How Tote betting distincts from conventional betting ?
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Have you ever wondered what Tote betting is? Does it offer a better option for you than fixed odds betting? In this post, we will explore all you need to know about this betting option.
What is The Tote and how does Tote betting work?
The Tote is simply a way of betting without fixed odds. Instead of betting against a bookmaker, you bet against a group of other punters who also bet on the same market. This creates a pool of money, which is then shared (minus a small commission paid to the bookmaker or racecourse) amongst the winning selections for that race.
For example, if 1000 people each bet £10 on the Tote Win market, creating a prize pool of £10,000, and the bookmaker takes 5% of that pool (£500), that leaves £9,500 to be divided between the winners.
Out of that 1000 people, if 100 are winners, then they would be paid £950 each (as everybody bet £10).
However, in real life, people will bet different amounts, and as such, the amount they win is based on a dividend compared to a £1 bet. In the example above, the dividend would be £9.50 per £1 bet.
You can see that the number of winners, allied to the size of the prize pool and how many dividends they win based on their bet size, will determine your Tote betting win returns.
Are there different bet types available for tote betting?
Yes. While the win bet is amongst the most popular types of Tote bets, it is not the only bet available for this particular form of wager.
A list of popular Tote bets includes:
- Win
- Place
- Each-Way
- Exacta (two selections from the same race)
- Trifecta (three selections from the same race)
- Quadpot (four selections across four races)
- Placepot (six selections across six races)
Exacta and Trifecta bets are single bets made on the first two (Exacta) or three (Trifecta) horses finishing in the race in the correct order.
Quadpot and Placepot bets are four or six-selection bets made on races 3-6 in the case of a Quadpot bet, or races 1-6 in the case of a Placepot bet at a particular meeting. A bet is successful if the punter correctly selects one horse in each race that finishes in the paying places for that race.
Does Tote betting offer better payouts than fixed odds betting?
That is an important question, and in truth, the answer is that tote betting can offer better payouts than fixed odds for the same bet. But that is not always the case and there are many times when fixed odds offer better returns than Tote bets.
Tote bets tend to offer significantly better returns when a race generates a decent prize pool and there is a surprise winner. In such cases, the unit return on the Tote will often mean significantly higher returns than for the fixed odds market.
However, when the opposite is true, and a firm favourite wins the race, then it is more likely that a fixed odds bet will offer a better return for the punter. Especially if they can access benefits like an Odds Boost or Enhanced Odds on that selection.
Most bookmakers that offer Tote betting will display the estimated unit return for each selection in a race, which means you can judge whether the Tote is likely to offer better value, or the odds price currently available with the bookmaker.
Do online betting sites offer Tote betting to customers?
Yes, several online betting sites offer Tote betting options to customers.
Bet365 Sport and William Hill are examples of such sites, but you can also find Tote betting on other sites such as Coral, Ladbrokes, and Betway.
You will find Tote betting options available most often on Horse Racing and Greyhound racing markets.
There is also a dedicated Tote betting site available online that only offers tote betting to customers.
Tote betting is also very popular at racecourses throughout the UK and Ireland where any profits made from Tote betting at a particular course, are invested back into the racecourse.
Key things to remember about Tote betting
- You are betting into a pool comprising of all other bets made on that same market with the Tote (for example, the to win the race market).
- Tote Bets do not offer odds.
- If your Tote Bet wins, you are paid out as a dividend (or unit) of the pot for that bet.
- The Tote organiser takes a small percentage of the total pot as their profit.
- Your winnings are based on the size of each dividend based on the prize pool and how many of the dividends your initial bet was worth.
- A Tote Bet Dividend is always calculated to a £1 stake.
- How many dividends you receive depends on the size of your bet : for example, a Tote Bet result dividend quoted as £10 for a win bet and you had placed a £5 Tote bet on the winning selection, your bet is valued at five units. Five units each paying £10 would mean you would win £50 from your Tote Bet.
- The amount of money in the pot determines the prize pool for the race and the dividend size is decided by how many winning bets were made on that selection for that race.
- The more money in a Tote Pot (or Pool) and the fewer winning dividends there are, the greater the value of each dividend will be.
- Tote Bet winning returns can offer better value than fixed odds on some events, but on others the odds offered by bookmakers will offer better value.
- Win, Place or Each Way bets are Tote bets as well as multiple selection bets such as an Exacta (2 selections), Trifecta (3 selections) or Placepot (6 selections).
- Tote betting offers an alternative way of betting on events compared to fixed odds betting.
However, it can be used in conjunction with fixed odds betting at many top bookmakers to offer punters a different number of exciting horse racing betting options.
More about Betting methods :
- Betting exchange: how does it work?
- What is Handicap betting?
- What is Kelly Criterion in sports betting?
- What is Martingale method in sports betting?
- What is the difference between fixed and variable stakes?
- What is a sure bet?
- What is a value bet?
- What is a single bet?
- What is an Accumulator bet?
- How to beat the bookmakers?
- What Is Draw No Bet?
- What is a live sure bet and how to place it?
- Sports betting: should you bet on the small odds?
- What is the Difference Between an Each Way First Goalscorer Bet and an Anytime Goalscorer Bet?
- What is the European Handicap?
- Sports betting: how to bet without risk?
- Sports betting: what's the safest bet?
- Is it possible to bet without losing money?
- What is a Moneyline Bet?
