A betting pool is a kind of gambling based on the outcome of a sporting event. It is also called sports lottery or office pool. It is just like placing the bet at the stake of something of value on the result of a game. Betting pool is commonly found associated with games like football and boxing. The players have to pay a fixed rice to get into a pool to make their decision on the selection on the result of the game which has to be conducted. The division of the pool is always done evenly so that no one gets any priority. The winners will get an equal share of the pool.
In the betting pool no odds are involved.
Odds a certain reward points given to certain people based on certain specification. The ratio of the share from the pool will be greater for some people and less for some others. But in betting pool the winners will get a share based on the number of winners and number of gamblers involved in the pool. It is just like you pay an equal amount and enter into a pool. The loser will not get any share from the pool. The entire amount in the pool will be added and shared among the winners. No complexity or chance for corruption is involved in the process.
The prediction of the outcome need not be done at the time of collecting the pool. The event may be taking place at a later time. So the contestants need to predict the result only before the beginning of the match or at a predetermined time. The betting pool is quite common in England in football games and is redefined as football pool. The idea actually was there since 1923 and was commonly known as too.