Totalizator

Part of speech: noun

Definitions

1. A machine or system that records all bets placed on a race and calculates the payouts ; an organization that runs pari-mutuel wagering at racetracks
2. An automated device that tallies every wager made on an event and works out the odds ; the business or operation that manages such pari-mutuel betting
3. Equipment that totals the stakes wagered on a contest and determines the returns for winners ; the company or agency that operates this form of parimutuel gambling

Etymology: The name is a modern coinage. It combines the English word "total" with the agent suffix "-ator," so it literally means something that totals. It was created for a machine invented by the Australian engineer George Julius, a mechanical device that pooled bets on horse races and calculated the payouts automatically, replacing the slow and error-prone arithmetic of human tellers. The first working installation was at Ellerslie Racecourse in Auckland, New Zealand. Commonwealth writers often spell it "totalisator," while American usage favours "totalizator." The term is a technical name for a specific invention rather than an older word given a new sense, so its history is tied closely to the machine itself.

Synonyms: totalisator, tote