How Is Pool Betting Different From Fixed Odds Betting
Pool Betting is very different from fixed odds betting. Fixed odds betting is when you place a bet and are given the odds offered at that time I.e. your odds are fixed, though BOG concessions can mean you may still get better odds if the SP is bigger. If you bet at fixed odds, you always know what youre getting, with the potential bonus of BOG.
As one of my betting mentors once joked, pool betting is for punters that want to swim in unknown waters.
What he meant by this is you never know what the odds are going to be when you do pool betting, as the odds depend on the number of people that have bet on the same selection as you in that pool, and how much they have all bet. This means that pool betting comes with the risk of getting a significantly lower return that you would if youd taken fixed odds, as well as the potential excitement of getting a significantly bigger return than you would have done if youd taken fixed odds.
Curious About Pools Betting
Not all bookmakers offer jackpot, tote or pool bets. However, these competitions arent too hard to find. Companies like BetFred run a Totepool for horse racing, and other online bookmakers like Colossus and Skybet run pools with large jackpots.
In conclusion, its worth remembering that you stand to win a lot, and you wont have to pay much upfront. Above all, the number of predictions that you need to make to win is challenging, which means that your chances arent the same as a regular sports bet.
First Steps in Betting
Can You Make Money With Pool Betting
Like any form of betting, punters always want to know if its profitable. Betting at a glance with this method would suggest yes. The concept is that youre only taking a small risk with a fixed fee, and you stand to gain massive potential winnings.
Other factors come into play, of course, and pool betting still requires some pre-preparation. If you place a bet in this way, and there are lots of punters who bet the same way as you, then it might not always be profitable. You will split your winnings amongst the other punters with winning bets.
On the other hand, you could stand to win a jackpot or an extremely lucky bet and take away fantastic winnings. Heres where a bit of luck goes a long way in sports betting. Football jackpots are another way that you could profit off this betting style.
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Are Lottery Pools Legal
Depending on your location, lottery pools may be restricted or illegal, so it’s important to check before you decide to start one. Lottery pools are a form of gambling. In the United States, there are no federal laws prohibiting gambling, but individual states can, and do, regulate it. If gambling is prohibited in your state, lottery pools are as well.
If you’re wondering whether playing the lottery is legal in your state, check whether your state runs a lottery. If your state has no lottery, it’s a strong indication that gambling might be illegal.
You can also search for your state’s gambling laws. Findlaw.com has a list of gambling and lottery laws by state which could help.
How To Play Pool Betting & Tote Betting And How To Make A Betting Pool
So, how to start a betting pool in tote online betting? This is actually easier than you think, normal or tote pools betting is not a complex thing. We explained tote betting pool definition above so you already have an idea about how it works. We will start with a simple horse racing pool on a very small scale.
We will pretend that you and 9 other friends decide to make a horse tote betting pool for an upcoming race. The entry fee is, say, $5. You all pick your horses and pay the entry fee so there is a $50 jackpot. Because you are all friends we wont deduct vig or administrative fees. These are all tote betting pool rules you need to know before we start.
Once the winning horse is determined, whoever picked it to win will receive the jackpot in the tote betting pool. If more than one player selected the winning horse then the tote jackpot is divided equally among those winners. Of course, online gambling sites& horse racing betting sites UK will have many more contestants and therefore a much larger jackpot, but the premise is the same.
This is the simplest answer to how to play pool & tote betting question but it is enough to give you an idea of what it is about.
With football pools, contestants are generally asked to make predictions on the outcomes of multiple games. They may need to select outright winners, final scores, or a combination of both. Some may also have the draw option thrown in there. Punters make the required selections and pay the entry fee.
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What Types Of Pool Bets Are There
Betfred runs Tote which runs all of the UKs horse racing pools. Horse racing is not a simple sport and there are lots of things you need to know: We recommend checking our other horse racing betting guides first you can start with our what does SP mean in betting article. In this regard, the most popular Tote betting types are:
These bets are available on events that attract a large television audience. The entry fee for a scoop 6 bet is £2 which makes for a large prize. This is one of the most popular bets for the masses to partake in.
