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People will bet if they think they can win. If they can't win they won't bet
The problem with running a rebated tote is that it makes it relatively easy for the entrenched big syndicates to win but conversely makes it almost mission impossible for anyone else to win. So you struggle to keep any rookie players in the game for long as they get hammered and leave
The Australian wagering figures for tote vs fixed odds the last few years are as follows
TAB TOTE 2010/11 $8.9 billion
TAB TOTE 2017/18 $5.5 billion
That is a drop of almost -40% in 8 seasons of racing for tote betting
TOTAL WAGERING 2010/11 $14.4 billion
TOTAL WAGERING 2017/18 $19.5 billion
But while tote wagering is way down total wagering is up about 35% in the same 8 seasons
TOTAL WAGERING-TAB TOTE 2010/11 $5.5 billion
TOTAL WAGERING-TAB TOTE 2017/18 $14 billion
So there has been huge growth in betting on horses in Australia that is not on the tote. Most of this will be fixed odds betting although some of it will be derivative tote bets (ie bookies pay odds based on the tote price)
Bottom line is fixed odds betting has grown strongly in Australia over the last 8 seasons while tote betting is dying
The people who run racing prefer tote betting to fixed odds as it gives a higher percentage return to racing than fixed odds (ie higher takeout). But clearly if you give players the choice they much prefer fixed odds to tote betting. The UK experience is the same
Fixed odds betting does increase integrity problems and you have the problem these days of bookies not wanting to bet winning players. But at least it gives non syndicate players a chance to win something. Rebated totes just allow big syndicates to clean up while everyone else loses
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