pari-mutuel
noun
pari-mu·tu·el ˌper-i-ˈmyü-chə-wəl 
-chəl,
ˌpa-ri-;
-ˈmyüch-wəl
1
: a betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management
2
: a machine for registering the bets and computing the payoffs in pari-mutuel betting
Word History
Etymology
French pari mutuel, literally, mutual stake
First Known Use
1881, in the meaning defined at sense 1