How the Tote Jackpot Works: A Simple Betting Guide

How the Tote Jackpot Works Contents

What Is a Tote Jackpot?

Overview of Tote Jackpot Betting

Originating in Australia and introduced in the UK in the 1920s the Totalisator, or the Tote as it has become known, was introduced by the government as a safe and secure way of placing a bet, as well as a guaranteed revenue in that a % of the pool is deducted before dividends are paid. The fundamental difference between the Tote and traditional bookmakers or exchanges is you are not betting at fixed odds: all bets placed go into a pool and are divided between the winners, so your potential returns are unknown. The Tote operates a number of bets,

As well as the most popular win and each way bets, there are a number of different bets you can place on the Tote, such as the Trifecta, Exacta and Quadpot, all variations on bets you can place with bookmakers. All of these bets are allocated to separate “pools”, so all win bets go into one pool, place bets into another and the Jackpot into its own pool.

In our previous blog we looked at the ‘Tote Placepot‘, its pros and cons and potential as a source of long term profit (the very essence of backing horses). Finding 6 winners at a meeting is a daunting challenge, this is reflected in the fact that the average payout for a Jackpot is higher than Placepot payouts

The Jackpot is a pool bet similar to the Placepot but rather than finding a horse to be placed in the first 6 races at the meeting you need to find the winner. Simple enough? Probably not, but it’s worth pointing out that back in 2011 one punter scooped nearly £1.5million at Exeter. If you’re a punter who likes a potential big win for small stakes the Jackpot should be considered, and similarly to the Placepot let’s look at how best to adopt a strategy.

How It Differs from Other Tote Bets

Other Tote bets, as well as ordinary win bets, can involve placed runners and forecasts but the Jackpot could not be more straightforward – find the first 6 winners! The Jackpot has become a  daily ritual for horse racing fans hoping for a big win from a small stake with a very simple pool bet.

The Basics of Placing a Tote Jackpot Bet

On a daily basis a race meeting is designated for the Jackpot which is usually the main meeting of the day, unlike the Placepot which is available at every race meeting so ensure you check this before you begin your research. 

How Many Races Are Included?

You will need to find the winner of the first 6 races at the designated meeting, ignore any later races as they will not form part of the Jackpot.

What Happens If a Horse Is a Non-Runner?

If your selection is a non runner you will automatically revert to the unnamed favourite in the race. It is possible to nominate the unnamed favourite in any race as your selection, if you choose this option and there are joint favourites or co-favourites your selection will be the one with the lowest racecard number.

How to Place a Tote Jackpot Bet

Step-by-Step Guide to Betting in a Tote Jackpot

You are no doubt familiar with betting in multiples and accumulators, the Jackpot is essentially a 6 horse accumulator. If you’re honest with yourself you’ve probably never backed all 6 winners at a meeting, let alone had a winning 6 horse accumulator. However, Tote betting allows you to make permutations, known as perms, where you can select more than one runner in a race.

For example if you wanted to hedge your bets and make two selections in each race ie:

2 x 2 x 2 x 2 x 2 x 2 = 64

You are now placing 64 bets. If you consider there are two bankers and perhaps a couple of trickier races you may choose:

1 x 1 x 2 x 2 x 3 x 3 = 36 bets.

Of course the options are endless, in the Grand National you might fancy 7 or 8 and need to calculate the perm accordingly.

So the ideal Jackpot opportunity is to establish a couple of bankers, ordinarily they would be strong favourites, and widen your options in the other races.

How to Place a Tote Jackpot Bet Online

You can place a Jackpot online, and not just with a Tote account, online bookmakers will take Jackpot bets. You can also place a Jackpot in betting shops and of course you can fill out a coupon at the race, even if the Jackpot is not being held at the meeting you are attending.

