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
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Merriam-Webster unabridged
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Time Traveler for pari-mutuel
The first known use of pari-mutuel was in 1881
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