The simplest definition of pool betting is that it’s a form of gambling in which players pay a fixed price to enter. The jackpot is based on the number of entrants multiplied by the cost of entry. Most pools will subtract a bit of juice from each entry leaving the remaining amount to be divided equally between those who have selected the correct outcome.
Pool betting has been a popular form of wagering for many years. Perhaps you have bought a few squares during the Super Bowl? There are 100 squares that are all bought by participants for a certain price. Once each square is purchased, numbers between 0 and 9 are then randomly placed on each axis and the winner is determined by the final score of the game. The person who has their name in the square that corresponds with the final score wins the pool. This is the idea behind betting pools.
One of the most popular betting pools is NCAA Bracket Pools which is found almost everywhere during the lead-up to the NCAA basketball tournament. Players fill out their brackets and if they pick it correctly they win a share of the jackpot. There are many variations of this gambling method that are offered by sportsbooks. The ones for horse racing, hockey and football are among the most popular.
Let’s take a closer look at betting pools.
How to play pool betting
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 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 won’t deduct vig or administrative fees. Once the winning horse is determined, whoever picked it to win will receive the jackpot. If more than one player selected the winning horse then the pot is divided equally among those winners. Of course, online gambling sites will have many more contestants and therefore a much larger jackpot, but the premise is the same.
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. The jackpot is split among those who have all of the correct results. Other consolation prizes are also usually awarded as well. Most pools will have a description of how the entry fees are allotted. While some of these betting pools have incredibly large jackpots, they can also be incredibly tough to win.
How to win pool bets and how winnings are calculated
To win a pool bet you must make the correct selection or combination of selections. In the horse racing example above, the main prize is won by picking the winning horse. In football pools, the winner is the person who makes the correct predictions on all of the events. A jackpot is calculated by taking the total number of entries and multiplying that by the entry fee. Normally, a bit of juice is subtracted and whatever is left is awarded to the winner(s). Because there are different types of pools, it is important to check the rules to see how prizes are awarded. Many times there will be consolation prizes and other bonus awards and the will differ between betting sites.
Is pool betting legit?
Yes, it is absolutely legit. Of course, this is assuming that your local laws allow them and you are of legal age. Sportbooks, government lotteries, and charities all operate legal betting pools. Various types are sometimes held in the workplace. While these independently operated “office pools” may skirt some local laws, they are still wildly popular and are seldom interfered with. The pools that are run by the top sports betting sites, governments and charities are all subject to many rules and regulations that they must abide by. Punters are urged to check with the rules that govern gambling in their region.
What betting sites and bookmakers are offering betting pools?
Pool bets online can be made at many places. More and more government-run lottery corporations offer players many different betting competitions like these. The best place to find these pools are at the thousands of online gambling companies that exist around the world. You can find sites that offer legal collective bets with an internet search or by referring to Gamblingjudge’s list of trusted online betting sites. Here are some examples:
One of the Colossus Bets partners, BoyleSports also offers a variety of other pools such for football and horse racing. These pools offer some very attractive jackpots and other prizes, besides the websites regular welcome bonuses, sign up free bets or loyalty bonuses.
This betting site is usually mentioned when discussing top betting offers like free bet codes, money back offers, or even tennis tailored bonuses. The Unibet Supertoto and Superscore give punters a chance at £5 million. Join now for a shot at these super-sized cash prizes or see their abundance of other promos.
Another Colossus bet partner, Betfair has several betting pools. Pick 5, pick 4, and pick 3 pools that have cash awards ranging from £2,000 up to £30,000 are easy to enter when you sign up with Betfair. They also offer partial cash-outs for these bets and for accumulators which enable punters to lock in big winnings.
You can read more about Colossus Bets further down. Let’s just say that the prizes offered through these guys blow all other prize pools away. They offer standard pick 5, pick 4, and pick 3 with cash prizes ranging from £2,000 to £30,000. They are a little more well-known for the £10,000,000 cash prize which you can read about below.
Betfred now own Tote which operates all horse racing in the UK so you know that they offer the most horse racing pools. Like other sites, they also have football pools and a variety of other ones for sports.
SkyBet offer pools in almost every sport that punters can think of. Even yachting and Esports. If sports aren’t your thing then you can get into a variety of entertainment pools too. This makes SkyBet one of the best options for this kind of betting. They also offer free sports streaming to their customers.
