Betting with pooled money

[ralle14]

I've done something similar, but instead of a casino, my friends and I risked our money in skill-based games by finding opponents at local shops. Now, I doubt it's possible to pull something like that again when almost everyone plays at home. I forgot how our record ended up, but I estimate it's around 55%-60% since our group wasn't that stacked and you're bound to meet better players.

If that scenario happens again, i'll surely do it again because that's how I got to meet some of my friends, and you can't replicate those types of experiences that easily.

[MiF]

How do you guys come up with the game to bet on and who is to bet first? or do you people just go for sports slot games and do the spinning and choose of game based on which is voted for the most? These question are the areas which I always wonder how it will be done if we are to be on friends outings and decided to add up money and gambler outside our table.

We chose the game based on what was most popular at the time; as it happened, Mahjong-themed slot games were all the rage in our circle. We agreed on the betting terms, and one of our friends took on the role of operator (handling the spins), and he using the auto-spin feature. We also established a withdrawal rule beforehand: we would only cash out once our initial bankroll had doubled. I suppose it is really no different from pooling money to play together at an arcade, right ?

This is more clear and understandable now; at least you all are in one voice, and you have set out rules which will even avoid conflict in the future if there ever has to be an option of cashout; you have already settled it before landing. It's a fun practice, but one really needs to have a group of friends with whom you speak one language for you to be able to pull it off.

What is most critical is to agree on the rules prior to any betting. If everyone has money on the line, it can cause a lot of trouble if there is a miscommunication over the game, amount of the bet, or cash out. It's easy to choose the game collectively and it's easy to let one person count the spins; everyone should be able to see the balance and results. It is also a good idea to establish a cashout rule in advance. It makes the activity enjoyable and minimises conflict.

[cocadalcan]

This is the first time I have heard about gambling in a concerted effort between friends. You probably bet with large funds instead of small funds, which quickly drained your funds. You should have bet with small funds. I personally avoid betting with large funds when betting. Even if you bet with a few people, it is better to use the same strategy.

This type of betting will be entertaining, I can imagine it and I have decided to play this type of fun gambling with friends in the future.

[Nrcewker]

So, have you ever done the same thing ?

To perform such a risky stunt, you need friends and sadly, I don’t have any. Just joking. Practically speaking, pooling can be risky with strangers. But if you have friends who don’t care about the risks and are only focused on profits and fun then yes, pooling can actually be fun.

I have only seen this in movies, where rich brats pool their money and bet on it. But we middle class people usually just think about making some extra money whenever possible. Hence if you ask me, I do rather avoid pooling.

[Cityhunter34]

This can only be achieved with a proper agreement, nothing more than that, because humans are not always trustworthy at all. Especially when it involves money, there will surely be a disagreement in the long run. That's why we need to do it individually, and prepare to accept any outcome in good faith, and move on without anyone knowing what you are doing.

Personally, I have never thought of doing something like this with another gambler at all, because I don't want to have any issues with anyone.

[yudi09]

Me, and my friends once pooled our money to place bets on a casino site, looking for some entertainment during our spare time. Initially, we just wanted to hang out like anyone else, but then one of us suggested pooling our funds for betting. We all agreed to go for it, and we certainly got our entertainment, even though we ended up blowing through our entire bankroll. Maybe, it was my first and last time doing something like that.   

Honestly, playing like that is really entertaining, especially with the mix of emotions we experience with every bet placed. However, I think that can only be done with a mutual agreement regarding whatever might happen, and there will be no issues if everyone has reached an agreement.

So, have you ever done the same thing ?

The most exciting form of entertainment is the kind you do together across the board. When it comes to gambling—pooling money with friends—honestly, it’s a lot of fun, even if you end up losing it all; the joy you experience will stay with you forever.
When it comes to betting, I’ve never done that with friends, but I have pooled money with friends to trade futures.
It’s also fun to bet by pooling money, but it seems unlikely we’ll be able to do that again given how busy we all are.

[Samlucky O]

So, have you ever done the same thing ?

I have done it before with my friends before, but trust me it didn't go well. Collective pooped money really comes with mixed reaction because  we had to debate much before placing a bet and when it lose the person that placed the bet received the backlash of not listening to the others before placing the bet. It was really a though one seeing your fund being controls by a single person and your wining and losing chance depends on one person. Trust me it was really hard, I took the blame for our loses that day because there was a lot argument and I decided to follow my instincts and we lose.

[famososMuertos]

:://::

Well, it's a serious matter and more common than it seems, at least in the poker world, it's quite common, although it's not called that in the jargon Pooled), and in fact, it varies depending on the context—whether it's tournaments, cash games, etc. In tournaments, it's used, but under a percentage-based system. If a buy-in is $25,000, a participation agreement is reached.

As for cash games, there's a well-known story where a group of players pooled their money to play against the multimillionaire Andy Beal.

[Pi-network314159]

It took me some time to understand this pooled money of a thing but trust me I have don it once but be experience was fun but a little bit skeptic, imagine 5 people pooling out there fund to place bet and all your hope lies on that game. Back then me and my friends did it couple if time but we where never lucky, sometimes we shift the blame on the machine or even the player for having bad luck. But when we win we feel so excited and some will want us to quit while some will want us to continue, it's just like a partnership business where everyone opinion matters since their money is involved. The problem is that decision is slow since it involves collective fund.

[SPIDERMAN008]

If you are very close friends, two people can bet together and put all the money together. But with many people, it can create some problems. Because not everyone's mentality is the same. Because after losing, many people can react differently. As a result, problems arise in friendship. Relationships can even be ruined. Because people have many things involved with money. Many people can do many things because of the greed for money. And in the world, many close people commit various types of crimes. The purpose of that is mostly for money or wealth. Many people may think that if they keep winning, then there is no problem. But there is a problem here too. When the profit starts to increase. Some people have the opinion that cashing out is better, while others want to bet more aggressively in the hope of additional profit. Then there are differences of opinion. In this case, if someone is pressured and agrees to continue betting more. Then if there is a loss, big problems can arise between friends. So in the case of betting, I think it is better to bet alone.

[Betwrong]

~So, have you ever done the same thing ?

Yes, I have. Me and two of my friends, it was long time ago when we were at school, we pooled money and bought one lottery ticket. And it appeared we won 20 times more than the price of one ticket or something. We split the money evenly. Big money for each one of us. But for some reason we never did it again, and I don't know about them, but I myself returned to gambling only 15 years later.