Betting with pooled money

[Patikno]

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 ?

[Findingnemo]

Glad that ended up in good terms but in general is is very bad idea to pool money to make a bet, if you end up losing then disputes among friends can cause chaos. So let every decide what they want to do and do it together even if you all are agreeing on the same team to win.

I won't do it, I never recommend anyone to do it as well.

[Oshosondy]

Your friend and you added money together and you gamble with it in a casino? If that is what you mean, I can not do it. I will prefer everyone to have their own money and gamble with it separately. Although we can decide to pay for each other.

It is like you gamble with high amount of money? Why us it full of emotions? My emotions while gambling now is almost zero because of the small amount of money that I am using to gamble.

[r_victory]

I've never done anything like that, but for those who do, it's good to establish each person's share and put it in writing if possible. In the OP's case, all the money was lost, but how would it be divided if the opposite happened? Excuse my pessimism, but many friendships end because of money. I prefer to gamble alone; I don't even participate in lottery pools.

[DubemIfedigbo001]

So, have you ever done the same thing ?

Sure, as a student back in the days, in order to raise some money for our upkeep, we pool funds and bet on pooled odds as well.
We were 4 friends who do this, each person is assigned to come up with #2k and 2odds, especially on weekends. We merge the funds to get #8k as well as the odds, sometimes total of 10 odds or slightly less and we stake on it with the pooled funds. Most of the times we win and enjoyed #20k+ each from our individual #2k and 2odds and few times we lost. We practiced this for couple of years before graduating. Now we only do it for fun whenever we come together.

[free-bit.co.in]

Even if there is no problem at first but problems will start when you keep losing. Because even if there is an agreement the biggest problem with pooled bankroll is group dynamic. If one person want to bet more and the others want to stop then peer pressure or a give me another round mentality can easily develop. I have seen myself playing with friends, gambling with friends increases my risk more under each other's influence. And if one person does not want to stop then conflict begin.

[acroman08]

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.

Exactly this, when doing this, everyone should be in agreement, so no fighting or argument happens if the bet is lost. I mean, I've done betting with my friends using our money that is pooled together, and there were times when arguments happened because one of our friends didn't really agree with the bet and became agitated when the bet lost. If I remember correctly, he said the bet would have won if we agreed on where he wanted to place the bet.

[AHOYBRAUSE]

Glad that ended up in good terms but in general is is very bad idea to pool money to make a bet, if you end up losing then disputes among friends can cause chaos. So let every decide what they want to do and do it together even if you all are agreeing on the same team to win.

I won't do it, I never recommend anyone to do it as well.

Agreed, totally a bad idea. This just opens the door for blaming for losses and other problems. I wouldn't want anybody gambling with my money and I also wouldn't like to gamble with someone else's money at the same time. A pool maybe makes sense for sports betting, when everybody agrees to make like one bet, or for playing the lottery. But for gambling in a casino, heck no.

[Alex077]

Maybe, it was my first and last time doing something like that.

Everyone should decide in advance who will bear how much in case of loss. How will it be divided in case of any win? And it is mandatory to decide whether session will end there when your bankroll runs out. Because house edge will not change based on our friendship or group agreement . Just because we all agreed, the risk of financial dispute & impulsive betting does not go away.

For me most sensible approach to gambling with friend is to see it as pure entertainment budget. There is no chance of taking it as profit making plan in any way. Patikno, you said this might be your first and last time, I think that would be the best outcome. Even if you lose your entire bankroll, you should not deposit again later to recover your loss under someone's persuasion.

[Fortify]

Sounds completely pointless in the scenario you presented. Most people enjoy going to a casino because they get the thrill of playing the slot machine or beating the dealer, as that is where the rush comes in - handing your money so someone else gets that buzz defeats the purpose. The only time this does make sense is if you are backing a skilled player, like contributing to the buying stake of a poker tournament for a share of the winnings if your guy wins. That actually makes sense because there are a rare few people out there who are genuinely experts but might be bad with money in other ways and not be able to scrape the funds together, especially when you're talking about higher rolling tournaments that. You hit on an interesting point in your last statement, which is that you're highly likely to fall out and have disagreements if you are watching a player burn your money away, which is never good for a friendship - just use your own cash.

[Obim34]

So, have you ever done the same thing ?

People can raise pool for bonus buy, all profits will be shared equally, and if the bet is lost, all losses will be borne by everyone.

