Parimutuel betting, also known as pool-betting, is a unique form of betting without fixed odds. Wagers are placed against other participants in a PVP fashion, rather than against a bookmaker. All wagers go into a pool, which is shared by those who make the correct prediction. Payouts are a function of the number of participants and the percentage of correct wagers. Predicting payouts in advance can be difficult. Due ability of this architecture to protect the house, parimutuel markets are promising for DeFi applications. Thales and Hxro are two examples of projects that are implementing parimutuel markets.
