What Is Pool Betting? See how pool betting works & the best sites to do it on
Over a century old, pool betting has become a popular form of sports betting typically associated with horse racing. It differs from regular, fixed-odds betting. Namely, instead of wagering under a given price, you’re putting money in a pool with other bettors and sharing the prize money in case you win.
Below, we’ll go into more detail about pool betting, show a few pool bet examples, give a few tips, and more.
What Is Pool Betting?
As its name suggests, in pool betting, all the bets taken on a particular event go into a shared pool. The bookmaker takes out a percentage of the total amount as a cut for operating the betting pools, while the remaining money is shared among the winners. While it can apply to many sports, pool betting is most prevalent in horse race betting.
If you bet on a given horse and it wins, you will share the prize pool with everyone else who backed the same horse. This way, you never know exactly how much money you will win, as each bettor’s prize depends on the success of others and the amount of money in the win pool. In the US, pool betting is commonly referred to as parimutuel betting.
Here is an example that illustrates how this type of betting works.
Pool Betting Examples
Let’s take a pool betting scenario where 20 people bet $5 each. This amounts to $100 worth of pool bets, but since the bookmaker needs to take a 10% cut, the total win pool bet is $90.
Ten people bet on Horse A, six people back Horse B, and four bettors put their money on Horse C. Here are the possible outcomes:
- Horse A wins — Ten people win $9 each.
- Horse B wins — Six people win $15 each.
- Horse C wins — Four people win $22.5 each.
The winning amount usually corresponds to how big of a favorite a certain horse is. Most people will back the overall favorite (in this case, Horse A). A winning bet on that horse will yield the smallest profit since many people share the pool.
Remember that this is a simplified example, as there will likely be more horses to bet on and several other types of bets people can take.
Types of Pool Betting
You can take various pool bets, and they usually mirror the fixed odds betting options at a given horse racing event. Here are the most popular ones:
- Win: Picking a horse to win the race.
- Place: Betting on a horse to finish in one of the top three spots.
- Exacta: A successful exacta bet constitutes predicting which horses will finish first and second in the exact order.
- Trifecta: To win a trifecta bet, you must pick the first, second, and third-place finishers of a race.
- Placepot: Picking a horse to place (finish 1st, 2nd, or 3rd) at each of the first six races of the day. This bet isn’t available with fixed odds betting.
- Quadpot: The same principle as with the placepot, only you need to make your selections on races three through six.
- Jackpot: With the jackpot, the challenge is to guess the winners of the first six races in a given racing event. Since this is a tough prediction, there are often no winners. In that case, the jackpot usually rolls over to the next day and keeps accumulating new bets. Sometimes, the jackpot pool can be worth over a million dollars.
Main Sports for Pool Betting
Pool betting is most commonly associated with horse racing and greyhound racing. However, pool bet games covering other sports are becoming more popular at online sportsbooks and betting apps in the US.
DraftKings is best known for its pool games revolving around major leagues and popular competitions like the NCAA basketball tournament. In other words, those trying to get the March Madness brackets right may get a huge share of the prize if successful.
There are also plenty of football pool betting contests. In the Ultimate NFL Survivor Pool at DraftKings, you’ll get to select one NFL team each week during the regular season. If that team loses, you will be eliminated. The last remaining contestant is the winner.
How Pool Betting Payouts Are Calculated
Pool betting payouts are calculated once all bets are in, and the pool closes. The bookmaker will then take a cut from the total pool (usually 10%–20%), and the rest of the money will make up the prize. The amount each bettor receives depends on the outcome and the number of winners.
The more winners, the less each person gets, and vice versa. For instance, if the pool is $1,000 and there are 20 winners, each bettor will win $50. If only two people made a correct prediction, they would earn $500 apiece.
Pool Betting vs. Regular Betting
Here are the main differences between pool betting and betting at fixed odds:
- Availability: Fixed odds betting is much more popular and available for various events and markets. Pool betting is usually just offered for horse racing and in the form of pool prediction games on select betting sites.
- Odds: With fixed odds betting, you know the price upfront, which means you are aware of how much you are likely to make. Pool bet winnings vary based on the number of people taking part in the pool.
- Wagering limits: Since everyone shares the winning pot during pool betting, they must bet the same amount. With fixed odds betting, you have more freedom to decide how much you want to stake.
Pool Betting Tips and Tricks
If you’re new to pool sports betting, here are a few tips that may help you get started:
- Betting on the favorite is not always the right move: The win dividends are always the highest on the favorite, so even though that particular horse is most likely to win the race, the small profit may not be worth the risk.
- Bet on the sport you know: Don’t force yourself to try pool betting if it’s only available on a sport you’re not totally familiar with. Not fond of horse racing? Try your luck on one of the football or basketball prediction pools.
- Bankroll management is essential: It’s easy to get carried away with pool betting. Stick to a betting budget you can afford and keep track of your profits and losses.
- Pick the right pool betting platform: Choose a safe and legal betting site that takes the smallest cut and offers the best pool betting options.
Pros and Cons of Pool Betting
| ✅Pros | ❌Cons |
|---|---|
| No fixed odds, which may create value bets | Limited number of sports and markets |
| Potentially big payouts, even on small wagers | Not knowing your potential profit |
| Fun way to bet if you're into horse racing | Your return depends on other people's bets |
FAQs
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How does pool betting work?Pool betting is a type of sports betting where multiple participants place wagers on various possible outcomes and form a prize pool. Once the winning outcome is revealed, all winners share the prize.
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What is an example of pool betting?
Let’s take a horse racing pool and say that 50 people bet $10 each. The sportsbook takes a 10% cut out of the $500 total, leaving the winner pool at $450. People place bets on different horses to win, but only eight of them make the right prediction. The $450 is now split among eight winners, leaving each with $56.25 or a $46.25 profit.
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What is football pool betting?
Football pool betting can take several forms. For instance, you can enter a pool and predict the outcome of each NFL game in a given week. If all of your picks are correct, you will share a prize with other right predictions.
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How does pool betting differ from fixed odds betting?
As the name implies, fixed odds betting is placed at a set price. Once you lay down a bet, you know what you’ll win based on those odds. With pool betting, the amount you win always depends on the number of people who make the winning selection. The more winners, the less each person gets, and vice versa.
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How do you calculate pool winnings?First, the sportsbook takes a small cut from the total amount placed in the pool. From there, the rest of the money is distributed equally to all the winners. If the pool is $100 and there's only one winner, that person will win all $100. If there are ten winners, each will get a $10 prize.
