Main Entry: pari–mu·tu·el

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

Function: noun

Etymology: French pari mutuel, literally, mutual stake

Date: 1881

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