Pooled Bets
betting
Pronunciation: POOLD bets
Definition
Betting system where multiple players' wagers are combined into a single prize pool.
Detailed Explanation
Pooled betting combines wagers from multiple participants into a collective prize pool, which is then distributed among winners according to predetermined rules. Common in horse racing, lottery systems, and some casino games. The house typically takes a percentage before distributing winnings. This system can create larger prizes than individual betting.
Usage Example
"The horse racing track uses pooled bets for exacta and trifecta wagers."
Philippine Context
Philippine horse racing at tracks like Santa Ana Park uses pooled betting systems, with PAGCOR overseeing operations.
