Paid sports betting pools have officially made their way into Tennessee’s legal repertoire.
With ongoing pandemic restrictions, office pools are almost a thing of the past. Now, Tennessee sports enthusiasts can dive into betting pools from the comfort of their couch – just in time for March Madness.
DraftKings first to launch paid Tennessee sports betting pools
DraftKings celebrated its first day of paid sports betting pools in the Volunteer State this Wednesday, March 3.
The idea was originally volleyed at a Sports Wagering Advisory Council meeting for the Tennessee Education Lottery (TEL) in late February.
Just a few days ago, the TEL approved brackets to go live in the state.
As of now, DraftKings is the only Tennessee sportsbook with paid pools available.
The sportsbook’s first major contests will include a March Madness $2 Million Championship Bracket and a paid survivor pool.
For the $2 Million Championship Bracket, entries are $100 and each user can enter up to 20 times. Users can find the pool on the promos/pools section of DraftKings.
The contest will also be available in New Jersey, Colorado, West Virginia, and New Hampshire.
Prizes range from $150 to $1 million, with the breakdown as follows:
- 1st: $1 million
- 2nd: $250,000
- 3rd: $125,000
- 4th: $75,000
- 5th: $50,000
- The 6th-10th place prizes range from $30,000 to $12,500
What are sports betting pools?
So what exactly are sports betting pools and how do you get started with this type of betting?
If you’re familiar with the traditional Super Bowl squares and March Madness brackets offered around the workplace, you’re already off to a strong start.
In sports betting pools, players place bets against fellow players who have entered the same contest. The prize allotted to each winner depends on the number of winners and the total number of contest entries.
Prize structures differ from pool to pool and can range in value from a few hundred dollars to a few million.
A variety of pools include:
- Survivor Pools
- Private Pools
Every pool varies slightly, so it’s important to understand specific contest details. You can usually find these details on the “Pay Table And Rules” page of each contest.
Many betting pools with have different prize structures.
Guaranteed prize pools offer a fixed prize pool with a fixed number of entries.
There are also pari-mutuel guaranteed pools which provide a growing prize pool based on the number of entrants.
Pari-mutuel pools with rollovers feature growing prize pools that “roll over” to a subsequent contest if no user meets the pool’s winning criteria.
Survivor vs. pick’em pools
While there are many different types of paid betting pools, pick’em and survivor pools are some of the most popular.
With pick’em pools, each player selects a result from a pre-determined set of questions. Points are awarded for each correct pick, and the player with the most points wins the pool.
Survivor pools are another exciting way to get in on the action during tournament time. With March Madness just around the corner, users have the perfect opportunity to familiarize themselves with the structure.
In a survivor pool, entrants select a team to win its game during each day of the tournament. If a contestant’s selection wins, the player advances. If a team loses, the entry is eliminated.
Once the full tournament concludes, all prizes are paid out.
In the event that multiple entries remain active by the end of the contest, the pool is divvied between surviving entries. If no entries make it to the end of the contest, the longest-surviving players take home the pool.
Selections must be submitted each day and can be adjusted up until tipoff on the first game of the day.
Create private pools for friends and family
For even more customization and unique fun, private pool options are also accessible.
Players can compete with friends and family by creating their own pools or join someone else’s pool by entering an invitation code.
Depending on the sport being wagered on, multiple contest options are available.
A pool creator can select an entry fee of free, $5, $10, $15 or $20. Then, the pool creator chooses a winner take all, top two win, or top three win prize structure.
After that, the only thing left to do it select picks, send out invites and enjoy the action.