Tips for First-Time Tote Jackpot Players

Stating the obvious but ensure you check which is the designated Jackpot meeting of the day and be selective. Finding 6 winners at any meeting is far from easy, try to identify at least 2, perhaps 3 races where you can only see one winner, these are your bankers and you can begin to build a perm around the remaining races. As with all other accumulators, as soon as your selection(s) lose your bet is lost. Although the pools will be huge at meetings such as Cheltenham and Ascot, the racing is incredibly competitive. But in recent years identifying a couple of Mullins bankers and perming multiple selections in the other races could pay dividends. It’s stating the obvious to say finding 6 winners at an ordinary midweek meeting, although incredibly challenging, is less time consuming and potentially more straightforward than at Royal Ascot with big fields and multiple selection possibilities.

When considering which race meeting to place a Jackpot be mindful of televised meetings, these are usually very competitive and involve large field handicaps and difficult races. The Jackpot is held every day there is a race meeting, not just the days when racing is on live TV. Think of yourself as an individual investor rather than a lucky gambler hoping to win a big payout whilst sat in front of the TV on a Saturday afternoon.

Tote Jackpot Rules & Payouts

How Are Winnings Calculated?

Winnings are calculated in a very simple way: all stakes go into a pool and are divided by the number of winning tickets after 29% has been deducted. So if the pool is £10,000, £2,900 is deducted and £7,100 shared between the winners. The minimum pool fund guaranteed every day is £10,000

Minimum & Maximum Stakes for Betting

The minimum unit stake is just 1p per line and 50p in total per slip, winnings are calculated based on a £1 stake. So if you bet 1 line or multiple lines at £1 and the winning amount is £657 that is what you will receive. If your stake is 10p a line you will receive 10% of the return; ie: £65.70. There is no maximum stake. And remember the payout is not based on normal bookmaker odds, the betting pool dividend is the amount paid to each winning ticket, entirely different from fixed odds betting and bookmakers where your potential payout is known in advance.

What Happens If Thereʼs No Winner?

If there is no winner the pool is carried over to the next day’s meeting. It is worth keeping an eye out for the equivalent of a Lottery rollover, as the pool gets bigger the chances of a larger payout increase.

Strategies to Improve Your Tote Jackpot Chances

Picking the Right Horses – Key Factors to Consider

The existential dilemma of every racehorse punter – which horse is going to win this race? It goes without saying that previous performance and the study of form must always be your starting point.

 A crucial consideration when placing a Jackpot bet, or indeed any bet on the Tote, is that the pool is divided by winning tickets and most bets are placed on the fancied runners. Well that’s obvious to any regular punter. The point being that if the favourite doesn’t win the first race a large proportion of bets are lost. It’s a perfectly reasonable assumption to choose the favourite and those near the top of the market as your selection(s). However, identifying false favourites, and remembering that plenty of punters have nominated the unnamed favourite, gives you an edge when putting your perm together. In looking for your selections don’t be afraid of eliminating fancied horses and perming 2 or 3 that have a chance of beating it. 

The Importance of Race Form & Statistics

Let’s remember the fundamentals here, we are attempting to establish which horse is going to run from the start to the finish in the quickest time. On the odd occasion I look at the US racing on TV I have absolutely no idea where to start in terms of form, jockeys, trainers and the numerous other variables. It should help that every racetrack is the same size and layout and a similar surface but it doesn’t!

Having established where the Jackpot is being held, look at the shape of the 6 races to see if there is sufficient information available to make a reasoned judgement. By this I mean avoid 2 year old maidens, bumpers and novice chasers where you’re relying too much on guesswork. Of course, the unraced Nicholls 4 year old must have a good chance, but we know very little about the rest of the field. You are not being forced to bet, but with the Jackpot you are compelled to take a view on races you might otherwise ignore.

As on any occasion you’re looking to have a bet, start with a tried and trusted formula based on form and go to the Race Adviser site. This is an invaluable way to not just make selections but also to oppose short priced horses that don’t have the statistical background to justify their place in the market. Winning the Jackpot is as much about finding losers as winners, it is very rare that all 6 favourites win and when they do the dividend is poor.

Bankroll Management for Jackpot Betting

The management of your betting bank is the cornerstone of every strategy, in https://raceadvisor.co.uk/the-basics-of-betting-what-type-of-punter-are-you/ we look at the importance of managing your bank in order to maximise profits and sustain losing runs. Let’s imagine your maximum stake is £100, I wouldn’t for a moment recommend placing £100 on a Jackpot. I would suggest that something around £25 would be the maximum stake, it’s a far more speculative bet than your maximum wager on a horse you strongly fancy and should be treated accordingly.

