For me collective betting should just be for fun and get together and no matter the outcome it should not be taking too deep.
Although I also gather with friends and place bets, we always make bets and play alone, using our own money and gambling accounts. If there are gamblers who use such methods, they should have one trusted person to place the bets, while the others will only gather the agreed-upon money. This is done to reduce tension where there are differences in betting choices.