Abstract: The pari-mutuel gaming system includes an account mechanism for establishing a player's account and a common player pool account. A dynamic paytable which is changeable for each individual play of the game advises the player of the exact amount of currency for all possible winning outcomes of the play to heighten the level of interest of the player. A payout device determines if a winning outcome is achieved for an individual game play, and transfers an award corresponding to the winning outcome from common player pool account to the player's account at the conclusion of the individual game play.