Enhanced parimutuel wagering
First Claim
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.
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Accused Products
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.
98 Citations
16 Claims
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1. A computer-implemented wagering method, comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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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. - View Dependent Claims (13)
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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. - View Dependent Claims (15)
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16. A computer-implemented wagering method, comprising:
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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.
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Specification