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what does pari-mutuel horse race betting mean?

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I want to know that what does pari-mutuel horse race betting mean?

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  1. Bobmitchell
    Parimutuel betting (from the French language, Pari Mutuel or mutual betting) is a betting system in which all bets of a particular type are placed together in a pool; taxes and a house "take" or "vig" are removed, and payoff odds are calculated by sharing the pool among all winning bets. In some countries it is known as the Tote after the totalisator which calculates and displays bets already made.

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