Parimutuel betting is a betting system in which all bets of a particular type are placed together in a pool. In some countries it is known as the Tote after the totalisator, which calculates and displays bets made; the parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, all sporting events of short duration in which participants finish in a ranked order. A modified parimutuel system is used in some lottery games. Parimutuel betting differs from fixed-odds betting in that the final payout is not determined until the pool is closed – in fixed odds betting, the payout is agreed at the time the bet is sold. Parimutuel gambling is state-regulated, offered in many places where gambling is otherwise illegal. Parimutuel gambling is also offered at "off track" facilities, where players may bet on the events without being present to observe them in person. Consider a hypothetical event that has eight possible outcomes, in a country using a decimal currency such as dollars.
Each outcome has a certain amount of money wagered: Thus, the total pool of money on the event is $1028.00. Following the start of the event, no more wagers are accepted; the event is decided and the winning outcome is determined to be Outcome 4 with $110.00 wagered. The payout is now calculated. First the commission or take for the wagering company is deducted from the pool. For example, with a commission rate of 14.25% the calculation is: $1028 × 0.1425 = $146.49. This leaves a remaining amount of $881.51. This remaining amount in the pool is now distributed to those who wagered on Outcome 4: $881.51 / $110.00 = 8.01 ≈ $8 per $1 wagered. This payout includes the $1 wagered plus an additional $7 profit. Thus, the odds on Outcome 4 are 7-to-1. Prior to the event, betting agencies will provide approximates for what will be paid out for a given outcome should no more bets be accepted at the current time. Using the wagers and commission rate above, an approximates table in decimal odds and fractional odds would be: In real-life examples, such as horse racing, the pool size extends into millions of dollars with many different types of outcomes and complex commission calculations.
Sometimes, the amounts paid out are rounded down to a denomination interval—in the United States and Australia, 10¢ intervals are used. The rounding loss is sometimes known as breakage and is retained by the betting agency as part of the commission. In horse racing, a practical example of this circumstance might be when an overwhelming favorite wins; the parimutuel calculation results might call for a small winning payout, but the legal regulation would require a larger payout. In North America, this condition is referred to as a minus pool. In an event with a set of n possible single-winner outcomes, with wagers W1, W2... Wn the total pool of money on the event is W T = ∑ i = 1 n W i. After the wagering company deducts a commission rate of r from the pool, the amount remaining to be distributed between the successful bettors is WR = WT; those who bet on the successful outcome m will receive a payout of WR / Wm for every dollar they bet on it. When there are k possible winners, such as a North American "place" bet which has k = 2 winners, the total amount to be distributed WR is first divided into k equal shares.
If m is one of the k winners, those who bet on outcome m will receive a payout of / Wm for every dollar they bet on it. The parimutuel system was invented by Catalan impresario Joseph Oller in 1867; the large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator, "automatic totalisator" or "tote board", invented by the Australian engineer, George Alfred Julius. The first was installed at Ellerslie Racecourse, New Zealand in 1913, they came into widespread use at race courses throughout the world; the U. S. introduction was in 1927, which led to the opening of the suburban Arlington Racetrack in Arlington Park, near Chicago and Sportsman's Park in Cicero, Illinois, in 1932. Unlike many forms of casino gambling, in parimutuel betting the gambler bets against other gamblers, not the house, which implies that the bank cannot be broken; the science of predicting the outcome of a race is called handicapping. Independent off-track bookmakers have a smaller take and thus offer better payoffs, but they are illegal in some countries.
However, the introduction of Internet gambling led to "rebate shops". These off-shore betting shops promise to return some percentage of every bet made to the bettor, they may reduce their take from 15-18% to as little as 1 or 2%, while still generating a profit by operating with minimal overhead. There may be several different types of bets; the basic bets involve predicting the order of finish for a single participant, as follows: In Canada and the United States, the most common types of bet on horse races include: Single raceWin: to succeed the bettor must pick the horse that wins the race. Place: the bettor must pick a horse that finishes either first or second. Show: the bettor must pick a horse that finishes first, second or third. Across the board: the bettor places three separate bets to place or show. Exacta, perfecta, or exactor: the bettor must p
Control Data Corporation
Control Data Corporation was a mainframe and supercomputer firm. CDC was one of the nine major United States computer companies through most of the 1960s. CDC was well-known and regarded throughout the industry at the time. For most of the 1960s, Seymour Cray worked at CDC and developed a series of machines that were the fastest computers in the world by far, until Cray left the company to found Cray Research in the 1970s. After several years of losses in the early 1980s, in 1988 CDC started to leave the computer manufacturing business and sell the related parts of the company, a process, completed in 1992 with the creation of Control Data Systems, Inc; the remaining businesses of CDC operate as Ceridian. During World War II the U. S. Navy had built up a classified team of engineers to build codebreaking machinery for both Japanese and German electro-mechanical ciphers. A number of these were produced by a team dedicated to the task working in the Washington, D. C. area. With the post-war wind-down of military spending, the Navy grew worried that this team would break up and scatter into various companies, it started looking for ways to covertly keep the team together.
