pari mutuel
n. bet or wager in which the winners share the money of the losers; pari-mutuel machine | ||||
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Pari-mutuel definition was found in categories: Entertainment & Music(1) Encyclopedia(1)
Pari-mutuel Definition from Entertainment & Music Dictionaries & Glossaries
| gambling |
Pari-mutuel
A betting system in which the amount of money paid out to winners is based upon the total pool of bets.
A betting system in which the amount of money paid out to winners is based upon the total pool of bets.
Pari-mutuel Definition from Encyclopedia Dictionaries & Glossaries
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Parimutuel betting
Parimutuel betting (from the French language: pari mutuel, mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.
The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games.
Parimutuel gambling is frequently state-regulated, and offered in many places where gambling is otherwise illegal. Parimutuel gambling is often also offered at "off track" facilities, where players may bet on the events without actually being present to observe them in person.
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