The Pari-mutuel system has been in existence since its development in 1870s, Pari Mutuel is a French word for mutual betting and thus, originated from France. This system was made first for betting games such as horse racing, jai alai and even sporting events. In this system (talking about its original intent), the money or bet are pooled. After deducting the commission or house take of the operating company, the payoff odds are then calculated after which the pool is divided equally to the winners.
This same system is basically applied to every lottery game in the world. In lottery terms, if the winning combination has more than one winning ticket holder, then the prize will be split equally to the winners.
There are lots of matrices in lottery games and it varies by state. These are the 6/55, 6/45, 6/49 and so on. These matrices indicate that the player must choose six different numbers from 1 to 55 for the 6/55 matrix and so on. The more number of choices, the more combinations available and the chances of winning decreases. This is a feature in most grand or major lottery games.
How is it beneficial for lottery players?
For lottery players, this system is beneficial especially in the long run. First, for every major lotto draw with no winner, the ticket sales are pooled and portions of it are added to the previous jackpot price and hence, the amount of jackpot prize will increase until a winner is lucky enough to match the winning combination. Since there are many people taking chances in lottery games due to the huge jackpot prize, more money from ticket sales are pooled.
With so many combinations to make, there is a slight chance that two or more people will use same winning number combinations. Nevertheless, even if two or more winners match the winning combination, the jackpot prize will still be huge enough.
Some examples of Pari mutuel lotteries
There are several major lotteries all over the world who are utilizing this system. Examples are as follows:
1. Euro Millions
Europe’s most popular lottery, a transnational game that includes eight participating European countries such as Austria, Belgium, France, Ireland, Luxembourg, Portugal, Spain and Switzerland. The Euro Millions lottery has 13 prize divisions. Due to the pari-mutuel, the lottery has no fixed prizes and are dependent on the ticket sales for that week. The highest jackpot prize won in this lottery is more than €185 million and it happened in July 2011.
2. German Lotto 6/49
This is a 6/49 matrix lotto having as much as €2.8 billion as cash prize per annum and considered as one of the richest lottos in the world. Lotto draws are held twice weekly, every Wednesday and Saturday. The largest recorded jackpot was €45,382,458 in December 2007, but the winnings were split to the three winning tickets.
The German Lotto is among the largest lotteries in Europe and around the world that guarantees a payout of $45 million every week. But even if you live outside Germany, you can still buy German lotto tickets online through a credible lottery entry service and participate.
3. Italian Superenalotto
This is a pari-mutuel lottery where in the amount of jackpot is decided by the number of tickets that are sold. Of the overall lottery revenue, around 35% is allocated towards the prize money, which is further divided into different prizes including the jackpot. Today, you can buy SuperEnalotto tickets online and play to win the massive jackpots from anywhere.
This is a lotto game offering €27 Billion annually. The highest jackpot ever recorded was €177,729,044.00 won on October 30, 2010