Any 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
Betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management. First introduced in France 1870, it soon became one of the most popular methods of betting on horse races internationally. Today computers calculate betting pools and current odds on each horse and flash the figures to the public at regular intervals. The system is used largely for off-track betting. Pari-mutuel betting is also practiced in dog racing and jai alai
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