Pari-mutuel betting is at the heart of what makes MyWinners different from traditional sportsbooks. It’s a system designed to keep betting fair, transparent, and directly tied to the live action. Here’s everything you need to know.
What is Pari-Mutuel Betting?
Pari-mutuel betting is a form of wagering where all bets of a particular type are pooled together. After the race or match is complete, the pool is divided among the winning tickets, after a small deduction for taxes and operating costs.
Instead of betting against the house, you’re betting alongside other players. The result is a system that’s open, dynamic, and closely linked to the real events happening on track or court.
A Brief History of Pari-Mutuel Betting
The term pari-mutuel comes from the French phrase pari mutuel, meaning mutual betting. The system was developed in the 19th century by a Frenchman named Joseph Oller as an alternative to bookmaker odds.
It quickly gained traction because it offered a fairer way for fans to wager, with payouts determined by the total money in the pool rather than fixed odds. Today, pari-mutuel betting is the standard method of wagering at racetracks across the United States, from thoroughbred and harness racing to greyhounds and jai alai.
How Pari-Mutuel Betting Works
Pari-mutuel betting is simple once you know the basics. Every wager is part of a shared pool, which makes the system fair, transparent, and directly connected to the live action.
All bets go into one pool. For example, all “Win” bets on a horse race are grouped together.
Odds shift until post time. Prices update based on how much money is wagered on each outcome.
The net pool is divided among winners. After the event, the winning bettors share the pot proportionally to their stake.
This means your payout is never locked in when you place your bet. Instead, it grows or shrinks depending on the overall betting activity — making pari-mutuel wagering exciting, flexible, and directly tied to the live event.
💡 How It Works
You place a $10 Win bet on MyWinners Jack in a horse race at Churchill Downs.
The Win pool for the race totals $100,000.
After deductions (say 15% for taxes and operating costs), the net pool is $85,000.
Of that pool, $17,000 has been wagered on MyWinners Jack.
To calculate the payout:
Net Pool ÷ Amount Bet on Winner = Payout per $1
$85,000 ÷ $17,000 = $5.00 per $1So your $10 Win bet returns $50 (including your stake).
That’s the beauty of pari-mutuel: payouts scale with the pool and how many others picked the same outcome — making every race feel alive right up to post time.
How Pari-Mutuel Differs from Sportsbook Betting
Pari-mutuel: You’re betting into a pool with other players. Odds are not fixed and change as more bets are placed. Payouts are determined after the event.
Sportsbook: You’re betting against the house. Odds are fixed at the time of your wager, and the bookmaker takes on the risk.
With pari-mutuel, there’s no bookmaker setting lines — it’s the crowd that shapes the odds.
How to Try Pari-Mutuel Betting
Pari-mutuel betting is all about choosing your style of bet. At MyWinners, you can start simple or go for bigger payouts with more complex wagers:
Win – Pick the horse, greyhound, or jai-alai team you think will finish 1st.
Place – Your pick needs to finish 1st or 2nd. Safer, but still rewarding.
Show – Your pick can finish 1st, 2nd, or 3rd. Great for steady returns.
Exacta – Predict the 1st and 2nd finishers in exact order.
Trifecta – Predict the 1st, 2nd, and 3rd in exact order. Higher risk, higher payout.
Superfecta & multi-race bets – Take on the toughest challenge by calling multiple finishers or winners across races for the chance at a huge return.
The beauty of pari-mutuel betting is that payouts come from the pool — so when fewer people get it right, the rewards can be substantial. Whether you’re betting for fun with a Show bet or chasing a big Trifecta, you’re always part of the live action.
Pari-mutuel betting is all about choosing your style of bet.
💡 Did You Know? Trifectas and Superfectas are famous for producing outsized payouts — sometimes turning a $2 stake into hundreds or even thousands of dollars, depending on the pool.
Frequently Asked Questions
What is pari-mutuel betting in horse racing?
What is pari-mutuel betting in horse racing?
It’s a system where all wagers are pooled together, and the winners share the pot. Odds aren’t fixed — they move until betting closes.
How is pari-mutuel betting different from sportsbook betting?
How is pari-mutuel betting different from sportsbook betting?
In sportsbook betting, you wager against the house at fixed odds. In pari-mutuel betting, you’re in a pool with other players, and payouts are shared based on the total wagers placed.
Is pari-mutuel betting legal in the US?
Is pari-mutuel betting legal in the US?
Yes. It’s the official system used at racetracks across the country, and MyWinners is licensed in Connecticut and 35 other states to offer pari-mutuel wagering.
What sports can I bet on with pari-mutuel betting?
What sports can I bet on with pari-mutuel betting?
At MyWinners, you can bet on thoroughbred and harness horse racing, greyhound racing, and jai alai, with thousands of live events every week.
How do I place a pari-mutuel bet with MyWinners?
How do I place a pari-mutuel bet with MyWinners?
Simply sign up, verify your location, deposit funds, and select your event. Choose your bet type and amount, then follow the race live or check results instantly.
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