Para mutuel betting is a multi-method payment structure that allows members to bet and win with other members’ money. It’s especially popular in Latin America, where it’s known as ‘Viva Las Vegas’ to keep things fun.
Also called ‘Banker’s roulette’ or ‘Earning points gambling’, para mutuel betting is quite different to typical sports betting. Members don’t necessarily need to wager on the outcome of a particular game or event to be able to take part – all they need is an Internet connection, a credit card, and an invite from another member.
The concept is to have a group of people, who are usually family or friends, place bets with one another’s money, rather than placing bets on an individual’s behalf. This often provides a more personal experience, as well as increasing the likability of the platform.
The most popular bookmakers for para mutuel betting include PokerStars, BetStars, and Bodog. These operators have built their reputations on offering great customer service and fast, secure transactions.
How Does It Work?
The basic idea is to have one member invite another member to participate in the platform’s bingo game. Once both members have made a deposit, they are presented with a list of numbers – some pre-selected and some randomly generated. The goal is to pick as many numbers as possible, and if you manage to do this, you win!
Now, in most instances, this is just a way for people to socialize and have fun – it’s not necessarily a way to make money. However, operators of para mutuel betting do offer lucrative sign-up bonuses, which they use to attract new customers and encourage repeat use.
The Growth Of Para Mutuel Betting
Para mutuel betting is a relatively new phenomenon, but it’s quickly becoming one of the most popular forms of online gambling. Some of the primary reasons for this include:
- It’s very simple to enter. All a member has to do is log on to their account, make a deposit, and then they can start playing. It couldn’t be simpler!
- It’s a multi-method way to earn money. As we’ve mentioned, para mutuel betting is a bit different than traditional sports betting – members don’t necessarily need to wager on the outcome of a particular game or event to be able to take part. They can use a credit card, debit card, or PayPal to make deposits, and then they can use these same methods to play with. Not every operator of a traditional sportsbook offers this same option, so it makes the platform less dependent on game results.
- The odds are usually favorable. In general, the house edge in most areas is between 1% and 2%. Compared to other gambling platforms, this puts payouts in the 60% to 80% range. For perspective, the house edge at a typical casino is typically in the 20% to 40% range.
- Deposits are secured. Due to the nature of the gambling industry, all operators have to be wary of money launderers and terrorists. Because of this, they need to ensure that their deposits are stored safely and can’t be easily tampered with. Fortunately, many of the bookmakers for para mutuel betting are also licensed in jurisdictions where money laundering is a concern, and they follow the most stringent anti-money laundering policies.
- The personal touch. As we’ve discussed, para mutuel betting is a way to socialize and have fun. It’s almost like playing bingo with your friends and family, except that instead of just guessing at the numbers, you’re trying to outsmart the person on the other end and earn a profit. It’s a way to bring the community together while having some fun – which we all need!
- The experience. Operators of para mutuel betting know exactly what their customers want and they work hard to ensure that every aspect of the experience is satisfactory. They want to create a positive experience, which encourages repeat usage.
PokerStars’ Response To Para Mutuel Betting
PokerStars is one of the largest online poker rooms, and a pioneer in the industry when it comes to dealing with new forms of online gambling. When they first heard about para mutuel betting, they were intrigued by the concept and wanted to investigate whether or not it was worth their time and effort. After assessing the situation, they determined that it was a form of gambling that suited their needs and they decided to develop a strategy to attract players and expand their reach in Latin America and Spain.
PokerStars has an expansive reach throughout Latin America and Spain, which provides them with a lot of opportunity for growth – both in terms of geographic coverage and userbase. They see this potential and are eager to explore ways in which they can make the most of it.
The Bottom Line
Para mutuel betting is a form of gambling that is relatively new to the table – but it’s quickly gaining in popularity. It offers players the opportunity to interact with and wager on the activities of other people, rather than just betting on the outcomes of games or events. There are several different ways in which players can make money, which provides added flexibility and a better overall experience – not to mention the opportunity to have some fun!