If you can wager on it, then Paddy Power has good odds margins for it. They offer nearly every kind of betting option and that includes Tote betting. They offer placepot, quadpot, jackpot, scoop6, trifecta, exacta, and win/place pool betting on the ponies. Among their other pool betting sports found here are Premier League, Championship League, Tour De France, and even darts.
By offering pick 5, pick 4, pick 3, and the monster Colossus Bets, Matchbook is a great place to sign up at to get in on betting pools. Horses, football, and tennis are part of their most popular pool betting options.
Other top sportsbooks that offer pool betting are easily found by searching Gamblingjudge.com database of the best online betting sites. As you can see, there are some big cash prizes that are worth going after.
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 won’t have much trouble finding collective bets for almost any sport.
What types of pool bets are there?
Betfred runs Tote which runs all of the UK’s horse racing pools. The most popular Tote bet types are:
With a quadpot, punters must pick a horse to be placed between the third and sixth race of the selected event. The total stakes are divided among the winners.
The placepot is the same as the quadpot except that the punter must select a horse to be placed through the first 6 races.
This requires bettors to pick the first place horse in the first 6 races. Because this is a very tough thing to do, the jackpot frequently goes unclaimed and is then rolled over to the next day’s event. The jackpot has the potential to become a multi-million-pound pot.
- Scoop 6
These bets are available on events that attract a large television audience. The entry fee 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 betting pools that punters can get in on for their daily action.
This leads us to the “Grand Daddy of all Sports Pools”:
Punters love the feeling of winning a bet. Even if the payout is small, the satisfaction of making a correct prediction is a definite ego booster. This feeling of satisfaction is greatly boosted when a punter manages to hit a multi-fold parlay. Along with the much bigger payouts, punters know that they have overcome huge odds. While skill can sometimes be attributed to their success, punters know that they have received a bit of help in the form of luck. The Gambling Gods sometimes answer the pleas of bettors.
As nice as most high-odds parlay wins are, they are rarely a life altering windfall. You might be able to buy a new big-screen television or even a new car but chances are that such a win will not exactly put you onto Easy Street. You will likely still have mortgage payments and, after a brief celebration, you will probably still need to go back to your job.
Colossus Bets changes all of this though. Now sports bettors have the chance to cash in on a true life-altering prize. By picking the right side and correct scores of multiple sporting events, winners can now cash in on massive prizes. Colossus Bets is offering an opportunity to cash in on a £10 million top prize for a £2 bet by correctly picking the exact outcomes of 7 soccer matches. Punters can also get in on the action for as little as 20 pence to take a shot at a £1 million prize. Like in most cases, bigger risk equals a bigger reward.
You can get in on the Colossus action at many online sportsbooks. Colossus Bets has several partners including Ladbrokes, Coral, Betfair, and 1960Bet. Those interested in taking part can also simply go to Colossusbets.com. Like the lotteries, punters can win great cash prizes even if they miss a couple of the outcomes. Unlike the lotteries, winning a Colossus Bet jackpot involves a bit of skill and isn’t just left in the hands of random numbers.
Colossus Bets’ Cashing-out Option
Aside from the massive jackpot, one of the greatest features of the Colossus Bet is that players have the opportunity to use a cash-out option or its updated version of partial cash out. This means that if you have a live ticket after 6 games of a 7 leg play, you can choose to cash out any portion of the bet to lock in a very healthy prize. An example would be cashing-in 50% of a ticket that is eligible for the £1 million prize. You would receive £500,000 if the ticket ends up sweeping the board. The punter would also be awarded 50% of the consolation prize and 50% of the bonus prize if each was offered. If nobody wins the jackpot then the prize is rolled over into the next pool which makes the jackpot even bigger.
In a real-life example, a punter who had placed a 40 pence Colossus Bet wager was able to cash in for £40,000 when he used the cash-out option to lock in his winnings. In his case, the use of the cash out option saved his day as the last leg of his pool bet fell through.
More recently, a few punters were able to cash in on some big winnings in the Euro 2016 Colossus pool. After 5 legs of the pick 7, over £2.5 in prize money had been awarded. Several other inspiring examples of winners are found with an internet search. With a great deal of luck, you could be one of the next inspiring stories.
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