Are you new to the horse racing betting world? You might be wondering what Tote betting is as punters frequently use this term. Saddle up! Our article will clear any doubts about Tote betting and equip you with the information you need to make an informed decision and place this bet.
What is Tote Betting?
Tote betting is quite popular among punters who dabble in horse racing bets, but it differs from traditional fixed-odds betting. On the surface, it’s like the lottery where punters bet on their selection to claim a portion of the prize pool, but there’s more to it. Simply put, a Tote bet is a type of wager where punters place their money into a collective betting pool for a horse race.
However, the bet is placed in a cumulative pool of prize money, with no fixed odds return. Whoever accurately predicts the outcome, wins and gets a percentage of this pot as the winning shares are equally divided. Your payout increases if fewer people bet on the winning horse, whereas if many bettors choose the same horse, the winnings are shared, resulting in a smaller payout per person.
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How Does Tote Betting Work?
When you visit a racecourse, you will notice the Tote screens displaying the changing odds of an upcoming race. These odds keep fluctuating right until the race starts as they depend on the total amount invested in each horse or competitor. Select the horse you want to bet on and place your wager into a pool fund.
Remember that payouts are determined after the race, based on the total bet amount for each outcome. For instance, let’s assume that there are three horses in a race. The total amount bet on each horse is H1: £500, H2: £100, and H3: £400.
All bets placed on the horses are combined in a single pool which amounts to £1000 here. The Tote deducts a commission from this total pool. Let’s assume it’s 10% so that leaves £900 in the pool for distribution.
If H2 wins, the total pool (£900) is divided by the total amount bet on H2 (£100), resulting in a payout of £9 per £1 staked. This means a £1 bet on H2 would return £9, including the original stake.
Types of Tote Bets
There are various types of Tote bets available, so let’s take a look at some of the popular ones:
Simple Bets
- Tote Win Bet: Select the horse you think will win the race and bet on it.
- Tote Place Bet: You bet on a horse which will place in the race and the position it will finish.
- Tote Each-Way Bet: You place bets on whether your chosen horse will win or place in the race.
Single-Race Bets
- Exacta: You bet on the first and second-place finishers in the correct order in that race.
- Trifecta: You bet on the first, second, and third-place finishers in the correct order in that race.
- Swinger: You bet on two horses to finish in the top three places in any order.
Multi-Race Bets
- Quadpot: You place bets by picking four horses from four different races to place at that race meeting.
- Placepot: It’s just like the quadpot but covers six races and requires six selections—instead of four—at that race meeting.
- Jackpot: This requires you to pick the winners—instead of places—of each of the six races.
- Scoop6: You choose the winners of six races from a selection of prestigious Scoop6 meetings held on Fridays or Saturdays.
Advantages of Tote Betting
When it comes to Tote betting there is a potential for higher payouts. As we have mentioned before, payouts are determined after the race based on the total bet amount for each outcome. Also, depending upon the number of bettors, the total pool prize also increases, which in turn increases the payouts.
Disadvantages of Tote Betting
In Tote betting, you can estimate the payouts, but they are not fixed. You never know the amount you might win until the race is over. When a lot of bettors particularly favour a horse, and if that horse wins, then there is a decrease in the payouts which ultimately, reduces your potential winnings.
Common Questions about Tote Betting
How Are Odds Determined in Tote Betting?
In Tote betting, odds are determined by the total amount wagered on each horse or outcome.
What Happens If There Are Multiple Winners?
In the case of multiple winners, the prize pool is equally divided amongst them, which lowers the individual payout.
Can You Place Tote Bets Online?
Yes, you can place Tote bets online as there are quite a few betting sites that provide Tote betting options for punters.
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Betting is only available to participants above 18 years. Please bet responsibly. BeGambleAware.org