Pari-Mutuel Pool Law and Legal Definition
Pari-mutuel pool means the total amount of money wagered in a horse race. Those persons who bet on the winning competitors share the total amount in the pari-mutuel pool or betting pool, and a small percentage goes to the management. It is a popular method of betting on horse races. At present the betting pools are calculated by computers and flashed at regular intervals to the public.
The following is an example of a state statute (Oklahoma) which defines the term ‘Pari-mutuel pool’ :
According to 3A Okl. St. § 200.1.(11), "Pari-mutuel pool" means “the total money wagered by individuals on any horse or horses in a particular horse race to win, place, or show and held by the organization licensee pursuant to the pari-mutuel system of wagering. There is a separate pari-mutuel pool for win, for place, for show, and for each multiple combination of betting approved by the Oklahoma Horse Racing Commission”.