Tote Betting – What Does This Mean in Horse Racing?
If you’re a fan of horse racing betting, you’ll certainly have heard of Tote betting. It is a form of pool betting, and instead of taking a fixed price from a bookmaker, your money goes into a pool with bets placed by other people. Once the result is known, the available money is divided between the winning bets. This means the final amount paid to you depends on how much is in the Tote pool and how much was bet on the winning outcome.
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What Is Tote Pool Betting?
A Tote pool brings together money placed on the same type of bet from several different people. For example, money bet on horses to win a race goes into the Win pool, while Placepot stakes are kept in a separate pool. Rather than the bookie accepting each bet at a fixed price, all qualifying bets contribute to the same total. After the race or set of races has finished, deductions are made, and the remaining money is shared between the successful bets. Therefore, the amount you win partly depends on what other bettors have backed.
How the Pool Sets the Dividend
The final return or payout is known as the dividend. It is calculated from the money available in the pool and the amount bet on the winning horse or combination. Imagine that a large percentage of the pool is bet on the eventual winner. There will be more winning bets sharing the available money, so the dividend is likely to be lower. If only a small proportion backed the winner, fewer bets share the money and the dividend can be much higher.
How Does Tote Betting Work?
How does Tote betting work? It is not complicated at all. When you place a Tote pool bet, your stake goes into the pool for the bet type you have chosen. Once the race has finished and the official result is known, the pool is settled, and a dividend is declared. If your bet qualifies as a winner, your return is calculated using that dividend and the size of your stake.
From Stake to Pool
Each betting pool is separate, so a Win bet does not go into the same money as an Exacta or Placepot. Your bet is added to the relevant pool along with money from other bettors. As more bets are placed, the amount of money in each pool changes. This is why the prices you see before a race are only an indication of the likely return. A horse may appear to offer one Tote price when you bet, but money that enters the pool later can increase or reduce the eventual dividend. That is why the final figure is only known once betting has closed and the pool can be settled.
Settlement and the Final Dividend
Once the official race result is confirmed, the Tote identifies the selections or combinations entitled to a payout. The money available for distribution is then divided between the winning bets in that Tote pool. For example, a Win pool is shared by money placed on the winning horse, while an Exacta pool is shared by bets containing the correct first and second horses in order. The declared dividend gives the return for a standard unit, which is normally a £1 bet. If you bet more or less than that amount, your payout is adjusted in proportion to your bet size.
How to Bet on the Tote
Betting on the Tote is easy. Just choose the race or meeting, select the pool you want to enter, make your selections and decide how much to bet. If you are at a racecourse, you can place bets at Tote kiosks or counters, while Tote betting online is similar to regular betting.
Choosing the Race, Pool and Selections
First, you need to choose the race or meeting you want to bet on, and then decide which Tote pool is right for the type of prediction you want to make. For a simple Win bet, you only need to choose the horse you think will finish first. An Exacta bet needs two horses in the correct order, while a Placepot covers several races. Some pool bets also allow you to make multiple selections. For example, you can include more than one horse in a Placepot leg or create Exacta and Trifecta combinations.
Setting the Stake and Confirming the Bet
Once your selections are ready, enter how much you want to bet. Be sure to check the total cost before confirming the bet. With a straightforward Win or Place bet, the amount bet is simply your stake. Combination bets work differently because your chosen unit stake is multiplied by the number of lines created. For example, a 20p unit across ten combinations costs £2. Check both the selections and total stake before submitting the bet. Unlike a fixed-odds bet, the return shown at this stage is not guaranteed to be your final payout because the pool may change before it closes.
Types of Tote Bets in Horse Racing
When it comes to horse racing, you have the choice of several different types of Tote bets, each of which covers something slightly different. Some involve one horse in a single race, while others require you to predict finishing orders or make a number of successful predictions across several races. This presents a range of difficulties and possible payouts, which allows you to build advanced betting strategies.
Win Pool
The Win pool is the most straightforward form of Tote horse racing bet. You pick a horse and need it to win the race. All Win stakes are combined in the pool. Once the winner is known, the distributable money is divided by the total winning units (bets) to produce the dividend. A horse that has been widely backed will usually have more money placed on it, which can reduce the pool return. A less popular winner may produce a larger dividend because fewer winning bets are sharing the money.
