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      Gamblin’ Fan’s Glossary Part 2

      Hey gang, we’re back with another set of gambling slang to share with you.

      Parimutuel Betting

      Parimutuel betting on horses at sportsbookThis term is just fun to say. With origins in French, Pari Mutuel loosely translates to “mutual betting.” Probably won’t see that on the SAT, kids, so feel free to forget it.

      For extra fun, plug your nose and say it with your best French accent. If that doesn’t impress your friends, it’s time to find friends with lower standards!

      This type of betting is most common in horse racing. Parimutuel betting is a system whereby all bets go into a pool. The house or facilitator takes a portion of the funds for facilitating the exchange. This portion is know as the vigorish, vig, commission or take.

      There are no fixed odds until the betting is closed and the payout are based on the amount bet on a particular outcome in relation to the size of the pool. For example, suppose an event has 3 possible outcomes and the house commission is 10%. For simplicity, we’ll show the case where the only payout is for the winner.

      Outcome Total Bet
      Horse A 200
      Horse B 100
      Horse C 50

      In this instance, to total pool is 350 minus $35 commission. So the total amount to be paid out is $315.

      Here the winners get paid $315/$50 or $9 for every dollar wagered.  As a result, the odds on this bet are 8 to 1.

      While the official odds of an outcome cannot be know until the betting is closed, many operators will provide estimated odds that update in real time as new bets are placed.

      Bad Beat

      A Bad beat refers to losing with a strong hand to an even stronger hand in poker. Suppose you have 4 aces and are feeling pretty confident of your position, but at show down, your opponent has a straight flush. In this case, you have suffered a bad beat 4 aces to Four Aces bad beatstraight flush.

      If you have any hardcore poker friends, you have heard their bad beat stories repeatedly, otherwise you’ve likely misidentified them as “hardcore poker friends.” For serious poker players this is often the main source of conversation!

      A bad beat jackpot provides a pool of money to be paid out in the event of a qualifying “bad beat.” Usually each player funds the jackpot with an additional rake for each hand. Another common jackpot is sponsored by the poker room or casino, where all players share in the fun.

      The payout is scaled based on the rarity of the bad beat (losing with straight flush is much rarer than losing with four of a kind, for example).  Rarer bad beats earn a higher percentage of the jackpot than more common ones .

      Usually the losing player in the bad beat will get a good chunk of the jackpot, the winner also getting a sizable payoff as well. All players at the table often time also get a decent payout, and sometimes entire poker rooms or even a number of poker rooms across multiple properties will share in the jackpot.

      Bad beat jackpots provide another element of fun to poker and help alleviate the sting of losing with a strong hand. Bad beat jackpots also encourage more aggressive play.

      Many bad beat jackpots are progressive, and when the pot gets very large, that particular poker room will become very popular until the progressive pays off.

      Horn Bet

      In craps, a horn bet is a wager that the next roll of the dice will result in a 2, 3, 11, or 12. The horn bet is made in multiples of 4, meaning that one unit will be placed on each number.

      Odds: 15 to 1

      Horn Betting area on craps tableHigh Horn Bet

      A high horn bet is similar to the horn bet, but in this case, you can dictate an extra unit be placed on the 11 or 12. So if you call a high horn 11 and put down 5 units, 1 unit will be wagered on the 2, 3, and 12, with two units placed on the 11. The payout is the same as a horn bet, there’s just more action on one of the high numbers.

      That’s a wrap for this weeks Gambler’s Glossary. If you have any questions or suggestions, hit the comments!

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