Word: mutuels
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Chicago bookmakers were annoyed last fortnight by the mysteriously accurate racing tips of a "Mr. Sullivan." Last week they were further perturbed when Linden Tree, who had been regarded as a 1 t03 favorite in a two-year-old race at Agua Caliente†, won at the surprisingly long mutuel odds...
...odds at mutuel tracks are mechanically determined by the varying amounts of money which bettors place on the various horses in a race. Bookmakers are bound to pay their clients at mutuel odds, which are theoretically a fair expression of opinion. But the mutuel odds on Linden Tree did not seem to be a fair expression of opinion. How this came about was explained by Baron Long, hotelman, racehorse owner and part owner of Agua Caliente Corp...
Three days of fair Kentucky weather had made the track at Churchill Downs hard and dusty, a strip of yellow cardboard between the high white stands and the infield where, from an immense Maypole, hundreds of small flags slanted to the green turf. Mutuel clerks in their shirt-sleeves leaned in the windows along the brick terrace behind the clubhouse. Equipoise, the winter-book favorite owned by Cornelius Vanderbilt ("Sonny") Whitney, but no longer favored since his beatings in the Chesapeake Stakes and the Preakness, had been scratched because of a blind quarter (hidden bruise) discovered in his right fore...
Strolling down from the stand a little later, the King-Emperor approached with frank curiosity a "tote" or totalizator, a modification of the French pari mutuel betting machine, which has been introduced at British meets since the onset of His Majesty's illness. On a series of automatic dials the machine shows the total of bets on each horse up to the moment of starting and the grand total of bets. On the basis of these totals the totalizator automatically sets the odds. In "tote" or pari mutuel betting a percentage of the whole sum wagered is deducted...
...third horse was African, owned by R. T. Wilson Jr. African and Dr. Freeland were jointly entered by their owners. People who bet on African were paid $9.70 for a $2 mutuel ticket just as though they had bet on Dr. Freeland...