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A totalisator ('tote') is the name for the computerised system which conducts parimutuel betting. Parimutuel betting is a betting system in which all bets of a particular bet type are pooled together. Commission is then deducted giving a shared pool from which the approximate price of each runner is determined. In effect Parimutuel betting reflects how popular a particular runner is with punters in relation to the popularity of all the other runners. With parimutuel betting the final payout (dividend) is not determined until the pool is closed. The tote does all this calculation, displays current prices and prints tickets.
Just like the name suggests, bookmaker fixed odds guarantee the final payout (dividend) on any runner is fixed at the odds quoted at the time the bet was placed.
A betting exchange is an online market place where punters bet at odds set by other punters, rather than a bookmaker or tote. Essentially, a betting exchange brings together punters with directly opposing views. The betting exchange matches these punters proposed bets. The dividend is paid to the eventual victor, less a commission to the betting exchange. Unlike standard betting against a bookmaker, betting exchanges allow punters to either bet (select to meet the criteria, ie; win the race) or lay (select to not meet the criteria) a wager.
In order to place a bet with a Betting Agency through the Odds Comparator, you must first sign up to become a member of the appropriate Betting Agency you want to place a bet with. Each Betting Agency will require you to accept their terms and conditions and complete identity checks prior to your membership being created. In the event you are already an existing member of the relevant Betting Agency, you will simply need to login when directed to it via the Odds Comparator. Please note that Telstra does not accept bets or wagers through the Odds Comparator. Bets placed with a Betting Agency through the Odds Comparator are the responsibility of the Betting Agency. All betting account enquiries should be directed to the appropriate Betting Agency
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