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The Principle of the Tote
The most common type of bets offered by bookmakers is individual bets. This means that for each sporting event, the bookmaker independently sets the odds and accepts individual bets from bettors. Essentially, the interaction occurs solely between the player and the bookmaker, and the amount of winnings depends on the initially set odds.
The tote does not have predetermined odds. Unlike a classic bet, it is placed among several players (the number is not limited). The bookmaker acts as an intermediary, charging a small fee for its services. The amount of winnings directly depends on the size of the pool, which is formed by the players.
Example
An example can be taken from a match in the Indian Premier League cricket tournament between Chennai Super Kings (Chennai, Tamil Nadu, India) and Gujarat Titans (Ahmedabad, Gujarat, India). For the sake of simplicity and clarity in calculations, let’s limit the number of players who want to place bets on the tote for this match to 10 individuals. Four individuals placed bets on Chennai Super Kings to win:
- Two players bet 200 rupees each;
- Two players bet 100 rupees each;
- Six individuals placed bets of 100 rupees each on Gujarat Titans to win.
It’s not difficult to guess that the total pool of the tote for this bet amounted to 1200 rupees. The bookmaker’s commission for their services was 5%, which equaled 60 rupees. Therefore, the pool for the winners amounted to 1140 rupees.
How the Winning Odds are Determined
The winning odds can only be determined once the winner is known. In this case, the result of the game was the victory of Chennai Super Kings. In such instances, the total pool (minus the bookmaker’s percentage) needs to be divided by the total amount of bets placed on the winning team.
1140/600=1.9.
Outcome of the Bet
Next, determining the amount of winnings follows a standard procedure. The amount wagered by the player is multiplied by the odds. Thus,
- Two players receive 380 rupees each;
- Two players receive 190 rupees each.
To verify, the total sum of all payouts would indeed amount to 1140 rupees.
Here Are the Steps to Place a Bet Online in a Bookmaker
Registration in 3 stepsIf the principle of how winnings are distributed in the tote is understood, then it’s time to move on to the step-by-step instructions for placing a bet on the tote.
Choose the tote section
Choose the sport and sporting event
Make a bet
Characteristics of Tote Betting
The example presented is the simplest form — a tote for a single sporting event. However, in practice, outcomes of multiple sporting events are used, analogous to multiple races in horse racing. To attract bettors’ attention to the tote, bookmakers often offer consolation prizes and compensations. For example, if a player correctly predicts the outcome of nine out of ten matches.
There is another significant difference between the tote and classic betting. If the outcome of an event is not predicted by any participant, the entire pool amount (excluding the bookmaker’s commission) is carried over to the next draw.
In cricket tote betting, the following types of bets are commonly practiced:
- Betting on a team’s victory in a match;
- Betting on a team’s victory in multiple matches, ranging from 3 to 5. In this case, players may be eligible for consolation prizes or a refund of a certain amount of money if they correctly predict 4 out of 5 wins;
- Betting on the winner of a tournament. Despite cricket’s high popularity in India, the Premier League cannot boast a large number of strong teams. Thus, the game essentially revolves around four or five top teams;
- Betting on the best batsman or bowler. This type of bet is quite risky since cricket teams rarely have players significantly better than their opponents or team members.
The closest analogue to the tote is the parlay bet. However, they still have some differences. When placing a parlay bet, a player can choose any event from the available betting lines. Tote events are strictly regulated, and players can only choose from a limited number of outcomes.
The main drawback of the tote from the players’ perspective is its more complex system for determining winnings. In addition to the pool depending on the number of bets, the odds of winning may also be somewhat reduced due to the presence of consolation payouts.
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