A betting pool, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a "pool" (from which taxes and a house "take" or "vig" are removed), and then make a selection on an outcome, usually related to sport, the vig is also known as juice, under-juice, the cut or the take, is the amount charged by a bookmaker, or "bookie", for taking a bet from a gambler?
Betting pool A betting pool, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a "pool" (from which taxes and a house "take" or "vig" are removed), and then make a selection on an outcome, usually related to sport. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds involved; each winner's payoff depends simply on the number of gamblers and the number of winners. (True parimutuel betting, which was historically referred to as pool betting, involves both odds calculations and variable wager amounts.)
Parity (sports) In sports, parity is when participating teams have roughly equivalent levels of talent. In such a league, the "best" team is not significantly better than the "worst" team. This leads to more competitive contests where the winner cannot be easily predicted in advance. The opposite condition, which could be considered "disparity" between teams, is a condition where the elite teams are so much more talented that the lesser teams are hopelessly outmatched.