"Tote" is short for Totalisator, a system introduced to Britain in 1929 to offer pool betting on racecourses. It works like this: all the stakes on a race are pooled, a deduction is made to cover costs and the Tote's contribution to racing. The remainder of the pool is divided by the number of winning units to give a dividend which is declared inclusive of a £1 stake. In other words, pool customers bet against each other, whereas in bookmaking they bet against the bookmaker. Odds fluctuate according to the pattern of betting and betting ceases at the 'off'.
"The Tote", has 4 parts to its business:
Tote Credit Club offers a comprehensive telephone betting
service as well as providing offices on every racecourse.
Bets are accepted on horseracing at Starting Price or Tote returns together with Ante-Post on principal races and on most major sporting events.
Racecourse Division - Betting points are situated on every racecourse offering the full range of Tote bets including, at most locations the facility to bet at other racecourse meetings.
Tote Bookmakers operate offices throughout the country providing a cash betting service at either Starting Price or Tote Returns. Offices are also situated on many racecourses offering a cash betting service or Starting Price.
Tote Direct - Many off-course bookmakers now operate Tote Direct on-line terminals enabling Tote bets such as the Scoop6, Jackpot, Placepot and Trifecta to be transmitted to the racecourse Tote Pools.
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