pari-mutuel
noun
-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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