parimutuel betting

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parimutuel betting

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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"parimutuel betting." The Columbia Encyclopedia, Sixth Edition. 2008. Encyclopedia.com. 14 Nov. 2009 <http://www.encyclopedia.com>.

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pari-mutuel

The Oxford Pocket Dictionary of Current English | 2009 | © The Oxford Pocket Dictionary of Current English 2009, originally published by Oxford University Press 2009. (Hide copyright information) 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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"pari-mutuel." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 14 Nov. 2009 <http://www.encyclopedia.com>.

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Free newspaper and magazine articles

	Autotote signs contract to upgrade parimutuel sustems at three largest Venezuelan racetracks. Business Wire; 2/1/1996
	Commerce Casino Opens Racebook on Wednesday, July 22, as Part of State's Expansion of Off-Track Betting. Business Wire; 7/21/2009
	Shades of Gray.(legal status of Internet gambling is uncertain, but people keep betting) Magazine article from: Reason; 10/1/1999

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