parimutuel

A mutual bet; in France, a system of betting in which each bettor places a sum specified (on the horse or contestant he chooses) in a pool. Those who bet on the winners divide the stakes, less a small percentage for expenses. Usually in the plural, paris mutuels.

A form of betting where winners share the total amount wagered, in proporation to their bets, and less a portion for the management; — used commonly in betting at horse racing track. In parimutuel betting, the payoff for a bet does not have fixed odds, but depends on the amount bet on each outcome.

Any betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets.

A machine used to record bets and calculate payoffs.

betting where winners share the total amount wagered