Betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management. First introduced in France c. 1870, it soon became one of the most popular methods of betting on horse races internationally. Today computers calculate betting pools and current odds on each horse and flash the figures to the public at regular intervals. The system is used largely for off-track betting. Pari-mutuel betting is also practiced in dog racing and jai alai.

This entry comes from Encyclopædia Britannica Concise.
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