The Tote Explained
The Tote (Tote, Totebet) is a British Bookmaker with exclusive rights to offer parimutel betting on horseracing events. This means any pool bets you place on horse races will be through The Tote, either directly or by syndication. Parimutel betting is a manner of pooling the wagers placed by punters into a pot, which is shared amongst the winners while the Tote themselves take a house cut.
The Tote was originally a UK Government owned operation, but since it's privatisation in 2011 it has been operating under the Betfred brand. Because Betfred operates out of nearly 500 shops and feature at every racecourse in the UK, the Tote has a considerable presence in the UK.
Tote betting occurs at practically every horseracing event in the UK. The range of bets they offer are as follows:
They offer nine different pooled bets:
The most popular of these, the Scoop 6, requires the bettor to name the winning horse in the 6 consecutive races at an event. The Scoop6 is a Jackpot-type event in which the bettor must pick the winning horse in 6 consecutive races for their bet to be successful. because of this bet's popularity and difficulty, roll-over jackpots can reach very large sums, well into 6 figures.
A similar bet is the Placepot. This differs in that the bettor's selections don't need to win, but merely place in the 6 consecutive races (i.e. finish 1st, 2nd and 3rd). This is also a £2 line bet, that sees enduring popularity because of its potential to allow the bettor to participate in every race on the card.
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