product:horse-racing [Aardvark Technologies Wiki]

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====== Horse Racing Betting Rules ======

   - **Terms**
       - **Win Bet (Straight Bet, or Single)** - a bet placed on one horse in which the chosen horse must be the first across the finish line.
       - **Exacta (Forecast, Straight Forecast, or Perfecta)** - a bet placed on two horses in which they must cross the finish line in the exact chosen order.
       - **Trifecta (Tricast, or Treble Forecast)** - a bet placed on three horses in which they must cross the finish line in the exact chosen order.
       - **Place** - a bet in which the chosen horse must finish either first, second, or third in order to win.
       - **Each Way Bet** - a term for betting on a horse to win and/or 'Place'. In Each Way bet, the same amount is placed on the horse for a win and for a place.
       - **Non-runner** -  the horse that is withdrawn from the race because of illness, injury, or other reasons.
       - **Starting Price** - Final odds on a horse (e.g. 'closed at 5 to 1') at the start of the race.
       - **Forecast/Tricast Dividend** - a computer-calculated number to decide the odds of exacta and trifecta bets. The returns are calculated based on the number and value of the bets placed in the betting pool before the race and the number of bets placed on particular outcomes. The payout is worked out after any relevant taxes and cuts, and it is distributed between the punters who backed that particular winning outcome. Forecast and tricast dividends are published by the racecourses that host the races.
   - **Betting Rules**
       - General Rules
         - All bets are made on named horses.
         - All bets are settled on the basis of the official result as first announced.
         - All bets on non-runners are voided, i.e. if all horses in win, each way, place, exacta, or trifecta bets are declared non-runners, the bets are voided.
       - Win Bets
         - Fixed Win Bet - a win bet placed using fixed odds (based on track betting shows).
         - SP Win Bet - a win bet placed using starting price odds.
       - Exacta Bets
         - SP Exacta Bet - an exacta bet placed using starting price odds and dependent on forecast dividend.
         - If one of the selected horses is declared a non-runner, all forecast bets are converted to SP Win bets.
         - If official dividends for exacta bets are not announced, all SP Exacta bets are converted to SP Win bets.
       - Trifecta Bets
         - SP Trifecta Bet - a trifecta bet placed using starting price odds and dependent on tricast dividend.
         - If one of the selected horses is declared a non-runner, all trifecta bets are converted to SP Exacta bets (if needed, followed by rule 2 part C section II).
         - All trifecta bets will be converted to Exacta or Win bets if there are not enough runners for trifecta bets to be considered valid.
         - If official dividends for trifecta bets are not announced, all trifecta bets get converted to SP Exacta bets (if needed, followed by rule 2 part C section III).
       - Place Bets
         - Fixed Place Bet - a place bet placed using fixed odds (based on track betting shows).
         - SP Place Bet - a place bet placed using starting price odds and dependent on the number of runners taking part in the race.
         - The payout structure of SP Place bets is as follows:
           - PA/SIS/Support Feed:
             - Handicap: NO
               - 4 or fewer runners:
                 * Selection must finish 1st
                 * SP Place bets will be resulted as SP Win bets
               - 5-7 runners
                 * Selection must finish 1st or 2nd
                 * SP Place bet winnings (payout minus stake) will be equal to 1/4 of the SP Win bet winnings
               - 8 or more runners
                 * Selection must finish 1st, 2nd, or 3rd
                 * SP Place bet winnings (payout minus stake) will be equal to 1/5 of the SP Win bet winnings
             - Handicap: YES
               - 4 or fewer runners
                 * Selection must finish 1st
                 * SP Place bets will be resulted as SP Win bets
               - 5-7 runners
                 * Selection must finish 1st or 2nd
                 * SP Place bet winnings (payout minus stake) will be equal to 1/4 of the SP Win bet winnings
               - 8-11 runners
                 * Selection must finish 1st, 2nd, or 3rd
                 * SP Place bet winnings (payout minus stake) will be equal to 1/5 of the SP Win bet winnings
               - 12-15 runners
                 * Selection must finish 1st, 2nd, or 3rd
                 * SP Place bet winnings (payout minus stake) will be equal to 1/4 of the SP Win bet winnings
               - 16 or more runners
                 * Selection must finish 1st, 2nd, 3rd, or 4th
                 * SP Place bet winnings (payout minus stake) will be equal to 1/4 of the SP Win bet winnings
           - BODS Feed:
             - Race is without Odds On, i.e. a horse with odds of 2.00 or lower is not participating
