Although competition from fixed-odds bookies limits the Tote's market power, the Tote still has a monopoly over some types of bet.

ECONOMIST: The Tote

Depending on the results on the field, the gross profit margin on fixed-odds World Cup betting is 15% to 23%, according to a Ladbrokes spokesman.

FORBES: Magazine Article

That is twice the usual margin for fixed-odds betting.

FORBES: Magazine Article

The Tote will also keep its seven-year monopoly on pool betting (where stakes are pooled and the winners take the lot, minus taxes and an administration charge, as opposed to fixed-odds betting where the bookmaker bears the risk).

ECONOMIST: The Tote: Odd odds | The