[Ted Craven]

Patrick,

Here's another way to think about it.

You put $100 in a savings account and the bank pays you 4% interest every year (once upon a time). So at the end of the year they would pay you $4.00. 4% = $4.00 per hundred (per 'cent' = old latin for per 'hundred'). At the end of the year, you then have $104.00

So, you invest $72 in your 'parimutuel' Win savings account (Bank of Saratoga). This bank pays you much more than 4%. You get your $72 back plus they pay you an extra $11 (i.e. your profit from betting) so that at the end of the day (not the end of the year, the end of the day!!) you have a total of $83 in your Win account. That $11 expressed as a percentage of your original investment of $72 equals $11 / $72 x 100 = 15.78% return on your original investment or almost 16% ROI. If you have a little calculator, just enter: $11 divide by $72 then punch the % key = 15.77 % Profit/Loss divided by amount bet x 100 = ROI%

Much better return at the Win Bank of Saratoga! And in one day! You can believe that some people are betting $72,000 and not $72 per day. But most of them (whales?) can only dream of a 16% return on that money (from betting).

Now, to work on that Exacta account ...

Good luck, see you soon!

Ted