parimutuel(s)

A form of wagering originated in 1865 by Frenchman Pierre Oller in which all money bet is divided up among those who have winning tickets, after taxes, takeout and other deductions are made. Oller called his system "parier mutuel" meaning "mutual stake" or "betting among ourselves." As this wagering method was adopted in England it became known as "Paris mutuals," and soon after "parimutuels."