Terminology
As other bookmakers can offer similar gambling services it is necessary to disambiguate the bets. A bookmaker win-only bet (on-the-nose) isn't the same as a Tote Win bet, as the bookmaker is offering fixed odds for that particular outcome, whilst the Tote is a dividend paid out from the betting pool. The betting pool is generated from individuals placing money on a Tote bet.
A price quote for a horse on the Tote is the current dividend payout on the event of that outcome happening. This tends to be similar to normal bookmaker odds, and tracks the market in a similar way, but at any given time may be better or worse than a bookmaker's quoted odds. However, since all bets are pooled, all bets are essentially "starting price" (SP), that is, until the race has started (and all betting finished) one cannot calculate what the final payout will be; whereas bookmakers can offer either SP or a "board price", that is, a guaranteed payout at a given price for a winning bet. (The SP for horse races is the average price offered by bookmakers when the race starts, as inspected by employees of the Jockey Club).
It is sometimes suggested that Tote odds are generally less favourable than bookmakers' SPs. This claim is controversial, some assert they vary little from bookmakers' odds.
Read more about this topic: Tote Betting