So you’ve decided to get into the wagering world. Congrats! You’ve come to the right place because we’re going to tell you everything you need to know to successfully run a betting pool.
First things first. You’re going to need to register with the governing body for your sport. This is where sportsbooks come in. They will process your bets, so make sure you’re actually using a reputable establishment.
The Basics Of Setting Up A Pool
To get things started, you’re going to need to create a pool. A pool is simply a collection of money raised by wagers that are placed on a certain outcome of a sporting event. You’re not limited to just one pool, so create as many as you’d like. When you’ve got several pools going, it’s time to start placing your wagers. Keep in mind:
- Each pool is independently operated
- Bets can be placed individually
- Betting limits are set individually
- Betting limits can’t be withdrawn by any individual
- The house edge is adjusted individually
The Different Kinds Of Bets You Can Place
So now that you’re up and running, it’s time to explore the different kinds of bets you can place. There are five different kinds of bets available, as follows:
- Selections: These are usually the picks made by expert pundits that have been selected for their reliability and ability to predict the outcome. If you go with this kind of bet, be sure to keep in mind their track record so you don’t end up with a losing wager. For a pool of $10,000 you can select from 20 different expert pundits with great success. The price for a selection ranges from $20 to $100
- Moneyline: A moneyline is simply a wager of equal value placed on the opposing sides of a sports game. In layman’s terms, this is a wager where the odds are established before the game and the winning side’s payout is equal to the stake. Placing a moneyline bet is very simple: all you need to do is find an online sportsbook that accepts your credit card.
- Over/Under: An over/under (also known as an under/over) simply combines the two previous types of wagers. You’re placing a bet on the total number of goals (or points) that will be scored in a game. For example, if you back the Detroit Red Wings to score more than 3 goals in a game you’ve got an over/under wager. The difference is that in an over/under, the winning side must score the stated number of points or more.
- Field: A field bet is a wager placed on the team(s) that will win the division or championship in a specific sport. For example, if you’re fanatical about the New England Patriots and want to bet on them to win the Super Bowl this year, you can do so with great confidence. Keep in mind: these kinds of bets are very strong and should only be made if you fully understand the implications of taking this kind of wager.
- Proposition: A proposition bet is simply a wager on the correctness of a particular statement or proposition. For example, did Donald Trump really say he wished he could water-ski? Or will Joe Flacco throw a touchdown pass against the Washington Redskins this year? In a proposition bet, you’re not necessarily picking the winner of an event, but you are placing a wager on the correctness of a particular statement or proposition. The best part about propositions is that they’re easy to place once you’ve found the right online sportsbook. You can ask the question yourself, and if you want to bet on the answer being yes, you can do so with ease.
How To Make Money With A Betting Pool
So you’ve established a pool of wagers and are ready to start making money off of it. Excellent! Now it’s time to find the right spot to do so. Keep in mind: the greater the volume of money you can bring in, the greater your potential for profit. So let’s get into position to make some serious coin.
What you need for this is a sportsbook that accepts your selected form of bet(s) along with the other forms of wagers you’ve made. If you want to make the most of your betting pool, it’s important to keep in mind that different sportsbooks have different policies and procedures regarding cashouts and returns. Make sure you look into this beforehand so there aren’t any unpleasant surprises once you start paying out winners.
Once you’ve got your ducks in a row and are ready to make some money, it’s time to deal with the matter of payouts. As mentioned above, payout policies can vary from book to book, so be sure to do some research before placing your first bet. Once you’ve found a book you think is safe and reputable, do some research to see how they handle returns and cashouts. Ensure that there aren’t any hidden charges or fees associated with payout procedures, as this will affect your bottom line. Also, be sure to find out how long it takes to get your cash and whether or not there is a minimum wait time. Some sportsbooks only give you the option of receiving your money in cash or charging it to your credit card, so be sure to choose the latter if this is acceptable to you.
Withdrawing Winning Wagers
Now that you’re making money off of your betting pool, it’s time to start paying out winners and trying to get your money back. The first thing you should do is check to see if you’ve actually won something. There are numerous occasions when a bet is deemed a “push” or a “fade”, meaning you aren’t necessarily behind but you also didn’t bet on the right team to win. In these cases, you have to wait for the winning team to settle the wager before you can claim your money back. Sometimes this takes a while, so be sure to check back periodically to ensure the money hasn’t been collected yet.
Using Your Social Media Accounts
Betting pools are a great way to gain some social media exposure because they’re relatively easy to set up and require less effort than most other types of sports betting accounts. This is especially beneficial if you’re on social media outlets like Twitter, where people sometimes follow the behavior of successful users of social media platforms.
If you’re looking to gain some social media traction and want to try out a betting pool, be sure to follow these simple steps. First, find a relevant hashtag for your pool’s Twitter account. Next, use this hashtag when tweeting about your pool’s activities. Finally, make sure to monitor your Twitter account for mentions of your hashtag, and engage with users who mention your pool.
Keep in mind: not all social media platforms are created equal. If you’ve got a particular social media account that you think is especially relevant to your pool, then use this account to cross-promote your pool’s existence and encourage users to follow you. Some examples include:
Now that you’re equipped with the basics, it’s time to get really serious about how you want to run your betting pool. From here on out, things get a little bit more complex, but if you’ve got the chops, you’ll be able to master them.