Section 75-7.002 - Calculation of Payout and Distribution of Pools - General(1) Each pari-mutuel wagering pool shall be separately and independently calculated and distributed and shall have no connection with or relation to any other pool or form of wagering.(2) For each wagering pool, the amount wagered on the winning betting interest or betting combinations is deducted from the net pool to determine the profit: (a) For a single price pool, the profit is then divided by the amount wagered on the winning betting interest or combinations, the quotient, plus one dollar, being the profit per dollar.(b) For a profit split, the profit is divided by the number of covered winning combinations involved in the profit split and then divided by the amount wagered on each combination plus a dollar to determine the unique price for each combination. This applies to all profit split calculations except where a different profit split calculation is required by the specifics of a wagering pool rule.(3) The result rounded down to the nearest multiple of 10 cents ($0.10) of the profit per dollar, plus one dollar, shall be the price per winning dollar awarded to the winning bettors.(4) If the calculated price per winning dollar is less than $1.10, the minimum payout shall be $1.05. Any resulting minus pool will be an expense to the permitholder conducting the event and the applicable guest permitholders.(5) The net pool less the total payout and, where applicable, amounts set aside for jackpots, constitutes the breakage for each pool or minus pool.(6) If a betting interest in a contest is scratched, wagers on that betting interest shall be refunded unless otherwise indicated in the rule governing a particular pool.(7) If a contest or performance is canceled or declared "no contest, " all wagers shall be refunded unless otherwise indicated in the rule governing the particular pool.(8) Either the standard price calculation or, with prior notification to the division, the net price calculation may be used according to the following formulae:(a) Standard Price Calculation Procedure. SINGLE PRICE POOL (WIN POOL) |
gross pool | = | sum of wagers on all betting interests - refunds |
takeout | = | gross pool x percent takeout |
net pool | = | gross pool - takeout |
profit | = | net pool - gross amount bet on winner |
profit per dollar | = | profit/gross amount bet on winner |
$1 unbroken price | = | profit per dollar + $1 |
$1 broken price | = | $1 unbroken price rounded down to the break point |
total payout | = | $1 broken price x gross amount bet on winner |
total breakage | = | net pool - total payout |
PROFIT SPLIT (PLACE POOL)
Profit is net pool less gross amount bet on all place finishers. Finishers split profit 1/2 and 1/2 (place profit), then divide by gross amount bet on each place finisher for two distinct prices.
PROFIT SPLIT (SHOW POOL)
Profit is net pool less gross amount bet on all show finishers. Finishers split profit 1/3 and 1/3 and 1/3 (show profit), then divide by gross amount bet on each show finisher for three distinct prices.
(b) Net Price Calculation Procedure. SINGLE PRICE POOL (WIN POOL) |
* for each source: | | |
gross pool | = | sum of wagers on all betting interests - refunds |
takeout | = | gross pool x percent takeout |
net pool | = | gross pool - takeout |
net bet on winner | = | gross amount bet on winner x (1 - percent takeout) |
total net pool | = | sum of all sources net pools |
total net bet on winner | = | sum of all sources net bet on winner |
profit | = | total net pool - total net bet on winner |
profit per dollar | = | profit/total net bet on winner |
$1 unbroken base price | = | profit per dollar + $1 |
* for each source: | | |
$1 unbroken price | = | $1 unbroken base price x (1 - percent takeout) |
$1 broken price | = | $1 unbroken price rounded down to the break point |
total payout | = | $1 broken price x gross amount bet on winner |
total breakage | = | net pool - total payout |
PROFIT SPLIT (PLACE POOL)
Profit is the total net pool less the total net bet on all place finishers. Finishers split profit 1/2 and 1/2 (place profit), then divide by total net bet on each place finisher. The result plus one dollar is the unique unbroken base price for each covered winning betting interest.
PROFIT SPLIT (SHOW POOL)
Profit is the total net pool less the total net bet on all show finishers. Finishers split profit 1/3, 1/3, 1/3 (show profit), then divide by total net bet on each show finisher. The result plus one dollar is the unique unbroken base price for each covered winning betting interest.
(9) If a contestant is scratched or withdrawn from wagering after betting has begun, the money bet on that contestant shall be refunded except for pools where substitutions in the wager are required or scratches provide for the award of consolation prices. However, when the contestant is part of an entry or a field, there shall be no refund, if the entry or the field has at least one actual starter.(10) Prices shall be calculated based upon the official order of finish as determined by the ruling of the judges or stewards. The ruling of the judges or stewards shall be final. For the purposes of the distribution of the pools, if the judges correct the order of finish, the prices will be recalculated according to the corrected order of finish.(11) The disqualification of an entry after the contest is made "Official" shall have no bearing on the mutuel payoff.(12) After the close of wagering, a pool shall not be reopened for additional wagering. In the event that the wagering pools are closed inadvertently prior to the scheduled close of wagering, the pools may be reopened and wagering may continue until the scheduled close of wagering. However, for wagering on jai alai games only, the game(s) may be interrupted after the first player reaches three points to allow for the accumulation of new wagering pools. This betting period shall be known as the re-bet period. (a) Wagers made during the re-bet period may be accepted for any single game wager: Win, Place, Show, Exacta, Quinella, Trifecta and Superfecta. Jackpot wagers or wagers which require more than one game for completion shall not be accepted during the re-bet period.(b) The jai alai permitholders shall inform the public via the official program as to the games and pools on which the re-bet will be offered. The opening of the re-bet period shall be announced over the public address system and displayed on the video display monitors.(c) Prior to the resumption of the game the Mutuels Manager shall inform the state judge as to the scheduled times for the closing of the re-bet period.(d) Any jai alai permitholder electing to offer the re-bet shall, on the Form FGCC PMW-3520, Notification of Pari-Mutuel Operations, adopted and incorporated by Rule 75-10.001, F.A.C., indicate the games and wagers upon which the re-bet shall be offered and how long the re-bet period will last.Fla. Admin. Code Ann. R. 75-7.002
Rulemaking Authority 550.0251 (3), (7), 550.155(1), 550.125 (2)(b), 550.6305(5) FS. Law Implemented 550.0251, 550.125, 550.155, 550.6305 FS.
New 10-20-96, Amended 12-15-97, 4-12-06, Formerly 61D-7.002.New 10-20-96, Amended 12-15-97, 4-12-06, Formerly 61D-7.002.