TOURNAMENT-STYLE PARIMUTUEL WAGERING SYSTEM

• US 20090215527A1
• Filed: 02/27/2008
• Published: 08/27/2009
• Est. Priority Date: 02/27/2008
• Status: Active Grant

• Current Assignee: WPT Enterprises Inc. (Allied Gaming & Entertainment, Inc.)
• Original Assignee: WPT Enterprises Inc. (Allied Gaming & Entertainment, Inc.)
• Inventors: Fenton, Gary, Kalinsky, Laurence, Kaplowitz, Jon, Lipscomb, Steven, Koch, William, Strohl, Adam, Couto, Drew, Olson, Bill, Glogow, Mandy
• Granted Patent: US 8,801,518 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 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• CPC Class Codes: G07F 17/3276 wherein the players compete, e.g. tournament
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Provided in embodiments of the present invention is a method of wagering on a plurality of events. In one embodiment, the method includes accepting a plurality of participants to wager on the events and providing each participant with a fantasy bankroll of money to wager on the events. After the participants have been provided with their respective fantasy bankrolls, wagers from the participants on a first event are received. After the event has been completed, a finishing order of the participants is determined. Next, a portion of the participants is cut based on the finishing order to form a group of finalists. The finalist wager on a second event and a finishing order of the finalists is determined from the outcome of the second event. Prizes are then awarded based on the finishing order of the finalists.

Claims

1. A method of wagering on a plurality of events, the method comprising:

accepting a plurality of participants to wager on the events;

providing each participant with a fantasy bankroll of money to wager on the events;

receiving wagers from the participants on a first event;

determining a finishing order of the participants;

cutting a portion of the participants based on the finishing order to form a group of finalists;

receiving wagers from the finalists on a second event;

determining a finishing order of the finalists; and

awarding prizes based on the finishing order of the finalists.

2. The method of claim 1, wherein accepting a plurality of participants to wager on the events includes receiving an entry fee from each of the participants.

3. The method of claim 2, further comprising:

combining the received entry fees into a total money pool;

deducting a portion of the total money pool as a house take; and

setting aside the remaining portion of the total money pool as an award pool from which the prizes are funded.

4. The method of claim 1, wherein receiving wagers from the participants on a first event includes receiving wagers on a plurality of first events.

5. The method of claim 4, wherein the plurality of first events are race events having a ranked order of finishers.

6. The method of claim 5, wherein the participants may wager on win, place, show, or a combination of win, place, and show for the first events.

7. The method of claim 4, wherein the participants may choose to pass on at least one of the first events.

8. The method of claim 1, wherein the participants are chosen by a tournament organizer.

9. The method of claim 8, wherein the prizes are at least partially funded by the tournament organizer.

10. A method of conducting a competitive wagering activity on a plurality of events, the method comprising:

separating the plurality of events into a first group of events and a final event;

receiving a plurality of entry fees from a plurality of participants, respectively;

providing each of the participants with a amount of fantasy money to establish fantasy bankrolls for each participant;

pooling the received entry fees into a total pool;

removing a percentage of the total pool for operational expenses, wherein the remainder of the total pool is an award pool;

allowing participants to wager portions of their fantasy bankrolls on the first group of events;

awarding fantasy money based on the results of the first group of events, wherein live odds provided for each event are used in determining the fantasy money awarded;

determining a first finishing order of the participants based on the fantasy bankrolls of each participant after the first group of events has been completed;

selecting a group of finalists from the participants based on the finishing order of the participants in a tournament cut;

allowing the finalists to wager portions of their respective fantasy bankrolls on the final event;

awarding fantasy money based on the results of the final event, wherein live odds provided for the final event are used in determining the fantasy money awarded;

determining a second finishing order of the finalists based on the fantasy bankrolls of each finalist after the final event has been completed; and

awarding a predetermined number of finalists with portions of the award pool based on the second finishing order.

11. The method of claim 10, further comprising awarding a predetermined number of participants that are not finalists with portions of the award pool based on the first finishing order.

12. The method of claim 10, further comprising assigning pluralities of participants into a plurality of participant groups before allowing the participants to wager on the first group of events.

13. The method of claim 12, wherein the group of finalists are selected such that at least one finalist comes from each of the plurality of participant groups.

14. The method of claim 10, wherein the plurality of events are races with a ranked finishing order of racers.

15. The method of claim 14, wherein the participants and finalists may only wager on win, place, show, or a combination of win, place, and show in each event.

16. The method of claim 10, wherein the participants and finalists may pass an event without placing a wager on an outcome of the event.

17. A wagering system comprising:

a plurality of wagering stations connected to one another via a network, each wagering station configured to receive wagers of fantasy money from participants on a plurality of events; and

a server connected to the network, the server configured to perform steps including;

recording the wagers made on each of the plurality of wagering stations,

tracking the results of a plurality of events,

awarding fantasy money to the wagering stations based on the results of the plurality of events,

tracking a finishing order of the participants,

cutting a portion of the participants based on the finishing order to form a group of finalists,

recording wagers from the finalists on a final event, and

determining prizes to be awarded to at least some of the finalists based on a finishing order of the finalists.

18. The system of claim 17, wherein the wagering stations are further configured to receive an entry fee from a participant.

19. The system of claim 18, wherein the server is further configured to calculate a total money pool, a house take, and an award pool based on the entry fees received from the wagering stations.

20. The system of claim 19, wherein the server is further configured to notify wagering stations corresponding to finalists determined to be awarded prizes of the amount of the prize to be awarded.