Parimutuel betting (from the French: Pari Mutuel or mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vig" are removed, and payoff odds are calculated by sharing 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.
The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which participants finish in a ranked order. A modified parimutuel system is also used in some lottery games.
Read more about Parimutuel Betting: Definition, Example, History, Strategy and Comparison With Independent Bookmakers, Parimutuel Bet Types
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“Courtroom—A place where Jesus Christ and Judas Iscariot would be equals, with the betting odds in favor of Judas.”
—H.L. (Henry Lewis)