parimutuel

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CIDE DICTIONARY

parimutuel, 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]

For further exploring for "parimutuel" in Webster Dictionary Online

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