If you don’t know what a ‘Tote’ betting system is, then don’t get your panties in a bunch people. I’m here to explain this online betting method.
Here’s A Closer Look At The Understanding Tote Betting Systems
Tote betting is more commonly referred to as pari-mutuel betting, which is, in essence, a betting system where all bets of a particular type are placed together in a pool and taxes and the “house-take” or “vigorish” are removed. The word pari-mutuel is actually derived from the French words, Pari Mutuel or mutual betting.
The word tote is used in many European countries after the totalisator, which calculates and displays bets already made. In tote betting, payoff odds are calculated by sharing the pool among all winning bets.
The pari-mutuel system is used in horse racing, greyhound racing, jai alai, and many other short duration sporting events where the participants finish in a ranked order.
The big difference between tote betting and fixed-odds betting is that, in a tote betting system the final payout is not determined until the pool is closed while, in fixed odds betting, the payout is agreed at the time the wager is made.
At racecourses that offer tote betting, a portion of all wagers made is set aside for course operating expenses, purses and taxes. The remainder is divided by the number of wagers made to calculate the return on each bet or “odds.”
So now that you know all about tote betting, it’s time to hit the book with racing season in full swing (when isn’t it?). Happy hunting!