System and method for managing select five horseracing bets

• US 20050170886A1
• Filed: 02/03/2004
• Published: 08/04/2005
• Est. Priority Date: 02/03/2004
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Miller, Kenneth L.
• Granted Patent: US 8,636,571 B2
• Time in Patent Office: Days
• US Class Current: 463/28
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A method for managing horseracing bets is provided. The method includes receiving one or more bets. Each bet comprises a selection of five horse races selected from a plurality of horse races scheduled to be run at a track in a day, a selection of a respective horse for each of the five horse races selected and a bet amount. The method also includes combining each bet amount to form a betting pool and determining an amount of a total payout for the day based at least in part on the betting pool.

Claims

1. A method for managing horseracing bets, comprising:

receiving one or more bets, each bet comprising;

a selection of five horse races selected from a plurality of horse races scheduled to be run at a track in a day;

a selection of a respective horse for each of the five horse races selected; and

a bet amount;

combining each bet amount to form a betting pool; and

determining an amount of a total payout for the day based at least in part on the betting pool.

2. The method of claim 1, further comprising:

receiving results of the plurality of horse races scheduled to be run, the results identifying a winning horse for each of the plurality of horse races scheduled to be run; and

determining one or more winning bets of the one or more bets based on the results.

3. The method of claim 2, wherein determining one or more winning bets comprises determining for each of the one or more bets if each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet.

4. The method of claim 2, further comprising determining an amount to be paid for each winning bet based on the number of winning bets and the amount of the total payout.

5. The method of claim 4, wherein determining an amount to be paid for each winning bet is further based on the bet amount of each winning bet.

6. The method of claim 1, wherein determining an amount of a total payout based at least in part on the betting pool comprises applying a commission rate to the betting pool.

7. The method of claim 1, wherein determining an amount of a total payout based at least in part on the betting pool comprises adding to the betting pool a carryover amount from a previous racing day.

8. The method of claim 1, further comprising:

receiving results of the plurality of horse races scheduled to be run, the results identifying a winning horse for each of the plurality of horse races scheduled to be run;

determining whether there are any winning bets by determining for each of the one or more bets if each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet; and

determining a carryover amount to carry over to a total payout of a future racing day if there are no winning bets.

9. The method of claim 1, further comprising:

canceling at least one of the plurality of horse races scheduled to be run at the track in the day;

receiving results of the plurality of horse races scheduled to be run, the results identifying a winning horse for at least one of the plurality of horse races scheduled to be run; and

determining one or more winning bets by determining for each of the one or more bets if at least one of the selected respective horses corresponds to the winning horse for at least one of the five horse races selected in the bet.

10. A system for managing horseracing bets, comprising:

a memory operable to store one or more bets, each bet comprising;

a selection of five horse races selected from a plurality of horse races scheduled to be run at a track in a day;

a selection of a respective horse for each of the five horse races selected; and

a bet amount; and

a processor coupled to the memory, the processor operable to;

combine each bet amount to form a betting pool; and

determine an amount of a total payout for the day based at least in part on the betting pool.

11. The system of claim 10, wherein the processor is further operable to:

receive results of the plurality of horse races scheduled to be run, the results identifying a winning horse for each of the plurality of horse races scheduled to be run; and

determine one or more winning bets of the one or more bets based on the results.

12. The system of claim 11, wherein a processor operable to determine one or more winning bets comprises a processor operable to determine for each of the one or more bets if each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet.

13. The system of claim 11, wherein the processor is further operable to determine an amount to be paid for each winning bet based on the number of winning bets and the amount of the total payout.

14. The system of claim 13, wherein the processor is operable to determine an amount to be paid for each winning bet further based on the bet amount of each winning bet.

15. The system of claim 10, wherein a processor operable to determine an amount of a total payout based at least in part on the betting pool comprises a processor operable to apply a commission rate to the betting pool.

16. The system of claim 10, wherein a processor operable to determine an amount of a total payout based at least in part on the betting pool comprises a processor operable to add to the betting pool a carryover amount from a previous racing day.

17. The system of claim 10, wherein the processor is further operable to:

receive results of the plurality of horse races scheduled to be run, the results identifying a winning horse for each of the plurality of horse races scheduled to be run;

determine whether there are any winning bets by determining for each of the one or more bets if each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet; and

determine a carryover amount to carry over to a total payout of a future racing day if there are no winning bets.

18. The system of claim 10, wherein the processor is further operable to:

cancel at least one of the plurality of horse races scheduled to be run at the track in the day;

receive results of the plurality of horse races scheduled to be run, the results identifying a winning horse for at least one of the plurality of horse races scheduled to be run; and

determine one or more winning bets by determining for each of the one or more bets if at least one of the selected respective horses corresponds to the winning horse for at least one of the five horse races selected in the bet.

19. A method for managing horseracing bets, comprising:

receiving one or more bets, each bet comprising;

a selection of five horse races selected from a plurality of horse races scheduled to be run at a track in a day;

a selection of a respective horse for each of the five horse races selected; and

a bet amount;

combining each bet amount to form a betting pool;

determining an amount of a total payout for the day based at least in part on the betting pool;

receiving results of the plurality of horse races scheduled to be run, the results identifying a winning horse for each of the plurality of horse races scheduled to be run;

determining one or more winning bets of the one or more bets by determining for each of the one or more bets if each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet; and

determining an amount to be paid for each winning bet based on the number of winning bets, the amount of the total payout and the bet amount of each winning bet.

20. The method of claim 19, wherein determining an amount of a total payout based at least in part on the betting pool comprises:

applying a commission rate to the betting pool; and

adding to the betting pool a carryover amount from a previous racing day.