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A pool system is a method of betting that doesn’t use odds as the means of working out how much money will be paid out in winning returns. With a pools system all entrants pay a fixed amount to enter and the winners receive a share of all the money depending on the breakdown of prizes.
Pool systems are very popular in sports betting and remain a traditional way to bet on football in the UK. Before the rise in online betting sites the football pools was perhaps the most popular type of betting on the sport.
With the football pools bettors would pick a certain amount of matches to end in a draw and would receive points for their correct picks depending on whether they were score draws or no score draws. The winners would be the entrants who selected the most draws and therefore got the most points.
The attraction to pools betting is that bettors can win large amounts of money in comparison to their small stake. The amount of those winnings is obviously determined on how many other entrants there are in the competition.
Playing the football pools in the UK is not as common as it was but betting on the NCAA March Madness pools system in the US is still incredibly popular. It is estimated that around 58 million people participate each year in the contest to predict how the bracket for the college basketball championship will develop – and who the eventual winner will be. President Obama famously commented on his bracket when he was in office.