As the name says group bet is the bet which is made by several people for the single outcome. The lottery syndicates are great example of group bets where multiple players put their stake in the pool which is used to buy more lines and therefore increase the chance of winning. As the chances of winning increase the winning amount is equally distributed between the players who chose to bet on the lottery. Since years people have been betting with friends and colleagues for decades often forming syndicates to enter lotteries.
Another definition of group bet is the pool bet where players put a personal stake into a shared point and select an outcome. Again their winning amount is paid from the pot which is equally distributed among the players. In short group bet is the bet which is placed on one ticket by number of people as part of the same wager.
Group betting comes at a cost as split winnings will, of course, reduce the amount each player can potentially earn. This form of group betting is implemented in roulette and keno. Group betting is also familiar in sports betting and some other games also.
Roulette offers single as well as group bets. In roulette when the player chooses to bet in group players can place one or more chips on a number and receive a 35/1 payout if that number comes in. Apart from this players can also bet on numbers like the odd numbers, or even one’s on the on the grid line. Again the winning amount will be distributed among all, even the odds of the win and the subsequent payout is adjusted according to the size of the group. The odds are not the same for all, it will vary with the size of group betting on the odds of outcome in the game of roulette.
Another game where group betting is done is keno. Keno is kind of like the state lottery you pick several numbers on a ticket, and hope to match the numbers drawn from the ping-pong ball machine. There’s another way that it’s like the state lottery, because the odds are very bad in keno. Keno in the casino has the highest edge of any game in the casino moreover like 25% or even more. In Keno, group bets are bets placed which are placed on more than one number on the ticket. Unlike a group bet in roulette, each Keno group is a separate bet though the player can request both ways and all ways to cover every possible version of the group to avoid the chances of losing the bet.
Another form of group betting is the act of an individual user betting on a group. This is more common in sports betting and refers to the backing of a smaller sub-section in a wider field. For example, a punter betting on a golf tournament could choose five players from the larger field and back them to go all the way. If one of the five players comes out on top then the group bet will be a success. In sports betting where group bet is done accumulators exists where players pick several results over a number of fixtures and rely on each bet winning to get the final payout, which are a form of group bet.
Group betting is nothing new but with this feature, friends can band together with a common purpose.