Word: parimutuels
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...million. Some of old Hollywood remains in the new playgrounds. The MGM Grand Hotel and casino newly opened in Reno is colossal: it cost more than $138 million and has the world's largest casino (100,000 sq. ft. of gaming tables plus a jai alai fronton for parimutuel fanatics...
...more may follow suit. Entrepreneurs would like to cash in on the growing demand for pot. Louisville Promoter Gatewood Galbraith has organized a grassroots campaign to put Kentucky in a position to corner the market if and when pot is legalized. Says he: "Kentucky's already got parimutuel betting. It's got whisky and it's got tobacco. You just can't beat the combination of marijuana and money." Under his plan, the state would license growers and retail dealers. He calculates that the scheme would cut in half the street price of pot (now about...
...horse player knows what to do when he gets his hands on a race track's cash. Take the money and run. When New Jersey's Garden State Park caught fire in the middle of a racing afternoon, the running reached unprecedented proportions. Parimutuel clerks stuffed paper sacks, attache cases, tote bags and pockets with more than $400,000 and headed for safety-and home...
States are not as greedy in their takeouts from parimutuel betting at horse and dog tracks. They generally skim off 15% to 17%, and some of that goes back to the tracks to help cover prize money for owners and other operating costs...
...Numbers Game is a parimutuel system. Payoff on the randomly-selected winning number varies inversely with the number of bettors who select that number. Gamblers may play various number combinations in three- and four-digit games...