Pronunciation: (par"i-myOO'chOO-ul),[key] —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 parimu'tuel machine'. an electronic machine that registers bets in parimutuel betting as they are made and calculates and posts the changing odds and final payoffs.