pari–mutuel
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noun
pari–mu·tu·el
\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
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