Totalizator Betting, often shortened to Tote or Pari-mutuel betting, is a form of wagering where all bets of a particular type (e.g., win bets, place bets, etc.) are placed together in a pool. After the house-take or commission is deducted, the payout odds are not fixed but are determined by the total amount of money bet on each selection. The final payoff is not determined until the betting pool closes, and this differs from fixed-odds betting where the payout odds are set at the time the bet is placed.
FAQs:
How are the odds calculated in Totalizator Betting?
In Tote betting, the odds are not determined in advance. Instead, they are calculated by dividing the total stake by the number of bets for a particular selection, minus the house-take or commission. Therefore, the final odds can fluctuate based on how much is wagered on each selection up until the pool closes.
What’s the difference between Totalizator and fixed-odds betting?
In fixed-odds betting, the odds are set by the bookmaker at the time the bet is placed. The payout is determined by multiplying the stake by these odds. In Totalizator Betting, the payout is determined by the total amount bet in the pool and how many people have bet on the winning selection.
Why do people choose Totalizator Betting over fixed-odds betting?
Some punters prefer Totalizator Betting because the payouts can sometimes be significantly higher than fixed-odds betting, especially if a less-favored selection wins. Additionally, with Tote betting, everyone is on a level playing field since the odds are determined by the collective betting activity.
Are there different types of Totalizator Bets?
Yes, there are various types of Tote bets. Some common ones include Win (betting on a selection to come first), Place (betting on a selection to finish in one of the top positions, often top 2 or 3), and Exotic bets like Quinella, Trifecta, and First Four where punters predict the first two, three, or four finishers in exact order.
How is the house-take or commission determined in Totalizator Betting?
The house-take or commission is set by the organization running the Tote, usually a racetrack or governing body. This commission covers their operational costs and profit margins. The exact percentage can vary but is typically in the range of 15-25%. The remainder of the pool is then distributed among the winning bettors.
