Tote Betting Definition
“The Tote” is a British bookmaker and is the only horseracing bookmaker that is allowed to offer parimutuel betting. Parimutuel betting is a system in which all bets of a particular type are put together in a pool. The “juice” or “vigorish” is removed and the payoff odds are calculated by a pool shared among all winning bets. In some countries the “tote” refers to the colloquialism “totalizator” which is the name for the system that runs parimutuel betting. This system calculates and displays bets already made.Example
One example could involve a favorite starting at 7/1, but after many wagers dropping down to 3/1 as a starting price.