parimutuel \par`i*mu"tu*el\ (p[a^]r`[i^]*m[=u]"ch[=oo]*[u^]l),
n.
A form of betting where winners share the total amount
wagered, in proporation to their bets, and less a portion for
the management; -- used commonly in betting at horse racing
track. In parimutuel betting, the payoff for a bet does not
have fixed odds, but depends on the amount bet on each
outcome.
[WordNet 1.5 +PJC]