Tote betting is a type of pool betting on horse racing. Every stake goes into a shared pool, the Tote takes a commission, and the rest is split between winning tickets as a dividend. Unlike fixed odds, you won’t know your exact return until the race is over. Below, we explain how tote betting works, what a tote bet pays, the main bet types from Win to Placepot, and when betting on the tote can beat fixed odds.
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. Short for totalisator, it is a form of pool or parimutuel betting. Simply put, Tote betting means a wager where punters place their money into a collective betting pool for a horse race, with no fixed betting odds.
Whoever accurately predicts the outcome wins and gets a percentage of this pot, in proportion to each winning stake. 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.
What is the Tote?
The UK Tote was established in 1928 under government oversight. Winston Churchill played an important role in its creation. It aimed to provide a safer, regulated betting environment during that era. It was initially managed by the Racehorse Betting Control Board and began taking bets at racecourses in 1929.
Today, it’s operated by the UK Tote Group, which continues its legacy as the leading pool betting operator in the UK and Ireland. Customers can place bets on the Tote on course during race meetings or online.
How Does Tote Betting Work?
When you visit a racecourse, you will notice the Tote screens displaying the approximate dividends of an upcoming race. They 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, and these deductions vary by pool type. Let’s assume it’s 10% for this example only. 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 £9 dividend per £1 staked. This means a £1 bet on H2 would return £9, including the original stake.
How Tote Dividends Work
Dividends are calculated per £1 stake and include your original stake. Before the race, screens display approximate dividends. But note that the final amount is only declared after the result is official, as late bets often change the payout.
Deductions
Before dividends are paid out, a share of each pool is deducted to cover operational costs. The deduction rate varies based on the bet type. Please check the specific rules for each pool before betting to understand how much will be taken.
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
- Win Bet: Select the horse you think will win the race and bet on it.
- Place Bet: You bet on a horse which will place in the race.
- Each-Way Bet: You place each-way bets on two equal stakes, one on the win pool and one on the place pool. The bet wins if the chosen horse wins or places.
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.
Multi-Race Bets
- Quadpot: You bet by picking four horses from four different races, usually the final four races (3-6) at a single 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.
How the Placepot Works
The Placepot is the UK’s most popular Tote bet. You simply pick a horse to place in each of the first six races of the UK horse racing fixtures. The cost equals the number of lines multiplied by your unit stake. For instance, let’s assume that you select two horses in Race 1, two in Race 2, one in Race 3, one in Race 4, two in Race 5, and one in Race 6.
Now, you have 2 × 2 × 1 × 1 × 2 × 1 = 8 lines. So, for a £1 unit stake, this bet will cost £8. Note that Placepot bets cost at least 10p per line, with a minimum total of £2 on-course or 50p online. Meanwhile, place terms follow official rules:
| Runners | Race Type | Places that Count |
| 2 to 4 | Any | 1st only |
| 5 to 7 | Any | 1st and 2nd |
| 8 to 15 | Any | 1st, 2nd, and 3rd |
| 16 or more | Non-handicap | 1st, 2nd, and 3rd |
| 16 or more | Handicap | 1st, 2nd, 3rd, and 4th |
Tote vs Fixed Odds
Fixed betting odds work differently than pool betting. Let’s understand the difference between the two.
| Feature | Pool Betting | Fixed Odds |
| When do you know your return | Only after the result is official | Immediately when you place your bet |
| What happens if the price moves | It affects your dividend | Your odds are locked |
| Typical value on favourites | Lower due to a high pool volume | Can be competitive |
| Typical value on outsiders | Higher if outsiders dominate the pool | Can be capped by bookmaker margins |
Note that betting on the Tote can sometimes pay more than fixed odds, especially if the outsider you bet on wins when there was heavy support for the favourite. However, nothing is guaranteed. So it’s better to compare both options before placing your bet.
Advantages of Tote Betting
- Dividends can beat fixed odds on less-fancied horses.
- You bet against other punters rather than a bookmaker, so there’s a level playing field with no risk of your odds being cut.
- The system is mathematically transparent, with a fixed percentage of deductions.
- There are no stake limits, allowing for bigger wagers.
Disadvantages of Tote Betting
- Well-backed favourites often pay less as the pool is divided among many winning tickets.
- You don’t know your final return until the race settles, and late money can shrink the dividend.
- No Best Odds guaranteed.
- No bet modification once placed.
Common Questions about Tote Betting (FAQs)
What Is a Tote Bet?
A Tote bet is a form of pool betting where all stakes are combined into a single pool. Winnings are distributed among successful bettors after a fixed deduction.
How Is a Tote Dividend Calculated?
Dividends are calculated per £1 stake and include your original stake. The final amount is only declared after the result is official, as late bets often change the payout.
Is the Tote Better Than Fixed Odds?
Tote can be better than fixed odds, as sometimes it can pay more, especially if the outsider you bet on wins when there was heavy support for the favourite. But please note that it’s not a guarantee.
What Happens to a Tote Bet if My Horse Is a Non-runner?
If a horse is withdrawn before final declarations, it’s a non-runner, and your bet is refunded. If it’s withdrawn after, it’s a loser, and your bet stands. Meanwhile, in a dead heat, the pool is shared between bets on the dead-heating horses.
Betting is only available to participants above 18 years. Please bet responsibly. BeGambleAware.org