The tote system is the backbone of horse racing wagering. It determines how bets are pooled, how odds shift before a race, and how final payouts are calculated. In this section, you’ll find clear explanations of tote boards, pool sizes, takeout, and the difference between approximate and final odds.
What You’ll Find in This Section
What is a Tote Board in Horse Racing?
Understand the information displayed on tote boards, from odds and pool totals to race updates.
How Do Pool Sizes and Odds Work in Horse Racing?
See how the size of a betting pool influences the odds and affects potential payouts.
What Are Breakage and Takeout in Horse Racing?
Learn how deductions are made from betting pools and how breakage impacts final dividends.
What’s the Difference Between Final and Approximate Odds?
Find out why the odds shown before a race may not be the same as the odds used to calculate your payout.
💡 Did You Know? Before modern digital systems, tote boards were operated manually, with clerks updating odds by hand throughout the day.
Frequently Asked Questions
Why do tote odds change so often before a race?
Why do tote odds change so often before a race?
Because bets are continuously added to the pools until post time, every new wager alters the distribution of money and therefore the odds.
What does “takeout” mean for bettors?
What does “takeout” mean for bettors?
Takeout is the portion of the pool deducted by the track or operator before winnings are paid out. It covers costs and taxes, and it lowers the total amount available to winners.
Why are approximate odds sometimes misleading?
Why are approximate odds sometimes misleading?
Approximate odds reflect the pool totals at a given moment, but since betting continues until the race starts, the final odds may look quite different.
What happens with breakage in payouts?
What happens with breakage in payouts?
Breakage rounds down dividends to the nearest set unit (like 10 or 20 cents). The leftover amount stays with the track or state, not the bettor.
Does a bigger pool always mean better payouts?
Does a bigger pool always mean better payouts?
Not necessarily. Larger pools usually mean more stable odds, but payouts depend on how heavily each horse is bet, not just the pool size.