noun

1. a system of betting on races in which those backing the winners divide, in proportion to their wagers, the total amount bet, minus a percentage for the track operators, taxes, etc.
2. a machine for recording such bets and computing payoffs; totalizator

Etymology: Fr pari mutuel < pari, a bet (< parier, to bet, orig., to equalize < LL pariare, to make equal < L par: see par) + mutuel, mutual