parimutuel /(păr`ĭ*mū"cho͡o*ŭl)/

par·i·mu·tu·el

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.