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BGonline.org Forums
Forget side pools altogether and go with Parimutuels
Posted By: Phil Simborg In Response To: Different start times and side pools (Stick)
Date: Sunday, 30 April 2017, at 5:21 p.m.
The side pool, of course, is a way for better players to bet more on themselves. It's a bad bet for dogs, and that is why most side pools generally have mostly the favorites in them. And that, of course, reduces the equity for those in the side pools.
Parimutuels are much more fun, interesting, and once people understand them and get used to them, I believe they will get a lot more action (for those who like more action, and that's what it's all about, isn't it?)
The favorites can still bet on themselves, but the rest of the players can also have action, including betting on themselves. In fact, they might be the only one betting on themself and if they get lucky, thay could win big with a small wager.
With parimutuels it might be a bad bet to put your money on Mochy if too many others are also betting on him, and a far better bet to spread your bets on a few dogs...particularly if you know a couple of those dogs are better than most people realize.
So with the ability to bet on yourself and others, it's just a lot more fun, and it's also fun to see, at the end of the day, who people bet more on.
Now, I have run parimutuels at a few tournaments myself, and they were not always successful in terms of getting bets, and here is why and here is how they can be successful.
1. There needs to be enough time before the draw for people to place their bets, and people need to know about it and understand it. So for tournaments like Las Vegas, where people are there a day or two before the main event starts, parimutuels are ideal.
2. You need to keep the betting confidential, as otherwise everyone will wait until the last minute to place their bets. So whoever runs the show must be careful and trustworthy, and of course, that person should not be allowed to bet or be partners with anyone betting. (If they see that there is little betting on a given top player, they can hop on him with preferable odds.)
3. You need to allow smaller minimum bets, like $20 or $25, so that more people can participate and to allow people to bet on several people, which is a lot more fun and generates more total dollars.
4. The rake should not be more than 10%. I am always in favor of the house taking a reasonable rake...they deserve it for their risk in handling money, running the event, etc. (Those people who complain about the TD taking a rake, or who go out of their way to go to a tournament with 100% returns are very short-sighted. The TD's need to be sure to cover their costs and even make some money to have an incentive to run tournaments, and if they don't have an incentive, we would not have skilled tournament directors. Shut the hell up and let them make some money...it's a hell of a lot of work for a very small return for most events.) So while I say the rake should not be too high, there still needs to be a rake.
5. I believe there should be a second parimutuel, if there is time to do it, when you get to the quarterfinals and even when you get to the semis. Just think about how much fun it would be, when you are down to say, 4 players, and you see the draw, to be able to bet on who you think will win. Hell, you might even decide the one player you think will not win and bet the other three!
6. Lastly, there is no reason a parimutuel can pay out for 1st, 2nd, and 1st consolation, and not just for the winner. That encourages a lot more bettering and keeps more people alive longer. The more people alive, the more people who stay actively interested in the outcome.
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