Across the world, sports betting takes many different forms. Go to North America, and you will find moneyline odds. Most of mainland Europe tends to employ decimal odds, while travel to the UK and Ireland to see fractional odds. To make this even more complex, there are even two different methods in which bets are funded: fixed odds and pari-mutuel betting, also known as the tote.
Tote Betting
Parimutuel or tote betting is very popular across the globe. In some places, such as certain US states, it is the only type of sports betting allowed. With this type of gambling, every wager made is placed into a large pool. The bookmaker takes a small percentage of this for their services, but the rest is distributed between the winners. That means players are essentially betting against other players, instead of the bookmaker.
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You can find online betting using the tote in Africa for horse racing, and it is increasingly becoming popular for football. Here, you can place wagers on major leagues from across the globe, such as the EPL, and bets don’t have a vested interest in any specific outcome. While this has distinct advantages, it also has drawbacks. One is that odds don’t become apparent until after the betting has closed, as they depend on how many people are in the pool and bet in given ways.
The Advantages and Disadvantages of Tote Betting
The fluidity of odds can be both a good and a bad thing. While it means that an extra layer of excitement is added, you actually don’t know your possible winnings when you place a bet. All of this changes depending on what is in the pool, something you have no control over. You may place a bet that is 20/1 on fixed odds exchanges, only to see it drop to half that after you have placed the bet. Even your own wagers, if large enough and placed in small pools, can cause odds to change.
All of this can work in your favour, though. As you are not against a bookmaker, you can often dodge the trends in odds. For example, if many people suddenly place money on a horse and it shoots up in the odds, it may not be reflected in the tote. This gives you an alternative way to make a bet and reap bigger rewards. Thus, it is always good to check the tote betting against fixed odds if you are gunning for a favourite.
Fixed Odds Betting
When you place a fixed odds bet, the price you are given at that time is the one that is locked in. However, your odds are guaranteed, even if they change drastically between the two time periods. This means you know what your payout will be, unless you specifically state you want to take the starting price, which is the odds before the event begins.
All of this is because you are not betting from a pool. Instead, you are betting against the bookmaker. It is he who wins and loses depending on the outcome, not other players. All of this makes it great if you are betting way in advance, or are comparing the best odds across bookmakers.
The Advantages of Fixed Odds Betting
The advantages of fixed odds betting are the control it offers. You know exactly what your earnings will be. This provides a level of simplicity, making it great for beginners.
Yet for those who have bet for some time, it is also preferable as it means you can look at different markets. Some bookmakers can offer vastly different odds. All of this variety attracts seasoned pros who will scour outlets for the best prices.
Other Popular Types of Betting
The other main type of betting is live or in-play betting. While it does have fixed odds behind it, these can change rapidly. This is because they are placed while an event is taking place.
Imagine you are watching Manchester United against Arsenal. Manchester United go 1-0 up, and a bet appears that Arsenal will score the next goal. This is an in-play bet, and it adds a great layer of excitement to the proceedings. While you may not get the favourable odds you did before each game, there are also advantages in that you can adapt to the play you see before you. Some operators may even have a cash-out option, allowing you to bank your money if you feel the tide is going to turn.
Thus, tote betting offers some distinct advantages. In some areas, due to the laws and regulations, it may be the only option available. Yet for those who have a choice between parimutuel and fixed odds, it provides a real alternative. One where trends don’t influence odds, and much better outcomes can be gained.
