Parimutuel betting, or pool betting, is a betting system in which all bets of a particular type are placed together in a pool, taxes and the house-take are deducted, and payoff odds are calculated by sharing of the pool among all winning bets. In some countries it is known as the tote, after the totalisator, which calculates and displays bets already made.
Parimutuel betting, or pool betting, is a betting system in which all bets of a particular type are placed together in a pool, taxes and the house-take are deducted, and payoff odds are calculated by sharing of the pool among all winning bets. In some countries it is known as the tote, after the totalisator, which calculates and displays bets already made.
Source: Wikipedia "Parimutuel betting" · CC BY-SA 4.0
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