Make the Best Prediction and the Pool is Yours
The process of evolution was long for the betting pool. In 1923, Sir John Moores started the Littlewoods. He would sell entries to ‘football pools.’ But what exactly is a betting pool, and how does it work? Well, it is a form of gambling, similar to parimutuel betting.
This means that people have to bet an earlier-established, i.e., a fixed amount in order to participate. Once profits and taxes are removed, all of the remaining funds are equally shared among the lucky few who have made the best predictions.
One of the best things about pool betting is a chance to win serious cash at a minimum stake. Still, the chances of being the lucky person who wins the biggest jackpot are thin; it’s kind of a long shot; though your chances of hitting the jackpot are far better than winning the lottery.
In sports betting, bettors are in a position to choose to wager on their favorite team. However, if you are trying to win, you can’t be sentimental; you have to be well-educated about the teams and know which ones are most likely to succeed and which teams are underdogs.
There is one more option for people who like taking major risks — if you are crazy enough, you can try and test your luck by placing bets with absolutely no prior knowledge about the sports event you are betting on. Stuff like that did happen occasionally, but things usually go south for those who dare to take a leap of faith.
Now, when we talk about betting pools and how they work, we need to mention betting pool versions from around the world. For example, in England, they are better known by the name of football pools. If you cross the pond, in America, sports lotteries more often than not don’t require the participants to buy a lottery ticket or even make an initial wager. In North America, hockey pools are common, and in Australia, footy tipping.
In the United States, one of the most viral variants of betting pools is the NCAA March Madness. In case you haven’t heard about this phenomena, it is a tournament, and leading up to this tournament, people fill out brackets and compete in predictions of who will win. This contest is a big thing in the USA. It is estimated that around sixty million Americans participate every year. There are a couple of mainstream media, like CBS, Fox Sports, and ESPN, for instance, which host online tournaments. The participants can enter for free. Most employers notice the 180-degrees change in the employees precisely during this time.
Namely, they notice the exceptionally high number of sick days which employees use, many extended lunch breaks, you name it. This goes so far that some important conference calls get rescheduled so that employees could have more time to watch the tournament. If you aren’t as experienced with this sort of betting, no problem. You can find many pundits and handicappers which offer to provide you with a piece of advice for winning your bracket.
Speaking of employees, there is another popular variant of betting pool, and that is the so-called office pool. This is a great way to add some fun to the monotonous workday. You can choose whichever subject you like; a great idea is to hold office pools during award shows, sports events, or even a pool inspired by your favorite series.
There is another very popular type of betting pools, and it is the college football bowl game. Even though it’s not quite as the Super Bowl, millions of people bet on which young team will win.
As for the United Kingdom, the Tote (previously called Horserace Totalisator Board) is a bookmaker which holds betting pools for horse racing. Some of the most popular pooled bets the Tote offers are Placepot, Jackpot, Scoop 6, and Quadpot.
Pool Betting: Soccer
Since the brain behind the idea, Sir John Moores started the betting pool business with the Littlewoods, there haven’t been many changes. That was until 2013. It was the year when Colossus Bets emerged on the market. They offered ‘The Biggest Sports Bet in the World.’ Every week, Colossus Bets’ customers had the opportunity to play for a £10 million bet.
They also offered the options of pool betting jackpots, and everyone wanted to win the pool. Also, Colossus Bets incorporated a unique twist. It was precisely the thing that was missing in the pool betting business. This establishment offered the opportunity to sell just a fraction or all of your bet back to Colossus and do so before the sporting event is over.
On a daily basis, Colossus Bets offered pool bets on most significant soccer matches across Europe. Occasionally, they would ask the participants to guess the score in every game; however, other pools would require only a correct prediction on whether the Home, Away, or Draw will be the ultimate outcome.