What is a Tote Bet?
If you are an experienced bettor, have visited a betting site or been to a race meeting, there is a good chance you will have come across the idea of a Tote bet.
A Tote bet is a popular bet type among horse racing bettors. It involves pooling bets on a race or event into a pot which is then shared between the winners. For those new to Tote betting, it works in a similar way to the lottery.
On the face of it, all you have to do is make your selection and place the bet to win a share of the jackpot.
But there is a bit more to it than that and we have put together a guide on what is a Tote bet, how it works and more.
What is a Tote bet?
Tote bet is a form of pool betting, which is an older form of gambling, pre-dating online bookmakers and betting apps but it remains popular to this day and is widely available online.
It is a bet that people enter, pay a certain price, and have to predict an outcome on a horse race or races. Unlike traditional betting, there are no fixed odds. Your stake determines your payout if your selection is successful.
The winner (or multiple winners) are those who correctly predict the correct outcome, and take a share of the prize fund.
How does Tote betting work?
If you’re still wondering, how does a Tote bet work? We’ll break it down into its simplest form.
A Tote bet is a type of pool bet, where a punter can choose one or more selections in each race. Rather than a traditional bet, users place their funds into a pool fund, much like the lottery.
If your selection or selections are successful, you will win a share of the payout based on your stake and the number of bettors in the pool. The Tote will take a per cent of the total pool.
Types of Tote bets
There are many different types of Tote bet, and we have broken down some of them for you:
Tote win: A Tote win is when you back a horse to win using the Tote, and the minimum stake is usually 50p. This bet pays out if you correctly pick the winner of the race, earning a share of the Tote.
Tote each-way: In a Tote each way bet, you put a minimum stake of 50p on a horse to place in a race, the chosen horse must win or place to earn a return. It is usually offered on all races with five or more runners and is a particularly popular Tote bet. These Tote bets usually have a lower payout than bets on an outright win or exotic bets.
Tote place - A Tote place bet works by selecting a horse to place in a race. Your minimum stake will be 50p, and to win a share of the Tote pool your horse must finish within the parameters set by the Tote. Most races will require your horse to finish in the top three, although it may change depending on the number of runners or whether extra places are on offer.
Tote exacta: A Tote exacta requires the punter to pick the first and second horse to finish in a race. A straight exacta requires the bettor to pick the correct finishing order and provides a higher payout given the level of difficulty. Alternatively, bettors can choose a reverse exacta where they only need to select the top two horses in any order. The minimum total stake is usually 50p.
Tote trifecta: A Tote trifecta requires you to choose the first three horses to finish first, second and third in the exact order. Reverse trifecta or Swinger bets are more forgiving, and only require you to select the horses that will finish in the top three in no precise order. These bets usually have a smaller payout than a straight trifecta.
Tote quadpot - A Tote quadpot requires to place bets on four races. You select four horses from four different races to place. This is usually the final four races on a single race meet, although there is variation with bookmakers online.
Tote placepot - A Tote placepot follows the same principle as a quadpot, but is based over six races and selections rather than four.
Tote jackpot - A Tote jackpot requires bettors to place six bets on the winners of six races rather than places. It offers a much higher payout than other types of Tote bet, although it is a lot harder to achieve.
Advantages of Tote betting
The primary advantage of Tote betting is the potential for a higher payout.
There are no fixed odds in place, and your payout is determined by how many other users are in the pool and the correct outcome. If you’re the only player to select a longshot winner, then you could be in line for a substantial payout from a relatively low stake.
Betting in a Tote also brings a community feel to wagering on horses. If you and your fellow bettors all wager on the same selection, you’re all in line for a payout. So, rather than being competitive, bettors are aligned in their potential success or failure.
Examples of Tote bets
A win wager is the simplest form of Tote bet, and it means you pick a single horse to win outright, and you need to predict the winner. If you choose Horse A to win in an eight-runner race, you will only win if the horse wins, and the payout amount will depend on the overall pool and how many other people have also chosen the same horse.
An exacta bet requires you to select the correct order of the top two. For example, if you bet on Horse A to finish first and Horse B to finish second and the race plays out in the exact way you predicted, you will win your bet and a share of the pool prize. However, if Horse B finishes first and Horse A places second, your bet will have failed.
Tote betting strategy
When it comes to Tote betting it is important to understand that you’re betting in a pool, which affects the value of payouts.
It is worth considering focusing on less popular outcomes that might have higher payouts when placing your bets, although that also means they are less likely to succeed.
If you pursue hight payouts on the Tote bear in mind the potential risks when placing your stake.
There are many types of Tote bet available. Consider using place, reverse forecast and swinger bets to potentially find value on the Tote, while mitigating the risk by choosing a bet type that can be more forgiving for bettors as your selection doesn’t have to win the race. These bet types are popular when betting on the Tote.
Responsible gambling
Remember to always gamble responsibly and be careful with bets such as placepots that you don’t wager more than you can afford to lose.
Betting should only ever be considered a form of entertainment and never used as a way to make money. Always assume a bet is going to lose and make sure that is part of your calculations.
Gambling can be addictive so make use of the safer gambling tools on betting apps and horse racing betting sites. These include deposit limits, loss limits and self-exclusion options. These are often found in a dedicated safer gambling section.
Should you wish to seek help for gambling-related issues, there are several charities and healthcare providers who offer support and information.
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