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What is a pari-mutuel?

What is a pari-mutuel? Here are some definitions.

Noun
  1. (horse racing) Any betting system in which all bets of a particular type are placed together in a pool; taxes and a house take are removed, and payoff odds are calculated by sharing the pool among all placed bets. [from 19th c.]
  2. A booth used to place such bets, or a machine used to record bets and calculate payoffs. [from 19th c.]
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The state's official pari-mutuel provider handles wagering on Thoroughbreds, Standardbreds, and greyhounds.
Five years from now, every jurisdiction that has pari-mutuel wagering will have some kind of account wagering as part of its program.
It's been that way for more than a century and will probably continue as long as pari-mutuel wagering on anything continues.
It only accepts live telephone pari-mutuel wagers from high-volume customers to whom the company offers rebates.
The other two pari-mutuel facilities in Broward County are Hollywood Greyhound Track and Dania Jai Alai fronton.
We've moved from a pari-mutuel form of betting on sport, to a fixed-odds betting form.

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