What Is Tote Betting?

• Tote betting means your money goes into a shared pool rather than against a bookmaker's fixed price, and the final dividend isn't known until betting closes.
• Australia currently runs three separate state tote pools, which are scheduled to merge into a single national pool from October 2026. 
• Once the merger takes effect, there'll be one tote price for every bet type nationwide, and Top Tote Plus will be replaced by Tote Plus.
• Exotics are no longer tote-only, Fixed Odds Exotics are available, with a guarantee that pays you the higher of your fixed price or the tote dividend.

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.

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, so your price won't move 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).

However, this system is scheduled to change. From October 2026, the three state pools will be merged into a single national Tote.

Are Exotic Bets Fixed or Tote? 

As mentioned earlier, exotic bets, such as Trifectas, Quaddies, and Quinellas, are no longer tote-only. Fixed Odds Exotics are available, with a guarantee that pays you the higher of your fixed price or the tote dividend.