What is Pari-Mutuel Betting in Horse Racing?

The term in pari-mutuel horse race betting is a live racetrack pool of money collected on one of wagers. For example, the money wager on the Win position at the horse track is split up amongst all the horse bettors taking that particular bet. If the horse does win that particular horse racing wager, the money pool is split between the bettors that had the winning choice.

Pari-mutuel in horse race betting is a system that shares the proceeds (minus the horse track’s commission and the collected taxes) with the winners. Pari-mutuel betting takes place as the wager is active up until post time of the horse race.

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The Win, Place and Show pari-mutuel betting is active while the particular horse race is counting down to post time. The Exacta, Trifecta and Superfecta pari-mutuel wager is also a money pool on the horse race, counting down to all horse in the starting gate.

The Daily Double, Pick 3, Pick 4, Pick 5 and Pick 6 are multiple consecutive races in the race card that have a separate pari-mutuel money pool bet. Some of the Pick 5 and Pick 6 wagers can carry over to another day of racing at the same horse track.

US Horse Tracks Use Pari-Mutuel Bets

All of the live horse tracks in the US use a pari-mutuel system for betting on horse racing. The individual horse wager for each race on the card at the live track in the US is broken down into money pools. This pari-mutuel money pool on horse racing is dependent on individual bettors wagering on the particular race in the card.

US horse race betting is accustomed to pari-mutuel money pools in all the horse racing tracks in the country. Pari-mutuel money pools with some of the popular horse tracks are quite lucrative, especially for winning the horse race and exactas exotics (pick the first and second horse).

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A morning line odd in pari-mutuel horse racing are different from the odds that post time. The betting public at a horse race can influence the numbers for any money pool bet. You may see the horse at 10/1 odds on the morning line go down to 2/1 odds at post time. Pari-mutuel betting odds can go up and down for a horse with the individual bettors weighing in with their bets.

Whereas fixed odds on a bet does not move the line all too much, pari-mutuel betting helps shape the odds in the money pool. Pari-mutuel betting in horse racing is involved in a two-step process.

One step involves the horse’s objective ability to win the race or place second or third. The next step involves the betting public at the horse track. The horse’s opinion (good or bad) can alter the price at post time for the race.