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When participating in parimutuel betting at a race track or a large casino, there is typically no upper limit on the amount you can bet, while the minimum bet is often set at $2. However, it is important to note that if you intend to place an exceptionally large bet, the track or casino may decline to accept it if they are unable to cover such a significant amount. This decision is within their rights, whether or not it is explicitly stated in their policies.
It's essential to understand that parimutuel betting differs from traditional fixed odds betting or playing with the track's money. In parimutuel betting, you are not directly wagering against the house or the track itself; instead, you are betting against other individuals who are also participating in the betting pool on that particular day, both at the location and online. Consequently, if you place a substantial bet on a horse, your potential returns will be diminished since the winnings are divided among all the winning bets.
In most cases, the track is obligated to provide a minimum payout of at least 10 cents on the dollar. Therefore, if you were to wager a million dollars and emerge victorious, the majority of the amount you receive back would essentially be your own million dollars. However, the track would still need to pay out that 10% return, which in this case would amount to $100,000 for a race that lasts only two minutes, provided you win.
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Post time 14-8-2023 16:19:13