Word: mutuel
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...Straus, a onetime General Electric engineer, invented the American totalisator, an electrical device whose 1,500,000 moving parts automatically calculate and indicate the odds in pari-mutuel betting. The Munns backed him when he started to manufacture the contraption a decade ago. Their American Totalisator Co. collects a royalty on every bet made at the 45 U.S. race tracks that use its "tote...
...underworldly Owney Madden, who had suddenly been branded "undesirable" by the Florida State 'Racing Commission), Mr. Straus and the Munns had misgivings over the soundness of their venture. The Florida Legislature, seeking to raise $2,000,000 for old-age pensions, voted to increase its 1942 pari-mutuel "take" from 3% to 8%. The track's share remained...
...studio of Draftsman Ralph E. Layman, police discovered a printing press, dies, a font of the eccentric, misshapen type used to print the code words on mutuel tickets. With this equipment, in an automobile parked near a race track, Layman could be his own totalisator machine, could punch out winning tickets after the race was over...
...days the Daily Double payoffs (a separate pool calculated like any other pari-mutuel payoff) were puny. Then on the third day 31 punters, lucky enough to have tickets on War Melody and Early Settler, got $881.70 apiece for their $2 investment.* Said Belmont's Pari-Mutuel Manager Mort Mahony: "So far none of Belmont's bettors have been extravagant...
...small to serve in the Army. The five-day week will encourage workers with bulging pay envelopes to get acquainted with the "sport of kings." Last week at New York's Jamaica race track, in suburban Long Island, fans set a world's record for pari-mutuel bets. In the first seven days of its spring meeting, $5,786,152 was wagered-an average...