Gambling terms, explained straight

Lottery, Bingo & Number Games

Pools betting

Pools betting, also called parimutuel betting, is a system where all stakes on an event are combined into a single pool, and winners share that pool after the operator deducts a commission.

Also known as
Parimutuel betting or tote betting4
Common events
Horseracing, greyhound racing, and football in Great Britain12
Payout basis
Total pool divided among winners, not fixed odds12
Regulatory licence
Pool betting operating licence required for track betting in Great Britain2

Key points

  • Unlike fixed-odds betting, the potential return is not known when the bet is placed; it depends on the final pool size and number of winners.1
  • The operator deducts a commission (takeout) from the pool before distributing the rest to winning bettors.2
  • In Great Britain, pool betting is legally defined and requires a specific operating licence for horseracing and greyhound tracks.12
  • It is distinct from bingo, which is treated as an equal-chance game under separate regulations.23

How pools betting works

  1. Bettors place stakes on an event, all going into a common pool.1
  2. The operator deducts a commission from the total pool.2
  3. After the event, the remaining pool is divided among the winning bettors proportionally.1

Pools betting vs fixed-odds betting

In fixed-odds betting, the return is set when the bet is placed. In pools betting, the return depends on the total stakes and number of winners, so the punter may not know the potential winnings in advance.1

Lottery & bingo Lottery A game where players buy tickets for a chance to win a prize drawn from a pool of entries. Lottery & bingo Bingo An equal-chance game where players mark numbers on cards as they are called, with different regulatory treatment from pool betting. Lottery & bingo Keno A lottery-style game where players pick numbers and win if they match those drawn. Lottery & bingo Pick 3 lottery A lottery where players choose three digits and win based on exact matches. Lottery & bingo Bingo card The grid of numbers used in bingo games. Lottery & bingo Club keno A variant of keno often played in social clubs with its own rules.

Sources

  1. Definitions of terms gamblingcommission.gov.uk Provides the legal definition of pool betting and distinguishes it from fixed-odds betting.
  2. Guidance to licensing authorities gamblingcommission.gov.uk Explains how the pool is divided, commission deduction, and the pool betting operating licence.
  3. How bingo is defined gamblingcommission.gov.uk Clarifies that bingo is not a form of pool betting under UK regulation.
  4. Parimutuel betting - Wikipedia en.wikipedia.org Confirms the alternative names parimutuel betting and tote.

Sources are drawn from regulators, universities and published research, and each one is labelled with what it actually is — a preprint is not called a paper. Bookmaker and affiliate pages are never cited here, because a page that sells betting is not a neutral authority on it.

Written and maintained by Ellis Warrender, writer and maintainer.

Last updated 28 July 2026. Spotted an error? Tell me and it gets fixed and logged on the corrections page.