What is "parimutuel"

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.

n. betting where winners share the total amount wagered