How are payoffs more than the pool?

[dragon49]

I'm looking at historical data for a project, and came across this:

http://www.equibase.com/premium/char...17&cy=USA&rn=4


In this race, the superfecta pool was $6,860, but the payout was $10,262.60.

Sorry if this is a "newbie" question, but please explain how this works.

Thanks

[MONEY]

Mountaineer offers 50 cent supers.
That price is for a $2.00 superfecta.

In reality only $1.00 worth of supers was paid out for $5131.00.
The pool $6,860.00 minus the takeout.

[dragon49]

Originally Posted by MONEY

Mountaineer offers 50 cent supers.
That price is for a $2.00 superfecta.

In reality only $1.00 worth of supers was paid out for $5131.00.
The pool $6,860.00 minus the takeout.

Ty - but how the **** am I supposed to understand the Equibase results when it reports that the payout for a $2.00 superfecta was $10,262.60?

[davew]

Originally Posted by dragon49

Ty - but how the **** am I supposed to understand the Equibase results when it reports that the payout for a $2.00 superfecta was $10,262.60?

what about the places that offer 10 cent supers? you will really be confused

[thaskalos]

Originally Posted by dragon49;22[B

[/B]53678]Ty - but how the **** am I supposed to understand the Equibase results when it reports that the payout for a $2.00 superfecta was $10,262.60?

I recall a couple of years ago at Evangeline, when it was reported on the TV monitors that the $2 superfecta for a particular race paid $150,000...even though the superfecta pool only held about $20,000 total. Two dime-supers won for $7,500 each...but the track projected the payoff out to a $2 wager...just so they could advertise a "life-changing score". That unscrupulous practice was carried out quite often at several tracks back then...but, thankfully, you don't see it much anymore.

[dragon49]

Originally Posted by thaskalos

I recall a couple of years ago at Evangeline, when it was reported on the TV monitors that the $2 superfecta for a particular race paid $150,000...even though the superfecta pool only held about $20,000 total. Two dime-supers won for $7,500 each...but the track projected the payoff out to a $2 wager...just so they could advertise a "life-changing score". That unscrupulous practice was carried out quite often at several tracks back then...but, thankfully, you don't see it much anymore.

So why doesn't Equibase just report the payout for the cheaper superfectas and state that nobody hit the $2.00 one?

[thaskalos]

Originally Posted by dragon49

So why doesn't Equibase just report the payout for the cheaper superfectas and state that nobody hit the $2.00 one?

Maybe Equibase is too busy doing other things...and they don't notice the "discrepancies" in the payoffs that they report.

[VigorsTheGrey]

All US tracks ought to report all wagering outcomes based on a $1 wager regardless of the minimum wager amount...that form of standardization, IMO, would be welcome by nearly everyone...

[jay68802]

Originally Posted by VigorsTheGrey

All US tracks ought to report all wagering outcomes based on a $1 wager regardless of the minimum wager amount...that form of standardization, IMO, would be welcome by nearly everyone...

Come on Vigors, standardization from tracks and reporting agencies? Your radical views are inspiring but this industry would implode if this happened.

[dragon49]

I have a follow-up question which is important:


How much would a single winner $2.00 superfecta ticket have paid off?

If more than one $2.00 ticket had the winning superfecta numbers, can I do the simple math and divide the single prize by the number of winners?

[VigorsTheGrey]

Originally Posted by jay68802

Come on Vigors, standardization from tracks and reporting agencies? Your radical views are inspiring but this industry would implode if this happened.

Hope springs eternal I guess....

[jay68802]

Originally Posted by VigorsTheGrey

Hope springs eternal I guess....

Like my mother always told me, "You are not dumb as a rock, you are smart as a stone."

[Red Knave]

Originally Posted by dragon49

How much would a single winner $2.00 superfecta ticket have paid off?

To paraphrase Money

The pool $6,860.00 minus the takeout = $5131.00

If more than one $2.00 ticket had the winning superfecta numbers, can I do the simple math and divide the single prize by the number of winners?

If all the winners had $2 tickets, then the answer is yes.

[dragon49]

Originally Posted by Red Knave

To paraphrase Money

The pool $6,860.00 minus the takeout = $5131.00.

I saw the post but thought this meant that nobody hit the $2.00 superfecta and the payout was for one of the cheaper supers that the track offers.

[MONEY]

Originally Posted by dragon49

I saw the post but thought this meant that nobody hit the $2.00 superfecta and the payout was for one of the cheaper supers that the track offers.

You're not getting it.

Let's say that after takeout there is $9,000.00 in prize money left in the super pool.
If just one person hits it for $2.00, he would collect all $9,000.00.

An only winner that bet just 10 cents, would also get all $9000.00.
In this case equibase would report the $2.00 payoff as $180,000, even though there was no $2.00 payoff.

If one person hits for $2.00 and another one hits for 10 cents,
The one that hit for $2.00 would get $8,571.42, the 10 cent winner would get $428.57.

10 cents goes into $2.00, twenty times so the $2.00 winner gets twenty times what the 10 cent
winner gets, and the total adds up to $8,999.99. The track keeps an extra penny.

If only two people hit it for $2.00, the winners would get $4,500.00 each.
If only two people hit it for $1.00, the winners would still get $4,500.00 each.
If only two people hit it for 10 cents each, each winner would get $4,500.00.