Totalisator

A totalisator, also known as a tote, is a system used for calculating and managing pools of bets on sporting or racing events. Instead of individual bookmakers setting odds, bettors place their wagers into a common pool. After the event concludes, the total amount of money collected is divided among winning bettors, minus a commission or takeout fee. The totalisator automates the process of collecting bets, calculating dividends based on the pool size and the number of winners, and distributing payouts efficiently, ensuring transparency and fairness in the betting process.