These are tote returns for our purposes, not reference to the bookmakers called "Tote".
The tote returns are pool based Starting Prices (SP). All stakes wagered on an event are added together in one large pool of funds and then dividends calculated as the winning returns dependant upon the amount wagered on the successful selections.
The returned dividends are subject to a deduction made from the pool and are declared to a fixed unit stake. In the UK, these are declared to a £1 unit stake but in the U.S, tote returns are declared to a $2 stake.
Obviously there are many occasions where an event is held in a country where no traditional bookmakers exist and all returns will be declared as a tote dividend.
French horse racing for example, will return tote dividends (known as the Pari-Mutuel) on their races, but that doesn't mean this is the only option open to us.
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