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What’s Totepool Betting?

Totepool betting is different from the normal betting in the manner that the odds aren’t fixed (are unknown) and are dependent on the total money wagered and the total number of people behind the winning horse. So, you don’t get to know the odds until the horse racing event gets closed for betting, normally at the time of the start of the event.
Parimutuel betting, tote betting, and pool betting are few of the other names given to totepool betting. Pari-mutuel betting is actually the French term for totepool betting and such betting operation is state-owned in France.
The total bet amount on the horse race gets divided between all the collective winners after deducting the operator’s profit. So, to make it even simpler to understand, all bets are pooled together and then the winning bets or tickets are paid off the total sum collected in that pool.
Bettors can place any of the standard bet types using the totepool betting, for instance each way bets, win singles bets, tote exacta (which is a forecast bet), place bets and many more. However, the biggest draw in totepool betting are actually the multiple race bets which enable bettors to win huge jackpots.
In totepool betting, the dividends are less when it comes to the popular horses, as they attract a large chunk of money from a large number of bettors. As a result, there are several winning tickets to be paid off if the favourite horse indeed wins the race.
On the other hand, if an outsider ends up winning the race, then the dividend paid is usually pretty large as normally there are less people behind that horse’s selection. So the winnings are split between only a few bettors.
Until the year 2012, tote betting used to be run by ‘The Tote,’ a government owned and run sports book in the United Kingdom. It was later sold to a private entity called Betfred, and continues to be the only place you can indulge in pool betting or Totesport in UK.
Many people are of the opinion that totepool betting provides lower odds, but if you look closely, the odds offered are more or less the same you’d find at any standard bookmaker. As the bet depends on the number of people backing the winning horse, the chances are high that you may actually get higher odds in totepool betting. And that combined with its simplicity, considering that you just need to pick the horse number and the stake, it appeals to a large number of bettors.
However, what’s most attractive about totepool betting isn’t the standard ‘place’ or ‘win’ bets, but the huge jackpots offered by Tote Jackpot and Tote Scoop 6. These bets can be placed at all common bookmakers and not just ‘The Tote,’ as they’ve been syndicated out and operate like a lottery.
Totepool betting actually has the potential of delivering life changing prizes, while the regular tote bets may or may not give you higher payouts, but are a bit more exciting as you get to know your dividend after the race. Anyone who is bored of the regular horseracing bets must definitely give tote or totepool betting a try.