Bets – Questions and Answers
Become a multi-millionaire today, betting withBets. With a guaranteed day 1 minimum prize fund of £10,000,000, “The Colossus”, an easy to play correct score Pick 7, is the world’s biggest bet!
We also offer a range of correct score and correct outcome pools, with £2,000,000 day 1 minimum guarantees in other European football leagues.
Your live ticket can be cashed-in at half-times and as matches in a pool complete. You can even cash-in a live ticket in fractions, taking some profit whilst retaining an interest in part of the Jackpot with the remainder of your ticket.
Why wait to see if Rooney ruins your day? Cash-in early and bank some profit!
After all matches in a pool are completed, the prize fund is paid to holders of the winning combinations.
Our headline pools also have a consolation fund which is available for players who pick the correct home/draw/away outcome in each match but not the correct score.
Limited is regulated by the U.K. Gambling Commission, Licence No: 000-031514-R-314905-001
Questions and Answers
Question: What is Colossus Bets?
Answer: Colossus Bets offers pool betting games which allows you to bet on the results (both exact scores and outcomes) of sporting events. Amounts staked will be placed into the Colossus Bets pools and winning players will share the relevant pool less any deductions.
Colossus Bets offers guaranteed prizes on selected pools which ensures that winners get a significant payout whatever the total amounts staked.
Colossus Bets offers more than just pool betting games. At certain times during a game (for example, after one of the selected matches has finished), we may offer you the chance to ‘Cash-In’ any ‘live’ tickets (in full or in part) by selling them back to us through our unique Cash-In process. When you Cash-In a ticket we will pay you the agreed amount and you will bank this regardless of what happens in the remaining legs of the bet. If you Cash-In a part of your ticket, you will bank the Cashed-In value for that part and for the part of the ticket you choose not to Cash-In, you retain the opportunity to win a corresponding share of the prize funds for that pool if your ticket is successful in the remaining legs.
Question: What type of bets does Colossus Bets offer?
Answer: Pool bets are offered on major football matches throughout Europe. For some bets, you will have to select the correct score in each of the matches, whilst other pools will require you to select the correct outcome (Home win, Draw or Away win). To win the bet you will have to select all of the correct scores or outcomes. Some pools however may offer a consolation prize. For example in certain correct score pools if you pick the correct outcome in each leg but not the correct score (for example you select Arsenal to win their game by 1-0 and they win by 3-0), you will win a consolation prize. See the specific bet types for details.
Our flagship bet is The £10,000,000 ‘Colossus’. This requires you to select the correct score in seven football matches chosen by us. Players who achieve this feat will win a share of the total prize money which will be guaranteed to be at least five million pounds. In addition, these winning players will be eligible to win a bonus of at least an additional five million pounds should they successfully predict the score in the Bonus leg match in the following week. There is also a consolation prize offered on The Colossus which is available for any players who successfully predict the outcome of all seven matches, even if they do not predict the exact score. For example, if you select Liverpool to beat Wigan by 1-0, then the score will need to be exactly 1-0 to Liverpool if you are going to be eligible for the main prize. However, if Liverpool win by any score (whether 1-0 or otherwise), then your ticket remains ‘live’ for the Consolation pool.
Question: What is AOH, AOD and AOA?
Answer: These acronyms stand for ‘Any Other Home’, ‘Any Other Draw’ and ‘Any Other Away’. To remove the need for players to have to pick unlikely scores, these scores have been grouped together into ‘Any Other’ brackets. ‘Any Other Home’ covers the home team winning by any score other than the ones specifically listed (for example, 4-0, 4-1, 5-3 etc); ‘Any Other Away’ covers the away team winning by any score other than the ones listed (for example, 0-4, 1-4, 3-5 etc) and ‘Any Other Draw’ covers draws other than 0-0 and 1-1 (for example, 2-2, 3-3 etc).
Question: Where does my stake money go?
Answer: Depending on the game you are playing, your stake may be spread across three pools.
