pari-mutuel

American  

[par-i-myoo-choo-uhl] / 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.

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pari-mutuel British  

/ ˌpærɪˈmjuːtjʊəl /

noun

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

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Etymology

Origin of pari-mutuel

1880–85; < French: literally, mutual bet

Example Sentences

In California, prize payouts are “pari-mutuel,” with the amount changing depending on how many tickets are sold for that draw and how many winners are at the same level.

From Los Angeles Times

But racing interests say that HHR is not a game of chance but skill and is connected to a pari-mutuel hub.

From Los Angeles Times

If it is skill, and proved to be a pari-mutuel product, then the path to success is much easier.

From Los Angeles Times

The pari-mutuel firms’ latest petition before the U.S.

From Seattle Times

The pari-mutuel firms also sued DeSantis and leaders of the Florida Legislature, which authorized the compact, in a case pending before the Florida Supreme Court.

From Seattle Times