The biggest pool-betting business in the United Kingdom, Tote has announced the launch of ‘Tote Guarantee’. This innovative betting approach will become widely available during the Cheltenham Festival that takes place from March 10th to March 12th, 2020.
It has been met with a lot of skepticism, both in the media and among bettors as well, however, there is anticipation that it may revolutionize the pool-betting business indefinitely.
‘Tote Guarantee’ is a guarantee that a payout will match or exceed the SP return on all winners, but only for stakes up to £500. The new feature has been tested on both racecourses and online, and the Tote’s management believes how it will attract new punters who are traditionally more keen on placing their bets with bookies rather than unpredictable pool-betting.
The basic principle of pool-betting is that the operator can’t lose as they make the cut in the pool (current rate is 19.25%), however – according to the Tote’s representatives – they are trying to find the balance between turnover and margin to attract new punters.
Director of Communications and Corporate Affairs for Tote, Susannah Gill explained how the company counts on a lower margin but expects higher turnover as the feedback from players who tried this new feature was extremely positive.