par`i*mu"tu*el(pr`*m"ch*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]
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Mon 17th December 2018