parimutuel

par·i-mu·tu·el also par·i·mu·tu·el  (pr-mych-l)

n.

1. A system of betting on races whereby the winners divide the total amount bet, after deducting management expenses, in proportion to the sums they have wagered individually.

2. A machine that records such bets and computes the payoffs.

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[French : pari, wager (from parier, to wager, from Latin parire, to settle a debt, from pr, par-, equal; see per-² in Indo-European roots) + mutuel, mutual (from Old French; see mutual).]

Thesaurus

Noun

1.

parimutuel - betting where winners share the total amount wagered wager, bet - the act of gambling; "he did it on a bet"