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Virginia Off Track Betting

OTB LOCATIONS » VIRGINIA

Richmond

  • Richmond OTB
    4700 W. Broad Street
    Richmond, VA 23230
    Tel. No.: +1 804 342-2211
    Fax No.: +1 804 358-9079

Alberta

  • AlbertaOTB
    24 Amoco Drive
    Alberta, VA 23821
    Tel. No.: +1 434 949-0290
    Fax No.: +1 434 949-0131

Hampton

  • HamptonOTB
    1909 Commerce Drive
    Hampton, VA 23666
    Tel. No.: +1 757 838-7762
    Fax No.: +1 757 838-7136

Chesapeake

  • ChesapeakeOTB
    3376 S. Military Highway
    Chesapeake, VA 23323
    Tel. No.: +1 757 558-1111
    Fax No.: +1 757558-1384

Vinton

  • Vinton Off-Track Horse Racing Center
    540-985-0111 Vinton OTB
    1135 Vinyard Road
    Vinton, VA 24179

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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.