Basically all betting areas must first be approved to be "official".
Any player (or anyone else for that matter) may propose something for an office betting pool. It has to be something that nobody participating can already know, or have control over, the outcome of.
Once a pool suggestion is accepted and made "official", it will be posted as such in this thread, along with a list of choices (if applicable).
Players may then "bet" xp on the outcome.
If you win, you gain xp. If you lose, you lose the xp you bet. The bets can have varying payouts based on the nature and difficulty of the pool and the odds of the specific choice made by the person betting.
Pools may vary in their rules depending on what they are about. So as each pool is posted, be sure to read the rules for it.
Some betting pools may also have extra prizes associated with them beyond just the xp bonus, like in-game items or abilities.
Anyone can submit an office pool proposal (even non-knight observers).
HELPeR edit: changed title to reflect knights consolidation. -noobull