Parimutuel (Noun)
Meaning
Betting where winners share the total amount wagered.
Classification
Nouns denoting acts or actions.
Examples
- At the horse racing track, the parimutuel system allowed multiple winners to share the total amount wagered.
- In parimutuel betting, the payout for the winning bets is determined by the total amount collected and the number of winning tickets.
- Parimutuel pools are commonly used in dog racing, horse racing, and other forms of competitive racing.
- The parimutuel system used at the racetrack ensured that a percentage of the total amount wagered went to the track owners.
- The amount won by each participant is calculated based on the parimutuel pool, taking into account the number of winning tickets and the total amount wagered.