Pari-Mutuel Wagering

Pari-mutuel wagering is a betting system commonly used in horse racing and other sports. In this system, all bets are pooled together, and instead of betting against a bookmaker, bettors are wagering against each other. Once the event concludes, the total amount bet is divided among the winners after deducting a portion for the house (track or organizers). This means the payout for winners can vary depending on the total amount bet and the number of winners, which creates a dynamic and fair betting environment. It's designed to ensure that odds reflect actual betting activity.