For ‘The Colossus’ and the ‘Pick 6’ correct score games, stakes will be allocated between the Jackpot Pool, Bonus Pool and Consolation Pool, as follows:
• 60% of all stakes shall be allocated to the Jackpot Pool;
• 20% of all stakes shall be allocated to the Consolation Pool; and
• 20% of all stakes shall be allocated to the Bonus Pool.
For other games (including all HDA games and ‘Pick 3’ and ‘Pick 4’ correct score games), 100% of all stakes will be allocated to the Jackpot Pool.
All stakes bet into pools offered by Colossus Bets are subject to a 30% deduction (unless otherwise stated) and the allocation between pools described above is before this deduction.
Question: What happens if nobody wins a pool?
Answer: If any pool is not won, then the stakes held in that pool will carry forward into the next game (and so on indefinitely). Amounts that carry forward are known as ‘rollovers’. Where possible, rollovers will carry forward to the next equivalent series of matches. For example, a rollover on a Premier League pool will generally be carried over onto the next series of Premier League matches.
Question: What does the Guarantee mean?
Answer: To ensure that a significant prize is always on offer to Players regardless of the amount collected by way of stakes, guaranteed prize funds are offered. A guarantee ensures a minimum amount that will be available to winners of that pool regardless of the amounts staked. Note that the guarantee is the minimum amount that will be paid out to Jackpot winners and if stakes bet into the pool (after deductions) exceed the guarantee, then the amount available to be won will be greater than the guarantee.
Question: When Can I Bet?
Answer: You can bet at any time after a pool is loaded on the site up until the scheduled kick-off of the first match in the pool.
Question: What is ‘Cash-In’?
Answer: At certain times, Colossus Bets may make an offer to buy any tickets from you which contain at least one potentially winning line (a ‘live’ ticket). This will typically happen after the conclusion of one of the matches in a pool and before the start of the next match as well as at half-times. At this point you can choose to Cash-In some of your live ticket at the offered price. If you choose to Cash-In some of your live ticket then you will receive the offered amount for that proportion of your bet and you will keep that amount regardless of the eventual outcome of your bet. However, if the bet wins, you will now no longer be entitled to the winnings for the proportion of your bet that you Cashed-In.
For example, assume that you placed a £2 ‘Colossus’ bet and you managed to correctly predict the correct scores in the first four matches. You may now be offered £5,000 for your live ticket. If you accept this offer, then £5,000 will be credited to your Colossus Bets account but you will no longer be entitled to any winnings from the ticket should it eventually win. Nor will you be entitled to participate in any Bonus leg or receive any Consolation pool winnings.
However, you can choose to sell a fraction of the ticket instead. For example, if you sell 50% of this ticket, £2,500 will be credited to your account and will retain 50% of the rights in this ticket, should it ultimately be successful in any of the Jackpot, Bonus or Consolation pools. Of course, you can always choose not to Cash-In any of your ticket in which case you will still be entitled to all winnings due in full from that ticket.
Question: When can I Cash-In?
Answer: You will be able to Cash-In your bet between the end of one match in a pool and the start of the next one. You may also be offered a Cash-In opportunity at half time in selected matches.
Question: How do I know that the funds are available to pay the guaranteed prizes?
Answer: Colossus Bets will at all times ensure that it has sufficient funds in place to pay guaranteed prize fund winners. These ‘guarantee’ funds are segregated from the funds used to run Colossus Bets and a Big Four UK accountancy firm will undertake a weekly review in relation to these funds.
Question: What is the Colossus Bets takeout per pool?
Answer: The takeout per pool is 30%, which means that for example from a £2 stake, £1.40 goes towards the relevant prize funds in a pool and 60p is deducted in operating costs by Colossus Bets. We think this 30% takeout is very competitive when you consider that:
– the nearest sports betting comparable is a correct score accumulator bet with a bookmaker. The effective takeout from a seven leg correct score bet with a bookmaker is around 80%. In other words, the expected return to player from a 7 leg correct score bet with a bookmaker is about 20p for each £1 bet. This calculation is based on taking the typical overround in a bookmaker’s correct score market (approx 125%, which translates to a 20% effective takeout in pool betting terms) and multiplying this over 7 legs, which produces a takeout from the bet of around 80%.
