The term 'pari-mutuel' is a type of betting system in which all bets are placed into a pool and the winners are determined by the amount of money wagered. This system is used in many forms of gambling, including horse racing, greyhound racing, and jai alai. The term is derived from the French phrase meaning 'betting among ourselves'. In this system, the house does not take a cut of the winnings, so the payouts are usually higher than other forms of betting.