![]() Unlike fixed-odds betting, pari-mutuel wagering involves frequent odds changes as the action flows toward or away from individual horses. Pari-mutuel wagering works by aggregating all wagers into a common pool and using that money (minus a commission for the track) to pay the winners. State Specific Pari-Mutuel Betting Guides.Some states are experimenting with fixed-odds horse racing betting, but the overwhelming majority of horse racing betting remains pari-mutuel in nature. Traditionally, pari-mutuel wagering is the default system used in horse racing, and fixed-odds betting is the default in sports betting. Once a bettor places a fixed-odds wager, their potential payout remains fixed in place no matter how much money other people bet. In contrast, fixed-odds betting involves a price set by the house oddsmaker. That’s an extremely simplified example, but it shows how the betting action rather than an oddsmaker determines the payouts. If ten people bet equal amounts into a pool and only one wins, the winner receives the wagers from nine other bettors for a 9/1 payout. ![]() Pari-mutuel betting is a form of wagering in which the organizer pools all wagers, keeps a percentage as the house “take,” and pays the winners with the collected bets.Īs a result, the betting action determines the final payout odds.
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