System and Method for Betting on a Subset of Participants in an Event Wherein Betting Parameters May Change Over Time

• US 20080058094A1
• Filed: 10/30/2007
• Published: 03/06/2008
• Est. Priority Date: 04/03/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Amaitis, Lee, Asher, Joseph
• Granted Patent: US 8,460,076 B2
• Time in Patent Office: Days
• US Class Current: 463/25
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• 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 method of managing bets is provided. The method includes identifying a set of participants in an event and receiving a group bet for the event. The group bet comprises a bet that one of an undefined subset of the set of participants will win the event. The undefined subset of participants associated with the group bet is defined at some time after receiving the group bet by determining participants for the subset of participants. For example, the undefined subset of participants may be defined after the close of betting on the event. Results of the event that identify a winning participant are received, and an amount of a group bet payout for the group bet is determined based at least on whether the defined subset of participants includes the winning participant.

Claims

1. A method of managing bets, comprising:

identifying a set of participants in an event;

receiving a group bet comprising a bet that one of a subset of the set of participants will win the event, wherein the subset of participants comprises a plurality of the set of participants;

for at least one of the set of participants, determining odds of that participant winning the event at the time the group bet was received;

receiving results of the event identifying a winning participant; and

determining an amount of a group bet payout for the group bet based at least on whether the subset of participants includes the winning participant and the odds of winning the event determined for the at least one participant at the time the group bet was received.

2. The method of claim 1, further comprising:

determining odds for the group bet at the time the group bet was received; and

wherein the group bet payout is determined based at least on the determined odds for the group bet.

3. The method of claim 1, wherein the subset of participants excludes a single one of the set of participants.

4. The method of claim 1, wherein:

the set of participants includes a favorite participant; and

the subset of participants excludes one or more particular participants including the favorite participant.

5. The method of claim 1, further comprising:

determining a favorite participant at the time the bet is received; and

determining the subset of participants at the time the bet is received, including excluding the favorite participant.

6. The method of claim 1, wherein the group bet is received in a pari-mutuel betting system.

7. The method of claim 1, further comprising applying a commission rate to the group bet.

8. The method of claim 1, further comprising:

receiving one or more win bets, each win bet comprising a bet that a particular one of the set of participants will win the event; and

determining the win bets that comprise a bet on the winning participant.

9. The method of claim 8, wherein the amount of the group bet payout is determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.

10. The method of claim 1, wherein:

the subset of participants excludes a particular participant; and

determining odds of at least one of the set of participants winning the event comprises determining odds of the particular participant winning the event.

11. The method of claim 1, further comprising:

for each of the at least one participant, determining odds of that participant winning the event at or after betting for the event has closed; and

wherein the amount of the group bet payout is determined based at least on whether the subset of participants includes the winning participant and the odds of winning the event determined for the at least one participant at the time the group bet was received, and not the odds of winning the event determined for the at least one participant at or after betting for the event has closed.

12. The method of claim 1, wherein the odds of one or more of the at least one participants changes at least once between the time the group bet was received and the time that betting for the event is closed.

13. A method of managing bets, comprising:

identifying a set of participants in an event;

receiving at a first time a first group bet from a first customer, the first group bet comprising a bet that one of a first subset of the set of participants will win the 5 event, wherein the first subset of participants comprises a first plurality of the set of participants;

for at least one of the set of participants, determining first winning odds at the first time, the first winning odds for each participant at the first time comprising the current odds of that participant winning the event at the first time;

receiving at a second time different from the first time a second group bet from a second customer, the second group bet comprising a bet that one of a second subset of the set of participants will win the event, wherein the second subset of participants comprises a second plurality of the set of participants;

for at least one of the set of participants, determining second winning odds at the second time, the second winning odds for each participant at the second time comprising the current odds of that participant winning the event at the second time;

receiving results of the event identifying a winning participant; and

determining an amount of a first group bet payout for the first group bet based at least on whether the first subset of the participants associated with the first group bet includes the winning participant and the determined first winning odds for the at least one participant at the first time; and

determining an amount of a second group bet payout for the second group bet based at least on whether the second subset of the participants associated with the second group bet includes the winning participant and the determined second winning odds for the at least one participant at the second time.

14. The method of claim 13, further comprising:

determining odds for the first group bet at the first time;

determining odds for the second group bet at the second time;

wherein the first group bet payout is determined based at least on the determined odds for the first group bet and the second group bet payout is determined based at least on the determined odds for the second group bet.

15. The method of claim 13, wherein:

the first and second subsets of participants are the same;

the first winning odds determined for one or more particular participants are different than the second winning odds determined for the same one or more particular participants; and

the first group bet payout is different than the second group bet payout.

16. The method of claim 13, wherein:

the first subset of participants excludes the favorite participant at the first time;

the second subset of participants excludes the favorite participant at the second time, the favorite participant at the second time being different than the favorite participant at the first time.

17. The method of claim 13, wherein the first subset of participants and the second subset of participants each exclude a single one of the set of participants.

18. The method of claim 13, wherein:

the set of participants includes a favorite participant; and

each of the first subset of participants and the second subset of participants excludes one or more particular participants including the favorite participant.

19. The method of claim 13, further comprising:

determining a first favorite participant at the first time; and

determining the first subset of participants at the first time, including excluding the first favorite participant.

20. The method of claim 13, wherein the first group bet and second group bet are received in a pari-mutuel betting system.

21. The method of claim 13, further comprising applying a commission rate to each of the first group bet and the second group bet.

22. The method of claim 13, further comprising:

receiving one or more win bets, each win bet comprising a bet that a particular one of the set of participants will win the event; and

determining the win bets that comprise a bet on the winning participant.

23. The method of claim 22, wherein the amount of the first group bet payout and the amount of the first group bet payout are determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.