TradeSports Horseracing - Pool Betting
So How Does it Work?
Independent members of the exchange known as 'Liquidity Providers' provide a liquidity pool on each race which is displayed.
This liquidity pool which resembles the corresponding on-track pool and moves in line with track odds will also be affected by orders placed directly by Tradesports members.
Payout odds or prices are calculated based on the combination of prices from the track pools and the TradeSports pools.
The take-out on TradeSports Horse Racing Markets varies between 5% and 10%, as compared to the average 17% take-out by the tracks.
The result is simple
Members have access to liquid markets across all races and much higher payouts than any sportsbook or pool operator.
How Does it Differ From Tradesports Traditional 0-100 Trading?
When you place on order on a horse to win, (more markets coming soon) the possible payout will not be known until the pool is closed. This differs from the TradeSports 0-100 markets where your possible payout is known when your order is matched.
There are no trading or expiry fees for the member. The Liquidity Provider pays the Exchange a fee to act in such a capacity.
You can only bet a horse to win
FAQs
How do I know what price my bet will be settled at?
The odds on display at any one time before a race has begun are always indicative odds and should only be used as a guide to the final payout price. The final payout on any horse is not decided until the pool is closed at the start of the race. At this time, all bets in the pool are collated and final payouts are calculated based on the bets placed on the TradeSports pool.
How do Decimal Odds work?
The Decimal Odds displayed on our Screens represent the $ payout on a $1 stake on that horse. The odds include your stake money as part of your total return. For Example, if you place a $10 bet and the payout is 6.0, then your total return including stake would be $60, winnings of $50 plus your original stake money of $10.
What is the maximum and minimum bet?
There is no maximum or minimum bet set by the Exchange. However, you can only bet to the amount that is available in the pool. This amount will be displayed on the betting screen beside the relevant race.
What is Virtual Seeding?
Tradesports has created horseracing pools by matching bets between members betting on individual outcomes and other members, acting as Liquidity Providers, who are betting on the cumulative result of each race. We do this by creating a pool using Virtual seeding from the Liquidity Providers' funds, which immediately creates a liquid pool into which you can bet. The Virtual seeding is a predetermined amount, currently USD$40,000 per race but is subject to change, and exactly mirrors the betting at the track. As such, the seeding changes as the percentage bet on each horse at the track changes. This creates a pool (Total Pool) which includes the Virtual Seeding and any bets made online by Tradesports members on individual horses. The Total Pool resembles the corresponding on-track pool and generally moves in line with track odds, but is also affected by bets placed directly by other Tradesports members.
What is the TradeSports take-out?
In computing payout odds, Tradesports currently takes out 5% of the amount bet in the pool (this can vary across pools and is displayed for each race). This compares to track takeouts of between 14-18% on average - the relevant Track Take-out is also displayed for each race.
How are the payout odds calculated?
The payout odds for any horse is calculated as the Total Pool less 5% divided by the bets in the Total Pool on that outcome (eg. horse winning). The bets on the outcome will consist both of bets made online by tradesports members and the percentage of the Virtual Seeding amount that represents bets made at the track on that outcome.
Example: If 30% of the betting at the track is on horse #3 and the
Virtual Seeding is 20,000 then 6,000 are the bets added to the
Tradesports pool as part of the Virtual Seeding. If the betting on
Tradesports for the race totals 10,000, of which 3,000 is on horse #3,
the calculation is:
20,000 + 10,000 = 30,000 = Total Pool
30,000 * 0.95 / (6,000 + 3,000) = 3.17 = Payout Odds on Tradesports
If the online betting is 10,000 of which 4,000 (40%) is on horse #3,
the calculation is:
20,000 + 10,000 = 30,000
30,000 * 0.95 / (6000 + 4000) = 2.85
The track odds for the same horse with a track takeout of 15% is:
20,000 * 0.85 / 6000 = 2.83
Horseracing Rules
All bets placed are on the Horse and not the number. Horse numbers are listed as a guide only.
The Exchange reserves to the right to void any bets inadvertently matched after the start of the race. Void bets will not be included in the pools when calculating the final payouts.
Coupled horses will be treated as one entry for betting purposes. If one part of the coupled entry scratches, the other entry /entries still has action.
The Place Pools pay out on the two horses officially declared as finishing in the first two positions in a race. If less than four horses take part in a race, the Place Pool will be void.
The Show Pools pay out on the three horses officially declared as finishing in the first three positions in a race. If less than five horses take part in a race, the Show Pool will be void.
Where there is evidence of pool manipulation, the Exchange reserves the right to void bets where it is deemed appropriate.
All Bets will be settled according to the official result as reported on the day of the race. Any subsequent disqualifications will not alter the settlement of bets.
The Exchange reserves to the right to void any bets in races where the complete field is not listed or is incorrectly listed
Breakage: All payoffs break to 10 cents except for minimum payout, $1.05