DOUBLE MACHINE

Hawke's Bay Tribune, Volume XXIV, Issue 234, 15 September 1934, Page 2

DOUBLE MACHINE

How It Is Worked

HON. E. R. DAVIS’S PROPOSAL

A specimen of an investment on the doubles totalizator, which it is proposed u> legalise by the Gaming Amendment Bill now before Parliament, was given by the sponsor ot the bill, the Hon. E. R. Davis, in his speech in the Legislative Council. The doubles pool, said Mr. Davis, would bo closed simultaneously with the ordinary single pool on the race that has been selected as the first “leg of the double. For the purposes jl Illustration, let it be supposed that £lO6O had been invested in the doubles pool, as follows: — Horse. Investment. £ A 20 B i 40 c tio D 8V E <lO F 100 G 120 H 140 J 100 K : 190 Total pool £lOOO Horse J), with £BO invested on it, wins the race. The holders of the 80 tickets (assuming the unit of investment was £l} then back their fancy for the race that has been selected as the second “leg” of the double, handill' in their ticket on D and receiving in exchange a ticket on the horse they fancy to complete the double. Let it bo supposed that the 80 tickets have been exchanged as follow' on the second race;— Horse. Tickets. Q 5 R Scratched S 10 T 15 U Scratched V 5 W 10 X 15 Y Scratched Z 20 It will be noted that R, U and Y have been scratched, so that all betters who have successfully picked the first “leg” will have having a run for their money in the second “ky.” Say that the second race is won by the favourite Z, for whom 20 tickets had been exchanged. The holders of these 20 tickets will be the participators in the double dividend. Of the £lOOO invested in the original pool the following deductions are made: £ s. d. 7) p.c, to racing club 75 0 0 5 p.e. Government tax 50 0 0 5 p.c. Government dividend duty on £875 43 15 0 £l6B 15 0 This leaves £B3l 5/- to bo divided among the 20 investors who backed the winning double, D and Z, each of whom will receive a dividend of £ll 11/- for the £1 invested.