What is Flexi Betting? |
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Flexi Betting allows you to take any Exotic bet type with multiple combinations, without increasing your outlay.
With Flexi Betting, you can match it with the professionals who often take large combination bets. You can increase your chances of winning by having as many combinations as you want at an outlay to suit your pocket. |
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Flexi Betting in 4 Easy Steps |
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Step 1: Decide how much you want to SpendThe number of selections you choose does not impact on your total spend. Once you decide how much you want to spend, that will be the total cost of the bet. For example, $15.
Step 2: Select your Combinations
There is no difference here from the current way of betting. You still need to select the correct placings for a Trifecta, First 4 or Quaddie. Let's say that you wanted to box 5 horses in a Trifecta. This would normally cost you $60, for a $1 investment.
See our Flexi Reference Guide below for a more detailed explanation of Bet Placement.
Step 3: Find out your "Bet Percentage"After your bet is processed, the TAB calculates the percentage bet that you have waged. This percentage is based on what the bet would normally cost if you placed the bet for $1. We call it a Bet Percentage.
In our example, your percentage would be:
$15 (the amount you choose to spend)/
$60 (cost of the bet for $1) x 100 = 25%
See our Flexi Reference Guide below for a more detailed explanation of Bet Percentage.
Step 4: The CollectIf successful, you will collect the percentage of the dividend that you have waged:
Let's say the winning Trifecta dividend is $200.00.
Your collect will be:
25% of $200 = $50
See our Flexi Reference Guide below for a more detailed explanation of Bet Collect. |
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Flexi Reference Guide |
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Bet Placement
You can place a Flexi bet anywhere you can currently place a bet within NSW and VIC, including TAB Outlets, NSW and VIC racecourses, Operator Assist, Speech Express and online here at tab.com.au. When you place a bet with a Operator Assist or On-Course operator it is important to specify immediately that you want a Flexi Bet.
Minimum Requirements
The following are the minimum requirements for Flexi Betting:
- Minimum Investment of $0.50 (50 cents)
- Increments must be a multiple of 50 cents
- Your Bet Percentage must be 1.00% or greater
Example:
John wishes to place $5 on a Box First 4 with seven runners. The cost of this bet placed for $1 is $840. By using the Bet Percentage calculation explained before:
(Total $ Outlay/Normal $ Cost) x 100 = Your Bet Percentage
($5/$840) x 100 = 0.5952%
The TAB betting terminal will reject this bet, as the bet is below 1%. As the bet has 840 combinations, the outlay required to achieve the minimum 1.00% would be $8.40.
As Flexi Betting requires increments in multiples of $0.50, the minimum investment required for this bet is $8.50. This gives a Bet Percentage of 1.01%. |
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Bet Percentage
The concept that is central to Flexi Betting is the Bet Percentage. Put simply, it is the fraction of the cost of the bet you have placed compared to the cost of the bet if it was placed for $1. That fraction is your Bet Percentage.
To calculate your Bet Percentage, you need to know how to calculate the full cost of an Exotic bet and compare it to your total outlay Before Flexi Betting
Currently, the number of combinations selected in any particular bet, multiplied by the unit of investment, determines the cost of the bet. For example: |
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Example 1:
Ray places a Trifecta with selections 1-2-3 for a $1 unit of investment.
This bet results in one combination: -
1-2-3
The cost of his bet is $1 (1 Combination x $1)
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Example 2:
Mick is not so sure of the outcome of the race. He places a Box Trifecta with
selections 1-2-3 for a $1 unit of investment.
This bet results in six combinations: -
| 1-2-3 |
2-1-3 |
3-1-2 |
| 1-3-2 |
2-3-1 |
3-2-1 |
The cost of the bet is $6 (6 Combinations x $1)
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Example 3:
Di wants a Trifecta but can only narrow the chances down to four or five runners. Considering she only has $12 to invest, she places a Box Trifecta with selection
1-2-3-4, and to lower the outlay, has it for a 50c unit of investment.
