Parimutuel
(adjective)
A system of betting in which all bets are placed together in a pool and the payouts are calculated based on the total amount wagered and the number of winning bets.
Origin:
From the french word "pari mutuel" meaning "mutual bet".
Examples:
- Horse racing is one of the most popular sports for parimutuel betting.
- The lottery is a form of parimutuel betting, where the prize money is split among the winning tickets.
- Parimutuel betting allows for the odds to change in real-time.
- Parimutuel betting is popular in many forms of sports such as horse racing and greyhound racing.
- Parimutuel betting is a legal form of gambling in many countries.