Rent-seeking contests can have different rules for designating the successful rent seeker. We have investigated the case where the rule is that the successful rent seeker is the contender who has made the greatest outlay in the rentseeking quest (Hillman and Samet, this issue). It is well-known that for such contests there exists no Nash equilibrium in pure strategies (i.e., contenders choosing outlays as strategies). We show however that there does exist a unique equilibrium in mixed strategies. The equilibrium has the characteristic that the expected value of outlays made by the rival contenders equals the value of the prize being contested, without regard for the number of contenders. Hence, for any number of contenders, rent dissipation is expecta