This bet results in 24 combinations: -
| 1-2-3 |
2-1-3 |
3-1-2 |
4-1-2 |
| 1-3-2 |
2-3-1 |
3-2-1 |
4-2-1 |
| 1-2-4 |
2-1-4 |
3-1-4 |
4-1-3 |
| 1-4-2 |
2-4-1 |
3-4-1 |
4-3-1 |
| 1-3-4 |
2-3-4 |
3-2-4 |
4-2-3 |
| 1-4-3 |
2-4-3 |
3-4-2 |
4-3-2 |
The cost of the bet is $12 (24 Combinations x 50c)
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If you want to increase your chance of winning by including additional selections, the cost of the investment must increase. This is because you must pay a minimum of 50c for each combination: more runners equal more combinations. Bet Percentage Calculation
With Flexi Betting, you decide how much to spend. The number of combinations you have does not determine the cost of the bet. Your nominated outlay is spread across the combinations you choose, and recorded as a percentage of the full cost of the bet.
Pay for the proportion of the bet you can afford.
This can be as little as 1%.
The TAB Flexi Betting system always calculates your Bet Percentage, and it will be printed on your ticket.
If you wish to calculate your Bet Percentage, then use the following calculation: -
(Total $ Outlay/ $ Outlay if placed for $1) * 100
In Example 3, Di could only place a Box Trifecta with 4 selections because she couldn't afford the five runners in a Box Trifecta. Di hears about Flexi Betting and tries a Flexi Trifecta. She decides to box the five runners in a Flexi Trifecta with her $12. The bet would normally cost $60 if placed for $1 as it generates 60 combinations.
Di's Bet Percentage is:
$12 (Total $ Outlay) / $60 ($ Outlay if placed for $1) * 100
= 20%
As you can see, Di has now received the bet she wants for a fraction of the cost of the bet if it was for a $1.00. Her fraction is 1/5, or 20%. It is equivalent to having invested 20 cents per combination (before Flexi Betting, 50 cents per combination was the minimum).
There is nothing stopping you investing more than the cost of the bet.
For example, placing $30 on a bet that normally costs $24 would lead to a fraction of 1ΒΌ, or 125%. The Bet Percentage isn't always a full fraction. The Bet Percentage can be an endless (infinite) number. If you only had $10 and wanted to box 5 runner in a Flexi Trifecta, the Bet Percentage is 16.66% (repeater). Due to limitations, the bet is truncated to four decimal places - 16.6666%. This truncation has minimal affect on your return.
When ticket space permits, the Bet Percentage is displayed with two decimal places, or 16.66% in the example above. For larger investments, the number of decimal places displayed on the ticket may be reduced BUT the bet is ALWAYS placed to four decimal places. |
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Bet Collect
If you are successful with a Flexi bet you collect the percentage of the dividend equal to the percentage of the full cost of the bet you placed; that is your Bet Percentage. So, if your Bet Percentage was 25%, you will receive 25% of the dividend. If your Bet Percentage was 150%, you will receive 150% of the dividend. That is what Flexi Betting is all about - you receive the percentage
of the dividend that you chose to invest.
Of course, in the event of scratchings the customer will receive any refund they are entitled to just like a normal bet.
Calculating Your Dividend
Once the dividend has been declared, calculating your dividend is easy. In most cases, your payout can be determined (within a few cents) by multiplying your Bet Percentage by the dividend declared.
The reason why sometimes the payout figure can only be determined to within a few cents is:
- Your Bet Percentage is displayed for two decimal places yet has ACTUALLY been placed to four decimal places
- Multiplying the Bet Percentage by the dividend declared can lead to a payment of part cents
Example:
TAB and Account Sales Customers
Let's say that you have been successful with a Flexi Trifecta, and the dividend is $110.20. The Bet Percentage is 333.33%.
Your actual Bet Percentage is 333.3333%, and the calculated payout when multiplying your Bet Percentage by the Dividend Declared is $367.33332966.
As part cents cannot be paid, you will need to apply the following rule:-
After you have multiplied the dividend by the your Bet Percentage, your dividend is rounded up or down to the nearest cent for payout purposes.
$367.33332966 will be rounded to $367.33, and that amount will be credited to your TAB account.
If you were presenting a single ticket for payment with a $367.33332966 payout, it would be rounded to $367.33 and become an actual cash payout of $367.35.
This is because cash payouts are subject to currency rounding's, that is up or down to the nearest 5 cents. TAB, PubTAB, ClubTAB and On-Course Customers
Please note that this rounding process is applicable only to Flexi Betting. As the TAB rounds either up or down, there is no additional financial gain by the TAB.
