parimutuels

Example:Pool betting is a popular method used in horse racing and other sports events, as it ensures that all profits are returned to the winners.

Definition:A type of gambling where all the bets are pooled and the winnings are distributed among the winners according to the odds and the total amount of the pool.

Example:The sportsbook employs a collective betting system to maintain a consistent pool and provide a fair environment for all gamblers.

Definition:A system where the total amount of bets is pooled, and the winnings are distributed among the successful bettors based on the odds of each bet.