CH Urgent Help - Race Night Organisation

ceebeeby

Hi MSEers, please help with an urgent request (need info. today :eek: )

Can anyone provide step-by-step instructions for how you work out the odds of a horse and how to pay out on a race night.

There's 6 races, each with 8 horses. The horses will be shown on a DVD. The horses are sold, as are the entrance tickets.

WHAT HAPPENS FROM THIS POINT ON .....

Do you know how you work out the odds of a horse
Do you know what to do if someone wants to place a bet - do you give them a 'betting' slip / how should this be done?
Do you make a minimum and maximum betting limit
How do you work out who has won money or not and how much it is

Thank you so much for any help you may be able to provide :beer:

Bean_Counter

I came across this on the Dept for Media, Culture & Sport website:

http://www.culture.gov.uk/what_we_do/Gambling_racing/gambling_law_until_sept_2007/fact_race_nights.htm

or this:

http://www.racenight.me.uk/race_night.htm

I saw quite a few like this on the web where you pay for the priviledge, but I don't think this is what you are looking for.

I'm not a gambler, so can't really help any more! Good luck, though!

ceebeeby

Hi Bean Counter,

Thanks, they were both interesting, but as you say I'm really looking for a specific. Thanks all the same for your help. Ceebsx

Mark7799

You need 8 rolls of tickets (write the horse number on the back of each tickets - single digit only.)

Each ticket must be individually numbered - each 'bookmaker' will then be able to tell you the first and last ticket sold for each horse per race.

Sell the tickets in units of 20p or 50p each (you can select other prices but it gets fiddly with change)

You cannot work out the odds until the bets have been closed before each race. Do you plan on paying out the full amount bet or are you keeping a percentage? If you are keeping some money back then the formula is

A)Total amount staked on all eight horses minus amount kept.
Divide the total amount staked on each horse into the answer for A and deduct 1 to give odds of 'X' - 1.

e.g.

Horse No. Total sales
1 £10
2 £6
3 £7
4 £9
5 £21
6 £12
7 £15
8 £20

£100

Retain 20% - pot = £80.

On horse no.1 £80/£10 = 8, becomes 7-1 (so you can say you are paying stake back as well)
horse no.2 £80/£6 = 13.333, becomes 12-1
no.3 £80/£7 = 11.42 or 10-1 (11-1 if you are feeling generous!!)
no.4 £80/£9 = 8.88 or 8-1
no.5 80/21 = 3.8 or 3/1 (you may even try 7-2)

etc etc

If you have a spare film, use it at the end - the 'punters' increase their bets as the night goes on.

Hope this helps, PM me if you want more details

Mark7799

To pay out, the winner brings their tickets to the payout table (who have a list of the first and last numbers sold at each race) payout is calculated at the odds of the winner x the unit cost plus 1

e.g in my example based on 20p units,

horse number 1 should have 50 winning tickets, each ticket is paid out @£1.60 - 7-1 plus the original stake-
50 tickets @ £1.60 = the £80 prize pot.

Bean_Counter

Nice one Mark

Mark7799

Thanks - it was a memory tester, being an ex-bank employee I usually got this job when my cricket club had a race evening!

Bean_Counter

Mark7799 wrote: »

Thanks - it was a memory tester, being an ex-bank employee I usually got this job when my cricket club had a race evening!

Sounds familiar - in my case it is usually accountant holds the kitty when out on the p!ss