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In the field of sports betting, parimutuel odds differ from fixed odds in a number of ways. First, in parimutuel betting, the final payout is not determined until the race is complete and the betting pool closes. In fixed odds betting, the payout is known when the bet is made. Second, parimutuel betting is typically state-regulated and available in places where sports gambling is illegal. Third, in many places, this type of betting is offered at facilities known as "off-track" where players can bet on an event even without being physically present.

Lastly, in a parimutuel betting system, the house commission is fixed. In other words, you can't lose if you bet on a favorite that has a small percentage. On the other hand, if you bet on a long shot, you'll end up with a much higher payout than if you'd bet on an underdog. Regardless of how you choose to make your bets, there are certain rules that should be followed.

First, the definition of parimutuel betting differs from the Singaporepool odds in conventional betting. Parimutuel betting requires all money wagered in the betting pool be paid out to the winners. The money in the pool is then deducted for taxes, the horses, and the track, with the remaining amount to be distributed to the winners. Consequently, the house's retention must be the same no matter what horse wins the race.