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Winnings can be withdrawn as cash. Totepool Betting Offering an alternative to fixed-odds betting on horse racing, betting on the Tote means betting in a pool … you place your bet and your stake goes into a pool of money. Totepool betting can be done on a single or across several different races. The odds for a bet are determined by the amount of people in the pool and how much they are betting and what they are betting on. These factors also determine how much you win.
Payouts are calculated by dividing the number of winning bets by the amount in the pot. The Tote makes its money by taking a cut of the pot and dividing the rest between the number of winning bets. What is the Totepool? Following the WW1 horse racing was becoming popular and so was betting on horse racing. However, many people were avoiding the licensed on-course bookies and were instead using illegal off-course bookmakers to pace bets. Ultimately taking money away from the horse racing industry and the Government.
Now for those not at the race meetings there was still an interest in betting off-course and so in , Tote Investors Ltd was created nothing to do with the Government owned Tote to ensure some of the money bet off-course still went into the Tote pool. Over the years the betting industry evolved and underwent significant change, so in the Government introduced a Betting Levy Act to allow bookmakers to have legally have high street shops for the first time.
In , the Government bought Tote Investors Ltd. In the Tote opened its first high street betting shop and now employees over 4, people. Following this in , Tote Direct was created so that tote betting can be done from other high street bookmakers. Now over 7, betting shops offer tote betting, the majority of which are not Tote-owned, as well as via other online gambling websites. The Tote will allow for those times where not many have wagered on one horse and then that horse beats a field with a high prize pool and low number of dividends.
By placing the bet on the Tote you will always have a chance of getting significantly better odds than if you were betting with a bookmaker, but when you bet with a bookmaker you will always know the price in advance. This always works out to be the same across the board as its just one cut, whereas a traditional bookmaker will take their cut from each horse accordingly.
Horse Racing Tote Bets As mentioned earlier, there are now a vast number different Tote bets for horse racing, of which we have outlined below. Tote Win The Tote win market is probably the most popular Tote bet and all this requires is for you to pick which horse you think will be the winner. It works in the same way as the working example we mentioned above in that you claim your stake for any of the horses in that race and if it wins, you get a share of the overall dividend for that horse.
Tote Place The Tote place bet is where you are able to select a number of positions for your horse to finish in order for you get paid. The number of places that are included will depend on the number of horses in that race. Tote Exacta The Tote Exacta is where you are able to choose the first two places in a race.
There are actually three variants of this with the first being that if the Single Exacta requiring you to choose the horse that will finish 1st and the horse that will finish 2nd in that order. The second is the Combination Exacta where you can choose two horses and they then can finish either 1st or 2nd in any order.
The final one is the Banker Exacta where you pick the horse you think will finish first and any combination of three horses to finish second. Tote Trifecta The Trifecta bet is where you need to choose the order of the first three horses of any race.
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