The Colossus Bets FAQs
Colossus Bets FAQ’s
Keep reading the Colossus FAQ’s to answers all of your questions! Updates and new links added on 13/02/2017.
What is Colossus Bets?
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-Out’ any ‘live’ tickets (in full or in part) by selling them back to us through our unique Cash-Out process. When you Cash-Out 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-Out a part of your ticket, you will bank the Cashed-Out value for that part and for the part of the ticket you choose not to Cash-Out, 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.
What are OH, OD and OA?
These acronyms stand for ‘Other Home’, ‘Other Draw’ and ‘Other Away’. To remove the need for players to have to pick unlikely scores, these scores have been grouped together into ‘Other’ brackets. 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); ‘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 ‘Other Draw’ covers draws other than 0-0 and 1-1 (for example, 2-2, 3-3 etc).
What does the Guarantee mean?
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.
What is ‘Cash Out’?
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-out some of your live ticket at the offered price. If you choose to cash-out 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-out.
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 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 or Consolation pools. Of course, you can always choose not to cash-out any of your ticket in which case you will still be entitled to all winnings due in full from that ticket.
How Much Can I stake per line?
£2 is the default stake per line. This is also known as the “Unit Stake”.
In our pools you can also use a lower or fractional stake per line; including a £1 per line, 50p per line and 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 £5,000,000 Colossus then as 50p is a quarter of the £2 default unit stake, the maximum prize you could win is £1,250,000.
How can I track the progress of my bets?
To view any bets that you have placed or to track the progress of bets that are In-Play, click the ‘Tickets’ tab 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 ‘Ticket History’ tab in the ‘Tickets’ section to review past bets. Furthermore, you can view a complete history of bets and transactions by clicking the ‘My Account’ section on the top right of the web page.
How much will I win if I get all the results correct on my ticket?
The amount you could win if you correctly predict the result of each leg in a pool, depends on the size of the jackpot and the number of other tickets that have selected the same result(s).
All pools that are In-Play have a ‘Pool History’ (showing the number of tickets left at various stages, as goals are scored and results confirmed) and a ‘Remaining Units’ table. The Remaining Units table shows you the distribution of all ‘live’ tickets amongst the selections in each remaining legs of the pool.
Your ticket is live into the final leg of a Pick 4 correct score pool, which has a jackpot of £30,000. You have selected 2-0 in the final leg and have played for £2 per line. The Remaining Units table shows that there are 5 tickets remaining that have selected 2-0. The amount you will win if the result is 2-0 is the total jackpot divided by the number of winning tickets (30,000/5) = £6,000.
Prior to the final leg, it is only possible to work out an approximate value for your potential win. This is because although the Remaining Units table shows all live tickets, before the result of the penultimate leg is confirmed, it is not possible to know specifically how many tickets will be live on each selection in the final leg.
How is my Cash-Out Offer generated?
Offers are calculated using an automated formula which asks two questions:
1. How much you are playing for?
How much is available for you to win depends on:
- The total pool prize fund.
- The unit stake per line in your ticket. For example if you have played a pool for £2 per line you will be playing in a ‘full unit stake’ so are playing for the full pool jackpot amount, whereas if you have played for a lesser stake per line (50p, for example) you will be playing for a proportionally reduced prize (25% of the pool jackpot, for example).
- Whether if all your predictions are correct you will win alone or there will be multiple winning tickets sharing the prize fund.
- Whether you have Cashed-Out any of your ticket or whether you still own 100% of it.
2. How likely your ticket is to win?
All of the following will improve the chances of having a winning ticket.
- Having few leg(s) remaining – the closer you are to the conclusion of the pool the better.
- Having multiple selection in forthcoming leg(s).
- Having more likely selection(s) in forthcoming leg(s). For example Chelsea 2 – 0 Hull is generally going to be a more probable score than Chelsea 0 – 3 Hull.
What are the Consolation pools?
Certain pools offer a series of Consolation prize funds. For example in the £5,000,000 ‘Colossus’, there is a Consolation prize fund which will be shared by players who have a line with six correct scores out of seven, a separate Consolation fund for players who get five correct out of seven and a Consolation for those who score 4 out of 7. Consolation prize funds are advertised in the header for relevant pools.