Tote betting is a form of betting where all bets are placed into a pool. The company operating the tote pool then subtracts a percentage of the pool when all bets have been placed. The remaining money is then divided by the number of winning units to decide the dividend that will be paid out.
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To understand what tote betting is and how it works, we’ll give an example:
Let’s say there’s C$10,000 bet on a 10-runner race at Woodbine Racetrack. The tote will subtract a fixed percentage of, let’s say, 20% or C$2,000 for operating costs. That means the other C$8,000 is divided by the number of winning units. To make it easy, let’s say each horse has exactly C$1,000 bet on it. That means the remaining C$8,000 is divided by C$1,000 to make the return C$8 for a C$1 stake, which is equivalent to odds of 7/1 or 8.00.
You can place bigger bets than C$1 on the tote, and your winnings are simply calculated pro rata. For example, a C$10 win bet in this scenario would return C$80 and a C$100 win bet would return C$800, etc.
Difference Between Tote Betting and Fixed Odds Betting
Some betting companies around the world offer fixed-odds horse racing betting, which means you have the option to accept the displayed odds on your selection when you place a bet. Once the bet has been confirmed, those odds normally remain fixed regardless of how the market moves before the race begins.
In Canada, regulated horse racing wagering is generally offered through pari-mutuel pools. This means the approximate odds displayed before a race can continue changing as more money is added to the pool. Your final return is calculated using the official dividend declared after betting has closed and the deductions have been made.
This makes fixed odds betting different from tote betting, as you can’t lock in final odds when placing a tote bet. Your bet is placed in the tote pool and the eventual dividend is determined by how much money is bet on your selection compared to the other horses in the pool. This means you can get lucky and receive a much bigger return than the approximate odds suggested when you placed your bet. But you can also be unlucky and receive a tote dividend that is much lower than expected.
Types of Tote Bets
There are a variety of popular tote bets that you may want to consider, and these are a way of making a day at the races even more exciting.
Tote Win Bets
A tote win bet is simply a straight win bet on any horse.
Tote Place Bets
As there is no standard each-way tote bet, if you want to back a horse to win and place through the tote, you must place separate win and place bets. Canadian bettors can also make a show bet, which pays when the selected horse finishes in one of the qualifying top positions. If you’ve previously placed separate win, place, or show bets, you’ll find tote win and place bets very similar, apart from the fact that you can’t lock in the final odds.
Exacta
An exacta is a bet where you pick two horses to finish first and second in the correct order. Because exacta bets are settled through pari-mutuel pools, the final dividend depends on how much money has been wagered on the winning combination compared with the other combinations in the pool.
You can also place an exacta box, which is picking two horses to finish first or second in either order. This bet will cost you twice as much as a straight exacta. You can also place combination exactas with more than two horses, but three horses equate to six combinations and four horses to 12 combinations.
Trifectas
A trifecta bet is picking three horses to finish first, second, and third in the correct order. The dividend can vary greatly depending on the popularity of the winning combination and the overall size of the pool. You can also place trifecta boxes and combination trifectas.
Swinger
This is one of the more unusual tote bets, with the Swinger giving you the chance to pick two horses to finish anywhere in the first three positions in a race.
Pick 6 Jackpot
Pick 6 jackpots are among the most popular tote bets with bettors looking to strike it rich for a relatively small stake. However, you need some serious luck, skill, or a combination of both to win one, as you must pick the winners of six consecutive races on a card to land the bet. If the main Pick 6 pool isn’t won, some jackpot versions allow all or part of the pool to roll over to the next eligible race meeting.
Place Pick All
The Place Pick All is definitely a bet you may want to consider when you go to the races, and it’s a great way of betting across several races for a relatively small stake. You need to select a horse in each of the designated races that you think will finish first or second. The Place Pick All can pay some unexpectedly high dividends but can also pay disappointingly small ones. The thing to remember is that you can pick a long-priced horse that qualifies, but you’ll only receive the same pool dividend as anyone who selected a favourite that also qualifies.
Pick 4
If your longer multi-race bet goes down in either of the first two legs, don’t worry, as you may then be able to place a Pick 4 on four later consecutive races. You simply need to pick the winner of each race. Of course, if you don’t fancy anything in the earlier races, you can just place the Pick 4 bet to start with.
Cross-Track Pick 6
A cross-track Pick 6 is an innovative tote bet that covers six races on the same day, which may come from a variety of different Canadian or international race meetings and can be broadcast or streamed live in Canada. The minimum stake and exact rules depend on the pool operator, and the final dividend is declared when all six races have been completed. If nobody manages to pick all six winners, the main pool may roll over to another designated Pick 6.
Some versions may also include a jackpot or bonus pool, where bettors who successfully land the main wager have the chance to compete for an additional prize. This can involve another designated race or a separate condition set by the pool operator. The bonus selection is often attached to a difficult race, such as a major handicap with lots of runners. However, large Pick 6 pools have produced some life-changing payouts.
Advantages & Disadvantages of Tote Betting
The main advantage of tote betting is the excitement of not knowing what the winning dividend is going to be. If you’re the type of bettor who likes to go against popular opinion, tote betting can often reward you with much bigger dividends than the approximate odds displayed before the race. This is especially true if you can land big-priced exactas and trifectas. You can also land valuable Place Pick All or Pick 6 dividends if you think the favourites might have a bad day.