A betting system where all bets are pooled together and payouts are calculated from the total pool after the house take.
In pari-mutuel betting (used in horse racing and some lotteries), your bet goes into a shared pool. The final odds are determined by how much money is bet on each outcome, not set by a bookmaker. The track or operator takes a percentage (the "takeout" — typically 15-25%), and the remaining pool is split among winners. This means you do not know your exact payout when you place the bet — it depends on how everyone else bets. Pari-mutuel odds can shift dramatically in the final minutes before a race.
A betting system where all bets are pooled together and payouts are calculated from the total pool after the house take.
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