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pari-mutuel

par·i-mu·tu·el

pari-mutuel

 
pronunciation:
pae ri myu chu l
part of speech: noun
definition 1: a system for betting on horse races, in which the winnings are paid from the total amount bet, minus taxes and management expenses.
definition 2: a machine that records the bets in this system and calculates the odds and the amount of payoff that winners receive.