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All posts by David MyersPools betting has grown in popularity amongst gamblers in America due to its flexibility and availability across various sports and events. Unlike traditional fixed-odd betting, where you bet against the bookie, pool betting involves players contributing to a communal prize pool, which is then distributed among the successful participants based on the most accurate predictions. It is a more fun way of betting because it offers a collaborative yet competitive gambling experience.
This guide explains the concept of pool betting and how it works. So, read on to learn all you need to know about pool betting, including the various types of strategies to improve your chances of being successful in pool betting.
What is Pool Betting?
Pools betting is a collective wagering system where you are required to select the outcome. All financial contributions are put in a single pool to form a jackpot that is shared between those who predict the correct outcome.
For example, if 10 bettors predict an event correctly, each of them will receive 10% of the jackpot. If five people win, they will get 20% of the outcome, and if one person wins, that person will get 100% of the pool prize. However, do note that on most occasions, the amount is shared after deducting the percentage of the organizer or bookmaker.
Each pool event can consist of numerous matches or races (depending on the sport). This is referred to as a leg. So, if you are required to predict the outcome of 5 matches, it means the pool has five legs.
Moreover, betting pools come in different formats but are quite easy to understand. Pari-mutuel betting is common in horse racing. There is also sports pool betting. For example, the March Madness brackets, Survivor Pools, etc.
How Do Betting Pools Work?
Pool betting revolves around community wagering. While each type has specific rules, there are consistent elements across most pools. So, let’s look at what a betting pool is, and how does a betting pool work.
First, you place your wagers in a central pool by paying entry fees, which contribute to the total pool amount. The amount must be paid before a specific time, usually before the event starts. Then, the organizer or bookmaker (for an online pool) retains a small percentage of the total pool to facilitate the pool. The remaining pool is divided among the winners in accordance with the pre-defined rules.
Prize distribution varies in each type of pool. For example, in pari-mutuel racing, dividends are calculated based on the total stake and number of winners. If a player bets on a long shot and wins, the payout is typically higher because fewer people wager on the same outcome.
In sports betting, betting pools can be in many forms. For example, in March Madness Brackets, bettors can predict the outcome of NCAA basketball tournament games, and points would be awarded to correct picks; the Bettor with the highest point wins. In the NFL Survivor Pools, bettors can pick one team to win each week before the start of the week game. An incorrect pick will eliminate the bettors, while a correct prediction will advance them to the following game week.
Types of Betting Pools
Betting pools are of different forms and types, and the commonly recognized pools are:
Sports Betting Pools
Sports betting pools are organized in different formats, and each of the formats has its rules and standards. These are the common sports betting pools.
- NFL Survivor Pools: Here, you have to predict the winner each week, and the winners will proceed to the following week, while the ones that get it wrong will get eliminated.
- Fantasy Sports Pools: This is where a virtual team of real-life players is assembled to compete against other virtually created teams. Fantasy teams earn points based on the performance of the chosen players, and these points determine their placement and payouts. Fantasy games are found across major sports like football, soccer, basketball, baseball, and hockey.
Pari-mutuel Betting
In pools horse racing there is pari-mutuel wagering, when you choose a horse to win, place, or show. After the prediction, the prize pool is distributed as dividends among winners based on the amount they wager. You can either pick the race winner, bet on place (a specific horse to finish in a particular position) or bet on show (picking a horse that would finish in either first, second, or third position). There are also exotic bets like Across the Board, Exacta, Perfecta, Trifecta, and Superfectas.
Live betting on horse racing pools is also available for betting on multiple races. For example, in a double, you pick winners of two successful races. There is also the triple, where you pick the winner of three successive races. Also, the Quadrella or Quaddie is where you must pick the winners of four races on a single track.
In summary, the following are the popular types of sports betting pools:
- Straight
- Quinella
- Exacta
- Trifecta
- Superfecta
- Daily Double
- Pick 3
- Pick 4
- Placepot
- Jackpot
Lottery Pools
In lottery pools, a group of people come together to form a pool, which has an as its leader. The group purchases multiple lottery tickets, and if it wins, the winnings are distributed according to the agreed-upon rules.
Participants buy tickets for a chance to win large jackpots, and the odds depend on the number of participants and tickets purchased.
Betting Pools Rules
The rules for betting pools are uniquely designed in accordance with the event. That said, to learn how to make a betting pool, you should be aware of some general rules common to pools betting.
Payment Entry Fees: This is the wager amount each player pays, which then makes up the total pool amount.