There are also other standard betting pool types like Pick 5, Pick 4, and Pick 3. These are some of the most common types of tote betting pools that punters can get in on for their daily action. There are, of course, other bets that can be used in tote betting, such as the Tote Win/Place bet, trixie bet, yankee bet,patent bet, alphabet bet, and forecast bet, but we have different guides for all of them: We recommend reading those guides first.
This leads us further to the Grand Daddy of all Sports Pools:
How Does A Betting Pool Work
Every players financial contribution is pooled together, hence the name, to form a jackpot which is shared between whoever predicts the correct outcomes. So if five players guess correctly, they will each win 20% of the jackpot. If just one person wins, they will scoop it all themselves.
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Do Lottery Pools Work
The chances of winning the lottery are very small no matter what you do, and there’s no guarantee that you’ll hit a jackpot. But lottery pools do let you boost your chances without increasing your risk of losing your investment.
Lottery pools have won big jackpots in the past. For example:
- A 49-person office lottery pool at SEPTA, a Pennsylvania transit agency, won a Powerball jackpot for $172.7 million in April of 2012.
- A 7-person office lottery pool at New York State’s Division of Housing and Community Renewal in Albany split a $319 million Mega Millions jackpot in March of 2011.
- An office lottery pool at Quaker Oats that shared a $241 million Powerball jackpot among 20 employees. A few months later, they won a $10,000+ prize as well.
- After 20 years of trying, the Mountaineer 26 lottery pool scored a million-dollar jackpot.
- In July of 2018, 11 coworkers decided at the last minute to form a pool to buy Mega Millions tickets. They won $543 million.
- In August of 2018, a group of 11 officemates hit a $4.9 million prize. They’d been chipping in $3 a week for four years!
What Is Pool Betting
The betting style works with a pool selection, into which gamblers each pay a set wager. Any commission associated with the sportsbook, i.e., the vig, is removed from a pool. You then place a bet on the outcome of your choice concerning the sport.
You dont make use of odds in this betting strategy, unlike in traditional sports bets. All punters with winning bets will split the combined winnings amongst themselves. Each profit will depend on the number of punters in the pool. It also depends on the number of winning bets in the outcome. You can, however, make great winnings from this betting strategy as you dont need to wager a tremendous amount to play.
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Pros And Cons Of Pool Betting
Pool betting is a fun way to spice things up when you bet on sports online. It has its pros and cons, with the former outweighing the later.
Pros:
- Pools can often be large, meaning you can win big with a small wager
- Theres a wide range of bets available in sports pools
- Applies to horse racing, greyhound racing, and football mostly
- You can capitalize on the knowledge of other bettors and place better bets.
Cons:
- The more people join the pool, the smaller the dividend
- The money in the pool is the total return
- A bit confusing for new punters.
Office Pools: Are They Legal
The best advice for office pools is to keep betting “in”: informal, infrequent and insignificant. That way you won’t invite unwanted guests – a category that includes the police and people that you know can’t pay up.
It’s March Madness, and you are down to the last few seconds of a game. Your office manager takes your last-minute bet as Arizona makes a run for the basket. But, is more than the pool at risk?
Are you safe?
Not in Wisconsin. It does not matter how much was in the pot – state law prohibits placing bets. There the offense is a Class B misdemeanor.
Office pools are legal in most states, though there are a number of exceptions, including Hawai’i, Florida and Illinois. There are three questions that you should ask before you set up a pool to determine whether the pool is legal.
| Is your game safe? Bets on NCAA basketball matches, as on other amateur sports, are out of the question unless you are in Nevada. |
The last question that you will want to ask is whether an office pool is against company rules. Just because the pool is legal does not mean you will not get fired for running it.
Office pools are tricky to monitor not only because they are private activities, but because states have different definitions of gambling.
Hawai’i allows “social gambling” in which a person receives his own winnings and persons compete on equal terms, but not activities in which people earn money for promoting gambling.
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Football Pools Betting: Give It A Go
Like every other form of sports betting, TOTO betting will certainly reward you if you put in some work and research. But the only way youre going to really understand how these systems work is to simply pony up some cash and try them. Many football pools will offer huge cash rewards so theyre certainly worth playing. Youll find many online TOTO sites that allow you to bet with your friends in the form of a syndicate. This way you can all actually tackle the pool together as a team.
