A form of betting where winners share the total amount wagered, in proporation to their bets, and less a portion for the management; -- used commonly in betting at horse racing track. In parimutuel betting, the payoff for a bet does not have fixed odds, but depends on the amount bet on each outcome.
Refers to races where the wagers are pooled and the winner's payoff relates to the number of total winners, minus a commission paid to the track.
a form of wagering that originated in France in which all money bet is divided up among those who have winning tickets, after taxes, takeout and other deductions are made.
(s) - A form of betting originated in 1865 by Frenchman Pierre Oller in which all money bet is divided up among those who have winning tickets, after taxes, takeout and other deductions are made. Oller called his system 'Parier Mutuel' meaning 'Mutual Stake' or 'betting among ourselves'. As this betting method was adopted in England it became known as 'Paris Mutuals', and soon after 'Parimutuels'.
Form of wagering at the racetrack. Under the parimutuel system, which was originated by Pierre Oller in 1865, all the money wagered is returned to the bettors after a set takeout, which means the bettors are competing among themselves and not against the racetrack.