Pari-Mutuel Horse Racing Betting Explained - What is Pari Mutuel?
Pari-mutuel betting is the most common form of horse racing betting. The term actually originated in France, and literally translates “to wager amongst ourselves”. Unlike most other forms of betting, the odds are not fixed.
Last checked
Rather than placing a bet against the race track, like one would with a bookie, horse racing bettors are wagering against each other. For this reason, the payouts on a single wager could range anywhere from less than the actual amount wagered, to astronomical amounts.
A horse racing track takes a minimal commission from all wagers as a fee for handling horse racing bets. It does not collect anything else when a bettor loses.
Interestingly enough, many areas of the world have criminalized all forms of gambling except for pari-mutuel wagering.
Sportsbooks that take US bets and publish their sign-up terms
These books accept US customers and state the rollover attached to the sign-up offer. Free-bet offers and deposit matches are listed on the same basis so the numbers are comparable line by line.
- 1
BetOnline 9.6Online since 2001 · Sportsbook + poker + casino · Crypto · 3–5 min
Crypto acceptedSportsbookPoker roomFrom $20Panama Gaming Control Board licenceSports welcome: 50% free bet up to $250Minimum deposit $20 · Code FREE250Bonus detail
Welcome offer Sports welcome: 50% free bet up to $250 Minimum deposit $20 Bonus code FREE250 Withdrawals Crypto · 3–5 min Licence Panama Gaming Control Board Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
Typical withdrawal: Crypto · 3–5 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- Sportsbook, poker room and casino share one balance
- Welcome offer triggers from a $20 deposit
- Trading since 2001, one of the longest US-facing records
Watch for- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- Offer only applies if the code FREE250 is entered on deposit
- 2
BetUS 9.3Online since 1994 · Sportsbook + casino · Crypto · 0–1h
Crypto acceptedSportsbookFrom $100Curacao licenceSports welcome: 125% up to $2,500 (100% sportsbook + 25% casino)Wagering 14x sports · Minimum deposit $100 · Code JOIN125Bonus detail
Welcome offer Sports welcome: 125% up to $2,500 (100% sportsbook + 25% casino) Wagering 14x sports Minimum deposit $100 Bonus code JOIN125 Withdrawals Crypto · 0–1h Licence Curacao; Comoros Gambling License Authority Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
Typical withdrawal: Crypto · 0–1h. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
- Trading since 1994, one of the longest US-facing records
- Headline offer runs to $2,500
Watch for- Needs $100 in to claim the welcome offer
- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- 3
Bovada 9.0Online since 2011 · Sportsbook + poker + casino · Crypto · 10–15 min
Crypto acceptedSportsbookPoker roomFrom $10Curacao licenceCrypto sports welcome: 75% up to $750 with a 5x rolloverWagering 5x · Minimum deposit $10 · Code BTCSWB750Bonus detail
Welcome offer Crypto sports welcome: 75% up to $750 with a 5x rollover Wagering 5x Minimum deposit $10 Bonus code BTCSWB750 Withdrawals Crypto · 10–15 min Licence Curacao Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 2
Typical withdrawal: Crypto · 10–15 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- Sportsbook, poker room and casino share one balance
- Welcome offer triggers from a $10 deposit
Watch for- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- Offer only applies if the code BTCSWB750 is entered on deposit
- 4
SportsBetting.ag 8.6Online since 2003 · Sportsbook + poker + casino · Crypto · 10–15 min
4 cryptocurrenciesSportsbookPoker roomFrom $50Panama Gaming Control Board licenceSports welcome: 50% up to $250 in free bets plus 100 free spinsMinimum deposit $50 · No code neededBonus detail
Welcome offer Sports welcome: 50% up to $250 in free bets plus 100 free spins Minimum deposit $50 Bonus code None required Withdrawals Crypto · 10–15 min Licence Panama Gaming Control Board Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 4
Typical withdrawal: Crypto · 10–15 min. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Banks in 4 cryptocurrencies, so withdrawals clear in minutes
- Sportsbook, poker room and casino share one balance