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Jackpots
The rules for Trifecta, First 4 and Quaddie betting are shown below: |
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| Bet Type |
Rule |
| Quinella |
In the event of investors not correctly selecting the winning combination for at least 50 cents, the dividend pool jackpots. Full Jackpot if the combination is fully unbacked. Partial jackpot if the combination is backed for a combined total of less than 50c. |
| Exacta |
In the event of investors not correctly selecting the first two places in correct order for at least 50 cents, the dividend pool jackpots. Full Jackpot if the combination is fully unbacked. Partial jackpot if the combination is backed for a combined total of less than 50c. |
| Duet |
In the event of investors not correctly selecting a winning combination for at least 50 cents, the dividend pool jackpots. Full Jackpot if all combinations are fully unbacked. Partial jackpot if all combinations are backed for a combined total of less than 50c. |
| Running Double |
If no investor correctly selects the Running Double, the dividend pool jackpots. If an investor correctly selects the Running Double, and has an investment of 50 cents (or more), and is the only investor with the correct combination, then that investor will be entitled to all the dividend pool. If an investor selects the Running Double in the correct order for less than a 50 cent investment, and is the only investor with the correct combination, then that investor will be entitled to a portion of the dividend pool with the remainder jackpotting. |
| Daily Double |
If no investor correctly selects the winners in two nominated races, the dividend pool jackpots. If an investor selects the winners in two nominated races, and has an investment of 50 cents (or more), and is the only investor with the correct combination, then that investor will be entitled to all the dividend pool. If an investor selects the Daily Double in the correct order for less than a 50 cent investment, and is the only investor with the correct combination, then that investor will be entitled to a portion of the dividend pool with the remainder jackpotting. |
| Trifecta |
In the event of investors not correctly selecting the first three places in correct order for at least 50 cents, the dividend pool jackpots. Full Jackpot if the combination is fully unbacked. Partial jackpot if the combination is backed for a combined total of less than 50c. |
| First 4 |
In the event of investors not correctly selecting the first places in four nominated races in correct order for at least 50 cents, the dividend pool jackpots. Full Jackpot if the combination is fully unbacked. Partial jackpot if the combination is backed for a combined total of less than 50c. |
| Quaddie |
If no investor correctly selects the winners in four nominated races, the dividend pool jackpots.
If an investor selects the winners in four nominated races, and has an investment of 50 cents (or more), and is the only investor with the correct combination, then that investor will be entitled to all the dividend pool.
If an investor selects the Quaddie in the correct order for less than a 50 cent investment, and is the only investor with the correct combination, then that investor will be entitled to a portion of the dividend pool with the remainder jackpotting. |
If there are insufficient finishers for any Exotic bet type, customers will receive a refund. Any jackpot brought into pools with insufficient finishers will not be paid out. They will be transferred to the next race/meeting. If an investor selects the correct order for less than 50 cents, a dividend will be declared and the successful customer will receive their portion of the pool with the remainder jackpotting.
At least 50 cents is required on the winning combination for the entire dividend pool to be paid.
Jackpot Circuits
The new jackpot circuits that will apply to all Exotic bet types are outlined below: |
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| Code |
State |
Venue |
| Gallops |
NSW |
Metropolitan |
| Gallops |
NSW |
Non-Metropolitan |
| Gallops |
VIC |
Metropolitan |
| Gallops |
VIC |
Non-Metropolitan |
| Gallops |
Other |
Metropolitan |
| Gallops |
Outside NSW & VIC |
Non-Metropolitan |
| Harness |
NSW |
All |
| Harness |
VIC |
All |
| Harness |
Outside of NSW & VIC |
All |
| Greyhound |
NSW |
All |
| Greyhound |
VIC |
All |
| Greyhound |
Outside of NSW & VIC |
All |
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Metropolitan venues for galloping are:
NSW Metropolitan
- Randwick
- Warwick Farm
- Rosehill Gardens
- Canterbury Park |
VIC Metropolitan
- Flemington
- Caulfield
- Sandown
- Moonee Valley |
Outside of NSW & VIC
- Morphetville
- Cheltenham
- Victoria Park
- Ascot
- Belmont
- Elwick
- Eagle Farm
- Doomben |
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In the event of a jackpot, the dividend pool jackpots to the next race (with that pool) within the meeting.
In the event of there being two jackpots carried forward overnight from meetings in the same circuit, the jackpot amounts are combined and placed on the first race (with that pool) on the next meeting at that circuit.
There may be the occasion where there are two meetings on the next day in the same circuit. In this case, the meeting that has the first race (with that pool) will receive the jackpot.
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