– the standard takeout for a multi-leg pool bets generally is around 30%. For example the UK Tote’s Scoop6 bet operates with a 30% takeout.
– if a lottery is deemed to be a more appropriate benchmark (on the basis that Colossus Bets is offering lottery-sized prizes which are not otherwise available in sports betting), the ‘takeout’ from stakes bet into the UK National Lottery is close to 50%. In other words, the expected return to player on a lottery is about 50p for each £1 bet.
Question: How much can I stake per line?
Answer: Each game will have a default stake per line, usually £2 or 20 pence. This is also known as the “Unit Stake”.
In some games, you can stake in fractions or even multiples of the default (or unit) stake. For Example, the £10,000,000 Colossus has a default unit stake of £2 per line – the default unit stake for a game shows in the ‘Stake’ box in the lower right corner when you select a game from the menu.
In most games you can use a lower or fractional stake per line, all the way down to 20p per line. When you use a lower stake per line than the default unit stake, the prizes you are playing for change by the
same ratio. For example, if you used a 50 pence per line stake in the £10,000,000 Colossus then as 50p is a quarter of the £2 default unit stake, the maximum prize you could win is £2,500,000.
The maximum stake per line for the £10,000,000 Colossus is £2, but in some games like an HDA8 (Home, Draw Away, Pick 8) you can stake more than £2 per line. Just as using a 50 pence stake per line for a £2 default stake game represents a quarter (25%) of a unit, using a £4 stake per line for a £2 default stake game represents 2 units.
Question: What do the colours in my Cash-In page mean?
Answer: Your ticket (found on the right hand side of your Cash-In page) may be coloured either blue, green, yellow or grey.
– Blue means there is currently no Cash-In offer available for the ticket. This may be because the first match in a pool has not kicked off, one of the matches in a pool is in-play or the ticket has already been sold in full.
– Green means there is a Cash-In offer available on the ticket, and the ticket is still eligible for the win fund prize.
– Yellow means there is a Cash-In offer available on the ticket, but the ticket is only eligible for the consolation fund prize.
– Grey means result(s) have caused the ticket to be eliminated from the possibility of winning a prize.
The selections in a ticket may be coloured red, green or yellow grey.
– Grey means a selection is unresolved (for example the relevant match has not yet begun, or is in-play).
– Green means a winning selection (for example a correct score prediction or a correct Home/Draw/Away prediction in a HDA pool).
– Yellow means a score prediction which was incorrect but which was still the right outcome. For example if you select Liverpool to beat Wigan by 1-0 and the result is 3-1, your selection (a Liverpool win) was the correct outcome even though the score was wrong. A selection will only be coloured yellow in a pool for which a consolation prize if available.
– Red means a losing selection.
Question: What is Quick Pick?
Answer: If you want some help in making your selections, the Quick Pick option will generate a suggested ticket for you. Quick Pick selections are chosen randomly from amongst the more likely outcomes – in other words Quick Pick will not choose a series of very unlikely results for you.
To use the Quick Pick option, click on the Quick Pick button at the top right hand side of the betting coupon and decide what you wish to spend from the drop down menu. If you are happy with the suggested ticket which is presented to you, click on the ‘Play Now’ button to place your bet. If you are not happy with the suggested ticket presented to you by Quick Pick, you can ‘Clear’ the selections from the betting coupon or you can alter the selections which have been presented to you by clicking on them individually, before placing your bet.
Question: How can I track the progress of my bets(s)?
Answer: If the pool hasn’t started or is currently In-Play, click the ‘Cash-in’ tab or ‘Cash-In’ link near the top of the web page. This will take you to a page showing all your tickets into the currently running or soon to run pools.
If the pool has finished and been paid out, click the ‘My Account’ link on the top right of the web page in which you can find details of bets placed into settled pools.
Please note that if your bets are made in a currency other than Sterling, data such as Pool History, Remaining Units and Winning Tickets, are displayed on the site in Sterling values. This means that, for example, if you place a bet in Euro, subject to currency conversion values, your bet is likely to appear as either less or more than a Sterling unit in the relevant pool.