Enhanced parimutuel wagering

• US 20110081955A1
• Filed: 10/05/2010
• Published: 04/07/2011
• Est. Priority Date: 07/21/1999
• Status: Active Grant

• Current Assignee: Charles Walden, Jeffrey M. Lange, Kenneth Charles Baron, Marcus Harte
• Original Assignee: Charles Walden, Jeffrey M. Lange, Kenneth Charles Baron, Marcus Harte
• Inventors: Lange, Jeffrey, Harte, Marcus, Walden, Charles, Baron, Kenneth Charles
• Granted Patent: US 8,370,249 B2
• Time in Patent Office: Days
• US Class Current: 463/6
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• 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
• CPC Class Codes: G07F 17/329 Regular and instant lottery, e.g. electronic scratch cards
• CPC Class Codes: G07F 7/10 together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric data
• CPC Class Codes: H01L 21/28061 the conductor comprising a metal or metal silicide formed by deposition, e.g. sputter deposition, i.e. without a silicidation reaction H01L21/28052 takes precedence
• CPC Class Codes: H01L 29/4941 with a barrier layer between the silicon and the metal or metal silicide upper layer, e.g. Silicide/TiN/Polysilicon

Abstract

Methods and systems for engaging in enhanced parimutuel wagering and gaming. In one embodiment, different types of bets can be offered and processed in the same betting pool on an underlying event, such as a horse or dog race, a sporting event or a lottery, and the premiums and payouts of these different types of bets can be determined in the same betting pool, by configuring an equivalent combination of fundamental bets for each type of bet, and performing a demand-based valuation of each of the fundamental bets in the equivalent combination. In another embodiment, bettors can place bets in the betting pool with limit odds on the selected outcome of the underlying event. The bets with limit odds are not filled in whole or in part, unless the final odds on the selected outcome of the underlying event are equal to or greater than the limit odds.

Claims

1. A computer-implemented wagering method, comprising:

for each of at least two placed bets of different type on at least one race, allocating, by a processor, portions of a premium specified for the respective placed bet to a respective subset of a plurality of predefined fundamental bets determined to be equivalent to the respective placed bet, the plurality of fundamental bets corresponding to a plurality of predefined mutually exclusive fundamental outcomes; and

executing the respective subsets of bets.

2. The method according to claim 1, wherein odds of the each of the at least two placed bets is affected by the other of the each of the at least two placed bets.

3. The method according to claim 1, wherein the at least one race is a horse race.

4. The method according to claim 3, where one of the at least two placed bets is one of (a) against a horse, (b) on a horse to finish second without specifying any horse to finish first, (c) on a horse to finish third without specifying any horse to finish first or second, and (d) on a horse to finish second or third.

5. The method according to claim 1, further comprising:

recording respective first fundamental bets on all of the plurality of fundamental outcomes by a single party.

6. The method according to claim 5, wherein, subsequent to the recordation of the first fundamental bets, premiums are applied for subsequent bets to the fundamental outcomes such that, for each fundamental outcome, should the respective outcome occur, a total payout for the subsequent bets on the respective outcome is equal to a sum of all premiums applied to all of the fundamental bets divided by a quotient of a total applied premium for all of the first fundamental bets divided by a total of applied premium to all of the subsequent fundamental bets.

7. The method according to claim 1, wherein:

throughout a betting period, a cost for a single unit of each of the plurality of fundamental bets is set such that a sum of the costs equals one predefined unit of a predefined currency; and

each of the single units of each of the plurality of fundamental bets produces a payout of the one predefined unit of the predefined currency if the respective fundamental outcome of the respective fundamental bet occurs.

8. The method according to claim 1, wherein, odds are specifiable for the placed bets, and, for each of the placed bets for which odds are specified, none of a specified premium is applied conditional upon that odds on the placed bet are less than the specified odds, all of the specified premium is applied conditional upon that the odds on the placed bet are better than the specified odds, and some and not all of the specified premium is applied conditional upon that the odds on the placed bet equal the specified odds.

9. The method according to claim 8, wherein, for each of at least one of the placed bets, an extent to which a specified premium for the placed bet is applied varies throughout the betting period.

10. The method according to claim 9, wherein:

upon receipt of a newly placed bet, an iterative process is performed for determining an extent to which to apply a specified premium of the newly placed bet; and

in each iteration;

odds for the newly placed bet are determined based on an extent to which specified premiums of prior placed bets have been applied; and

an extent to which specified premiums of one or more of the prior placed bets are applied are redetermined based on a modification of odds for the one or more prior placed bets due to the extent to which the specified premium for the newly placed bet is applied, the iterative process continuing until an equilibrium, within a predefined tolerance, is reached.

11. The method according to claim 1, wherein the two placed bets are on two different races occurring at different times.

12. A computer-implemented wagering method, comprising:

prior to an end of a betting period in which bets are recordable on a horse racing event, calculating and outputting, by a computer processor, indicative odds of a bet that a horse in the racing event will finish first or second in the racing event, the bet being such that a payout on the bet is receivable based on results of the event regardless of whether the horse finishes first or second in the event.

13. The method according to claim 12, wherein the racing event is a horse racing event.

14. A computer-implemented wagering method, comprising:

for a placed bet on a complex outcome of a racing event, a computer processor allocating portions of a premium specified for the placed bet to a subset of a plurality of predefined fundamental bets on predefined fundamental and mutually exclusive outcomes determined by the processor to be equivalent to the placed bet, wherein odds vary between the subset of fundamental bets, such that a payout on the placed bet differs depending on which of the mutually exclusive outcomes occur.

15. The method according to claim 14, wherein the racing event is a horse racing event.

16. A computer-implemented wagering method, comprising:

receiving, by a processor, a request for placement of a bet on a racing event, the request specifying a premium and odds;

determining, by the processor, an extent of the specified premium to execute according to predefined conditions that none of the specified premium is applied conditional upon that odds on the requested bet are less than the specified odds, all of the specified premium is applied conditional upon that the odds on the requested bet are better than the specified odds, and some and not all of the specified premium is applied conditional upon that the odds on the requested bet equal the specified odds; and

handling placement of the bet, by the processor, in accordance with the determination.