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Update 03/11/2015  (Click Here to see winners of the Melbourne cup 2015 ) Melbourne cup 2015  is here and everybody  is pumped and ready to have a punt on the horses. The race that stops the nation is once again here  for 2015. People  will have their  fingers crossed and  hoping for a windfall and  good times as the Flemington 3200M race for Melbourne cup starts tomorrow noon .

One of the most popular type of betting in Australia is either betting  for fixed bets or then tote.

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Whats different  between fixed betting and tote betting  ?

TOTE BETTING

The Tote (also known as Parimutuel betting) is commonly used for horse racing, while  the fixed odds betting is commonly used for sports. Saying  that tis  is a system in which all bets of a particular type are placed together in a pool

In Australia  with the Tote the bookmaker displays the approximate odds that they believe you will receive on a punt . This approximation of the value  is based on the quantities of bets received to that point. These odds however will change, however depending on how much additional money is placed on each outcome or horse. Because of this you don’t know the actual odds you will get until bets are no longer accepted and the race/event has commenced.

Fixed odds betting

Fixed betting  is pretty much what it says , returns are fixed at time of betting . In Australia fixed odds betting is a form of wagering where the punter knows the exact odds he or /she will receive when they place a bet

Fixed odds betting is more risky for the bookmaker than the Tote, because the profit margin is not guaranteed and the bookmaker’s profit will not be the same for every outcome.

Most popular kinds of bets

Win

A win bet is an option where the selected horse must win the race outright. In the case of a dead-heat, the winning price will be halved. The most common type of online bet, the win option gives punters a chance to make full use of the bookmakers promotions. These include money back specials and protest payouts; if you’re horse finishes second or third in a selected race they will refund your win bet and if your horse loses on a protest, they will pay out both win bets.

Place

A place bet offers lower odds than a win bet, due to the increased likelihood of it succeeding. The selected runner must finish in the first three across the line for the bet to pay out. If there are less than seven horses in the field, then only the first two horse’s payout, however odds will increase because of this.

Trifecta

Punters must select the first three horses in any order. Due to the increased risk factor of this bet, the payouts are of greater value compared to quinella’s. A three-horse boxed trifecta costs $6, or $3 for .cents worth (the most commonly made trifecta). There are multiple options for trifecta bettors including straight, boxed, banker and roving banker

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