Pool betting is a form of gambling where money is placed into a pool and is shared amongst the winners.
It’s interesting how the betting world works. Once pool betting was so commonplace that people would ask if someone had just one the pools if they were being particularly generous, it even features as a chance card in the classic game Monopoly. But today, that’s the only time a lot of people will have heard of this timeless betting format. But not for much longer.
Table of Contents
- Best Betting Sites We Recommend for Pool Betting in 2020
- Pool Betting Sites: Top 6
- What is Pool Betting?
- What are some of the best Pool betting sites?
- What makes a good pool betting site?
- Do pool betting sites offer promotions?
- What are the potential pros and cons of pool betting?
- Pool Betting FAQs
- ThePuntersPage Final Say
Colossus Bets will match the value of your first 72 hours of play in bonus funds up to £100 (or currency equivalent). The time starts counting from the point when you make your first real money (not FreePlay) bet and the maximum amount of bonus funds that can be awarded to each new player is £100. You can use your bonus funds to fund any bet into a Colossus pool. Colossus Bets will automatically use bonus funds ahead of cash to fund your bets. You can use a combination of bonus funds and cash to fund a bet. Bonus funds may take up to 3 working days to be credited to your account after the completion of the 72-hour period and you have 12 months to use them. T&Cs apply. 18+
Pool Betting Sites: Top 6
What is Pool Betting?
Pool betting is very much making a comeback in the United Kingdom and all across the world with some of the best bookmakers on the planet not only reviving the idea but making it bigger and better than ever.
Pool betting is by its very nature something that benefits from larger communities getting involved and there’s no larger community than the online world. Here, we’ll not only be taking a look at what is pool betting and how it is evolving with the help of all these innovations, but also what we view as the best candidates to take this classic format forward.
The first thing to understand is that pool betting can take several forms. And these different forms can also have different names, like pari-mutuel betting and tote betting. And considering there are several versions of the latter, it can initially seem like an awfully complex way to bet. This often puts people off and they prefer to stick to what they know. However, not only could these people be missing out on what we consider to be one of the most interesting ways to bet, but it’s also much simpler than they likely think.
Essentially people make a selection on a sport, or anything else for that matter, often at a fixed rate. Other people make their selections and all the money for each selection is added up. When a selection wins, the money that has been placed in the pool is divided amongst the winners.
This is the key difference between pool betting and fixed odds betting because there are no odds, at least, usually. The pool is evenly divided between those who made the correct selection, although in some instances a commission is taken by a bookmaker. However, to explain this concept simply, we’re going to remove that from the following example.
Let’s say, for instance, that there are three outcomes to an event.
We’ll label them 1, 2 and 3. Each selection costs £1.
8 people select outcome 1.
3 people select outcome 2.
10 people select outcome 3.
The total jackpot, or pool, is therefore £21.
Outcome 3 wins, that means that those 10 people split the winnings, meaning they get £2.10 each.
If outcome 2 won, those three people would receive £7, and if outcome 1 won, they would receive £2.62.
What makes this form of betting so interesting is the amount you receive is directly based on how many other people you have to share it with.
So, while there are no odds, betting on the most likely outcome would still probably get you less money because it is also likely more people would back it. However, you don’t know that, which gives pool betting an extra level of intrigue. Not only are you betting on the outcome, but you also need to consider how you think others are likely to bet because ideally, you want to back a winner that as few as possible have backed. It’s a prediction within a prediction and yet remains at its core incredibly simple.
This is just one example, but that core simplicity is what brings together different types of pool betting and makes them so interesting. One common variation of this is the lottery. The key difference here is that you are dealing with a predetermined jackpot instead of one made up of the money invested via the selections. However, the core idea that you make a selection and the amount you win is shared amongst fellow winners remains the same. That’s what pool betting is, no matter what form it takes. Pool betting bookmakers therefore are sites which provide a platform to engage in this type of betting.
Speaking of which, we’re going to use our favourite bookmakers and the types of pool betting they offer in our next section to further illustrate how these ideas can be moulded into different formats.
What are some of the best Pool betting sites?
