pari-mutuel

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

First Known Use of pari-mutuel

1881, in the meaning defined at sense 1

History and Etymology for pari-mutuel

French pari mutuel, literally, mutual stake

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The first known use of pari-mutuel was in 1881

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