If you’re relatively new to punting on horse racing – understanding the different types of odds offered on race meetings can be perplexing to say the least! If you’re confused about whether you should go for fixed odds or tote odds betting, read on to gain a better understanding of the differences between these two types of betting options and determine which one is better suited to your needs.
Understanding Fixed Odds and Tote Odds
When it comes to betting on horse racing, there are two main types of odds that you need to be familiar with: fixed odds and tote odds. While both types of odds can be used to place bets on horse racing, there are some key differences between them that you should be aware of before placing your bets.
What are Fixed Odds?
Fixed odds betting is a type of betting where the odds remain fixed at the time of placing a bet, regardless of the number of bets placed by punters. This means that if you place a bet on a horse at odds of 5/1, those odds will not change even if lots of other people place bets on the same horse.
Fixed odds betting is offered by bookmakers, who set the odds based on the probability of a particular outcome. For example, if a bookmaker thinks that a horse has a 20% chance of winning a race, they will set the odds at 4/1 (which implies a 20% chance of winning).
One of the advantages of fixed odds betting is that you know exactly how much you stand to win if your bet is successful. This can make it easier to plan your bets and manage your bankroll effectively.
What are Tote Odds?
Tote betting, on the other hand, is a type of betting where the odds fluctuate until the race begins. In this type of betting, all of the money that is bet on a particular race is pooled together, and then shared among the punters who correctly predict the outcome of the race.
The odds in tote betting are determined by the number of bets placed and the amount of money collected in the pool. This means that if lots of people place bets on a particular horse, the odds for that horse will decrease, and if few people place bets on a particular horse, the odds for that horse will increase.
In Australia there are three major totes: TAB, NSWTAB & UBET – the money collected in these pools is used to pay out the winners of the race. One of the advantages of tote betting is that the odds can sometimes be more generous than fixed odds, particularly if lots of people are betting on the same horse.
However, one of the disadvantages of tote betting is that it can be difficult to predict how much you stand to win, as the odds are constantly changing – this can make it harder to manage your bankroll effectively, and can lead to unexpected results.
Overall, both fixed odds and tote odds have their advantages and disadvantages, and the type of odds that you choose to use will depend on your personal preferences and betting style. It’s important to do your research and understand the different types of odds before placing your bets, in order to give yourself the best possible chance of success.
How Fixed Odds and Tote Odds are Calculated
Calculating Fixed Odds
The calculation of fixed odds is influenced by several factors such as the horse’s past performance, jockey, and racecourse. The bookmaker’s expertise plays a crucial role in determining the odds that are offered to Aussie punters. Once the odds have been set, they remain static throughout the race, irrespective of the money invested in that particular betting option.
Calculating Tote Odds
Calculating tote odds is a bit more complicated as the odds are determined by the amount of money in the pool and the number of winning bets. A percentage of the pool goes towards the operator’s commission, and the remaining amount is divided equally among winning bets. This means that the odds may change until the race begins, making it difficult to predict the final payout.
Pros and Cons of Fixed Odds Betting
Advantages of Fixed Odds Betting
Fixed odds betting offers you a clear idea of the payout you will receive if your bet is successful. Furthermore, it allows you to place a bet well in advance of the race, allowing you to take advantage of early bird offers.
Disadvantages of Fixed Odds Betting
The biggest disadvantage of fixed odds betting is that the odds may not be favourable, given that they are set solely at the bookmaker’s discretion. This means that you may miss out on a bigger payout when compared to what you could have won through Tote betting.
Pros and Cons of Tote Odds Betting
Advantages of Tote Odds Betting
The primary advantage of tote betting is that the odds offered are usually higher than those offered by fixed odds betting. As a result, you can benefit significantly if you have a winning bet. Additionally, unlike fixed odds, the final payout is determined after the race ends, which adds an element of excitement and unpredictability to the event.
Disadvantages of Tote Odds Betting
Tote betting can be highly unpredictable as the odds change continuously, so it can be challenging to predict the winnings accurately. Additionally, the lack of fixed odds makes it challenging to know the exact payout that you will receive.
Comparing Fixed Odds and Tote Odds
The primary difference between fixed odds betting and tote betting is that fixed odds provide a stable payout irrespective of other bets, while tote betting offers higher payouts but may vary based on the number of winning bets.
Betting strategies differ between fixed odds and tote betting as they require different approaches. Fixed odds betting requires punters to carefully analyze the horse’s past performance and other factors while Tote betting requires an informed decision based on the horse’s overall popularity, among other factors.
Popularity and Availability
Fixed odds betting is more readily available as it is offered by most Aussie bookmakers, both online and offline. On the other hand, Tote betting is only available in a few racecourses or government agencies. Furthermore, fixed odds betting is generally more popular with punters due to its convenience and ease of access.
Final Verdict: Fixed Odds vs Tote Odds Betting
Choosing between fixed odds betting and tote betting depends on your preference and betting style. Fixed odds betting allows you to make an informed decision based on stable odds, but you may miss out on higher pay-outs. Tote betting, on the other hand, can be unpredictable, but it can offer a more significant payout if your bet is successful.
In conclusion, if you are a risk-taker who is looking for larger pay-outs, you may want to consider Tote betting. However, if you prefer stability and want to make informed decisions based on fixed odds, then fixed odds betting is the way to go. In the end, it all comes down to personal choice and the amount of risk you are willing to take. Now that you’re up to speed with fixed odds vs the tote – head on over to our homepage to check out the best betting sites and test out your punting prowess.