parimutuel

n.

1.

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.

Noun

1.

parimutuel - betting where winners share the total amount wagered

bet, wager