At the bigger meetings and when the pool has been carried over to create a larger pot, syndicates will often get involved and place perms covering multiple horses which can often be rewarded with good returns. You may have friends or contacts that you can cooperate with in these circumstances, pooling your knowledge and resources. You won’t win all the time but may produce results at the equivalence of a long priced winner.

As with every other bet you place, always stake according to your bank and your strategy and don’t chase losses. It’s possible that after the first 5, or even 4 races your bet is still live, don’t be afraid at this stage to then place further bets on the last leg(s) to cover potential outcomes. We’ve all heard stories from punters who had the first 5 legs of the Jackpot….

Common Mistakes to Avoid in Tote Jackpot Betting

Betting Without Research

As we’ve discussed already, it is essential to research not just the most likely winners but also the most appropriate times to play the Jackpot. Look for pools that are carried over, cards that have at least two bankers and avoid those where limited information is available.

Ignoring Race Conditions & Track Bias

We all have our favourite type of race, sprint handicaps, Grade 1 chases, whatever it may be. In putting together a Jackpot perm you’ll need to research the anomalies of a particular racecourse such as right or left handed, draw bias, and trainers and/or jockeys with good win ratios or just one runner. There is a good chance you’re analysing a type of race you wouldn’t normally look at, carry out as much research as possible.

Not Spreading Risk with Multiple Selections

Let’s imagine you place a 6 horse at acca and they all win at Evens, it pays 63/1, you started with £1 now you have £64. Ever done that? No, neither have I. But the chances are you’ve bet plenty of doubles, trebles and Yankees in your time, all with single selections in each race. The great thing about the Jackpot is the ability to perm your bets and place multiple lines. A combination of 250 possible outcomes will cost £25 at 10p a line, you’ll get 10% of the winning dividend if successful but it could still be a decent payout. Realistically, unless you’re in a syndicate with pals, I’d look for 2 bankers and another race you can narrow down to 2 solid chances.

1 x 1 x 2 x 3 x 3 x 4 = 72 lines.

Play around with the numbers and remember 1p a line is the minimum stake.

FAQs About Tote Jackpot Betting

What Happens If I Win the Tote Jackpot?

Winning the Tote Jackpot is no different to any other bet, you’ll be paid online, in the shop or on course if you’re at the races. The dividends are published in the Racing Post and it may pay to research the last couple of months to identify patterns of how much was paid and how the pool size varies.

How do I claim my winnings from Tote?

Your betting slip or online account will act as proof of your stake.

What’s the difference between Tote and fixed odds?

In staking a 6 horse accumulator at fixed odds you’ll be able to calculate the returns both in advance and after the event. With every Tote bet you won’t know until after the event what the returns are, although you will be able to monitor how many tickets are remaining after each race. But as with fixed odds the return will generally be in conjunction with the SP of the winners.

In Summary

The Jackpot is a popular bet type amongst speculative punters. We’re all punters, we’re prepared to risk money based on what we consider to be the outcome of horses running round a track. The majority of the population think we’re stupid, and let’s be honest most of us are because we lose money backing horses.

Slow, steady profits is what the professionals advocate and of course they are 100% correct, our skill in identifying winners is evidenced by our betting ledger, if you’re continually losing money the reality is you’re not a great judge. However we all also dream of that big win, a new car or holiday and to brag to your mates how smart you are. That doesn’t mean recklessly betting your bank on a 33/1 shot, but apportioning a small % of your bank to more speculative bets such as the Jackpot is a perfectly legitimate approach to regular and profitable punting.

I wouldn’t advocate doing the Jackpot every day, and it won’t throw up as many opportunities as the ‘Tote Placepot‘. But now and again, whether on your own or as part of a syndicate I see no harm in giving it a go, the punter who won almost £1.5million certainly wouldn’t deter you.

As with every other bet you ever place, stay disciplined, record it and learn from your mistakes. People win the Jackpot most days, there’s no reason why it can’t be you.