WAY O.T. Horse racing payouts

You've dealt with stranger questions.
Assuming 3 or more horses.
The winning horse has win, place, and show (separate) bets
The Place horse has place and show (separate) bets
The show horse has (separate) show bets
The 3 pools (win, place, and show) have 1200.00 each
Now for the question:
The winning pool gets split up all people who bet on the winning horse. The place pool 1200.00 gets split up how? Is it split evenly between the place winners and the win horse with place bets? Show pool 1200.00 gets split up how? thirds? Half for show and a quarter for win and a quarter for place?
The question is being debated over a para-mutual golf tourny.
No, I have no money on the outcome, only curiosity.
Ed
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Ed Ahern wrote:

Yes, after the "house" taxes out of about 17% are subtracted. So if $100 was bet on horse number 1, and $200 was bet on horse number 2, and horse number 1 and 2 come in first and second, then the $1200 place pool less 17% (the house profit), $996, is divided in half, so that $448 goes to the folks who bet on horse #1, $448 goes to the folks who bet on horse #2. $2P bet on horse number 1 is worth about $9. $2P bet on horse number 2 is worth about $4.50. "Show" works the same (thirds). I am not in the industry, all of this is "to the best of my knowledge".

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Bill wrote:

I made an error here. I should have subtracted the $300 bet from the $996, leaving say 700, and divided it in half. $350 to horse #1 bettors and $350 to horse #2 bettors. So $2P on number 1 pays (1 + 3.50) : 1 or $9.00. $2P on number 2 pay (1+1.75):1 or $5.50. I think I've got it right this time. Sorry.
For Show, tax the show pool, subtract the money bet on the 3 horses showing, divide it in thirds, and return it as above. Easy as pie, no?

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OK, that was interesting and worth learning. Never know when that'll come in useful.
I presume the tracks do that calculation "real time" before the race, and that's why the odds change as people bet.
John
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John McCoy wrote:

The calculations show that if your horse comes in place as desired, then the amount can change substantially depending on the other horse that placed. This can lead to some interesting betting opportunities...so you should watch the tote-board before putting down your hard-earned $2, and estimate your expected payoff to help consider whether a bet is worthwhile. Of course, with a 17% rake (higher on the perfecta, trifecta, etc.), I don't think it's hardly ever worthwhile.

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On Sun, 22 Mar 2015 23:31:09 +0000 (UTC), John McCoy

Exactly. That's why you may see different odds with different bookies, too. ;-) However, if one gets too lopsided (so his odds are too far out of line with others), they'll lay bets off to another bookie to even things out. Like the tracks they're not betting, just holding the money (and often taking less of a "vig" than the government is).
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Thank you all. I now understand
Ed
wrote in message

Exactly. That's why you may see different odds with different bookies, too. ;-) However, if one gets too lopsided (so his odds are too far out of line with others), they'll lay bets off to another bookie to even things out. Like the tracks they're not betting, just holding the money (and often taking less of a "vig" than the government is).
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On Sun, 22 Mar 2015 15:50:28 -0400, "Ed Ahern"

Yes. All place bettors are paid equally.

Yes. Same deal.

Parimutuel means there is a pool that is equally shared between all of the winners.
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