Parimutuel wagering pools.
(1) All permitted parimutuel wagering pools will be separately and independently calculated and distributed. Takeout will be deducted from each gross pool as stipulated by law. The remainder of the moneys in the pool will constitute the net pool for distribution as payoff on winning wagers.
(2) Either standard price or net price calculation procedures will be used to calculate wagering pools. However net price calculation will be used any time international wagering is conducted.
(a) Standard price calculation procedure:
single price pool (win pool) |
Gross Pool | = | Sum of Wagers on all Betting Interests - Refunds |
Takeout | = | Gross Pool x Percent Takeout |
Net Pool | = | Gross Pool - Takeout |
Profit | = | Net Pool - Gross Amount Bet on Winner |
Profit Per Dollar | = | Profit/Gross Amount Bet on Winner |
$1 Unbroken Price | = | Profit Per Dollar + $1 |
$1 Broken Price | = | $1 Unbroken Price Rounded Down to the Break Point |
Total Payout | = | $1 Broken Price x Gross Amount Bet on Winner |
Total Breakage | = | Net Pool - Total Payout |
profit split (place pool)
Profit is net pool less gross amount bet on all place finishers. Finishers split profit 1/2 and 1/2 (place profit), then divide by gross amount bet on each place finisher for two unique prices.
profit split (show pool)
Profit is net pool less gross amount bet on all show finishers. Finishers split profit 1/3 and 1/3 and 1/3 (show profit), then divide by gross amount bet on each show finisher for three unique prices.
(b) Net price calculation procedure:
single price pool (win pool) |
Gross Pool | = | Sum of Wagers on all Betting Interests - Refunds |
Takeout | = | Gross Pool x Percent Takeout for each Source |
Net Pool | = | Gross Pool - Takeout |
Net Bet on Winner | = | Gross Amount Bet on Winner x (1 - Percent Takeout) |
Total Net Pool | = | Sum of all Sources Net Pools |
Total Net Bet on Winner | = | Sum of all Sources Net Bet on Winner |
Total Profit | = | Total Net Pool - Total Net Bet on Winner |
Profit Per Dollar | = | Total Profit/Total Net Bet on Winner |
$1 Unbroken Base Price | = | Profit Per Dollar + $1 for each Source |
$1 Unbroken Price | = | $1 Unbroken Base Price x (1 - Percent Takeout) |
$1 Broken Price | = | $1 Unbroken Price Rounded Down to the Break Point |
Total Payout | = | $1 Broken Price x Gross Amount Bet on Winner |
Total Breakage | = | Net Pool - Total Payout |
profit split (place pool)
Total profit is the total net pool less the total net amount bet on all place finishers. Finishers split total profit 1/2 and 1/2 (place profit), then divide by total net amount bet on each place finisher for two unique unbroken base prices.
profit split (show pool)
Total profit is the total net pool less the total net amount bet on all show finishers. Finishers split total profit 1/3 and 1/3 and 1/3 (show profit), then divide by total net amount bet on each show finisher for three unique unbroken base prices.
(3) If a profit split results in only one covered winning betting interest or combinations it will be calculated the same as a single price pool.
(4) The individual pools outlined in these rules may be given alternative names by each association, provided prior approval is obtained from the commission.
(5) In the event a minus pool occurs in any parimutuel pool, the expense of said minus pool will be borne by the association.
(6) The association will pay to the holder of any ticket or tickets entitling the holder to participate in the distribution of a parimutuel pool the amount wagered by such holder plus a minimum of five percent thereof. This requirement is unaffected by the existence of a parimutuel pool which does not contain sufficient money to distribute said five percent to all persons holding such tickets.
(7) No person or corporation will directly or indirectly purchase parimutuel tickets or participate in the purchase of any part of a parimutuel pool for another for hire or for any gratuity.
[Statutory Authority: RCW
67.16.020 and
67.16.040. WSR 08-17-049, § 260-48-800, filed 8/14/08, effective 9/14/08; WSR 06-05-038, § 260-48-800, filed 2/9/06, effective 3/12/06. Statutory Authority: RCW
67.16.040. WSR 96-10-014, § 260-48-800, filed 4/19/96, effective 6/11/96.]
