How the Tote Woks
The "Tote" is short for Totalisator. The Tote operates a system to offer pool betting on race tracks. Here’s how it works:
- Customers bet into a common pool, betting against one another, as opposed to bookmaking where they bet against the bookmaker. All stakes on a race are pooled and a deduction is made to cover costs.
- 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.
- Tote dividends are not linked to the prices declared by bookmakers. The odds fluctuate according to the pattern of betting and the amount of money placed on each dog.
Betting ceases at the sound of the hare bell. There is no tax on racecourse bets.
The Tote is operated by the Irish Greyhound Board.
The Greyhound Totalisator Operating Regulations 1971 can be found here