Place Pool
A Place bet does not require your horse to win, but it must finish in one of the positions that count as a place. The number of qualifying positions depends on the field and race conditions. Generally, in the UK, five to seven runners normally pay two places, while eight or more generally pay three. Handicaps with at least 16 runners normally pay four places. Each placed horse has its own dividend, so the amount you win depends on how the Place pool is distributed and how much money backed that particular runner.
Exacta
An Exacta bet requires you to predict which horses will finish first and second in the correct order. If the two horses you choose finish in the top two but not in the order you predicted, then your bet loses. You can also use combination bets to cover numerous possible finishing orders, but doing this creates more lines and increases your total bet amount. Once the result is official, the Exacta pool is split between the successful Exacta lines.
Trifecta
A Trifecta bet requires you to predict the first three finishers in the correct order. You can place a straight Trifecta with one horse for each position or cover more possibilities using banker and combination options. However, the more selections you make, the more betting lines there are, so the bet becomes more expensive. Because correctly predicting three horses in order is much harder than just picking the winner, the dividends from Trifecta bets can be quite substantial.
Placepot
The Placepot is a bet on multiple races. It requires you to choose a placed horse in each of the first six races at a meeting. You can choose one horse in every leg or add extra selections where you want more cover, and each combination becomes a separate line. Suppose you select two horses in three legs and one horse in the other three. That creates eight lines. Your unit stake is then multiplied by those eight lines to calculate the total cost of the bet.
Jackpot, Quadpot and Other Pool Bets
There are several other pools available in Tote betting. For instance, a Quadpot asks you to pick a placed horse in four races, normally races three to six in a meeting. The Jackpot pool needs you to pick the winners of six nominated races, while a Swinger bet needs you to pick two selected horses to finish in the first three in any order. The exact availability will depend on the meeting and bookmaker, so be sure to check ahead of time rather than assume the pool you are interested in will be available.
How Are Tote Payouts Calculated?
Before placing a Tote bet, it is important that you understand how the payouts work. Tote payouts depend on the amount of money available in the pool and the number of successful bets sharing it. This means that two races with similarly priced favourites at bookmakers can result in different Tote dividends, as the amount of money in each pool and the number of bettors can vary. It also means that the prices shown before the race are only estimates, as last-minute betting can change the amount in the pool and therefore the final dividend.
Deductions Before the Pool Is Paid Out
Before dividends are paid out, deductions, also known as takeouts, are taken from a pool. The percentage of deduction is not the same for every pool. Different bet types and international pools often use different rates. For example, standard Placepot pools and World Pool Win, Place, Exacta and Trifecta markets do not all have the same deduction. This is why you need to check the rules for the particular pool you are interested in if you want to know exactly how much is removed before the remaining money is divided between winners.
A Worked Payout Example
Imagine that £10,000 has been bet into a Win pool and after the applicable deduction, £8,000 remains available to pay winning bets. A total of £400 has been bet on the winning horse. To calculate the dividend, divide the £8,000 net pool by those £400 of winning units: £8,000 ÷ £400 = £20. The dividend would therefore be £20 to a £1 unit.
If you had bet £1 on the winner, your total payout would be £20. A £2 winning bet would return £40, while a 50p bet would return £10. Remember that the £20 is the full dividend for each £1 winning unit. It is not £20 profit plus another £1 returned separately. Also, remember to check the actual deduction of a pool before placing a bet.
What Is the Tote Board?
If you are interested in Tote betting, you will spend a lot of time looking at the Tote Board. It is where you can see current pool information and possible returns. At a racecourse, this information is shown on Tote displays, while online you will find similar information alongside the race and available markets.
What the Board Shows
Depending on the pool, the Tote board can show current dividend guides, estimated prices and the amount of money in a pool. This gives you an idea of how popular different selections are and what a winning bet might pay if the pool closed at that moment. For multi-leg bets, you may also see pool values and declared dividends as races are completed.
Indicative Prices vs the Final Dividend
You must understand the difference between these two terms. The important word is “indicative”. The Tote price you see before the race is not necessarily the price you will receive. As new bets are entered into the pool, they change the pool’s size and the amount of money placed on each selection. Therefore, a horse can show one estimated return several minutes before the off and produce a different dividend after the race. The final dividend is calculated only after the pool closes and the winning outcome is known, and it is the figure used to pay bets.
