この辺りには田光ヶ池（蛸ヶ池）という池がありましたが、1938年（昭和13年）に都市化のために埋め立て工事が行われました。
その際、池で遊泳中の人が溺死したり、土砂を運ぶトロッコに轢かれて死ぬ人が出たりしたため、伝説として知られていた池の主の大蛇『白龍大王』の祟りだとされ、池の畔の蛇穴と考えられていた穴の近くにこの社を建ててお祀りをしました。
There used to be a pond called Takogaike in this area, but in 1938, it was reclaimed for urbanization. At that time, one person drowned while swimming in the pond, and another died after being run over by a trolley carrying soil.
Since it was believed to be cursed by the legendary "Hakuryu Daiou", the giant snake who was the master of the pond, this shrine was built near a hole that was considered to be a snake pit by the pond to worship him.