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