The pari-mutuel model is a betting scheme that has its origins in horse racing, and that has been applied in a number of contexts, mostly economics. In this paper, we consider the set of probability measures compatible with a pari-mutuel model, characterize its extreme points, and investigate the properties of the associated lower and upper probabilities. We show that the pari-mutuel model can be embedded within the theory of probability intervals, and prove necessary and sucient conditions for it to be a belief function or a minitive measure. In addition, we also investigate the combination of dierent pari-mutuel models and their denition on product spaces.