The vital distinction among the fixed odds guess and the totes wager is that within the latter, your payout is unknown until after the race is over. Because you are in a making a bet pool when you make a totes guess, the extra punters make the identical wager as you, the greater ways you may must cut up the pool. Consequently, in case you enter right into a totes wager, you may want to keep away from what others are doing! In particular, because there are a totally massive wide variety of humans betting at the melbourne cup relative to different horse races, this can lead to some weird skewing of odds. For instance, the payout of the favorite winning gets smaller and smaller as more punters take that bet. If a massive quantity of punters bet on the favourite to win, the payout can sincerely drop to this type of huge quantity that it turns into much less than the payout for the favorite virtually placing! Taking a much less common bet (together with betting on your horse to place), which has higher chances of paying out (considering the fact that your preferred horse simplest has to finish within the pinnacle three for you to accumulate) then turns into an effective making a bet strategy. A businessweek article explains this phenomena (within the context of yank horse racing) in more detail. Since the payouts in totes bets are an approximation that receives better because the race draws closer, it’s frequently well worth waiting before putting your guess. In comparison, in case you actually need to again the fave, perhaps constant odds are the first-class manner to go (so you avoid your winnings being diluted as extra human beings make the same wager). If so you’d need to get your bet in moderately early, earlier than the odds on the favourite drop too much.