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Meaning of pari-mutuel

par•i-mu•tu•el

Pronunciation: (par"i-my'ch-ul), [key]
— n.
  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 calledan electronic machine that registers bets in parimutuel betting as they are made and calculates and posts the changing odds and final payoffs.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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