System and method for providing bets regarding intermediate points in a race event using fractional timing

• US 20060009279A1
• Filed: 08/10/2005
• Published: 01/12/2006
• Est. Priority Date: 06/28/2004
• Status: Active Grant

• Current Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Asher, Joseph M., Amaitis, Lee M., Miller, Kenneth L., Rotondo, Peter C.
• Granted Patent: US 8,491,366 B2
• Time in Patent Office: Days
• US Class Current: 463/25
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A system for betting on fractional times comprises a memory coupled to a processor. The memory stores a first betting option comprising a bet that a particular participant in a race will finish a predetermined length of the race in a first range of fractional times. The memory further stores a second betting option comprising a bet that the particular participant in the race will finish the predetermined length of the race in a second range of fractional times. The processor receives a plurality of bets on at least one of the first betting option and the second betting option and determines an actual time for the particular participant to finish the predetermined length of the race. The processor then determines which of the plurality of bets are winning bets based at least in part upon the determination of the actual time and the corresponding betting options.

Claims

1. A method for betting on fractional times, comprising:

establishing a first betting option comprising a bet that a particular participant in a race will finish a predetermined length of the race in a first range of fractional times;

establishing a second betting option comprising a bet that the particular participant in the race will finish the predetermined length of the race in a second range of fractional times;

receiving a plurality of bets on at least one of the first betting option and the second betting option;

determining an actual time for the particular participant to finish the predetermined length of the race; and

determining which of the plurality of bets are winning bets based at least in part upon the determination of the actual time and the corresponding betting options.

2. The method of claim 1, wherein the predetermined length of the race is associated with one of a plurality of intermediate points within the race.

3. The method of claim 1, wherein the particular participant comprises one of a plurality of participants competing in the race.

4. The method of claim 3, further comprising establishing a plurality of other betting options associated with other participants in the race, each betting option associated with a range of fractional times.

5. The method of claim 1, wherein at least one bet comprises a plurality of bet components and at least one bet component is associated with a bet matrix.

6. The method of claim 5, wherein generating the bet matrix comprises:

providing a matrix having a plurality of columns extending in a first direction and a plurality of rows extending in a second direction, each column of the bet matrix corresponding with one of the intermediate points in the race event; and

for at least one of the plurality of columns in the bet matrix, populating that column with numbers identifying the one or more possible fractional times determined for the intermediate point corresponding with that column such that at least one fractional time is located in each row intersecting that column.

7. The method of claim 6, wherein at least one of the bet components is defined at least in part by at least one of the one or more determined race participants and the arrangement of the fractional times within one or more columns of the bet matrix.

8. The method of claim 7, further comprising determining that a particular bet component is a winning bet component if the bet matrix includes a particular number of matched entries aligned consecutively in a particular direction in the bet matrix.

9. The method of claim 1, further comprising establishing a third betting option comprising a bet that the particular participant in the race will finish the predetermined length of the race in a third range of fractional times.

10. The method of claim 1, wherein determining the winning bets comprises determining whether the actual time is in the first or second range of fractional times.

11. The method of claim 1, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with a particular range of fractional times and the second bet component is associated with a position of the particular participant at the predetermined length of the race.

12. The method of claim 1, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with the first range of fractional times and the second bet component is associated with the second range of fractional times.

13. The method of claim 1, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with a particular range of fractional times and the second bet component is associated with a position of the particular participant at the finish of the race.

14. The method of claim 1, wherein the bets are associated with bet amounts that are combined to form at least one betting pool, the method further comprising determining payouts for the winning bets based at least in part upon the associated bet amounts and the at least one betting pool.

15. The method of claim 1, further comprising generating a plurality of betting pools, wherein a first betting pool is associated with bets involving a first particular length of the race and a second betting pool is associated with bets involving a second particular length of the race.

16. The method of claim 1, wherein the bets are associated with bet amounts and betting odds, the method further comprising determining payouts for the winning bets based at least in part upon the associated bet amounts and betting odds.

17. The method of claim 1, wherein the bets are received on a betting exchange.

18. A system for betting on fractional times, comprising:

a memory operable to store;

a first betting option comprising a bet that a particular participant in a race will finish a predetermined length of the race in a first range of fractional times;

a second betting option comprising a bet that the particular participant in the race will finish the predetermined length of the race in a second range of fractional times; and

a processor coupled to the memory and operable to;

receive a plurality of bets on at least one of the first betting option and the second betting option;

determine an actual time for the particular participant to finish the predetermined length of the race; and

determine which of the plurality of bets are winning bets based at least in part upon the determination of the actual time and the corresponding betting options.

