parimutuel
/ˌpɛrɪˈmjutʃuəl/
noun
- A betting system where all bets on a race or event are pooled together, and the winners share the total pool (minus a percentage for the operator).
- At the horse track, they use a parimutuel system to calculate payouts.
- Many gamblers prefer parimutuel betting because the odds change as more people place bets.
- The parimutuel at the dog race paid out more than expected because of a longshot winner.