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In wider gambling the jackpot represents the amount of money which can be won by successfully betting on the outcome of an event. In most cases this jackpot will be created by pooling the money of everyone placing a bet, and will often end up being shared by more than one person who happened to place the correct bet.
The main use of a jackpot in sports betting takes the form of a football pool. In most cases, this takes the form of a bookmaker publishing a list of a set number of matches to take place over a specified time period. Usually, this will be the standard football weekend running Saturday to Monday. Anyone hoping to win the jackpot has to predict whether each of the matches will result in a home win, a draw or an away win. The entry fee for placing a bet will be a standard fee, rather than being down to the individual, and anyone who manages to predict all of the results in the games listed correctly will win a share of the jackpot. In most cases, the result used for the purposes of the bet will be the result after 90 minutes and injury time, with anything which happens during extra time or penalty shoot-outs not being included.
In many cases, the book makes will offer ‘consolation prizes’ in the form of a percentage of the actual jackpot given to anyone who manages to predict 13 or 14 of the match results correctly. Unlike most forms of sports-betting, attempting to win a jackpot of this kind doesn’t offer an in-play option, and all bets have to be made before the first of the matches in question kicks off. What it does offer, however, is the chance to experience the cumulative excitement of a large accumulator for a fairly minimal initial outlay.