pari-mutuel


pari–mu·tu·el

noun \ˌper-i-ˈmyü-chə-wəl, -chəl, ˌpa-ri-; -ˈmyüch-wəl\

Definition of PARI-MUTUEL

1
:  a betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management
2
:  a machine for registering the bets and computing the payoffs in pari-mutuel betting

Origin of PARI-MUTUEL

French pari mutuel, literally, mutual stake
First Known Use: 1881

pari-mutuel

noun    (Concise Encyclopedia)

Betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management. First introduced in France c. 1870, it soon became one of the most popular methods of betting on horse races internationally. Today computers calculate betting pools and current odds on each horse and flash the figures to the public at regular intervals. The system is used largely for off-track betting. Pari-mutuel betting is also practiced in dog racing and jai alai.

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