel bets doesn’t make sense and thinking outside the box may produce more winners. This strategy comes with no guarantees but you may reach a more informed decision by looking at other forms of gambling.
Seek Place and Show Value
Everyone wants to back winning horses, but sometimes there is greater value and profit in betting outside of the favorites. This specifically relates to horses you think will Place or make the Show. While dividends for second and third can be smaller, there is nothing worse than betting a horse to Win and it just missing out. You lose dollars and cents that way, but the Place and Show markets increase your chances of a successful wager.
To the same end, Win and Place bets on the same horse, or going Across The Board, help you cover more bases. Sure, your pick may not win but an Across The Board bet pays out for the Place and Show if the horse comes second. Seeking this kind of value is a skill bettors hone with time and experience. It is also a good habit to get into right from the start.
Keep Exotics Stakes Small
Exotic parimutuel bets are pretty complex. We’ve already discussed them in the parimutuel systems section, so you know that already. It is not good parimutuel betting strategy to let boxed, wheeled, and reversed bets get out of hand. The stakes on Exotics need to be small because each losing permutation eats into any profit you can make.
As with straight Win wagers, there can only be one outcome that pays. With unit stakes multiplying with every permutation covered, you must get a hold of yourself with Exotic bets. Play for small stakes, wheel only when you are sure you have the winner, and only fancy two or three to be second and/or third. Above all don’t let things get messy.
Parimutuel Betting Software
Did you know you can get parimutuel betting software free of charge? It can help you keep track of how you do with your wagers. From a parimutuel betting calculator that makes sense of what your profits should be to a trusty parimutuel betting spreadsheet that does all the formulas for you, these tools are worth a look.
Free picks from expert handicappers online are always appreciated. Just think of parimutuel betting software free to use in the same way. Anything that helps you figure out what you stand to gain from wagers is a good thing. A parimutuel betting spreadsheet that crunches all the numbers is what the pros use. For those still learning about such wagers, there is more than one parimutuel betting calculator available online.
Grab the Best Promo Codes with our Reviews
Parimutuel Betting in Other Sports
Horse racing is not the only sport where parimutuel wagers are available. Greyhound racing works along similar lines while golf and soccer are other sports where you can do this kind of pool betting.
If you’re wondering how does payout work in parimutuel betting on golf and soccer, the same principles apply as with the horses. This is because there are more than two potential outcomes to events in these sports. Let’s take a look at both in more detail:
Parimutuel Betting – Golf Wagers
On the PGA Tour, any number of golfers can win an event when the opening round tees off. This means parimutuel betting on golf markets is available.
Furthermore, Majors like The Masters and US Open generate huge interest, with the large number of entrants meaning multiple outcomes are possible. As events take place over four days, long-shots can up their game with momentum behind them while favorites are always challenged. With ties for second and/or third place not uncommon, parimutuel bets on golf have their place.
Parimutuel Betting – Soccer Wagers
With soccer, parimutuel markets work with parlays and match result markets. Unlike many US sports, soccer games can be tied. This means there are three potential outcomes after the regulation 90 minutes of play.
Parimutuel betting soccer parlays are a legacy from the days of the parimutuel pools coupons in the UK. Bettors would pay a small amount, maybe as little as a dollar, and go through the weekend’s games predicting the results in every league or of certain matches. Each result was allocated points: either team winning was worth one point, a no-score draw two and a score draw three.
Conclusion
Parimutuel betting is very popular in horse racing and we hope this article has helped you understand more about how it works. Although not exclusive to that sport, its rise over the last century wouldn’t have happened without it, and it’s good to see many bookmakers keeping the tradition alive.
Get a Welcome Bonus of up to $750
Play Now FAQs
Is parimutuel betting legal?
How do I set up parimutuel bets?
How does payout work in parimutuel betting?
How do you win at parimutuel betting?
