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A betting pool is a form of gambling in which bettors pay a fixed price into a pool and make a selection on the outcome of the sports matches and events involved in the pool.
The punters that have made the correct selections in the pools all receive an even pay-out of the total amount bet. As the vig (also known as take and refers to the amount a bookmaker takes) is removed from the equation – as are taxes – it can make for an attractive proposition for the punter.
In the UK, the most common type of betting pool is the Football Pools. This is where a selection of fixtures is chosen by the pool and a set price is determined in order to enter.
Then, as a punter, you would select one result in 1X2 market and if you guess correctly would win an equal share of the pot.
However, if you were the sole winner, you would scoop the lot and it could be worth millions.
Other countries tend to run betting pools on their nation’s main sports, such as the Hockey Pools in North America, and Footy Tipping in Australia. Regardless of sport covered or the promotion name, they are betting pools, which is a term that can be applied to any sport.
The concept of Bettings Pools was first introduced in the UK by the now defunct Littlewoods Pools in 1923.
The Littlewoods Pools became an institution for football punters until it ceased in 2004 after 81-years of existence.