Latest Ellis 4% p4 pools

[trigger]

http://www.ellisparkracing.com/media/Documents/Pick-4%207.31.pdf

[cnollfan]

Even with the standard takeout the pick 4 often pays more than double the parlay.

[Cangamble]

Math as to why pick 4 payoffs are better than parlays.

Lets assume that the win takeout is 16%. That means that the track gives out $84 for every $100 bet. To get the real odds (without a takeout) of a horse you need to multiply the odds by 1.19.

Lets say 4 2-1 shots win a win four (and they pay $6 even each). To beat the bet you would expect 3 X 3 X 3 X 3= $81 for a dollar payout. However, the actual odds of every horse without the takeout made by the public would be 3.57 (that is the real chance the public gives to the horse winning: 2.57-1). So 3.57 to the fourth equals $162.43 for every dollar bet.

Now lets say $16,243 (I picked this number to make it easy) is bet in the Win Four Pool and the pool has a takout of 25%. The track will give out $12,182.25. Again assuming the public is totally consistent, 100 $1 winning tickets would have been sold and the payout would be 121.80, which beats the $81 for the parlay.

Of course, with a 4% takeout, the payout would be 155.90 for each $1 ticket.