DraftKings Pools

DraftKings is one of the leading online bookmakers in the US market. The bookmaker is a favourite of many as its features allows punters to try out all sorts of highly enterprising and betting activities and options. Recently, the online bookmaker added a new feature to its illustrious list of innovative sports betting feature. The feature is known as DraftKings pools.

What are Draftkings Pools?

One of the earliest forms of gambling is horse racing betting. In days gone by, all punters interested in horse racing betting did so at betting halls that used the pari Mutuel betting strategy. What the pari Mutuel betting strategy entailed is that the betting hall would collect the wagers of all punters looking to place bets on a certain (single) race. Depending on the number of punters who placed bets as well as the total wagered amount, the betting hall would proceed to work out the odds for the winners. This effectively meant that there weren’t any fixed odds – odds were only calculated once the betting hall had received the punters’ wagers. Winners would share the total wagered amount after the race with the betting hall removing a small percentage from the total amount to cater for its operational expenses.

The pari Mutuel strategy is pretty much similar to the newly added feature at DraftKings that is, DraftKings pools. DraftKings pools are essentially a price point form of betting where wagers are placed against other bettors who have entered the same event. Each winner’s prize depends on the number of other punters in the pool and the number of winners. Fewer winners translate to a higher payout for the winners while many winners translate to a smaller payout for the winners.

The pools that are offered at DraftKings are structured differently (but just slightly). They are as follows:

  • Guaranteed: These are more of a fusion between pari Mutuel betting and fixed odds betting. This emanating from the fact that even though odds are calculated after all wagers have been collected, there is a fixed prize pool as well as fixed number of entries stipulated which means punters can have a rough idea of what they stand to win/lose even before the final odds are calculated
  • Pari Mutuel with Rollovers: Pari Mutuel with Rollovers are pretty much similar to Guaranteed. However, the difference is that when there are no winners or if none of the punters meet the winning criteria, the prize pool will not be shared back to the punters but rather, its rolled over to the next event
  • Pari-Mutual Guaranteed: Pari-Mutual Guaranteed will see punters roll over into the next event one after the other. Punters here don’t just pool once but rather they do so consecutively. As they do, they increase the prize pool. With Pari-Mutual Guaranteed, winners are guaranteed to emerge on every event wagered.

Unlike the traditional pari-mutuel strategy that was used only in horse racing bets, DraftKings’ pools are open to a wide variety of sports. Even more impressive is that the pools are also open for those who are interested in novelty bets.  This therefore means if you are pretty sure who is going to become the next US president between Joe Biden and Donald Trump, you can simply place your wager in the Free $100K Pool: Presidential Election and if your bet turns out correct, you know you will walk away with your fair share of the $100 000 prize pool!

One thing to note about the DraftKings pools at the current moment is that they are only available to punters based in New Jersey. DraftKings has however given assurances that more states would be covered in the near future.

How to find them on the site

The steps that punters need to follow to reach the DraftKings pools are as follows:

  • Firstly, punters need to visit the DraftKings homepage
  • Once on the homepage, punters need to navigate to the ‘My Bets’ button located on the header tab
  • Clicking on ‘My Bets’ tab will reveal several options – scroll through until you reach the Pools tab
  • Clicking on the Pools tab redirects you to the Pools Lobby  – here you are presented with two options either to join or create your Private Pool with family and friends or to join DraftKings’ pre-designed Pools Contest

Prize Pool

It’s important to know that punters can individually create their own pools. This means punters can set their own prize pool. The minimum set for all pools is $500 going all the way up to $100 000. The Pools Contest which are pre-designed by DraftKings also come with different prize pools ranging from $500 such as the Free $500 Pool: Wild Weather Wednesday to $100 000 such as the Free $100K Pool: A Pro Football Sunday like No Other.