SINCE 1828
pari-mutuel
noun
pari-mu·tu·el
| \ ˌper-i-ˈmyü-chə-wəl
, -chəl, ˌpa-ri-; -ˈmyüch-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
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