W. Va. Code R. agency 178, tit. 178, ser. 178-05, tbl. 178-5F

Current through Register Vol. XLI, No. 50, December 13, 2024

Table 178-5F

EXAMPLE: SHOW POOL, Single Takeout Rate & Single Betting Source (Net Price Calculation)

Sum of Wagers on All Betting Interests	= $194,230.00
Refunds	= $1,317.00
Gross Pool: Sum of Wagers on All Betting Interests - Refunds	= $192,913.00
Percent Takeout	= 18%
Takeout: Gross Pool x Percent Takeout	= $34,724.34
Total Net Pool: Gross Pool - Takeout	= $158,188.66
Gross Amount Bet on 1st place finisher	= $23,872.00
Net Amount Bet on 1st place finisher	= $19,575.04
Gross Amount Bet on 2nd place finisher	= $12,500.00
Net Amount bet on 2nd place finisher	= $10,250.00
Gross Amount Bet on 3rd place finisher	= $4,408.00
Net Amount Bet on 3rd place finisher	= $3,614.56
Total Net Bet on Winners: Net Amount Bet on 1st place finisher + Net Amount Bet on 2nd place finisher + Net Amount Bet on 3rd place finisher	= $33,439.60
Total Profit: Total Net Pool - Total Net Bet on Winners	= $124,749.06
Show Profit: Total Profit / 3	= $41,583.02
Profit Per Dollar for 1st place: Show Profit / Net Amount Bet on 1 st place finisher	= $2.1242879
$1 Unbroken Base Price for 1st place: Profit Per Dollar for 1st place + $1	= $3.1242879
$1 Unbroken Price for 1st place: $1 Unbroken Base Price for 1st place x (1-percent takeout)	= $2.5619161
Profit Per Dollar for 2nd place: Show Profit / Net Amount Bet on 2nd place finisher	= $4.0568800
$1 Unbroken Base Price for 2nd place: Profit Per Dollar for 2nd place + $1	= $5.0568800
$1 Unbroken Price for 2nd place: $1 Unbroken Base Price for 2nd place: x (1-percent takeout)	= $4.1466416
Profit Per Dollar for 3rd place: Show Profit / Net Amount Bet on 3rd place finisher	= $11.504310
$1 Unbroken Base Price for 3rd place: Profit Per Dollar for 3rd place + $1	= $12.504310
$1 Unbroken Price for 3rd place: $1 Unbroken Base Price for 3rd place x (1-percent takeout)	= $10.253534