/par'i myooh"chooh euhl/ , n.
1. a form of betting and of handling the betting on horse races at racetracks, in which those holding winning tickets divide the total amount bet in proportion to their wagers, less a percentage for the management, taxes, etc.
2. Also called parimutuel machine . an electronic machine that registers bets in parimutuel betting as they are made and calculates and posts the changing odds and final payoffs.
[ 1880-85; ]