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I have seen it done with 20 fishbowls (or the like)... you buy a ticket for a dollar or whatever, and put your ticket into one of the fishbowls that correspond to the horses. Then split up the pot in some fashion, based on the outcome. Easiest is to split the pot into 6 pieces, and draw 3 from the winning runner's bowl, 2 from the second place runner's bowl, and one from the third place runner's.
It works out to imply the same sort of pari-mutuel betting as the real thing... there should be 10-20 tickets in for the favorite, but only one or two for a longshot. If there are 90 total tickets, you can award $15 to each of 6 winners, and if you were the only person to put in a buck on a longshot that came in, you're a guaranteed winner. If you picked the favorite along with others, you have a lesser shot at a payoff.
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