parimutuel
parimutuel (n)
English Definitions:
parimutuel (noun)
betting where winners share the total amount wagered
parimutuel (Noun)
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.
parimutuel (Noun)
A machine used to record bets and calculate payoffs.
parimutuel
Parimutuel betting or pool betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vigorish" are deducted, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the tote after the totalisator, which calculates and displays bets already made. In short, the word parimutuel implies tiered winnings/earnings. The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and other 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.
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"parimutuel." Kamus.net. STANDS4 LLC, 2024. Web. 29 Mar. 2024. <https://www.kamus.net/english/parimutuel>.
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