A betting pool, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool (from which taxes and a house “take” or “vig” are removed), and then make a selection on an outcome, usually …
What is pool in horse racing?
It simply means a bet on a horse to win a race or place; that is, to finish first, second or third, depending on the bookmaker.
What is pool selling?
: the selling or distribution of chances in a betting pool.
What is a pari mutuel pool?
Pari-mutuel pool means the total amount of money wagered in a horse race. … (11), “Pari-mutuel pool” means “the total money wagered by individuals on any horse or horses in a particular horse race to win, place, or show and held by the organization licensee pursuant to the pari-mutuel system of wagering.
What does pool mean in gambling?
Pool, method of gambling in which all money bet on the result of a particular event by a number of people is awarded to one or more winners according to conditions established in advance (taxes, operating expenses, and other charges may be deducted from the total pool before prizes are awarded).
Whats the meaning of pool?
(Entry 1 of 4) 1a(1) : a small and rather deep body of usually fresh water. (2) : a quiet place in a stream. (3) : a body of water forming above a dam.
Is it illegal to be a bookie?
While online gambling is legal, it is an offence, ‘in-play’ betting, where betting can occur after an event has already started, is not permitted. … In more traditional forms of gambling in NSW, you cannot bet on any event or contingency with a bookmaker unless you are present at a licensed racecourse.
Can you go to jail for being a bookie?
Bookmaking as a misdemeanor carries a potential county jail sentence of up to one (1) year. Charged as a felony, California bookmaking or pool-selling can lead to a state prison sentence of sixteen (16) months, two (2) years or three (3) years. California’s bookmaking law is far-reaching and harsh.
Is bookkeeping illegal?
Bookmaking is generally illegal in the United States, with Nevada being an exception due to the influence of Las Vegas. In May 2018, a United States Supreme Court ruling struck down the Professional and Amateur Sports Protection Act of 1992, which prevented individual states from legalising bookmaking.
What’s a pari?
equal or equally; even (in number) parisyllabic. paripinnate.