Pool betting at QuinnBet (Source: QuinnBet) Points are awarded depending on the outcome, and the punters with the most points win the pool. To illustrate this further, below is a snapshot of The Football Pools ‘Classic Pools' game, where punters pick 10 games from 49 options that they think will end in a draw. Most bookmakers offer much bigger events and prize pools.

If horse 5 won, each player would get £25. If horse 1 won, each punter would get £50/20 = £2.5. If your horse wins, you get an equal share of the prize pool. With 50 bettors wagering £1 each, the prize pot adds up to £50. Then, 50 punters place bets on a particular horse to win the race. To take part in the pool, you have to wager £1. There are five horses competing in this particular event, which we'll number 1 to 5 for clarity. Let's say you want to bet on a horse race. If you're still unsure how it works, the following example should help to clarify this. This means that players can win a massive prize if they are the only winners, making pool betting a bit like a lottery. The person who has guessed correctly or scored the most points (depending on the type of event) wins the prize pool. The stakes for entering these competitions are the same for each participant, and once all the other punters have placed their bets, all the money goes into a prize pool.

There are also some specialised bookmakers that allow pool betting on other sports such as American football. In most cases, bookies offer betting pools for either football or horse racing. All you have to do is choose the sporting event you want to wager on and – depending on the event in question – select a certain number of bets. Pool betting may seem overwhelming at first glance, but it's actually quite simple.

Now that that's cleared up, let's get down to business. You may have heard of pari-mutual or tote betting – the latter became particularly popular between the First and Second World Wars. It is also useful to know that there are other names for this type of bet.

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