It’s not uncommon for people to wonder, ‘what is totepool betting?’ Despite tote wagers becoming popular, tote pools can still be confusing. If you want to bet with the tote and get involved in totepool betting, there’s quite a lot you’ll need to know. It’s worth looking into the betting strategy to see how it can help you.
What Is Tote Betting?
A type of pari-mutuel betting, totepool betting is offered for greyhound and horse racing. With this approach, you cash out only after all of the winners of the races are known. While there are a range of totepool bets, single bets are the most common.
With these, the bets are pooled together, with any winnings being split among those who placed bets. The amount you see on this return can depend on how much of the pool was your initial bet.
How Does A Tote Bet Work?
Betting with this strategy and getting a profitable payout doesn’t need to be difficult. As one of the more recommended strategies, it works with multiple sports and sporting events, such as a horse race. Placing these bets at the bookies is quite easy, although that can depend on the bookmaker.
Bets, which typically take the form of pool bets, bring multiple bettors and punters together and pool their money into a jackpot. That lets you reduce your stake while getting tickets, which entitles you to a dividend if you pick winning bets. The prize with these bets is split depending on the winner and how much you put into it.
While there are various tips and tricks to take advantage of, using this approach is quite simple.
Types Of Tote Bet
When you’re figuring out ‘what is totepool betting,’ you’ll need to know the types of tote bet. These include:
- Totewin – A simple bet, this focuses on picking your favourite and offers a significant payout.
- Toteplace – Where you bet on where a horse will place.
- Totedouble – Placing bets on two horses in different races.
- Totetreble – Betting on horses in three races.
- Totetrifecta – Wagering on who the three winning horses will be.
- Toteexacta – With this, you pick the top two, alongside three or more runners-up.
- Toteswinger – Pick the first three horses in any order.
- Totejackpot – Choose the winners from six races.
- Totescoop6 – Like the jackpot, but this takes place weekly instead of daily.
- Toteplacepot – The most popular option, you’ll need to pick six horses to place in the first six races of the day.
- Totequadpot – With this, you’ll need to pick a horse to race in the four races between the third and sixth races.
Tote Placepot Strategy
As mentioned above, the tote placepot strategy is the most popular type of totepool betting. Provided there are at least six races available on a particular day, you can choose this as a strategy. You’ll need to place bets on the first six races on a card, with the minimum unit price being 10p a line, making it a minimum £1 bet.
When you’re taking this approach, you’ll need to focus on vulnerable favourites, but you can pick as many horses to place as you want. The average payout with this strategy can be several hundred pounds, even with a £1 bet.
Totepool betting can be an attractive strategy for horse and greyhound racing. With the various strategies you can use, you could minimise your risks significantly while possibly generating a decent profit. Though you’ll need to be smart with your approach, it can be an effective betting strategy.
1. How much does a Tote Placepot cost?
There are two minimum stakes to keep in mind with this. The first is the minimum stake per line, which is typically 10p. The minimum overall bet is £1. The minimum overall bet, however, can depend on how many lines you want. The more you bet on, the higher your stake will be.
2. How is the Tote Placepot prize pool calculated and shared?
A tote placepot prize is divided relatively simply. For starters, a 27% deduction is taken by the house in fees and similar expenses. After this, the rest of the pool is divided equally among each of the pool participants.
3. How is a Tote Place bet different from a fixed-odds place bet?
When you’re figuring out ‘what is totepool betting,’ you’ll need to know the difference between it and a fixed-odds place bet. The largest difference is that, instead of getting a fixed return, you get your winnings from a cumulative pool. That gives it a larger potential profit.