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pari-mutuel

[par-i-myoo-choo-uh l] /ˌpær ɪˈmyu tʃu əl/
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.
Origin
1880-1885
1880-85; < French: literally, mutual bet
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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British Dictionary definitions for parimutuel

pari-mutuel

/ˌpærɪˈmjuːtjʊəl/
noun (pl) pari-mutuels, 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
Word Origin
C19: from French, literally: mutual wager
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition
© William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Word Origin and History for parimutuel

pari-mutuel

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).

Online Etymology Dictionary, © 2010 Douglas Harper
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