California lotto has pari-mutuel betting. What does that mean in terms of prize money?

Question

If I were to somehow win the jackpot or even the $250,000 prize, would I only get a small fraction of it? How would that work? Any estimated figures would be appreciated. Thanks

Answer 1

Para-mutual betting means that the more money is bet then the larger the prize fund.  This is what they use at horse races also.  If you win the jackpot, you would win the amount of the jackpot (spread out over payments or you could take a lump sum which is discounted.)

Answer 2

It's a "tote" like system, so the higher the number of people who have bet the winner, or who have the winning bet, the lower the return would be. It's impossible to give you an estimation because of this - you don't actually know what your bet will return until after the event.

You can learn more at:

http://www.OnlineBettingExposed.com