Tote Betting vs Fixed-Odds Betting
It is important that you fully understand the difference between Tote betting and fixed odds betting. It mainly lies in how your return is decided. With fixed odds, the bookie offers a price, and you accept it when placing the bet. If your bet wins, that agreed price is normally used for settlement. With the Tote pool, bettors contribute to a shared pool.
The final dividend is based on the money available and the amount backing the successful outcome. This means that you do not usually lock in the displayed Tote price when placing your bet. Bettors should enjoy Tote pool betting responsibly and remember that GamCare is available to provide support and advice if gambling becomes a concern.
When the Price Is Set
The price of your fixed-odds bet is normally set at the moment the bookmaker accepts the bet. Even if the market’s odds change later, it does not normally affect your bet. Tote betting works differently because the pool stays open for more bets. The eventual return cannot be calculated properly until betting has closed. You can see an estimated price beforehand, but the final dividend can move up or down depending on how the pool changes.
How Tote Dividends Compare with Starting Price
A Tote dividend can be above or below the horse’s Starting Price (SP) as the two systems calculate payouts differently. The SP is simple odds offered by the fixed-odds market at the moment the race begins (the off), while a Tote dividend is calculated according to the amount of money in the pool and the amount on the correct outcome.
Tote Betting Online
You don’t need to visit a racecourse to place Tote bets. Tote betting online is available through Tote’s own website, and there are several bookmakers that can also give you access to Tote pools. All you need to do is choose the race, open the Tote markets and select the pool you want. You can then add your horse or combination, enter your bet and confirm the bet through the bet slip in much the same way as you would place any other online horse racing bets.
Pool Information and Estimated Returns Online
When you look at online Tote markets, you can see the current prices, pool information and estimated dividends for as long as betting remains open. This means you are able to assess how much support a horse or combination has before you place a bet. However, remember that the information continues updating as new money enters the pool. Once the race is finished, the final dividend replaces the estimate and is used to settle winning stakes. If you placed a winning bet, you’ll then receive your payout.
Operator Rules and Available Pools
You won’t find the same Tote products at every online betting platform. One bookmaker may offer the main Win, Place and Placepot pools while another also offers the Exactas, Trifectas or international pools. The minimum bets, promotions and the way certain specialist pools are offered are also likely to vary. Therefore, be sure to check the relevant rules before you confirm a bet, to ensure you are not in breach of any specific bookmaker terms.
Understanding Tote Betting Terms
There is a lot of terminology associated with Tote betting, and it is important that you fully understand it before you start risking your money. It is generally very straightforward, so just read below and you’ll be ready to get started.
Tote Pool and Pool Betting
A Tote pool is the total money staked on a particular betting market. Everyone betting on that market contributes to the same pool. Pool betting refers to the system of paying winners from this shared money rather than paying every bet at fixed odds. Each type of bet has its own pool. Money placed on Win selections, for example, is kept separate from Exacta or Placepot stakes, and the amount available and the successful betting units in that pool then determine the payout.
Tote Odds
Tote odds are the estimated return of a particular selection while the pool is still open. They give you a helpful idea of what your bet might pay, based on the money in the pool at that moment. However, they are not fixed in the same way as bookmaker odds. As more people bet, the money in a pool changes, so the displayed Tote odds can go up or down before betting closes.
Dividend and Tote Payout
The dividend is the amount paid out for a winning Tote unit once the result and pool calculations are complete. For example, if a dividend is £8 to a £1 bet, a £1 winning bet returns £8, a £2 winning bet returns £16, and a 50p winning bet returns £4. Your Tote payout is simply the amount you receive based on the dividend and the size of your successful bet.
Deductions
A deduction is the money removed from the betting pool before the rest is paid to winning bets. It is sometimes called the takeout, and the amount will vary depending on the pool. Therefore, you should always check the deduction rate before placing a Tote bet. Once the deduction has been made, the remaining pool is used when calculating the dividend paid.
Unit Stake
A unit stake in Tote Pool is the amount you are placing on each betting line. It is particularly important with combination bets. For example, imagine your Placepot selections create 20 different betting lines, and you choose a 10p unit stake. Then, your total bet costs £2. If you increased the unit to 50p, it means that the same 20 lines would cost £10. Therefore, always check both the number of lines and the unit amount.