- Trading since 2003, one of the longest US-facing records
Watch for- Needs $50 in to claim the welcome offer
- No free spins attached to the welcome offer
- 5
Sports welcome: 100% up to $200 (crypto) / 50% up to $200 (card)Wagering 10x · Minimum deposit $45 · Code XBCRYPTO100Bonus detail
Welcome offer Sports welcome: 100% up to $200 (crypto) / 50% up to $200 (card) Wagering 10x Minimum deposit $45 Bonus code XBCRYPTO100 Withdrawals Crypto · instant Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 1
Typical withdrawal: Crypto · instant. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
Watch for- Needs $45 in to claim the welcome offer
- No free spins attached to the welcome offer
- Short coin list — crypto limited to the majors
- 6
MyBookie 8.0Online since 2014 · Sportsbook + casino · Crypto · 0–1h
3 cryptocurrenciesSportsbookFrom $50Sports welcome: 100% up to $1,000Wagering 10x · Minimum deposit $50 · Code MYB100Bonus detail
Welcome offer Sports welcome: 100% up to $1,000 Wagering 10x Minimum deposit $50 Bonus code MYB100 Withdrawals Crypto · 0–1h Banking
Deposit routes: Crypto, Card, Wire
Cryptocurrencies supported: 3
Typical withdrawal: Crypto · 0–1h. Card and wire payouts run to several business days at every offshore book, which is why the crypto rail is the one we time.
Pros and cons
What works- Crypto cashier for same-day withdrawals
- One account covers the sportsbook and the casino
Watch for- Needs $50 in to claim the welcome offer
- No free spins attached to the welcome offer
- Offer only applies if the code MYB100 is entered on deposit
Advertising disclosure. Links marked “Visit” are commercial and we may be paid when you open an account through them. That does not change the order above: it follows the offer terms, the banking and the operating record. 21+ only. Gambling should be entertainment, never income — if it stops being that, call 1-800-GAMBLER.
How Pari-Mutuel Horse Racing Betting Works
Simply put, all bets on a particular horse race are pooled together. The more bets that are made, the larger the pool becomes. All bettors who win their wagers will share in the overall prize pool.
The more common a bet is among those who bet on the race, the lower the payout for that wining bet will be. For example, 100 bettors place wagers on a specific horse race. 40 of them win their wagers. 20 of those winning wagers were all wagers on the same horse to win. That’s half of the overall bets, therefore they would receive a smaller portion of the overall prize pool.
Now let’s say two bettors won a trifecta bet, involving 3 horses to win, place and show in exact order. These two bettors would receive a much larger portion of the prize pool because 1) it was a more complicated bet to win, and 2) only two bettors won this particular wager, splitting a larger portion of the pool between themselves (as opposed to splitting a portion between 20 bettors).
For obvious reasons, the more complicated a bet is, the higher the payout will be. It is hard to say exactly how the pool will be divided, because it depends on the favoritism of one horse over another. When a favored horse wins, more bettors are likely to have wagered on it. When a long-shot wins, more bets are lost, and fewer bettors win. The less bettors that actually win, the higher the payouts become for each winner.
The odds and probable payouts are calculated incessantly up until the closing of bets on a race. Each time a new pari-mutuel horse racing bet is made, recalculation occurs. Considering bettors can place wagers over at the track, over the phone or from the internet, recalculations are generally a constant.
It is important to understand that the odds given at the time you purchase a horse racing betting slip may change, minimally or drastically, by the time the race actually begins. That’s why they are called “probable odds”, because at the moment that you made the wager, that was the expected payout.
Pari-Mutuel Horse Racing Betting Tip
Pari-mutuel horse racing betting is best done on a personal level; at the track, over the phone or via internet. Remember that the race track is going to take a small cut as commission. Pari-mutuel horse racing betting done through a live bookie will result in another cut being taken out.