Tote (general terms )

Its full name is the Horserace Totalisator Board. It is a pool or “pot” based system. All bets are pooled and following the race the pool (less deductions - the Tote’s profit) is shared out among those who won. This means that your bet isn’t made at fixed odds as the amount you stand to win is affected by all those who bet after you. Tote prices - they call them “will pays” (an indication of what you would win if there were no bets after yours) are shown at racecourses and on the Tote’s web site. In practice although there are usually some small differences between the Tote’s prices and bookmaker’s prices, they end up pretty even. Some punters have famous stories about big differences on outsiders.