Pari-mutuel pool

A pari-mutuel pool is a betting system where all bets of a certain type are combined into a single pool. After the race or event, the total amount bet is collected, and the house takes a small percentage as profit. The remaining funds are then divided among the winning bettors proportionally based on their bets. This system means the payout depends on how many people bet and how much they wager, rather than fixed odds set by bookmakers. It’s commonly used in horse racing, greyhound racing, and other sports betting.