An all up bet links two or more bets so that the whole return from each leg, stake included, becomes the stake on the next. It pays only if every leg comes in, and one losing leg ends it. Racing NSW's reference manual describes it as parlaying, re-investing your winnings from one race into one or more other races.
On the tote this bet is the all up; a bookmaker's fixed-odds version is usually called a multi. Horse racing betting covers the single-race bets an all up is built from.
A 3-leg all up, worked
$10 all up on three runners at one meeting, with illustrative prices:
| Leg | Price | Stake going in | Return carried on |
|---|---|---|---|
| Race 3, Runner 4 | $3.00 | $10.00 | $10.00 x 3.00 = $30.00 |
| Race 5, Runner 7 | $2.50 | $30.00 | $30.00 x 2.50 = $75.00 |
| Race 7, Runner 1 | $4.00 | $75.00 | $75.00 x 4.00 = $300.00 |
return = stake x price 1 x price 2 x price 3 = $10 x 3.00 x 2.50 x 4.00 = $300, a $290 profit. If Runner 7 loses, the $30 riding on it is gone and the last leg no longer matters. The multi bet calculator multiplies the legs together, and the bet calculator works out what a single leg returns.
On the tote those prices are win dividends, each declared after its race, so the final return is known only after the last leg. The tote rules Racing and Wagering Western Australia adopted, as gazetted on 3 August 2010, fix your instructions when you bet, with no changes once the first race closes (rule 11.3). They call a parlay an all up when every race picked has to return a dividend or refund (rule 1.1).
Scratched or refunded legs carry the stake forward
A scratching does not end a tote all up. Under rule 11.4, money on a scratched selection carries forward to your next race, or is paid out if it was the last leg. A race that is abandoned or declared a no race is treated the same way (rule 11.5). In the example above:
| What happens | Effect | Return if the other legs win |
|---|---|---|
| Runner 7 in leg 2 is scratched | The $30 from leg 1 rides into leg 3 | $30 x 4.00 = $120.00 |
| Runner 1 in leg 3 is scratched | The $75 from leg 2 is paid out | $75.00 |
A fixed-odds multi follows the bookmaker's terms. For sport, the NSW Bookmaker Declared Betting Events Betting Rules void only the affected leg in some cases, and pay the stake times the prices of the legs already won if a later event is abandoned (clauses 5.1.9 and 5.1.14).
All up vs multi
| Tote all up | Fixed-odds multi | |
|---|---|---|
| Each leg pays | The dividend declared after that race | The price on your ticket |
| Return known | After the last leg | When the bet is accepted |
| Legs | Up to six races at one meeting (rule 11.2) | Whatever the bookmaker's terms allow |
| A scratched leg | The money carries on (rule 11.4) | The bookmaker's terms decide |
At $3.00, $2.50 and $4.00 a $10 multi also returns $300, but you know that the moment it is accepted. Each leg's price carries the bookmaker's margin, so the margin compounds as legs are added. A same race multi is a different product: its legs share one race, so its price is not the leg prices multiplied. A tote double is a pool of its own, which running double and daily double sets against an all up on the same runners.
Pricing every leg before you link them
Every leg multiplies the others, so a longer price on one leg lifts the whole return: $10 at $3.20, $2.50 and $4.00 returns $320 against $300 (illustrative prices). The Terminal lines up fixed prices from 40+ bookmakers across racing and sports, so each leg's prices can be seen before you link them; a tote dividend cannot be compared in advance.
Risk: Betting involves risk. Each leg you add is another way for the whole bet to lose, and the margin in every leg's price compounds as the legs multiply. See responsible gambling for limits and support.