New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 70 - HORSE RACING › Subchapter 29 - MUTUELS › Section 13:70-29.65 - The "Group Bet"

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The "Group
				Bet" is a wager which requires that a patron select one of two groups of horses
				in a particular race, with the letter (A) representing one group of horses and
				the letter (B) representing the second group of horses. The "Group Bet"
				constitutes a win wager on each participant in the selected group and
				therefore, in order to win a "Group Bet" wager, one horse in the particular
				group selected by the patron must win the race. In each race where the "Group
				Bet" is offered, standard win wagering shall also be offered, and the minimum
				permissible wager for the "Group Bet" shall be the same as the minimum
				permissible standard win wager. In addition to standard win wagering being
				offered in any race where the "Group Bet" is offered, the racing association
				may in its discretion offer any other wager authorized by this
				Chapter.
(b) The horses comprising
				Group (A) and Group (B) shall be selected by the racing association offering
				the "Group Bet." The horses comprising each group shall number two or more
				horses, and the number of horses in each group need not be the same. In each
				race where a racing association offers a "Group Bet," in addition to selecting
				the horses comprising Group (A) and Group (B), the racing association shall
				select one horse which shall not be a member of either group (that is, the
				"non-group horse"). Each horse in a race where the "Group Bet" is offered must
				be a member of Group (A), a member of Group (B), or the sole "non-group horse."
				If the "non-group horse" wins the race, a patron who bet on Group (A) or Group
				(B) would lose his or her "Group Bet" wager. The identity of the horses
				comprising Group (A) and Group (B), and the identity of the horse comprising
				"the non-group horse," shall be advertised to the public in the race program
				and in any other manner approved by the Racing Commission Executive Director
				pursuant to (g) below.
(c) The
				racing association offering the "Group Bet," rather than designating each group
				of horses as Group (A) or Group (B), subject to the approval of the Racing
				Commission Executive Director pursuant to (g) below, may designate a particular
				name for each group.
(d) "Group
				Bet" wagers shall be combined into, and become a part of, the standard win
				wager pool for the particular race where the "Group Bet" is offered. The
				takeout rate for a "Group Bet" wager shall, therefore, be the same as that
				applied to the standard win wager pool. The winning payout for a "Group Bet"
				wager shall be the same no matter which member of the particular group wagered
				upon wins the race.
1. The monies wagered as a
				"Group Bet" shall be allocated to the standard win wagering pool as follows.
				The racing association shall cause "Group Bet" wagers to be allocated to the
				win wagering pool for each horse within the specific group subject of the
				"Group Bet" wager, in proportion to the monies wagered upon each such horse to
				win the race in the standard win wagering pool. Specifically, this win pool
				wager allocation for an individual horse within a particular group shall be
				determined by adding the total monies wagered on all horses comprising the
				group (that is, Group (A) or Group (B)) as standard win wagers, then dividing
				such figure into the total amount wagered on the individual horse within the
				group (that is, Group (A) or Group (B)) as standard win wagers, and then
				multiplying the determined figure for that individual horse by the total
				wagered on the group to which it belongs as "Group Bets." For example, assume a
				race where the "Group Bet" is offered has five entries with horse 1 being the
				"non-group horse," horses 2 and 3 comprising Group (A), and horses 4 and 5
				comprising Group (B). Assume further that, at the close of wagering, the
				following total wagers have been placed: $1,000 in standard win wagers on horse
				1; $1,333 in standard win wagers on horse 2; $1,000 in standard win wagers on
				horse 3; $1,000 in standard win wagers on horse 4; $667.00 in standard wagers
				on horse 5; $1,000 in "Group Bet" wagers on Group (A); and $1,000 in "Group
				Bet" wagers on Group (B). Applying the above described formula to Group (A),
				the win pool allocation for Group (A) would equal $571.00 for horse 2 (that is,
				the total standard win pool wagers for each horse in the group ($1,333/horse 2
				+ $1,000/horse 3 = $2,333), divided into the standard win wager total for horse
				2 ($2,333 divided into $1,333/standard win wager total for horse 2 = .571),
				times the total wagered on the Group (.571 x $1,000/total wagered on Group (A)
				= $571.00)); and $429.00 for horse 3.
2. Although the allocation described in (d)1
				above shall be made as soon as possible after wagering has closed on the race,
				because the amount of money wagered upon each horse to win in any race is
				subject to change prior to the closing of the wagering pool, such allocation
				shall periodically be revised during the wagering process. Although the minimum
				wager for a "Group Bet" shall be the same as the minimum permissible wager for
				a standard win wager, such allocations may be made in fractional amounts less
				than the minimum permissible standard win bet wager.
3. The "Group Bet" probable win payout amount
				for each group shall be displayed to the public on a periodic basis prior to
				the closing of the wagering pools. Following the closing of the wagering pools,
				the actual win payout for any winning group shall be displayed to the public.
				The probable win payout amounts and actual win payout amount for a "Group Bet"
				shall be displayed to the public based upon a $2.00 wager, by the same method
				by which the probable win payout amounts and actual win payout amount for a
				standard win wager is displayed to the public.
4. The actual payout for a winning "Group
				Bet" shall be determined by multiplying the standard dollar win payout price
				for the race winner by the dollar amount allocated to the win wagering pool for
				the race winner (from the total dollar amount wagered upon the Group as "Group
				Bets" to which the race winner belongs), and then dividing the determined
				figure by the total wagered upon the Group (as "Group Bets") to which the race
				winner belongs. For example, and using the same hypothetical race example set
				forth in (d)1 above, after applying applicable breakage and assuming horse 2
				wins the race, the standard win bet payout would be approximately $3.30 per
				dollar wagered and the "Group Bet" payout would be approximately $1.80 per
				dollar wagered (that is, $3.30 (standard win payout price) multiplied by
				$571.00 (amount allocated to the win wagering pool for horse 2 from the total
				dollar amount wagered upon Group (A) as "Group Bets"), which determined amount
				($1,884.30) is divided by $1,000 (total bet on Group (A) as "Group
				Bets").