Pari-mutuel betting

Pari-mutuel betting is a system commonly used in horse racing and other sports where all bets on a particular outcome are pooled together. After the race, the total amount bet is divided among the winners, minus a small percentage taken by the venue or organizer. This means that the odds can fluctuate until the race starts, as they're determined by the total amount wagered. Unlike traditional betting with fixed odds, the payouts depend on how many people bet on each outcome, making it a communal betting system. This creates a dynamic betting environment where everyone has a stake in the results.