Clue: System of betting in Lima, Peru – put off, losing plenty, initially (4-6)
Answer: PARI MUTUEL
Explanation: System of betting in Lima, Peru – put off, losing plenty, initially (4-6)
*(lima peru (p)ut) 
Parimutuel is similar to the Tote system of betting, where all the stakes are thrown into a pot, and the amount to be won determined from the value of the total pot.