If everyone bet on the same thing and it wins do they get paid?

Question

For example there was a horse race with two horses. Everyone bet on the first horse and no one bet on the second horse. The first horse wins. Do any of the people who bet on the first horse wins any money?

Answer 1

Yes everyone would get paid $2.10 for every $2.00 on win bets.

The track would lose money.  (No different than show plungers/bridge jumpers).

Answer 2

Im with percy, thanks for the two points

Answer 3

Horse race betting (at least the legal variety) in the United States is based on the parimutuel system.  Basically, all of the money bet (minus the house take and taxes) is paid back to the bettors.  So, if all the bettors bet on the same horse, they'd all get a portion of the take.  If 1000 people bet $2, and the house takes 10%, there's 1800 left to distribute.  Each person would get $1.80 back (for a net $0.20 loss).

Answer 4

no because the only person who would have to pay would be the one who bet on the first horse

Answer 5

What your are talking about is called a minus mutuel pool.  This is the only situation where the racetrack will loose money.  In a minus mutuel pool occurs if the odds drop below 1:20 (no, not 20:1 1:20), when this happens the pay out is $1.05 for every dollar wagered, thats why tacetracks will cancelled show wagering on short fields with an overwhelming favorite, Like Funnycide running in a $5000 claimer.

Answer 6

Yes, Everyone who bet on the horse will get a percentage of what the prize was. So if the Prize was $100 for winning and everyone won and there was five ppl. Then each person who won gets $20

Answer 7

yes

Answer 8

If you bet a dollar, you may only win 20 cents   ha ha !!

Answer 9

Yes everyone would get paid

Answer 10

Yes!

Because the bookmaker made the bet, the odds may change as more people bet, but nevertheless they would still have an agreement with the bookmaker and therefore would win according to the odds they placed the bet against