Optimum No-Risk Strategy for Win-Place Pari-Mutuel Betting

Kenneth E. Willis
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Kenneth E. Willis: Research Triangle Institute, Durham, North Carolina

Management Science, 1964, vol. 10, issue 3, 574-577

Abstract: The problem of finding an optimum, no-risk strategy for placing simultaneous win and place pari-mutuel bets is formulated in terms of a linear programming problem. For a basic feasible solution (i.e., a profitable schedule of bets) to exist, it is necessary for the win and place pools to weight the contestants differently. If the stake holder removes a fraction of the pool, then a solution is not guaranteed, but will exist if this difference in win-place weighting is sufficient. A simple example is presented.

Date: 1964
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