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    Britannica Premium: Serving the evolving needs of knowledge seekers. Subscribe Now. Learn More in these related Britannica articles: lottery. Lottery , procedure for distributing something usually money or prizes among a group of people by lot or by chance.

    The type of lottery considered here is a form of gambling in which many people purchase chances, called lottery tickets, and the winning tickets are drawn from a pool composed of….

    Horse racing , sport of running horses at speed, mainly Thoroughbreds with a rider astride or Standardbreds with the horse pulling a conveyance with a driver.

    These two kinds of racing are called racing on the flat and harness racing, respectively. Some races on the flat—such as steeplechase, point-to-point, and hurdle….

    Only the goalkeeper is permitted to handle the ball and may do so only…. History at your fingertips. Sign up here to see what happened On This Day , every day in your inbox!

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    Please take a moment to check it out here. Tee-off in this fantastic free golf game for real courses, real-time multiplayer duels, tournaments and our unique Golf Royale mode!

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    It thus guarantees that the organizers will make a profit no matter what the outcome, and it also has the effect of achieving very large payouts in proportion to the wagered amounts in situations where a single bettor or a very small number of bettors have guessed or anticipated the right outcome.

    Payouts have on occasion been one million or more times the original bet. The pool method was invented in by Joseph Oller — , a French impresario and part-time bookmaker.

    He also solved the problem of the time-consuming work of dividing the prize money among the winners in proportion to the size of their wagers by inventing a mechanical machine, the compteur totalisateur , to perform the necessary calculations.

    Oller obtained a patent on his machine in and subsequently improved it through three additional patents.

    During the early 20th century, it rapidly spread to other forms of organized sports betting. Info Print Cite. Submit Feedback.

    Thank you for your feedback. The Editors of Encyclopaedia Britannica Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree See Article History.

    Britannica Premium: Serving the evolving needs of knowledge seekers. Subscribe Now. Learn More in these related Britannica articles: lottery.

    Lottery , procedure for distributing something usually money or prizes among a group of people by lot or by chance. To do so, we sometimes share your data with selected partners.

    You can accept or decline by clicking on the buttons below, or by visiting at any time the Privacy Settings. For more information please visit our Privacy Policy and Cookie Policy.

    We've recently updated our Privacy Policy and it contains important information about your data and how we use it to provide you the best experience.

    Please take a moment to check it out here. Tee-off in this fantastic free golf game for real courses, real-time multiplayer duels, tournaments and our unique Golf Royale mode!

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