What is Pool Betting?
Pool betting, or taking part in a betting pool, means to place a stake into a pot and select an outcome (usually the winner of a race) from the list available. When the outcome is decided, the pot will be split between those who chose the winning outcome or won by a single person in the event of a random sweepstake.
Pool Betting Definition Explained
‘Pool betting’ refers to any kind of betting where the odds of an outcome do not matter, and the available prize is split between all players with the right selection. Players enter the betting pool with a fixed stake, which is matched by all other players, and the total of these bets creates the prize pool. If pool betting is being done for fundraising purposes or is part of a casino or betting shop offering, a cut might be taken for the operator. In informal betting pots, the whole accumulated pot is the available prize.
Betting pools sometimes offer a list of outcomes and allow players to select the one they want. There might be one winner, who takes the whole pot, or there might be several people with the same selection – in which case, the pot is split. A more common form of pool betting is the sweepstake, which is popular in offices and among social groups. The entrants of a race are put into a hat at random, and players who pay to enter can pick one of the names. This is their bet and if that name wins, the player gets the pot – or a share of it. Multiples of the same name may be added if there are many players. This form of betting is often seen when major horse races such as the Grand National are on, or during a tournament such as the FIFA World Cup.