Sports

The Columbia Encyclopedia, 6th ed. The Oxford Pocket Dictionary of Current English Further reading

parimutuel betting

The Columbia Encyclopedia, 6th ed. | 2011 | Copyright

parimutuel betting , system of cooperative wagering invented (c.1870) in France by Pierre Oller. According to the system, the holders of winning tickets divide the total amount of money bet on a race (the pool), after deductions for tax and racetrack expenses. The uniqueness of parimutuel betting lies in the fact that the gambling public itself determines the payoff odds (e.g., if many people have bet on the actual winner of a contest then the payoff will be low, simply because many winners will divide the pool). Parimutuel wagering is the accepted betting procedure at major horse-racing tracks throughout the world. Greyhound tracks and jai alai games also use the system. Considered a major deterrent to illegal bookmaking, the modern parimutuel system depends on high-speed electronic calculators, known as totalizators or tote boards, to record and display up-to-the-minute betting patterns.

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pari-mutuel

The Oxford Pocket Dictionary of Current English | 2009 | Copyright

par·i-mu·tu·el / ˌparə ˈmyoōchoōəl/ (also par·i·mu·tu·el) • n. [often as adj.] a form of betting in which those backing the first three places divide the losers' stakes (less the operator's commission): pari-mutuel betting. ∎ a booth for placing bets under such a system.

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Free newspaper and magazine articles

	EARLEY CALLS FOR REPEAL OF PARIMUTUEL BETTING DEAL HE SAYS VIRGINIANS DIDN'T... Newspaper article from: The Virginian-Pilot (Norfolk, VA); 8/28/1996
	An empirical examination of the parimutuel sports lottery market versus the... Magazine article from: Southern Economic Journal; 4/1/2010
	Promoter scraps plans for parimutel betting at snowmobile races; They hadn't... Newspaper article from: Star Tribune (Minneapolis, MN); 1/13/2000