System and method for betting on a participant in a group of events

• US 10,304,292 B2
• Filed: 06/26/2014
• Issued: 05/28/2019
• Est. Priority Date: 03/31/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Amaitis, Lee M., Asher, Joseph M., Burgis, Adam, Crosthwaite, Dominic
• Primary Examiner(s): Galka, Lawrence S
• Application Number:
  US14/315,517
• Publication Number:
  US 20150031423A1
• Time in Patent Office: 1,797 Days
• Field of Search: 463 1, 463 28
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• CPC Class Codes: G07F 17/3258 Cumulative reward schemes, e.g. jackpots
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A method of managing bets includes receiving first types of bets and second types of bets. Each first type of bet comprises a bet that the number of units earned by a participant in a plurality of events will fall within a first range of numbers. Each second type of bet comprises a bet that the number of units earned by the participant over a course of a plurality of events will fall within a second range of numbers. The total number of units earned by the participant is determined based on the positioning of the participant in each event. The method includes determining whether the first or second type of bets are winning bets. A betting pool is determined based on the total amounts associated with the first and second types of bets. A payout is determined based on the betting pool and the total amounts of the winning bets.

Claims

1. An apparatus comprising:

a network interface to communicate with a remote server over a communication network;

a card reader;

a cash receiver;

a user interface;

a ticket dispenser;

a payment voucher dispenser;

at least one processor to;

calculate an index number based at least in part on historical data of a plurality of racing events;

receive, via the user interface, information indicative of a first bet comprising a bet amount and a first prediction that a total number of units earned by a first participant competing in the plurality of racing events will be over or under the index number, the total number of units being based at least in part on a finishing position of the first participant in each of the plurality of racing events;

detect receipt of the bet amount via the card reader or the cash receiver;

transmit the information indicative of the first bet to the remote server via the network interface;

print a ticket comprising the information indicative of the first bet via the ticket dispenser;

determine an outcome of the first bet based at least in part on whether the total number of units actually earned by the first participant during the plurality of racing events satisfies the first prediction; and

print a payment voucher with data indicative of a payout to be paid on the first bet via the payment voucher dispenser, if the total number of units actually earned by the first participant during the plurality of racing events satisfies the first prediction.

2. The apparatus of claim 1, the at least one processor is further configured to:

receive, via the user interface, information indicative of one or more second bets that the total number of units earned by the first participant during the plurality of racing events will fall within a range of numbers, each second bet having an associated bet amount;

generate, in a memory, data indicative of a betting pool based at least in part on a sum of bet amounts of the one or more second bets and all amounts of bets that the total number of units earned by a first participant; and

print another ticket with data indicative of one or more payouts on one or more winning bets via the payment voucher dispenser based at least in part on the betting pool and a total of bet amounts associated with the one or more winning bets.

3. The apparatus of claim 1, wherein the total number of units earned by the first participant comprises an amount of money earned by the first participant during the plurality of racing events.

4. The apparatus of claim 1, in which:

the first participant competes in at least two of the plurality of racing events, a second participant competes in one or more of the plurality of racing events, a third participant competes in one or more of the plurality of racing events, the first, second, and third participants are different participants.

5. The apparatus of claim 4, in which at least one of the first, second, and third participant does not compete in at least one of the plurality of racing events.

6. The apparatus of claim 1, wherein the at least one processor is further configured to:

receive, via the network interface, data indicative of a position of the first participant; and

determine a number of units earned by the first participant based at least on the position of the first participant and a unit distribution structure defining a distribution of units for each of a plurality of positions associated with each event.

7. The apparatus of claim 6, in which the unit distribution structure for each of the plurality of racing events comprises a purse distribution structure defining a distribution of a purse over a plurality of positions in each event.

8. The apparatus of claim 1, in which the at least one processor is further configured to:

receive, via the network interface, after one or more of the plurality of racing events has occurred, information indicative of a second bet comprising a prediction about the total number of units that will be earned by the first participant during a set of remaining racing events, the set of remaining racing events comprising the plurality of racing events excluding the one or more racing events that have occurred, in which the information indicative of the second bet is received after a conclusion of a first of the plurality of racing events and before a beginning of a second of the plurality of racing events.

9. The apparatus of claim 1, in which the at least one processor is further configured to, after a conclusion of at least a first one of the plurality of racing events and before a beginning of at least has occurred and before a start of at least a second one of the plurality of racing events:

receive, via the user interface, data indicative of a request to settle the first bet;

determine an amount of a settlement payment for the first bet based at least in part on the position of the first participant in each of the plurality of racing events that has occurred; and

print a ticket with data indicative of the settlement payment to be paid on the first bet, wherein the first bet is no longer eligible to win after the settlement payment is paid.

10. The apparatus of claim 1, in which the plurality of racing events comprises a plurality of horse races.