Staking pools are created to allow multiple participants to pool their resources together to stake a larger amount of cryptocurrency than they could individually. This larger stake increases the chances of it being selected to validate new transactions and create new blocks on the blockchain, which results in rewards being distributed among the pool members based on the amount contributed. Staking pools are particularly popular in proof-of-stake (PoS) networks where the likelihood of earning rewards is proportional to the amount of cryptocurrency staked.