Some sites will even return a portion of your steak should you lose, and many come with all sorts of welcome bonuses and incentives for new players, as well as rewards for you referring a friend. One of our favourites is 22Bet Sportsbook not only because they understand the whole TOTO football pools genre, but also because they offer a great welcome bonus to all new players of 122% up to 100. This will help your bankroll go much further.
Will I Get In Trouble If I Enter An Office Pool
If youre placing bets on a sports tournament, youre probably violating federal law unless youre in Nevada or one of the other three states that are exempted from PASPA. If youre organizing a pool, you should be aware of the betting laws in your state and make sure that your place of employment is okay with you organizing a pool.
If you try to be devious and you get caught, you may find yourself in trouble with your boss, especially if your company has clear rules against workplace betting. Youll especially want to be careful about the method in which the money is handled and make sure you dont take in any profits.
To keep your employer satisfied, keep the amount of time you spend on tournament-related activities to a minimum while youre on the clock. Or consider alternatives to the office betting pool, such as asking your company to sponsor an event where the winner gets a years worth of bragging rights, a pizza party or a donation to a charity of the winners choice.
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What Makes A Good Pool Betting Bookie
There are many similarities between pool betting and regular betting. As you might expect, many of the elements that make an online bookie a good one still apply to sites that offer this method of wagering. Sort out bookmakers by rating initially before going on to do greater research. Focus on the aspects we have outlined below.
Prior to joining a site, you should consider their security and licensing, design, payment methods, responsible gambling measures, betting markets and customer service delivery. You might even want a bookie that offers the occasional slot game or even live streaming services.
We should mention that you wont find the same variety of markets for this method that you would for other types of wagers. This type of betting is primarily limited to football and horse racing, with the latter being the most popular.
As with most things, choosing your preferred bookmaker will depend on your personal preferences. Availability in your country, language or country can play as much of a role as design, usability or software providers. Its always a good idea to look at several different bookmakers before you choose one or more to join.
William Hills sportsbook is one of the best thats available to UK players, especially when it comes to horse racing. Its earned a reputation for being a great bookie, as well as offering an excellent casino, great odds and a wide variety of markets.
What Sports Can You Make Pool Bets On
With pool bets gaining in popularity, the number of sports and events that can be offered is virtually endless. Horse races, football, and hockey are a few of the more popular sports but there is also pool betting available for tennis, auto racing, and golf. Punters wont have much trouble finding collective bets for almost any sport.
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Does Your Workplace Prohibit Lottery Pools
Aside from laws prohibiting gambling, you also want to be sure that your workplace does not prohibit lottery pools during work hours. In some companies, gambling on the job is a fireable offense.
Before you start an office lottery pool, check your business’ code of conduct or employee handbook to see if there’s a no-gambling policy. If you’re still not sure, check with your company’s human resources department.
If you are a government employee or a civilian working at a government facility, you face additional restrictions. Lottery pools that take place “on Government-owned or leased property or on duty for the Government” are prohibited, according to Cornell Law School.
Types Of Pool Betting
There are several types of totepool. Quadpot, Placepot, Jackpot, and the ever-popular Scoop 6 are just a few of the popular varieties of Totes. In the United Kingdom, the term totepool refers to sports pool betting. By aggregating all participants stakes and dividing the rewards from accurate bets, it enables sports betting enthusiasts to gain more from a modest risk.
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The Format Of Pools Betting
Pools betting involves paying a fixed price to enter a competition. Your money is pooled with other bettors who also enter, which is where the name of the bet comes from. Unlike a straightforward single bet, where you predict the outcome of one event, youll be making multiple predictions.
When you pay to enter a pool, youll need to choose an outcome for several selections. It could be as many as 10, 15, or even 20. Pools are often known as jackpot bets. This is because you stand to win a lot of money if all of your selections are correct.
The more people that enter, the bigger the prize pot becomes. Many pools payout for all selections that are correct, but will also give out smaller amounts for getting the majority right. The bookmaker removes the administration fees and other charges, and then the prize pool is awarded.