Time-Based Betting: The money must be paid within a limited time, usually before the event starts. However, some bookmarkers or organizers may offer betting promos that allow you to enter the pools betting for free.
Winner’s Payout: After subtracting the nominal fees charged for organizing the pool, the remaining total must be divided among the winners. This distribution is done according to the predetermined rule for determining the winners.
Prize Splitting: Depending on the game, if there is supposed to be a single winner but there is a tie among participants, the winnings will be split. For example, in NFL survivor pools, the pool is split between everyone who survives until the last week.
Eligibility: The age restriction for betting in the USA is 18. Pool betting is also not allowed in 10 states, which we’ll discuss later.
Strategies and Tips for Betting Pools
Pools betting is fun and is a popular alternative to the traditional odd format of betting. However, the ability to be successful at the game is dependent on research, strategy, and prudent bankroll management. Below are some of the optimal strategies for pool betting to keep in mind:
1. Do Your Research
Apart from the general rules mentioned earlier, every pool usually has and conditions. Make you review those and only participate if they are reasonably fair. In addition, to improve your chances of winning, always research well and also look to participate in big events like SuperBowl (SuperBowl squares betting) betting pools. Also, stay up to date with the latest news and developments related to the event.
2. Take it Slow
For beginners using new betting sites, always that you are not betting against bookmarkers but against every other person or team in the pool. Moreover, do not risk more than what you can afford to lose. If possible, spread your bet across different options to minimize the risk.
3. Manage Your Bankroll
Allocate a set budget for betting pools and stick to it. Chasing losses is unhealthy, so condition your mind to prioritize the fun and excitement of the game over winning.
4. Know When to Use Pools Betting
Understand that pool betting thrives in communal settings like horse races, football pools betting, or fantasy sports leagues. So, in some cases, simply placing an online sportsbook bet can give you better rewards than pools betting.
Which States Allow pool betting
Pool betting mostly comes under off-track betting, which is prohibited in some states in the USA. However, 40 of the 50 US states allow off-tracking betting, while the following 10 states do not allow it. They are:
- Alaska
- Georgia ‘
- Hawaii
- Maine
- Mississippi
- Nevada
- North Carolina
- South Carolina
- Texas
- Utah
Pros and Cons of Pools Betting
Pros
✅ They offer much higher payouts than regular bets, especially in large pools like Tote World Pool or March Madness brackets
✅ The sports betting pools require modest entry fees, making it a good option for casual bettors
✅ The multiple-event pool betting can span for days, weeks, or an entire tournament. This keeps you engaged for a longer time
✅ Inclusive social experience, especially in local leagues or NFL betting pools.
Cons
❌ The larger the pool, the higher the competitiveness, making the share of the pool harder to secure unlike regular wagers at offshore sportsbooks.
❌ A part of the prize goes to the organizers or bookmarkers that set up these pools.
Popular Betting Pool Events
Betting pools are common for horse racing and popular sporting events. These are the best-known examples of pool events:
March Madness
The March Madness pool is the largest sports betting pool in the USA. It invites participants to predict the outcome of the NCAA Division 1 men’s basketball tournament in contrast to regular college basketball betting. Millions of brackets are filled out yearly, and they are widely available across the country.
Breeders’ Cup
It is an annual horse racing event featuring some of the biggest pari-mutuel betting pools. Here, participants can wager on one or more races or types of wagers.
Tote World Pool
Tote World Pool is a global pool event held by Global Totes and the Hong Kong Jockey Club (HKJC), accepting many players from all over the globe. So, even if you are in the US, you can buy into it online through licensed platforms.
NFL Survivor Pools
It is a popular pool event in the US that challenges participants to pick the winning team every week throughout the NFL season.
How to a Betting Pool
Now that you know all about how to set up a betting pool, let’s look at how you can pools betting via a mobile betting app.
Step 1 – Pick a Bookie
Research well and locate reputable, betting sites that offer pool events.
Step 2 – Create an
You can now on the site by providing a few basic details, such as your email, name, location, and means of identification (if required).
Step 3 – Make a Deposit
Use any of the payment methods offered by the bookmarker to fund your . Many US crypto betting.
Step 4 – a Betting Pool
Now, it is time to the pool. But before that, make sure you read the instructions and the fine print well.
Pools Betting FAQs
What is a pool in betting?
Is pool betting gambling?
Do I win more with a pool bet?
How much does pool betting cost?
What is an example of a pool bet?
