A betting system where all bets are pooled together and payouts are calculated from the total pool after the house take.
In pari-mutuel betting (used in horse racing and some lotteries), your bet goes into a shared pool. The final odds are determined by how much money is bet on each outcome, not set by a bookmaker. The track or operator takes a percentage (the "takeout" — typically 15-25%), and the remaining pool is split among winners. This means you do not know your exact payout when you place the bet — it depends on how everyone else bets. Pari-mutuel odds can shift dramatically in the final minutes before a race.
At Saratoga Race Course, $500,000 lands in the win pool for race 5. The track takes 16% ($80,000) as takeout, leaving $420,000 for winners. $75,000 was bet on #4. #4 wins, so every $2 win ticket pays $420,000 / $75,000 × $2 = $11.20 — odds of 4.6-1.
Parimutuel pools are the opposite of fixed-odds sportsbooks: you do not know your payout until betting closes. Late money on the favorite drops his price from 3-1 to 8-5; late money on a longshot boosts yours from 20-1 to 12-1 as the pool balances. Betting into carryover pools (Pick 6 with no winner the day before) creates positive-EV opportunities because new money competes against yesterdays stranded dollars. Pari-mutuel formats govern US horse racing, jai alai, and some lottery-style games.
<p>At Saratoga Race Course, <strong>$500,000 lands in the win pool</strong> for race 5. The track takes <strong>16% ($80,000) as takeout</strong>, leaving $420,000 for winners. <strong>$75,000 was bet on #4</strong>. #4 wins, so every $2 win ticket pays <strong>$420,000 / $75,000 × $2 = $11.20</strong> — odds of 4.6-1.</strong></p><p>Parimutuel pools are the opposite of fixed-odds sportsbooks: you do not know your payout until betting closes. Late money on the favorite drops his price from 3-1 to 8-5; late money on a longshot boosts yours from 20-1 to 12-1 as the pool balances. Betting into <strong>carryover pools</strong> (Pick 6 with no winner the day before) creates positive-EV opportunities because new money competes against yesterdays stranded dollars. Pari-mutuel formats govern US horse racing, jai alai, and some lottery-style games.</p>
A betting system where all bets are pooled together and payouts are calculated from the total pool after the house take.
<p>At Saratoga Race Course, <strong>$500,000 lands in the win pool</strong> for race 5. The track takes <strong>16% ($80,000) as takeout</strong>, leaving $420,000 for winners. <strong>$75,000 was bet on #4</strong>. #4 wins, so every $2 win ticket pays <strong>$420,000 / $75,000 × $2 = $11.20</strong> — odds of 4.6-1.</strong></p><p>Parimutuel pools are the opposite of fixed-odds sportsbooks: you do not know your payout until betting closes. Late money on the favorite drops his price from 3-1 to 8-5; late money on a longshot boosts yours from 20-1 to 12-1 as the pool balances. Betting into <strong>carryover pools</strong> (Pick 6 with no winner the day before) creates positive-EV opportunities because new money competes against yesterdays stranded dollars. Pari-mutuel formats govern US horse racing, jai alai, and some lottery-style games.</p>
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