Mindful of the launching of a new promotion with Colossus Bets, we thought it might be useful to inform/remind punters how pool betting functions and the way that it differs from traditional gambling – Ed.
Pools betting isn’t a new concept. Indeed, the first football pools took place in 1923, nearly 100 years ago.
However, while the popularity of pools betting may not be at the same level as its heyday, it’s enjoyed something of a renaissance in recent years thanks to companies like Colossus Bets who have modernised the format. So, what is pools betting and how does it differ from fixed odds betting?
Pools betting closest resembles a multi-leg bet, more commonly known as an accumulator. You are challenged to predict the outcome of a select number of races, either by choosing dogs to win or place depending on the pool type.
The primary difference comes in how returns on winning bets are calculated. In fixed odds you are betting against the bookie and your returns are determined by the price you take or the eventual SP.
In greyhound pools you are betting against other players, with the pools company effectively hosting the pool. The money from every bet placed is pooled together (hence the name) and shared between anyone who can successfully plot their way through every race.
So, from that perspective, it can be compared to a lottery which works in much the same way. However, unlike a lottery, which is complete chance, your greyhound knowledge can swing a greyhound pool in your favour.
At Colossus the most popular greyhound pool type is the Win 8 which, as the name suggests, requires you to select the winners of eight races on a given card. Regardless of how many people enter the pool, Colossus guarantee a minimum £15,000 jackpot to be shared between any winners.
If there are no winners, the contributions roll over to the following day. If nobody wins that then they roll over again and so on. A Rollover is another term which may be familiar to lottery players.
Once the combined contributions go above the £15,000 mark, the jackpot will start increasing on a daily basis until it is won. In fact, the jackpot recently reached £31,455 before it was claimed.
If it sounds challenging, that’s because it is. However, greater challenge often equals greater reward and the biggest pool available on Colossus provides a minimum £1,000,000 jackpot.
Players can simplify the task by selecting multiple dogs in each race, known as legs, to give themselves more chances of winning. This is known as perming. However, the more selections you make, the more your ticket costs so be wary.
So what else can pools betting boast that fixed odds betting can’t? Colossus Syndicates, for one, is a fun and social feature that allows players to effectively crowdfund their tickets by sharing the cost and payout with others.
A ‘Captain’ creates a ticket and partially funds it themselves. The rest of the ticket is paid for by their own friends or even fellow Colossus players. Any winnings are then paid out proportionately depending on how much each contributor put in.
It’s a fun way to bet together and allows novice players to benefit from the knowledge and experience of others. Additionally, the Captains are rewarded with cash rebates on each Syndicate they manage to fill.
A more familiar feature that fixed odds punters will surely recognise is Cash Out. Colossus give you the opportunity to fully or partially Cash Out your tickets between legs. So you can bank some winnings before a tricky leg or, if you time it right, secure a big return on a ticket that goes on to lose.
That’s not all though as Colossus also offer Consolation Prizes to players who suffer near misses in pools. The average Win 8 pool will offer £15,000+ to share between anyone who correctly predicts all eight legs but also £1,000 if you manage seven out of eight and £500 if you get six.
With the addition of perms, Syndicates, Cash Out and Consolation Prizes, these tough looking pools suddenly become a lot less daunting. Throw in free live streaming to all customers and pools betting is certainly a credible alternative to fixed odds.
It won’t be for everyone but anyone who fancies a fun, social, low-stakes, high-reward interest in greyhound betting should definitely check Colossus Bets out.
