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Way back in 1865 when a bookmaker asked his Parisian perfume maker friend to formulate a betting system that is fair and assures a profit for bookmakers, Parimutuel betting came into being. Today Parimutuel betting stands for that particular kind of betting system the bettors pool their money together for a common fund to gamble on events like horse racing, greyhound racing and other sporting events where the outcome is announced in a short time and the participants get a ranked finish. Once the outcome is known, house tax or vigorish is deducted and the winning bettors get a payout from the shared money pool according to the odds they placed. Although in some lottery games a modified version of Parimutuel betting is sometimes used, generally this betting system is confined mainly to sports events. As a matter if fact, Parimutuel betting is regulated by the state and is thus allowed even where gambling is not legalized.

Parimutuel betting offers either straight bets such as win, place and show or exotic bets like quinella, exacta, trifecta, superfecta, box, double, triple and sweep. When a player is laying wager for win, he is betting on the horse that would finish first, if his wager is for place, he is betting on which horse would finish first or second and when the stake is put on show, the bettor is picking on the horse that would finish either first, second or third. If a bettor is playing for exotic bets and lays a wager for quinella, he names two horses that would finish first and second without specifying which. For placing exacta, trifecta and superfecta bets, the player has to name respectively two, three and four horses and specify the order in which they would be ranked at finishing line. When a player names winners of two or three or four successive races, he stands to win double, triple or sweep wagers.