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Nevada Off Track Betting

OTB LOCATIONS » NEVADA

Las Vegas

  • Bally's
    3645 Las Vegas Boulevard South
    Las Vegas, Nevada 89109-4307
    Tel. No.: +1 702 739-4111
    Fax No.: +1 702 946-4925

  • Fremont Hotel & Casino
    200 East Fremont Street
    Las Vegas, Nevada 89101-5674
    Tel. No.: +1 800 634-6460
    Fax No.: +1 702 385-6229

  • MGM Grand Hotel Casino
    3799 Las Vegas Boulevard South
    Las Vegas, Nevada 89109-4340
    Tel. No.: +1 702 891-1111
    Fax No.: +1 702 891-7050

  • Santa Fe Station Hotel & Casino
    4949 North Rancho Drive
    Las Vegas, Nevada 89130-3500
    Tel. No.: +1 702 658-4900
    Fax No.: +1 702 658-4919

  • Stardust Resort & Casino
    3000 Las Vegas Boulevard South
    Las Vegas, Nevada 89109-1926
    Tel. No.: +1 800 634-6757
    Fax No.: +1 702 732-6374

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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.