Not always a common term in modern online betting, tote betting is nonetheless still a big part of the industry, and for the most part is most often associated with horse racing. At its most basic, tote betting is where a number of punters add their stake to a common pool, and whoever wins the wager wins the entire pool. This type of betting is almost exclusive to horse racing and horse racing events.
Over recent years as mobile betting has become more popular, more types of bets have been added to sportsbooks rosters along with mobile sports betting apps. With the many types of mobile betting offers, it is important that punters take the time and learn what kind of bets will suit them the most.
How Tote Betting Works
During an event of some sort, usually a horse racing event, a bookmaker will allow punters to make a tote bet. This is not limited to only one punter, and usually involves a number of punters as well as the house, which in most cases is the bookmaker.
The punters will then each choose multiple horses that they believe will win, and will add their own stake to the pot, which is determined by the bookie. Once the stakes have been placed, the event will take place, and whoever chose the horse that won will win the entire pot, minus the house fee which will often come to about 10% of the total pot.
While online betting has been around for two decades now, mobile betting is what truly took it to the next level. Bookmakers made sure to support all the latest mobile devices with some of the best mobile sports betting apps, and today there is a multitude of different apps to choose from.
Once an app is chosen, players will have to create an account, and will have access to the various events and types of bets offered by the bookmaker. Many bookmakers also offer live mobile betting, meaning punters can actually watch the events take place from their device while also being able to place bets in real time. Totes betting, however, is most commonly sorted out before the events starts, and it is also one of the reasons it makes it such an exciting bet to be a part of.
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Types of Totes Betting
Totes betting comes in different forms, and punters can usually find one that suits them the best. The most common type of tote is simply placing a stake on a horse crossing the line first, and this is what most people bet on during an event. Alternatively, it is possible to bet on what place a particular horse will finish, which is a bet that is more common among veteran totes punters.