19. The system of claim 18, wherein the predetermined length of the race is associated with one of a plurality of intermediate points within the race.

20. The system of claim 18, wherein the particular participant comprises one of a plurality of participants competing in the race.

21. The system of claim 20, wherein the memory further stores a plurality of other betting options associated with other participants in the race, each betting option associated with a range of fractional times.

22. The system of claim 18, wherein at least one bet comprises a plurality of bet components and at least one bet component is associated with a bet matrix.

23. The system of claim 22, wherein generating the bet matrix comprises:

providing a matrix having a plurality of columns extending in a first direction and a plurality of rows extending in a second direction, each column of the bet matrix corresponding with one of the intermediate points in the race event; and

for at least one of the plurality of columns in the bet matrix, populating that column with numbers identifying the one or more possible fractional times determined for the intermediate point corresponding with that column such that at least one fractional time is located in each row intersecting that column.

24. The system of claim 23, wherein at least one of the bet components is defined at least in part by at least one of the one or more determined race participants and the arrangement of the fractional times within one or more columns of the bet matrix.

25. The system of claim 24, further comprising determining that a particular bet component is a winning bet component if the bet matrix includes a particular number of matched entries aligned consecutively in a particular direction in the bet matrix.

26. The system of claim 18, wherein the memory further stores a third betting option comprising a bet that the particular participant in the race will finish the predetermined length of the race in a third range of fractional times.

27. The system of claim 18, wherein determining the winning bets comprises determining whether the actual time is in the first or second range of fractional times.

28. The system of claim 18, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with a particular range of fractional times and the second bet component is associated with a position of the particular participant at the predetermined length of the race.

29. The system of claim 18, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with the first range of fractional times and the second bet component is associated with the second range of fractional times.

30. The system of claim 18, wherein at least one bet comprises a first bet component and a second bet component, wherein the first bet component is associated with a particular range of fractional times and the second bet component is associated with a position of the particular participant at the finish of the race.

31. The system of claim 18, wherein the bets are associated with bet amounts that are combined to form at least one betting pool, the processor further operable to determine payouts for the winning bets based at least in part upon the associated bet amounts and the at least one betting pool.

32. The system of claim 18, further comprising generating a plurality of betting pools, wherein a first betting pool is associated with bets involving a first particular length of the race and a second betting pool is associated with bets involving a second particular length of the race.

33. The system of claim 18, wherein the bets are associated with bet amounts and betting odds, the processor further operable to determine payouts for the winning bets based at least in part upon the associated bet amounts and betting odds.

34. The method of claim 18, wherein the bets are received on a betting exchange.

35. A method for betting on fractional times, comprising:

receiving a determination of a particular race participant in a race event having a plurality of race participants;

for at least one of a plurality of intermediate points within the race event, determining a range of fractional times for the race participant at that intermediate point;

generating a bet comprising a plurality of bet components, at least one of the bet components defined at least in part by the determined race participant and the range of fractional times for the race participant at the intermediate point;

for the intermediate point within the race event, receiving intermediate race results identifying the actual time of the race participant; and

for at least one bet component, determining a result for that bet component based at least in part on the race participant, the range of fractional times at the intermediate point, and the received intermediate race results for the intermediate point.

36. The method of claim 35, wherein determining a result of the bet component comprises determining, based at least in part on the received intermediate race results, whether the particular race participant was timed within the range of fractional times at the particular intermediate point.

37. The method of claim 35, wherein the particular participant comprises one of a plurality of participants competing in the race.

38. The method of claim 35, wherein:

the race event occurs at a first track location;

the bet has an associated wager amount; and

the wager amount is assigned to a pari-mutuel pool maintained by a betting location geographically distinct from the first track location.

39. The method of claim 35, wherein generating a bet comprises generating a bet matrix, comprising:

providing a matrix having a plurality of columns extending in a first direction and a plurality of rows extending in a second direction, each column of the bet matrix corresponding with one of the intermediate points in the race event; and

for at least one of the plurality of columns in the bet matrix, populating that column with numbers identifying the one or more possible fractional times determined for the intermediate point corresponding with that column such that at least one fractional time is located in each row intersecting that column.

40. The method of claim 39, wherein at least one of the bet components is defined at least in part by at least one of the one or more determined race participants and the arrangement of the fractional times within one or more columns of the bet matrix.

41. The method of claim 40, further comprising determining that a particular bet component is a winning bet component if the bet matrix includes a particular number of matched entries aligned consecutively in a particular direction in the bet matrix.