Colorado Pari-mutuelColorado Pari-Mutuel - Greyhound & Horse Track Betting
Parimutuel, or Pari-Mutuel, betting is the term used when all of the winning bettors divide the total prize amount amongst themselves. The pari-mutuel facility first takes a percentage of the total winnings to cover facility costs, taxes and other fees. The remainder is split between the winners.
Colorado pari-mutuel betting is implemented on all sporting events with a relatively short duration where those who participate are ranked in order at the finish. Colorado Pari-Mutuels include horse track racing and greyhound racing. The Pari-Mutuel system is also used in Jai Alai betting, which remains very popular in Florida.
What sets Pari-Mutuel betting apart from the standard 'fixed odds' betting system is that the final prize or payout is not established until all betting is closed. At that time, all relative bets are calculated, with the racing facilities percentage subtracted, and the potential winnings per bettor revealed. Fixed odds betting, on the other hand, offers the bettor an agreed upon prize before the wager is ever placed.
Colorado Pari-Mutuel betting is regulated by the state, making it available in many places where such wagering would be otherwise illegal. Off-Track pari-mutuel betting is also provided, allowing bettors to place their pari-mutuel wagers without actually attending the greyhound or horse racing event. Bettors may visit an off-track betting facility to place an off-track wager and a watch simulcast of the event.
Colorado Pari-Mutuel - Payout Structure
Once all bets are closed and the event is set to begin, the racing park will post the actual Payout Structure for each possible outcome. In some cases, the expected payout for each outcome will be posted, meaning this is the payout that would result if no more bets were to be placed. Each time another wager is placed, the expected outcome will be calculated accordingly.
The Payout Structure for a Colorado Pari-Mutuel System is best defined through example. In the following scenario, where the Colorado Pari-mutuel facility keeps a 15% take from all bets, and there are 8 possible Outcomes, the field might look like this:
Outcome 1 – $20.00
Outcome 2 – $50.00
Outcome 3 – $22.00
Outcome 4 – $15.00
Outcome 5 – $36.00
Outcome 6 – $120.00
Outcome 7 – $70.00
Outcome 8 – $115.00
The total pool becomes $448, the sum of all possible wagers. Bettors who wager on the first outcome must place bets of, or in increments of, $20. A $40 bet would constitute 2 bets. Once the event begins, no more bets are taken. The event begins and Outcome 1 is the winner. Now the Payout will be calculated. First the house take is removed (15% of $448 = $67.20... $448 - $67.20 = $380.80). The remainder ($380.80) is split between those who wagered on the winning outcome - Outcome 1 ($380.80 / $20 = $19.04). The $.04 is normally rounded to the nearest $.10, making it $19.00 even. The facility usually adds the leftover to the house take. Each winning bettor will now receive $19.00 for every $1 wagered, creating a payout of '19 to 1'. Thus a bet on Outcome 1 would pay $360 per wager (19 x $20 = $360).
Colorado Pari-Mutuel - Greyhound & Horse Racing Facilities
Colorado Pari-Mutuel betting facilities are found throughout the state. The following is a list of all Colorado Pari-Mutuel greyhound racing and horse racing facilities, followed by their location, business phone and racing results phone numbers.
Arapahoe Park & Racetrack
26000 E. Quincy Avenue
Aurora, Colorado 80016
Phone# (303) 690-2400
Race Results# (303) 227-4726
Mile High Greyhound Racing
6200 Dahlia
Commerce City, CO 80022
Phone# (303) 288-1591
Fax# (303) 289-1640
Race Results# (303) 227-4726
Mile High Event Center
(Directly across the street from Mile High Greyhound Racing)
5155 E. 64th Ave
Commerce City, CO 80022
Phone# (303) 288-1591
Fax# (303) 289-1640
Post Time Greyhound Park
3701 N. Nevada Avenue
Colorado Springs, CO 80907
Phone# (719) 632-1391
Fax# (719) 632-1792
Pueblo Greyhound Park
6200 Dahlia
Commerce City, CO 80022 Phone: (303) 288-1591
FAX# (303) 289-1640
Race Results# (303) 288-1555
The Reserve of Cherry Creek
351 South Jackson Street
Denver, Colorado 80209
Phone# (303) 355-1231
Fax# (303) 355-5126
Colorado Pari-Mutuel - Off-Track Betting Facilities
Havana Park Off Track Betting
10750 E. Iliff Avenue
Aurora, CO 80014
Phone# (303) 696-7315
Fax# (303) 696-7206
Red & Jerry's
1840 W. Oxford Ave
Sheridan, CO 80110
Phone# (303) 783-0655
Fax# (303) 783-9724
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