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