They found their solution: John Parker, the owner of a Chase Aircraft affiliate named Northwestern Aeronautical Corporation located in St. Paul, was about to lose all his contracts due to the ending of the war; the Navy never told Parker what the team did, since it would have taken too long to get top secret clearance. Instead they said the team was important, they would be happy if he hired them all. Parker was wary, but after several meetings with high-ranking Naval officers it became apparent that whatever it was, they were serious, he agreed to give this team a home in his military glider factory; the result was Engineering Research Associates. Formed in 1946, this contract engineering company worked on a number of unrelated projects in the early 1950s. Among these was the ERA Atlas, an early military stored program computer, the basis of the Univac 1101, followed by the 1102, the 36-bit ERA 1103; the Atlas was built for the Navy, which intended to use it in their non-secret code-breaking centers.
In the early 1950s a minor political debate broke out in Congress about the Navy "owning" ERA, the ensuing debates and legal wrangling left the company drained of both capital and spirit. In 1952, Parker sold ERA to Remington Rand. Although Rand kept the ERA team together and developing new products, it was most interested in ERA's magnetic drum memory systems. Rand soon merged with Sperry Corporation to become Sperry Rand. In the process of merging the companies, the ERA division was folded into Sperry's UNIVAC division. At first this did not cause too many changes at ERA, since the company was used to provide engineering talent to support a variety of projects. However, one major project was moved from UNIVAC to ERA, the UNIVAC II project, which led to lengthy delays and upsets to nearly everyone involved. Since the Sperry "big company" mentality encroached on the decision-making powers of the ERA founders, they left Sperry to form the Control Data Corp. in 1957, setting up shop in an old warehouse across the river from Sperry's St. Paul laboratory, in Minneapolis at 501 Park Avenue.
Of the members forming CDC, William Norris was the unanimous choice to become the chief executive officer of the new company. Seymour Cray soon became the chief designer, though at the time of CDC's formation he was still in the process of completing a prototype for the Naval Tactical Data System, he did not leave Sperry to join CDC until it was complete. CDC started business by selling subsystems drum memory systems, to other companies. Cray joined the next year, he built a small transistor-based 6-bit machine known as the "CDC Little Character" to test his ideas on large-system design and transistor-based machines. "Little Character" was a great success. In 1959, CDC released a 48-bit transistorized version of their re-design of the 1103 re-design under the name CDC 1604. S. Navy in 1960 at the Naval Postgraduate School in Monterey, California. Legend has it that the 1604 designation was chosen by adding CDC's first street address to Cray's former project, the ERA-Univac 1103. A 12-bit cut-down version was released as the CDC 160A in 1960 considered among the first minicomputers.
The 160A was notable as it was built as a standard office desk, unusual packaging for that era. New versions of the basic 1604 architecture were rebuilt into the CDC 3000 series, which sold through the early and mid-1960s. Cray turned to the design of a machine that would be the fastest machine in the world, setting the goal at 50 times the speed of the 1604; this required radical changes in design, as the project "dragged on" — it had gone on for about four years by — the management got upset and it demanded greater oversight. Cray in turn demanded saying that otherwise, he would quit. Norris agreed, Cray and his team moved to Cray's home town, Chippewa Falls, Wisconsin. Not Bill Norris, the founder and president of CDC, could visit Cray's laboratory without an invitation. In the early 1960s, the corporation moved to Ford Parkway in the Highland Park neighborhood of St. Paul where Norris lived. Through this period, Norris became worried that CDC had to develop a "critical mass" in order to compete