What Does Parimutuel Mean? (Lottery Trivia Question 2010-09)

This week's Lottery Trivia Question is about Lottery Prize Winning Payouts in General.

Our Trivia Question #2010-09 is: 

Many Pick 3, Pick 4, and other lottery prizes are paid out on a parimutuel basis while some are stated as a fixed amount.

• What is a parimutuel Lottery Payout?
• How does it differ than fixed payouts?
• Are parimutuel payouts higher or lower than fixed payouts?

Enter your answer by leaving a Comment to this post below. Leave your name, and if you have a website or blog, provide it's URL and name.

We will provide the correct answer next Monday, May 17th, and will post your name and a URL link back to your site.

JL.........