– When betting on horses – what does Tote mean?
In: Mathematics
A betting tote, also known as a totalizator or simply tote, is a system used for betting on horse racing, greyhound racing, and other sports.
In this system, all bets are pooled together, and the odds are determined by the total amount wagered on each outcome.
The pool of money is then divided among the winning bets after deducting a percentage for the track or betting agency.
Tote betting is different from fixed-odds betting, where the odds are determined at the time of placing the bet and remain fixed regardless of the total amount wagered.
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