               - 4 or fewer runners
                 * Selection must finish 1st
                 * SP Place bets will be resulted as SP Win bets
               - 5-7 runners
                 * Selection must finish 1st or 2nd
                 * SP Place bet winnings (payout minus stake) will be equal to 28% of the SP Win bet winnings
               - 8-13 runners
                 * Selection must finish 1st, 2nd, or 3rd
                 * SP Place bet winnings (payout minus stake) will be equal to 16% of the SP Win bet winnings
               - 14-20 runners
                 * Selection must finish 1st, 2nd, 3rd, or 4th
                 * SP Place bet winnings (payout minus stake) will be equal to 12% of the SP Win bet winnings 
               - 21-27 runners
                 * Selection must finish 1st, 2nd, 3rd, 4th, or 5th
                 * SP Place bet winnings (payout minus stake) will be equal to 20% of the SP Win bet winnings 
               - 28-35 runners
                 * Selection must finish 1st, 2nd, 3rd, 4th, 5th, or 6th
                 * SP Place bet winnings (payout minus stake) will be equal to 25% of the SP Win bet winnings{{:product:bods_without_odds_on.png?nolink |}}
             - Race is with Odds On, i.e. a horse with odds of 2.00 or lower is participating
               - 4 or fewer runners
                 * Selection must finish 1st
                 * SP Place bets will be resulted as SP Win bets
               - 5-7 runners
                 * Selection must finish 1st or 2nd
                 * SP Place bet winnings (payout minus stake) will be equal to 22% of the SP Win bet winnings
               - 8-13 runners
                 * Selection must finish 1st, 2nd, or 3rd
                 * SP Place bet winnings (payout minus stake) will be equal to 12% of the SP Win bet winnings
               - 14-20 runners
                 * Selection must finish 1st, 2nd, 3rd, or 4th
                 * SP Place bet winnings (payout minus stake) will be equal to 10% of the SP Win bet winnings
               - 21-27 runners
                 * Selection must finish 1st, 2nd, 3rd, 4th, or 5th
                 * SP Place bet winnings (payout minus stake) will be equal to 16% of the SP Win bet winnings
               - 28-35 runners
                 * Selection must finish 1st, 2nd, 3rd, 4th, 5th, or 6th
                 * SP Place bet winnings (payout minus stake) will be equal to 20% of the SP Win bet winnings{{:product:bods_with_odds_on.png?nolink |}}
       - Each Way Bets
         - Fixed Each Way Bet - an each-way bet placed using fixed odds (based on track betting shows).
         - SP Each Way Bet - an each-way bet placed using starting price odds.
         - To win the win part of the bet, the selected horse must finish 1st in the race.
         - To win the place part of the bet, the selected horse must finish either 1st, 2nd, or 3rd in the race. Exceptions and place bets payment structure are detailed in rule 2 part E section III of this document.
       - Open Bets
         - Single race bets (Win, Place, Exacta, Quartet, Swinger, Trifecta)
           - If a horse is scratched for any of the above-mentioned markets, customers will receive a full refund.
           - If a race gets cancelled, customers will receive a full refund.
         - Double race bets
           - If a horse is scratched before the 1st race took place, then the customer will receive a full refund. Only on that selection that is scratched.
           - If a horse in a 2nd leg is scratched after the 1st leg took place, then the scratched horse is going to be substituted by totalisator favorite. If there are joint-favorites, then it will be replaced by the favorite that finished higher in the race. 
           - In case one of the races got cancelled, customers will get a full refund. 
         - Remaining multi-race bets (BiPot, Jackpot, Pick 6, Place Accumulator, etc.)
           - If a horse got scratched on one of the events, it will be replaced by totalisator favorite. If there are joint-favorites, then it will be replaced by the favorite that finished higher in the race.
           - In case one of the races got cancelled, customers will get a full refund. 
   - **Betting Limits**
       - Betting limits are set by each organisation that adopts the product. They can be configured in the Aardvark Technologies administrator interface.
   - **Special Cases**
       - **Dead Heat Rule** - Dead Heat is a tie between two or, rarely, more runners in a race. If there is a Dead Heat, a bettor wins part of his bet and loses part of his bet. A Dead Heat is calculated by dividing the stake proportionally between the number of winners in the event. For example, in a two-way Dead Heat (2 winners), the punter's return will be half of what it could have been.
       - **Rule 4** - Rule 4 is an odds deduction that is applied when there is a non-runner in a race that has only been declared at the last minute, i.e. after final declarations for the race have been made and the fixed odds price has been declared. The deduction is applied to all remaining participants of the race.