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Pool betting is a form of betting that involves all stakes being pooled and winners being paid by dividing the pool amongst them. Pool betting is also known as pari-mutuel betting, tote betting, or mutual betting. Pool betting is commonly used in horse racing, greyhound racing, jai alai, and other sports or events where multiple outcomes or selections are possible.
Pool betting works by using a system of collective wagering, which means that all bets are pooled together and shared among the winners, after deducting a percentage for the operators and the authorities. The odds and the payouts for each outcome or selection are determined by the amount of money wagered on each outcome or selection, and are updated constantly until the start of the event. The bettors can choose from various types of bets, such as win, place, show, exacta, trifecta, quinella, or pick six.
For example, suppose there is a horse race with four horses: A, B, C, and D. The total amount of money wagered on each horse is:
The total amount of money wagered on the race is $2000. The operator’s percentage is 15%, which means it keeps $300 and pays out $1700 to the winners.
If horse A wins, the bettors who backed horse A will receive $1700 / $1000 = $1.70 for every $1 they bet. Their payout is $1000 x 1.70 = $1700.
If horse B wins, the bettors who backed horse B will receive $1700 / $500 = $3.40 for every $1 they bet. Their payout is $500 x 3.40 = $1700.
If horse C wins, the bettors who backed horse C will receive $1700 / $300 = $5.67 for every $1 they bet. Their payout is $300 x 5.67 = $1701.
If horse D wins, the bettors who backed horse D will receive $1700 / $200 = $8.50 for every $1 they bet. Their payout is $200 x 8.50 = $1700.
As you can see, the pool betting system ensures that the total payout is equal to the total amount of money wagered minus the operator’s percentage.