- 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.
- A machine that records such bets and computes the payoffs.
Origin of pari-mutuelFrench : pari, wager (from parier, to wager, from Latin pari&amacron;re, to settle a debt, from p&amacron;r, par-, equal; see per&schwa;-2 in Indo-European roots) + mutuel, mutual (from Old French; see mutual).
- (horse racing) 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. [from 19th c.]
- A booth used to place such bets, or a machine used to record bets and calculate payoffs. [from 19th c.]
From French pari mutuel (“mutual bet").