The Ultimate Horse Racing Guide: How to Take a Tote Bet with Hollywoodbets
Here you’ll learn everything you need to know about How To Take A Tote Bet?
Take a look at the video below before we get started:
What is a tote bet?
A tote bet is a bet that involves you betting into a pool where your winnings are calculated by the amount of money in the pool divided by the winners.
The TabGold tote bet was recently integrated into Hollywoodbets’ online betting platforms. This feature gives you the option to take any horse racing bet through the tote. It must noted that all money that you bet on when on the tote option goes straight into the pools!
When switching over to the tote with the button provided on the Hollywoodbets website and mobisite, you now can take a bet where the payout is limited to the rules stipulated by the TabGold website.
Difference between Open Bet and Tote Bet
An Open Bet is a tote/TAB type bet taken with a bookmaker. The bookmaker – in this case, Hollywoodbets – lays the bet, and pays the dividend as declared by the tote on the winning combinations.
No fixed odds are agreed at the time the bet is placed. The winnings and therefore the payout is determined after the outcome of the event on which the open bet was struck becomes known, with reference to the dividends generated by the totalizator.
Tote betting works by a player betting into a cumulative pool that also includes other punters. The payout is then shared among all of the winning players – this is referred to as a dividend. Remember that the total amount that gets paid out is determined by the number of people who won the pot.