from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. Any betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.
- n. A machine used to record bets and calculate payoffs.
from the GNU version of the Collaborative International Dictionary of English
- n. A form of betting where winners share the total amount wagered, in proporation to their bets, and less a portion for the management; -- used commonly in betting at horse racing track. In parimutuel betting, the payoff for a bet does not have fixed odds, but depends on the amount bet on each outcome.
from The Century Dictionary and Cyclopedia
- A mutual bet; in France, a system of betting in which each bettor places a sum specified (on the horse or contestant he chooses) in a pool. Those who bet on the winners divide the stakes, less a small percentage for expenses. Usually in the plural, paris mutuels.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. betting where winners share the total amount wagered
Sorry, no etymologies found.
The public-private partnership would pool resources to tackle complicated betting security problems such as parimutuel "pool" manipulation, money laundering and network security.
They also allow for risk, known as "parimutuel" betting.
That number doesn't include revenue from parimutuel betting on the races.
Penn National, the nation's largest parimutuel gaming company, agreed Friday to pay $10.2 million for bankrupt Rosecroft Raceway in Oxon Hill, hoping to bring slots to the failed harness racing track and, at the same time, revive racing.
In the resulting global parimutuel mall, antitrust concerns would be obsolete.
Most of the money was paid in early 2008, weeks after Rivera -- then a member of the Florida House of Representatives -- helped run a political campaign backed by the dog track to win voter approval for Las Vegas-style slot machines at parimutuel venues in Miami-Dade County.
Usually its the likes of rounders Phil Helmuth or Jackie Chan on the cover of poker magazines, but this month the award-winning Ante Up magazine features lobbyist Marc Dunbar, "one of the most powerful players in Florida gaming, yet he doesn't own a casino or parimutuel facility."
Is there ever a situation in a parimutuel betting system in which you would want to bet on a horse to win, even though you knew for sure that the horse would lose the race?
Hint #1: It does not involve arbitrage between the parimutuel pool and any other odds.
Gotta agree with the traders, whose words would have had more force had they thought to include the bankers and Wall Street's parimutuel bettors in their condemnation.