Tote betting (short for totalisator, also known as pool or parimutuel betting) is a form of wagering heavily used in horse and greyhound racing. Instead of betting against a bookmaker, all bets of the same type are placed into a cumulative pool. The operator takes a set percentage, and the remaining pool is divided among the winning punters. Because dividends are calculated based on the final volume of money in the pool, your final payout odds are only confirmed after betting closes at the jump.
Key Questions Answered in This Tote Betting Guide:
What does Tote mean in betting?
"Tote" is short for totalisator. It means you are betting into a shared pool rather than taking a fixed price from a bookmaker. The more money wagered on an outcome, the shorter the odds. Conversely, winning on an outcome with very little money in the pool will result in a massive dividend.
What is the difference between Tote Odds vs Fixed Odds?
Fixed Odds are locked in the exact moment you place your bet, guaranteeing your payout price regardless of future market shifts. Tote Odds constantly fluctuate as more money enters the pool leading up to the race; your final odds are not known until the race officially begins.
What are the three major TABs in Australia?
Australia has three major Totalisator Agency Boards (TABs) that oversee betting pools, depending on the state the race is held in. Sportsbet often offers products like "Top Tote Plus" (TT+), which pays out the highest dividend across all three TABs or the Starting Price (SP).
Are Exotic bets Fixed or Tote?
Exotic bets, such as Trifectas, Quaddies, and Quinellas, are almost exclusively Tote bets. Because these bet types are incredibly difficult to predict and attract huge betting volumes (especially during major events like the Melbourne Cup), the resulting pools can yield enormous payouts for winning tickets.