Winning the lottery is a dream for many people, that one big win that sets you up for life. Long before the lottery started in 1994, we had pool betting (football pools and the Tote). Which were a chance for the ordinary man to make life-changing amounts of money predicting football or horse racing results.
This style of betting still exists to this day, let’s dive into the best pool betting strategy!
What is Pool Betting?
Pool betting is often referred to as a “tote” or “pools”. It is a form of betting where people contribute money to a common pool. The main difference between pool betting and regular fixed odds betting is how the winnings are calculated and distributed.
In fixed odds betting, you’re betting against the bookmaker and the odds are set by them. This means that you know in advance how much you stand to win if your bet is successful.
When it comes to pool betting, all the stakes are collected into a pool. The operator then takes out the costs of running the pool and takes a profit. The remaining money is distributed amongst the winners. The odds are not fixed in advance, instead, the payout also known as (the “dividend”) depends on how many other people have chosen the winning outcome. The fewer people who have chosen it, the larger the dividend is going to be as it is distributed to fewer people.
What Type of Pools Exist in Betting
Currently this type of betting is seen in horse racing (for example, in the UK’s Tote) and in football (like the UK’s Football Pools).
People can bet many different outcomes such as:
- Winners of horse races.
- Place bets in horse racing .
- Match results in football.
- Correct scores.
- The first goal scorer.
- Combination bets.
How Does Pool Betting Work? (Example Included)
Alright, let’s illustrate pool betting with a simple example.
Imagine there’s a horse race with 10 horses. You decide to participate in pool betting, or a ‘tote’, at your local bookmakers.
- You, along with 99 other people, each bet £1 on the horse you think will win. The total pool of money (the ‘tote’) is now £100.
- Let’s say 25 people, including you, bet on Horse A, 50 people bet on Horse B, and the remaining 25 people spread their bets among the other 8 horses.
- The race starts, and let’s assume Horse A wins.
- The operator will first take out their cut from the total pool. For the sake of simplicity, let’s say it’s 10% of the pool, so they take £10, leaving £90 in the pot.
- This £90 is now split among the 25 people who bet on Horse A, the winning horse. So each person will receive £90 / 25 = £3.60.
- Even though you only bet £1, you have now won £3.60 because you were one of the relatively few people who correctly chose the winning horse.
Remember, the less popular your bet (meaning fewer people bet on it), the larger your potential winnings. This is due to the fact that there are fewer people to share the pool with. But, of course, less popular bets are typically riskier as they often involve less likely outcomes.
This example is greatly simplified, and the actual calculation of winnings in pool betting can involve more complex factors, but this should give you a basic understanding of how pool betting works.
Pool Betting Strategy Tips for Beginners
Want to start pool betting?
Here’s five key tips to help you start:
1. Understand the Rules – Before placing any bets, understand how pool betting works. Look at how winnings are calculated and distributed. The rules can vary depending on the type of pool bet and the specific operator, so make sure you read and understand them before you place a bet.
2. Do Your Research – Don’t just pick horses or football teams at random. If you want to profit long-term research like a professional gambler. For horse racing, consider things like the horse’s form, the jockey’s ability, the distance and the condition of the course. In football, consider factors such as team news, injuries, time between games, and likely weather conditions.
3. Look at underdogs – In pool betting, the fewer people who bet on the same outcome as you, the higher your potential return. If you really want to get value from your bet, look at backing underdogs. The majority of pool bettors will be staking on favourites, taking the opposing position can enable you to land a big share of the pool should your bet win.
4. Bet Within Your Bankroll – As with any form of gambling, it’s crucial to only bet what you can afford to lose. Set a budget for your betting and stick to it, regardless of whether you’re winning or losing.
5. Keep Emotions in Check – There will always be winning and losing periods in betting. It’s important to stay calm and composed, whether you’re on a winning streak or a losing streak. Don’t let your emotions influence your betting decisions.
Conclusion
Pool betting is a great way to get some entertainment from an afternoon of sports. If you are a fan of football or horse racing, the pools can give you the chance of landing a big winning bet from a small stake. The biggest win from a pool on record is from Steve Whiteley, who won £1,445,671.71 from six winning horse racing selections.
This win came from a £2 bet on the Tote Jackpot.
These big wins are very much like the lottery, they are rare and often it is luck rather then skill which decides the winner. For the person who is looking at sports betting as a way to make a regular income, there are much better ways to make money long-term:
All offer unique strategies that can help make you consistent profits from the world of sports betting and trading!