pari-mutuel

noun2

1. •
   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.
2. •
   A booth used to place such bets, or a machine used to record bets and calculate payoffs.

   • The Italian were full of manners and McAdams talked to Catherine while we went down to bet again. Mr Meyers was standing near the pari-mutuel. — 1929