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Tote & Pool Betting
Pool betting, formally known as pari-mutuel betting, is the oldest form of sports betting. This betting option functions by pooling bets on an event, with the pool then used to pay out returns to successful punters. The job of administering a pool is traditionally undertaken by a tote, which collects the bets and pays them out, charging an administrative fee on the betting pool.
In recent years many punters have turned to fixed odds and lay betting for their sports betting needs. Nevertheless pool betting remains an important part of sports betting, and betting pools on major horseraces and football pools routinely generates staggering amounts of money for smart punters. At presented totesport is the online UK bookmaker licensed to operate an online pool betting service.
Example:
The mechanics of pool betting differ somewhat from fixed-odds betting.
Taking a horse race as an example:
A punter wishes to bet $10 on Kauto Star winning the Cheltenham Gold Cup. At the time that he places his bet the ‘odds’ on Kauto Star will reflect the total amount in the pool divided by the combined stake on Kauto Star. This in turn reflects the total payout a punter will earn per dollar wagered on the race.
It is important to note that odds in pool betting markets can fluctuate wildly, and that the odds at the moment a race or event starts can differ significantly from the odds available at the moment the bet was placed. Punters have no control over this process and will generally be paid out according to the odds at the start of the race.
Let’s say that a total of $500 is bet on Kauto Star in the Gold Cup pool. In addition, another $1000 is bet on the other entries in the field. This means that at the time the race starts, Kauto Star’s ‘odds’ are effectively 2/1 ($1000/$500).
If Kauto Star wins the Gold Cup the punter will have his $10 stake returned, along with a $20 profit. Should Kauto Star lose, the punter will forfeit his stake and the money in the pool will be distributed to punters holding winning tickets.
Why Participate in Pool Betting?
Pool betting provides an interesting alternative to regular fixed odds betting as it effectively allows punters to bet against one another rather than bookmakers. This gives experienced punters the opportunity to capitalize on the weakness of individuals placing uninformed bets or ‘dead money’ into the betting pool.
Pool betting can also be particularly lucrative when it comes to paying out on multiples. Several thousand punters betting on the winners of a series of races at a meeting can generate truly gargantuan pools which tend to be shared amongst only a handful of winning tickets. To explore the world of pool betting further, you’ll need to open an account at the United Kingdom’s most trusted tote – totesport.
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