Pari-Mutuel betting is a term that refers to a system of bets in which a pool of people will bet on first, second, and third place competitors, and then share the total sum of the bet. Games such as Lotto are a perfect example of bets that are pooled and shared among the winners. For example: Let’s say you work in an office and want to play Mega Lotto or Power Ball. Well, numbers will be picked out of a hat or given to one person who will fill in the numbers on the sheet. Then all the “players will contribute” their fair share of the total amount they are all betting on these Lotto games. If they win, they each receive a portion of the winnings. If the winnings are $1 million, and there are 10 players, then divide 10 into one million and that is their share each.
Another Form of Pari-Mutuel Betting
In another form of pari-mutual games, all the bets placed by the players are put into a pot. When the results of the game or games are revealed, the total of the bets will be aggregated to those players who either bet on the top three winners, such as in a horse race, or to those who have all won the jackpot playing Lotto. The racing scenario is the best case example.
Of Course, Playing the Lotto Yields High Sums for Each Player
How many times have you seen Lotto winners come in groups. Whether they work in an office, or on a construction site, or in a school; winning the lottery can be even more beneficial to these players than any other game. Moreover, if no one hits the numbers, the pot rises, and the players have an even larger win coming their way.