<p>Synonymous with the world of horse racing, understanding Tote betting and how it works is essential for new punters.</p> <p>Also referred to as parimutuel or pool betting, tote betting offers an alternative to fixed odds betting and as a result can yield massive dividends to the right wager.</p> <p>&nbsp;</p> <h2>What Does Tote Mean In Betting?</h2> <h2>&nbsp;</h2> <p>Short for totalisator, a “tote” is a cumulative pool where all bets of the same type for an event or race are placed.</p> <p>This pool is then divided among the winning bets, so the more money betted on a&nbsp;race, the bigger the tote, the bigger potential dividends.</p> <p>Tote odds are determined by the amount of money placed on each outcome. Therefore, the outcomes that attract the most money will have the shortest odds, while the least supported wagers will return the highest dividends.</p> <p>Tote odds are constantly fluctuating in accordance with the amount of money being wagered. As a result, final potential dividends are only known once the betting market has closed, which coincides with the start of the race.</p> <p>Odds on any given result can change significantly from the time a bet is placed to the time betting closes. This is why some punters prefer fixed odds as they cannot change on you after you have placed your bet.</p> <p>&nbsp;</p> <h2>Tote vs Fixed Odds Betting?</h2> <h2>&nbsp;</h2> <p>Unlike Tote bets, fixed odds are locked in once you place your bet. The value of fixed odds are set by the bookmaker, for example a horse can be $2.20 to win a race. Once you place money on that horse to win, your dividend will be your wager times the odds when you placed the bet.&nbsp;</p> <p>Tote bets are different because the return will fluctuate based on the number of punters who have put money into the pool. &nbsp;</p> <p>There is no right or wrong answer when it comes to Tote Odds vs Fixed Odds, it’s up to the punter and what works best for them. You can always consult our <a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/how-do-odds-work-betting/">How Do Odds Work in Betting</a> guide to help you make the decision that is best for you.</p> <p>&nbsp;</p>

<h3>&nbsp;</h3> <h2>What is a Tote Bet?</h2> <h2>&nbsp;</h2> <p>Traditionally, a Tote bet was simply a bet that was placed with a Tote, not a bookmaker. In Australia there are three major TABs (Totalisator Agency Boards) that oversee the Totes for each horse race. The TAB that presides over each race is dependent on which state the race takes place in.</p> <p>These days, every respectable bookmaker offers Tote betting by simply mirroring the prices being paid by the Tote. sportsbet not only offers Tote odds, but on selected races also offers Top Tote Plus (TT+) which means you get the best return out of all three TABs or the starting price (whichever is higher). You’re welcome.</p> <p>While most markets are available at fixed odds, exotic bets such as <a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/what-is-a-trifecta/">Trifectas</a> and <a href="https://www.sportsbet.com.au/huddle/punter-iq/guide/what-is-a-quaddie/">Quaddies</a> are exclusively Tote bets. This is important to remember before placing your wager.</p> <p>Thanks to the way the Tote system works, exotic markets during major races can pay major dividends. This is due to their unique combination of difficulty to predict and popularity among punters. There’s a reason a successful Trifecta bet on Melbourne Cup day is so profitable. You don’t have to be a maths whiz to figure out why, the bigger the tote, the bigger the potential payout.&nbsp;</p> <p>Tote betting has long been an essential cog in the horseracing industry and its continued popularity with old and new punters alike is a testament to its exciting and lucrative nature.</p>