There’s no better way of getting to grips with what is pool betting than by actually taking a look at our favourite pool betting bookmakers and seeing what they have to offer. There’s little doubt that pool betting is less common than fixed odds, however, we think you’ll be amazed by the amount of variety you can find from just a few world-class examples. Without further adieu here’s a closer look at some of our absolute favourites.
What makes a good pool betting site?
As we said, there’s a lot of misconceptions surrounding pool betting. One of those is that it is distinctly complicated compared to other forms of betting, it’s not.
You make a prediction, if it’s right, you win. Only the amount you win is calculated through a different system.
With that in mind, the things that make a good pool betting site are very much the same as the things which make any betting site good.
You’ll be looking for security, good design, varied banking options, top customer service, responsible gaming measures, a wide variety of betting markets and all the things that make a great betting site, well great.
There are a few differences, the betting markets are naturally smaller in general in terms of the sports they cover. You’ll also want to take commissions into account and of course, a good network of other people being interested in that pool is also important. Although considering just how many people are on our top picks the last point shouldn’t be too much of an issue. All in all, when you want to find a good betting site, regardless of the type of betting you enjoy, the vast majority of what you should be looking for should be the same.
Do pool betting sites offer promotions?
The simple answer to this question is that it depends. There’s no doubting that promotions are less common for pool betting, however, it’s entirely down to the bookmaker.
Colossus Bets is a great example of a pool betting site which doesn’t scrimp on the promotions. It offers £100 in matched bets in your first 72 hours of play, a free play into a pool every Saturday and a loyalty scheme.
So, check with your preferred betting site. We do think we will see promotions on pool betting become more common as this type of betting gets more mainstream.
Enter code ‘TPPSPORT' for up to £100 in matched bonus
What are the potential pros and cons of pool betting?
The interesting thing about Pool Betting is that its biggest potential negative is also its greatest positive, depending on how you look at it.
You don’t have set odds and you don’t know how much you will win.
Often, this also means predicting both the outcome and what other people will bet on. It fundamentally changes how you need to think about the bet on a tactical level.
This can sometimes lead to people getting less than they hoped or winning huge sums of money entirely depending on the result of the pool.
One negative is there are fewer markets right now. However, with the options we’ve given you we think there’s already more pool betting available than anyone could ever need, the only downside would be is if you are interested in certain sports that are not available.
Aside from that, we wouldn’t necessarily say that the dynamics that pool betting brings to the table are necessarily good or bad, they’re just different. And we always say, when it comes to online betting, variety can only be considered a positive.
Pool Betting FAQs
⚠ What is pool betting?
This is a form of gambling where you place a selection, whether that be on something like a lottery or a sporting event, although the latter is of course of more interest to us, and if that selection wins you and whoever else chose that selection shares the prize money.
📍 What determines the prize money?
That depends on the pool, the prize money can either simply be all the money that has been put in across all the selections, or it can be a pre-determined jackpot.
⚽ If it’s so simple, why are there so many different variations of it?
Well, because what constitutes a winner can be so many different things depending on that particular pool. The different versions of betting pools largely depend on how a winning selection is chosen. For example, it could be the winner of a horse race, or it could be those who chose the positions of the top three finishers, for instance. What makes them a betting pool is the sharing of the prize money amongst the winners.
🎰 Where are the betting odds?
Often, they won’t have any betting odds although that does depend on the specific pool, that’s because your prize money isn’t dictated by odds.
💰 So, what dictates how much money I win?
There are two main factors to this, one is how much prize money there is, which we mentioned earlier in this FAQ, and also how many people there are to share that prize money with. In other words, if more people win, you get less.
ThePuntersPage Final Say
We’re so thrilled to see this classic form of betting make a comeback in the online world and we can only see things getting better from here. It’s not going to be for everyone, plenty of people will still want to stick with the fixed odds system and that’s absolutely fine. We love fixed odds sportsbooks. This isn’t a question of which is better because neither of them are. They’re different. Just like all the different markets and betting sites are all adding to the rich diversity which makes the UK betting scene the wonderful place it is.
If you’re a fan of pool betting or want to give something new a try, then this just makes your betting experience better. If you’re someone who wants to stick with traditional sportsbooks, then this extra variety can’t hurt your experience in any way. There are not many cases of win-win situations in the world of gambling, but this is one of them.