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.
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.

1880–85; < French: literally, mutual bet Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
pari-mutuel (ˌpærɪˈmjuːtjʊəl)
n , pl pari-mutuels, paris-mutuels
a.  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
 b.  (as modifier): the pari-mutuel machine
[C19: from French, literally: mutual wager]

Collins English Dictionary - Complete & Unabridged 10th Edition
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Word Origin & History

1881, from Fr. pari-mutuel "mutual wager," from pari "wager" (from parier "to bet," from L. pariare "to settle a debt," lit. "to make equal," from par, gen. paris, "equal") + mutuel "mutual," from L. mutuus (see mutual).
Online Etymology Dictionary, © 2010 Douglas Harper
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