Totepool betting is an alternative to traditional sports wagering, eliminating the idea of you betting against the bookmaker, where you are stuck with their fixed odds on horses or greyhounds. It is a popular method of placing a bet, both online and at outlets at nearly all of the racecourses in the UK.
TotePool booths are present at 56 of the 59 racecourses across the United Kingdom, giving you a chance to to watch your bets come in in person. You can also place your wagers online through Totesport and parent company Betfred. Although the Tote has the monopoly on this pari-mutuel betting system, other bookmakers also offer Totepool betting through syndication. As such, you can place Tote bets with Betfred, William Hill and many more operators.
When you back a horse using Totepool betting, you are actually paying into a big prize pot. You don’t receive odds, because the payout is calculated by dividing the size of the pot, after the company deducts its commission or ‘takeout’, between the successful bets. If lots of people have backed a winning favourite, the payment, or ‘dividend’, will be smaller than if an outsider takes the victory and only a few people have bet on him.
Totepool winnings work a like a lottery or a sweepstake, although you have the advantage of being able to use skill and knowledge to pick a winning horse rather than relying on pure luck. Wins from Totepool bets can sometimes far exceed those made with traditional fixed odds, particularly on outsiders. However, you are at the mercy of how many other people also pick the winner and you can never guarantee the amount you will receive until the race has been run.
You will find the current expected dividend from a winning bet when you place your wager, but this could easily reduce in value if there is a rush of money placed on that runner before the race starts.
After the race is run, Totepool’s takeout is deducted from the prize pool and the remainder is divided by the number of stakes wagered on the winner. If you backed the right runner, you will receive a share that reflects your original stake. For instance, if there was £4,500 in the pool after deductions and 450 bettors backed the right horse, you would divide 4,500 by 450 to get £10 returned to winners for every £1 they bet. In this example, if you had £5 on the right horse, you’d receive £50 back.
There are a host of bets on offer through Totepool.
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