Tote betting is a form of betting where all the bets on a particular event are pooled together, and the odds for each outcome are determined by the total amount wagered on each selection. This is in contrast to fixed-odds betting, where the odds are set in advance by the bookmaker.
The money wagered by all participants is collected into a single pool, and the pool is then divided among the winners. The odds for each selection (horse, team, player, etc.) are not fixed and fluctuate based on the amount of money bet on each option. Due to the odds not being fixed, we have to approach this offer differently.
As the odds that we bet on aren't fixed we would always advise slightly underlaying your bet with the Exchange (this is why we say to enter a lower back stake into the calculator), which again limits the risk involved.
Lastly, any free bets you get credited with Tote will be stake returned, so just make sure you have the calculator on the right setting to make the most of this.
You can find the full guide for the Welcome Offer here.