What is ‘Sports Lottery’?
A sports lottery is, essentially, a lottery
in which the players bet on the results and outcomes of popular sporting events. A sports lottery is typically played using a pari-mutuel betting system
, in which the bets are pooled together and evenly distributed among the winning bettors
– that is, those who bet on a specific sporting result or outcome.An umbrella term under which sports lottery comes is sports betting
‘Sports Lottery’ Explained
In a sports lottery, all the players’ bets are collected and pooled into a pot
. When the results come in from the relevant sporting event, the total bet would be split and shared among all the winners, minus a small portion that will be taken by the bookies. This system is known as pari-mutuel betting and is typical of lotto-type games.A sports lottery might be used to refer to a horse race
, a football match, Formula 1, or anything other such sport that involves a winning hierarchy – that is, there is a clear first-, second-, and third-place winners’ structure. For example, those players who bet on a specific horse coming first in a race and received news that this horse had in fact won the race will share the pooled bets with all other bettors who bet on that horse for first place.This type of lottery is becoming increasingly popular across the working environment, in activities such as office sweepstakes. In an event like this, the pooled bets will of course be a lot smaller, but the same pari-mutuel principal applies: the winners will fairly share their earnings.Under this system, the fewer winners there are, the better; each winning bettor will earn a lot more money this way, because the pooled bets are only being split a limited number of ways. Conversely, the more winners there are, the less money each player will make.