As punters, we are always seeking out value. But did you know that Tote Betting can sometimes offer a punter better returns than the standard betting odds markets you find with bookmakers?
Of course, it is not always the case that Tote Betting will offer bigger returns for a win, but there are times when it can. So, with that very much in mind, we will explore Tote Betting with online bookmakers in more detail right here.
As part of that process, we’ll also explain when Tote Betting is likely to offer a lesser return than the standard odds markets, but also when it could offer a greater return on a winning bet compared to the bookies' odds on that selection.
And of course, we’ll explore the key differences between Tote Betting and placing a bet on a comparable standard odds market with a bookmaker. The bookmaker we use in this piece for both Tote Betting and standard bets is bet365 Sport.
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Tote Betting is an alternative to standard odds horse racing betting and was originally a popular option at horse racing meetings. People could bet on ‘the Tote’ as opposed to betting with the bookmakers in the ring.
The main difference with Tote Betting is that rather than odds being ascribed to each runner, every bet made on a particular race is placed into a prize pool. As more bets are placed, the size of the prize pool grows and continues to do so until the race starts, when betting is concluded.
Then, when the race is concluded, the winner is declared and then, after a small deduction for running the Tote by the company offering it, the prize pool for that particular market is divided amongst all the punters who correctly backed that horse to win.
But because each punter may have bet a very different amount on the winning horse, the Tote is worked out as a dividend, showing you how much a punter would receive back for every £1 that they bet on that selection.
For example, if a race result is declared, and the Tote Dividend is stated to be £4.42, that means for every £1 a punter bet on the horse, they can expect to receive £4.42 back in winnings. So if the punter bet £100 on that horse, they would receive back £442 from their winning Tote bet.
This means that at times, Tote Betting can offer better returns than standard odds bets, but equally, punters may receive back a little less than they would have if they had backed their selection using standard odds. We’ll explore this in a couple of examples below.
For both these examples below, we will simplify the Tote prize pool and number of winners to make the maths more understandable. In both examples, we will use a prize pool of £10,000 on each a race.
Example 1 – A favourite wins the race at odds of 2/1
As the 2/1 favourite (in standard odds) wins the race, more people will likely have backed that horse in the Tote Betting market for the win. In this example, of that £10,000, £5,000 was wagered in total by all the punters that backed the winner.
As you can see, a Tote Return of £2 per £1 staked is less than you would get with standard odds (which offer a return of £2 in winnings plus your £1 stake returned for a similar bet).
Example 2 – An outsider wins the race at odds of 14/1
Given that the winner of this second example race is an outside bet, the number of people that backed this horse in the Tote market will likely be considerably smaller than those that backed shorter-priced options. So in this example, we are going to say just £500 out of the £10,000 in total wagered on the race was wagered on the long-odds winner.
As you can see, with a standard odds bet your £1 stake would have returned £15 in total, but with the Tote bet, a similar £1 bet would return £20. So if you bet £10 on this outsider to win the race with the Tote, you would have won £200, as opposed to £150 had you placed a standard odds bet on the same horse.
What you can clearly see here is that it is the amount bet on the winning horse, and the size of the prize pool, that is key in determining how big the dividend is for each winner when betting on the Tote.
There are two types of Tote Betting markets available with bookmakers such as bet365. There are the simpler Tote Betting markets and then the “Exotics”, which are usually multiple-selection bets based on one, or sometimes several, races and selections at a meeting.
Let’s explore each of these types of bet in more detail.
These simple bets tend to be based on backing one selection in a single horse race and there are three options. Backing a horse to win, to place or as an each-way option. They are the Tote Betting equivalent of backing a horse to win, place or as an each-way bet in standard betting markets.
The simplest and most common Tote Betting market is to back a horse to win the race. Every punter that backs the winner earns a share of the prize pool for that race and market, proportionate to the size of their initial betting stake.
A place bet in Tote Betting is a wager on your selection finishing in the paying places for that race. The number of paying places is determined by the number of runners and/or the type of race being contested. This is shown below:
An each-way bet when Tote Betting is simply a bet on your horse to win and another on your horse to place. As such, your stake is split between the win bet and the place bet. If your selection wins, then both the win and place bets pay out. If your selection places, then only the place portion of the bet pays out.
Exotics are Tote Betting options that comprise of making two or more selections, either for a single race, or one selection per race across a number of races. These can be thought of as Tote Betting’s alternative to multiple selection bets such as Forecast, Tricast, Accumulators etc.
A prediction on a single race where the punter has to pick which horses will come first and second in the race out of those running.
This bet is similar to the Exacta bet, but this time the punter has to select the three horses that will come first, second and third in the race.
This is a single-line bet where a punter has to pick one runner from each of the first six races at a meeting in the UK and each runner in each race must either be placed, or win, in order for the bet to win.
This is a single-line bet similar to a Placepot bet, but it is based on the middle four races of a meeting: Races 2, 3, 4, and 5. For the bet to win, each selection must be placed or win in all four races.
This single or multiple line bet is a good option when there are two good options in a race. A punter must select at least two horses (but can select more) in a race and those horses must finish in the top three of that race for the bet to win. The more horses a punter selects for their Swinger bet, then the higher your total bet stake will be as you will need to cover more potential winning lines with your bet.
In truth, the answer to this question is that you won’t know if that is the case until the race in question has been run and the result known. Only when the result is confirmed can the returns for a Tote Bet be calculated as we outlined above.
However, as a general rule of thumb, the longer the odds on a selection that wins the race, the less likely it is that other people in the Tote Betting pool will have backed that horse. That means the prize pool tends to be shared with fewer people, and thus, the dividend will be larger.
When that happens, Tote Betting returns can be greater than the comparable standard odds return for that horse.
However, the opposite is also true: For shorter-priced winners, more people in the prize pool are likely to have backed that horse, so the prize pool will be divided amongst more winners and thus the dividend will be lower in value.
When this happens, the returns can be less than you would get with a standard odds bet. (However, the official Tote now has a guarantee where a payout will match the SP of the winning horse, even if the dividend for the win means it is less).
It should be noted that these examples are a general rule of thumb and exceptions can occur. This is what makes Tote Betting exciting for many punters as they are never sure how much they stand to win until the race has been concluded.
Furthermore, when prices are subject to Bet Boosts and Super Boosts like those at bet365, this can affect the relative value of backing a selection with the boosted price, compared to the value you would get with Tote betting,
So, if you are considering Tote Betting when you next log on to bet365 Sport, what are the five things that you should remember from this article?
We have summarised the key points below to help you remember what matters the most when you want to enjoy tote betting on horse racing!
Tote Betting can be an exciting option for punters seeking an alternative to standard odds markets with a bookmaker. So why not give it a try next time you log in to your chosen online betting provider?
Bet365 Sport offers an extensive range of Tote betting markets on its massive choice of horse racing meetings offered on site each day! Check out more about bet365 Sport by following the link!
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