No minimum payouts
 

In a time where whales are an issue for handicappers and getting in those last second wagers, I'm sort of curious what the landscape would look like if there were no minimum payouts but instead payouts of the actual odds.

I'm not sure why the house should pay out minimum odds. If you bet a 1-2 shot, why shouldn't you take the payout that you put your money on?

Would this affect late wagering, whales, bridge jumpers, spread the betting, etc to make wagering more strategic and perhaps a better landscape, or would this be a terrible idea?

It already done

Thats exchange wagering. as the TVG commercial says "If you like the odds, you take the odds"

You lay out you cash and receive to the exact penny the odds you took without pesky breakage.

12% commission on winning markets (not winning bets).

what is there not to like?

Allan

That's not the same though as it's not parimutuel, right?

Though I was wondering how to offer somewhat fixed odds in a parimutuel environment.

You can't

Not sure how that would work in the parimutuel game as every time horses take money the odds change.

Parimutuel is the opposite of fixed odd, they are variable odds until betting stops.

Allan

That's why I said "somewhat."

What I'm wondering is if there could be multiple pools closing in 5 min increments between the races, so still parimutuel, but not the last second money all into one pool. Still chewing on this one and how it'd work.

Just batting things about.

Same thing would happen:

1. I bet at 5 minutes and see 4/1 on my horse.

2. My money and the others who bet at the same time, change the odds on my horse to (say) 5/2.

3. I didn't get 4/1.