What is the maximum payout for a track?

[horseysauce]

I have an account with NYC (New York City) OTB and use their betting website. I also use the Bodog website to cross reference information from time to time. My question is - where can I find the maximum payout for a certain race? I called NYC OTB and the lady there told me that the "purse" amount listed for the race on the NYC OTB website is the maximum payout. But, I don't think that is correct because, for the same race on Bodog (which does show a figure for a race that says "maximum payout" if I remember correctly), the maximum payout amount was listed as a different amount for the same race on the NYC OTB website (which listed it as purse if I remember correctly).

So, my question is, how can I find the maximum payout for a race? Is it decided by the track or by the betting website that you are using? Also, what exactly is "purse" and is there a direct, calculatable formula to determine maximum payout for a race based on the purse? Thanks a lot for your answers and sorry if this is a really amateur question - but I haven't been able to find an answer anywhere.

[Cangamble]

I have an account with NYC (New York City) OTB and use their betting website. I also use the Bodog website to cross reference information from time to time. My question is - where can I find the maximum payout for a certain race? I called NYC OTB and the lady there told me that the "purse" amount listed for the race on the NYC OTB website is the maximum payout. But, I don't think that is correct because, for the same race on Bodog (which does show a figure for a race that says "maximum payout" if I remember correctly), the maximum payout amount was listed as a different amount for the same race on the NYC OTB website (which listed it as purse if I remember correctly).

So, my question is, how can I find the maximum payout for a race? Is it decided by the track or by the betting website that you are using? Also, what exactly is "purse" and is there a direct, calculatable formula to determine maximum payout for a race based on the purse? Thanks a lot for your answers and sorry if this is a really amateur question - but I haven't been able to find an answer anywhere.
The purse has nothing to do with the maximum payout. In theory, at a race track there is no maximum payout.
Payouts are calculated like this. Total money in pool minus track takeout divided by the amount bet on the winning combination.
At Turfway a couple of days ago a horse paid something like 135-1. At Bodog they probably would have capped it at 30-1 or something like that, but if you bet through an ADW or race track where the money bet goes into the pools, you would have received track odds.

[rrbauer]

The more that's bet, the more that's paid. (After they clip you on the way in with takeout; and, clip you again on the way out with breakage.)

[cmoore]

The purse has nothing to do with the maximum payout. In theory, at a race track there is no maximum payout.
Payouts are calculated like this. Total money in pool minus track takeout divided by the amount bet on the winning combination.
At Turfway a couple of days ago a horse paid something like 135-1. At Bodog they probably would have capped it at 30-1 or something like that, but if you bet through an ADW or race track where the money bet goes into the pools, you would have received track odds.

Track limits for Turfway at Bodog is 15k per race...Meaning you can't win more then 15k on that race no matter what kind of bet you made..So if you had a 100 bucks on that 135-1 shot...You would of gotten back $13,600. If you would of made that bet into the parimutuel pool..the price would of been driven down. Possibly 30-50 points lower...

[BombsAway Bob]

The more that's bet, the more that's paid. (After they clip you on the way in with takeout; and, clip you again on the way out with breakage.)
...and don't forget Uncle Sam sticking his claws in & yanking 25% when you score Big!

[cj]

The maximum payout would be the pool minus the takeout on that pool. At least that is my guess.

[saratoga guy]

Short answer: There is no maximum at racetracks. Or at OTBs or ADWs that pass their bets through to the track parimutuel pools.

The "house" takes its cut out of the pool -- before the payoff is calculated. So they don't care if the winning bettors are paid $3 or $3 million.

[cj]

Short answer: There is no maximum at racetracks. Or at OTBs or ADWs that pass their bets through to the track parimutuel pools.

The "house" takes its cut out of the pool -- before the payoff is calculated. So they don't care if the winning bettors are paid $3 or $3 million.

Actually, they probably do care. If one guy makes a huge score, it is very likely most of that money will never be returned to the pools. A little off topic, but the main question is already answered so why not?

[saratoga guy]

Actually, they probably do care. If one guy makes a huge score, it is very likely most of that money will never be returned to the pools. A little off topic, but the main question is already answered so why not?

I'm not sure that's so... If it was I don't think you would see $1 million slots payouts.

Slots aren't parimutuel -- but the premise is the same in that the casino gets their take "off the top", so to speak. If that granny from Iowa wins $1 million on a Vegas slot machine -- that money probably isn't coming back.

If that was really a bad thing then I don't think you would see slots paying huge jackpots.

But that "life changing score" is great "advertising" for Vegas -- so it pays in the long run.

Similarly, I think the occasional "life-changing" Pick Six score lures more money into the carryover pools. And certainly it's indisputable (in NY and California anyway) that carryovers attract more money than is put into the pool on non-carryover days.

... but the main question is already answered so why not?

I'm not sure what you mean, "why not" what?