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Kentucky Off Track Betting

OTB LOCATIONS » KENTUCKY

Main

  • 3380 Paris Pike
    Lexington, KY 40511
    Tel. No.: +1 859 293-6084
    Fax No.: +1 859 299-2028

Corbin

  • 57 Summit Drive
    Corbin, KY 40701
    Tel. No.: +1 606 523-2808
    Fax No.: +1 606 523-4335

Jamestown

  • 628 N. Main Street,
    P.O. Box 589
    Jamestown , KY 42629
    Tel. No.: +1 270 343-3939
    Fax No.: +1 270 343-3195

Maysville

  • 24 E. Second Street
    Maysville , KY 41056
    Tel. No.: +1 606 564-8030
    Fax No.: +1 606 564-8007

Pineville

  • US 25E RL Madon Bypass
    Pineville , KY 40977
    Tel. No.: +1 606 337-7473
    Fax No.: +1 606 337-7743

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THE PARIMUTUEL SYSTEM

Parimutuel betting (French for mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.

The parimutuel system was invented by Parisian perfume maker Pierre Oller in 1865 when asked by a bookmaker friend to devise a fair system for bettors which guarantees a fixed profit for the bookmaker.

The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, "automatic totalisator" or "tote board".

The first was installed at Ellerslie Racecouse in Auckland, New Zealand on 1913. Since then totalisators came into widespread use at race courses throughout the world. The first totalisator in the US as installed at Arlington Park, near Chicago, Illinois in 1933.

The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order.

A modified parimutuel system is also used in some lottery games such as Lotto South.

Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at OTB facilities, where players may bet on the events without actually being present to observe them in person.

Parimutuel betting differs from fixed odds betting in that the final payout is not determined until the pool is closed - in fixed odds betting, the payout is agreed at the time the bet is sold.