Agreement is the key factor and principle, not many are okay with it, I myself may likely do something like that if it comes to that, but preferably I will always choose to raise my funds alone, take risks with whatever outcome, I get to enjoy the profits alone or my loss without sharing.

[ndutndut]

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 ?

I’ve done it before collecting money with friends and gambling, but not in a casino  it was on football betting. However, this kind of gambling with pooled money only happened offline, like when watching matches together, for example in big competitions such as the UCL, the Euro Cup, and the World Cup.  

During these watch parties there were always two sides of fans, so to make it more exciting we’d place bets usually by pooling our money together and betting on the opposing team’s fans. Of course, the money collection for betting was agreed upon beforehand and depended on the amount contributed. But for other types of gambling, I’ve never done it especially in a casino.

[Smartvirus]

Glad that ended up in good terms but in general is is very bad idea to pool money to make a bet, if you end up losing then disputes among friends can cause chaos. So let every decide what they want to do and do it together even if you all are agreeing on the same team to win.

I won't do it, I never recommend anyone to do it as well.

That’s on one side on possibilities of what could go wrong.

On the other side as it concerns the casino, these sort of activities are not really allowed. It would fall under the third party gambling category where the owner of the account used in placing the is actually gambling on behalf of someone and in this case, everyone else in the pool.

Should the casino by some means manage to find out or get the idea that, this is the case, they can easily refuse to pay the wins, referencing bridge of T&C as their reason.

[Orpichukwu]

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.

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.

[Odohu]

I don't know how you guys came to the decision to pull funds together to gamble, It's weird to me because. Casino games being something entirely of luck does not require this type of approach, it would have been better and more fun to play individually to see if luck will be on the side of one of you. Even if I visit physical casino, I will still prefer to play individual games and not group pulling funds together.

[Yorubek]

So, have you ever done the same thing ?

I have never gambled with friends, I gamble alone on my own decision. However, from what OP said, I understand that all the friends get together and pool a little money from everyone and everyone sits together to gamble, which will make the fun even more enjoyable. However, I think it is not possible for everyone to have such friends because if there are five friends, three of them do not have the same opinion or mentality. Therefore, the enjoy of gambling can be entertainment much more than on other days when all the friends get together and sit together.

[Doan9269]

I don't think this has ever happened to me before, being in a situation where I'm hanging out with my friends and we end up gambling together, except each one of us places bets individually, not on a collective approach on a single slip. Hanging out with friends is so entertaining and very interesting to see that you have a nice time with your friends and also Gamble, only that I may not be involved in having a common betting experience where we all have to play together in this manner you did with your own friends.

[Youngrebel]

You and your friends could come to such an agreement because you all are gamblers and whatever outcome from the game is something you are already expect. I'm curious to know, who made the decision of the games to bet on and were they all casino games? Did all of you put in your own ideas or input, one person cannot be the one making all the decisions because it's a pooled money.

The most important thing is that you all were able to come to an understanding and it wasn't something that caused an issue between all of you. But I would advice you all to use personal amounts to gamble, it is something that has to do with personal decision and not a collective one. If huge profits were made do you think that there would still be an agreement, trusting people with money can be very risky.

[Silverstonez]

So, have you ever done the same thing ?

I have not tried this before, but things like this don't always end well, so I'm wondering how you and your friends were able to do this thing without ending up in a quarrel, let me say you have friends who are mature enough to understand that you guys were just doing it for fun and entertainment, and not necessarily to make profit.  If it were some group of friends one person among them might end up blaming the person who came up with that idea in the first place since the it was not profitable.

[Findingnemo]

Glad that ended up in good terms but in general is is very bad idea to pool money to make a bet, if you end up losing then disputes among friends can cause chaos. So let every decide what they want to do and do it together even if you all are agreeing on the same team to win.

I won't do it, I never recommend anyone to do it as well.

That’s on one side on possibilities of what could go wrong.

On the other side as it concerns the casino, these sort of activities are not really allowed. It would fall under the third party gambling category where the owner of the account used in placing the is actually gambling on behalf of someone and in this case, everyone else in the pool.

Should the casino by some means manage to find out or get the idea that, this is the case, they can easily refuse to pay the wins, referencing bridge of T&C as their reason.

Yeah, a casino account is only for personal use but pooling it with friends then with the casino will have no way of knowing it by any means, the only possibility of getting notified to the casino when someone commercialises their casino account, like turning it into a betting shop or something is the real concern for them.

But anything that is not allowed by their terms then we better don't do it anyway for our good.