tote betting explained: the complete guide
"tote" is short for totalizator - the pari-mutuel pool betting system used in horse racing worldwide. here's how it works and why it matters.
what is tote betting?
tote betting is a pool-based wagering system where all bets on a race go into a shared pool. instead of betting against a bookmaker, you're betting against other punters. winners share the pool based on their stake.
fun fact: the first totalizator machine was invented in 1913 by George Julius in New Zealand. it mechanically calculated odds from betting ticket sales!
how the tote pool works
bets go into the pool
every bet on the race joins a shared pool. your $10 on horse #3 mixes with everyone else's bets.
tote take is deducted
the operator takes a percentage (usually 15-25% for horse racing). baozi takes only 2.5%.
winners split the rest
remaining pool is divided among winning tickets proportionally to stake size.
dividends are declared
final payouts (called "dividends") are announced. this is the return per unit bet.
common tote bet types
win
pick the horse that finishes first. simplest tote bet.
place
pick a horse to finish 1st, 2nd, or 3rd. lower risk, lower payout.
exacta / quinella
pick 1st and 2nd place finishers. exacta = exact order, quinella = any order.
trifecta
pick 1st, 2nd, and 3rd in exact order. hard to hit, huge payouts.
pick 4 / pick 6
pick winners across multiple races. jackpot-style pools.
superfecta
pick 1st through 4th in exact order. lottery-level difficulty.
tote vs bookmaker odds
| Feature | Tote | Bookmaker |
|---|---|---|
| odds source | pool of bets | bookmaker's traders |
| when odds are final | after race starts | when you bet |
| typical take | 15-25% | 5-15% (hidden) |
| big longshot payouts | better | limited |
| price certainty | variable | guaranteed |
where tote betting is used
🐴 horse racing
the original and most common use. tracks worldwide run tote pools on every race.
🐕 greyhound racing
same system as horse racing. popular in UK, Australia, and Ireland.
🏆 jai alai
the Basque sport uses pari-mutuel betting. popular in Florida and the Philippines.
🔮 prediction markets
modern platforms like baozi use the same pool mechanics for events.
understanding tote dividends
in horse racing, payouts are expressed as "dividends" - the return for a standard unit bet (usually $1 or $2).
example dividend: $5.40
this means a $2 bet returns $5.40 total (your $2 back + $3.40 profit).
equivalent decimal odds: 2.70
tips for tote betting
bet late to see final odds
wait until close to race time to understand where the money is
look for overlay opportunities
when tote odds are better than bookmaker odds, there's value
use exotic bets for big payouts
trifectas and pick-6s can return life-changing sums
watch for carryovers
when no one hits a pick-6, the pool carries over creating huge value
baozi: tote betting for everything
baozi applies the same fair, pool-based system to prediction markets. instead of horse races, you're betting on real-world events - but the mechanics are identical:
related guides
try modern tote betting
experience pool betting on prediction markets with lower fees and full transparency.
explore baozi markets