Betting pool
Encyclopedia
A betting pool, sports lottery, sweep or office pool if done at work, is a form of gambling
, specifically a variant of parimutuel betting
influenced by lotteries
, where gamblers pay a fixed price into a pool (from which taxes and a house "take" or "vig"
are removed), and then make a selection on some outcome, usually related to sport
. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds
involved; each winner's payoff depends simply on the number of gamblers and the number of winners. (True parimutuel betting
, which was historically referred to as pool betting, involves both odds calculations and variable wager amounts.)
Contestants predict the outcome of sporting events that take place at a later time. The concept was introduced in 1923 by Littlewoods Pools where it was known as toto and based on football (soccer)
matches. Today in England, sports lotteries are more commonly referred to as football pools
. American sports lotteries often do not require contestants to purchase a lottery ticket or make an initial wager. Hockey pool
s are common in North America, and footy tipping in Australia.
A death pool is a betting pool concerning the death of someone.
Gambling
Gambling is the wagering of money or something of material value on an event with an uncertain outcome with the primary intent of winning additional money and/or material goods...
, specifically a variant of parimutuel betting
Parimutuel betting
Parimutuel betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vig" is removed, and payoff odds are calculated by sharing the pool among all winning bets...
influenced by lotteries
Lottery
A lottery is a form of gambling which involves the drawing of lots for a prize.Lottery is outlawed by some governments, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments...
, where gamblers pay a fixed price into a pool (from which taxes and a house "take" or "vig"
Vigorish
Vigorish, or simply the vig, also known as juice or the take, is the amount charged by a bookmaker, or bookie, for his services. In the United States it also means the interest on a shark's loan. The term is Yiddish slang originating from the Russian word for winnings, выигрыш vyigrysh...
are removed), and then make a selection on some outcome, usually related to sport
Sport
A Sport is all forms of physical activity which, through casual or organised participation, aim to use, maintain or improve physical fitness and provide entertainment to participants. Sport may be competitive, where a winner or winners can be identified by objective means, and may require a degree...
. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds
Odds
The odds in favor of an event or a proposition are expressed as the ratio of a pair of integers, which is the ratio of the probability that an event will happen to the probability that it will not happen...
involved; each winner's payoff depends simply on the number of gamblers and the number of winners. (True parimutuel betting
Parimutuel betting
Parimutuel betting is a betting system in which all bets of a particular type are placed together in a pool; taxes and the "house-take" or "vig" is removed, and payoff odds are calculated by sharing the pool among all winning bets...
, which was historically referred to as pool betting, involves both odds calculations and variable wager amounts.)
Contestants predict the outcome of sporting events that take place at a later time. The concept was introduced in 1923 by Littlewoods Pools where it was known as toto and based on football (soccer)
Football (soccer)
Association football, more commonly known as football or soccer, is a sport played between two teams of eleven players with a spherical ball...
matches. Today in England, sports lotteries are more commonly referred to as football pools
Football pools
A football pool, often collectively referred to as "the pools", is a betting pool based on predicting the outcome of top-level association football matches set to take place in the coming week. The pools are typically cheap to enter, with the potential to win huge money. Entries were traditionally...
. American sports lotteries often do not require contestants to purchase a lottery ticket or make an initial wager. Hockey pool
Hockey pool
A hockey pool is a variant of ice hockey in which the participants each draft or acquire a team of real-life NHL players and then score points based on those players' statistical performance on the ice...
s are common in North America, and footy tipping in Australia.
A death pool is a betting pool concerning the death of someone.