kentucky derby party betting

The Kentucky Derby future wager will be three (3) separate wagering pools for the months of February, March and April with the winner of each pool being determined by the official first place winner of the Kentucky Derby on May 5, 2001. Each pool will remain open for a period to be determined by the Association, but in no event less than three (3) days nor more than ten (10) days. The three (3) pools shall each be open for the same length of time. The starting and closing date of the wager will be determined by the association and will be promoted to the public. Each Kentucky Derby Future wager shall be win wagers only and each pool shall be a separate and independent calculation and distribution of winning wagers will be made following the official results of the 2001 Kentucky Derby. The minimum wager shall be Two Dollars ($2.00).
Each of the three (3) pools shall be comprised of twenty-four (24) betting interests. The top twenty-three (23) betting interests shall be determined by the Churchill Downs handicapper and listed alphabetically. The number twenty-four (24) betting interest shall represent the mutuel field, which will include all other runners not listed in numbers one (1) through twenty-three (23). The twenty-four (24) betting interests will appear in the daily race program with morning line odds on each day the wager is offered. Following the close of each month's Derby Future wagering pool, the final odds and/or probable payoffs will be listed in the racing program and released to the media.
No refunds will be issued. All wagers are final once the patron has left the window. Career-ending injuries, death and failure to start are not subject to refunds. If Churchill becomes aware that a horse suffers a career-ending injury or becomes deceased after the numbers one (1) through twenty-three (23) are printed, but before Future Book Wagering has begun, the number shall be scratched and no wagers shall be accepted on that horse. That scratched horse will become part of the field number twenty-four (24). If Churchill becomes aware that a horse suffers a career-ending injury or becomes deceased after the numbers one (1) through twenty-three (23) are printed, and after Future Book Wagering has begun, wagering on that number shall be suspended. No refunds will be issued on the suspended number.
Notwithstanding the above, in the event the 2001 Kentucky Derby is not run or does not produce an official winner, all wagers shall result in a refund.
Also, in the event that there is a coupled entry or mutuel field in the 2001 Kentucky Derby, for the purpose of the Kentucky Derby Future wager, each entry or mutuel field shall be considered a single betting interest.
All calculations and payoffs for the Derby Future Wagers shall be governed by the Kentucky Racing Laws and Rules. Each pool shall be separately and independently calculated and distributed. Takeout shall be deducted from each gross pool as stipulated by law. The remainder of the monies in the pool shall constitute the net pool for distribution as payoff on winning wagers.
The amount wagered on the betting interest which finishes first is deducted from the net pool, the balance remaining being the profit; the profit is divided by the amount wagered on the betting interest finishing first, such quotient being the profit per dollar wagered to win on that betting interest. The net pool shall be distributed as a single price pool to winning wagers in the following precedence, based upon the official order of finish:(a) To those whose selection finished first; but if there are no such wagers, then(b) To those whose selection finished second; but if there are no such wagers, then(c) To those whose selection finished third; but if there are no such wagers, then(d) The entire pool shall be refunded on Win wagers for that contest.
If there is a dead heat for first involving:(1) contestants representing the same betting interest, the pool shall be distributed as if no dead heat occurred or(2) contestants representing two or more betting interests, the pool shall be distributed as a profit split.