pari-mutuel
Pronunciation:
/ˌpaɹiˈmjuːtʃʊəl/noun
Definitions
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.
A booth used to place such bets, or a machine used to record bets and calculate payoffs.