pari-mutuel
Noun
Meaning
(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.]
Source: en.wiktionary.orgSynonyms
Examples
Michigan law allows for commercial and tribal casinos, the state lottery, and pari-mutuel wagering at horse tracks — which, because of gambling competition, is down to a single horse track in Northville after eight others closed over the past 20 years.
Specifically, two new sections were added to Chapter 4 on regulations governing sports pools, race books and pari-mutuel wagering.
The legislation will waive the state’s excise tax on live pari-mutuel wagering for the event.
Valley Race Park was the first greyhound track in Texas to accept Pari-Mutuel wagering.
Only two more days of live pari-mutuel horse racing remain on the 2016 schedule at the Gillespie County Fair Grounds following this past weekend’s Gillespie County Race Meet.