Parimutuel betting

Rarity: Common

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At a glance

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Notion

Domain

Science and technology

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What Wikipedia says

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 are deducted, and payoff odds are calculated by sharing of the pool among all winning bets.

Excerpt from the Wikipedia article “Parimutuel betting”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: Harper's Weekly, Public domain, via Wikimedia Commons.