pari-mutuel

noun

1. a form of betting and of handling the betting on horse races at racetracks, in which those holding winning tickets divide the total amount bet in proportion to their wagers, less a percentage for the management, taxes, etc.
2. Also called parimutuel machine. an electronic machine that registers bets in parimutuel betting as they are made and calculates and posts the changing odds and final payoffs.

noun plural pari-mutuels or paris-mutuels (ˌpærɪˈmjuːtjʊəlz)

1. 1. a system of betting in which those who have bet on the winners of a race share in the total amount wagered less a percentage for the management
   2. (as modifier)the pari-mutuel machine

1881, from French pari-mutuel “mutual wager,” from pari “wager” (from parier “to bet,” from Latin pariare “to settle a debt,” literally “to make equal,” from par, genitive paris, “equal;” see par) + mutuel “mutual,” from Latin mutuus (see mutual).