METHOD AND SYSTEM FOR VARYING THE TAKE-OUT OR RAKE RATE ON WAGERS PLACED IN A WAGERING POOL

• US 20170193750A1
• Filed: 03/15/2017
• Published: 07/06/2017
• Est. Priority Date: 09/26/2011
• Status: Active Grant

• Current Assignee: Takeoutrate.Com LLC
• Original Assignee: Takeoutrate.Com LLC
• Inventors: Tavano, Louis J.
• Granted Patent: US 10,121,322 B2
• Time in Patent Office: Days
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3227 Configuring a gaming machine, e.g. downloading personal settings, selecting working parameters
• CPC Class Codes: G07F 17/3258 Cumulative reward schemes, e.g. jackpots
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

In a method of wagering, one or more primary bettors place wagers having an applicable base take-out or rake rate, and thus yielding a base payout for winning wagers. One or more secondary bettors may place wagers having an applicable modified take-out or rake rate (preferably lower than the base take-out or rake rate), thus yielding a higher payout for winning wagers than the base payout. The wagering may occur relative to card games such as poker, or other types of games or events, including sports betting. Bets may be placed with a host, such as a casino or track, or through an off-track entity such as an OTB or ADW facility.

Claims

1. A method of wagering in which a host offers a pari-mutuel wagering event in which said host and one or more non-host distributors comprising at least one advanced deposit wagering facility accept wagers upon said pari-mutuel event, wherein said pari-mutuel event has a base take-out rate applicable thereto and wherein base bettors who place winning wagers at said base take-out rate are paid winnings from a pari-mutuel pool created from wagers placed upon said pari-mutuel wagering event based upon said base take-out rate, said method at least partially implemented using at least one processor and comprising the steps of:

permitting one or more modified bettors to select, using the at least one processor, a modified take-out rate comprising a take-out rate which varies from said base take-out rate;

at least one of said advanced deposit wagering facilities accepting a wager for participation in said pari-mutuel event from at least one modified bettor that has selected a modified take-out rate; and

for each modified bettor who places a winning wager with said at least one advanced deposit wagering facility at a modified take-out rate, said advanced deposit wagering facility paying winnings to said modified bettor based upon said modified take-out rate applied to said pari-mutuel pool.

2. The method in accordance with claim 1 wherein said at least one processor is associated with a server associated with said advanced deposit wagering facility.

3. A method in accordance with claim 1 wherein said modified take-out rate is less than said base take-out rate, whereby winnings paid to said modified bettor who places a winning wager are higher than said winnings paid to said base bettors who place winning wagers on the same pari-mutuel wagering event.

4. A method in accordance with claim 1 further comprising the steps of:

said at least one advanced deposit wagering facility calculating, using the at least one processor, a modified net return pool comprising a sum of all wagers upon said pari-mutuel event less a take-out amount calculated at said modified bettor'"'"'s modified take-out rate; and

paying winnings to said modified bettor in proportion to a size of said modified bettor'"'"'s wager to a sum of all winning wagers.

5. A method in accordance with claim 1 wherein said step of permitting one or more

modified bettors to selected a modified take-out rate comprises:

providing one or more take-out points to said modified bettor;

receiving input, using the at least one processor, from said modified bettor of take-out points to be applied by said modified bettor; and

reducing said base take-out rate to said modified take-out rate based upon a number of take-out points applied by said modified bettor.

6. A method in accordance with claim 5 wherein said base take-out rate comprises a percentage value and each take-out point applied thereto reduces said percentage value by a set percentage amount.

7. A method in accordance with claim 1 wherein said host comprises a horse track operator and said at least one advanced deposit wagering facility comprises an off-track wagering entity.

8. A system for pari-mutuel pool wagering upon a pari-mutuel event, said system comprising:

a server comprising at least one processor, at least one transceiver configured to send and receiving data over the at least one communication link, said data comprising wager information input into at least one wager accepting device external to the server regarding multiple wagers placed by two or more bettors on a wagering event and transmitted from the at least one wager accepting device to the server via the communication link, and at least one data storage device configured to store machine-readable code executable by said at least one processor to perform functions comprising;

identifying at the server at least one first wager placed with a host at a base take-out rate;

identifying at the server a pari-mutuel pool based on the at least one first wager;

identifying at the server at least one second wager placed with a non-host distributor comprising at least one advanced deposit wagering facility at a modified take-out rate that is different than the base take-out rate; and

for each at least one second wager that is a winning wager, calculating a payout amount that is based on the modified take-out rate applied to the pari-mutuel pool.

9. A system in accordance with claim 8, wherein the functions further comprise identifying a modified net return pool comprising a sum of all wagers on said pari-mutuel event less a take-out amount calculated at said modified take-out rate;

and wherein identifying a payout amount further comprises identifying a payout amount based at least in part on the respective at least one second wager and a sum of all winning wagers.

10. A system in accordance with claim 8, wherein identifying at least one second wager comprises:

providing one or more take-out points;

receiving a number of take-out points to be applied to the at least one second wager; and

reducing said base take-out rate to said modified take-out rate based on the number of take-out points applied to the at least one second wager.

11. A non-transitory, computer-readable storage medium and including executable code that, when executed, is configured to cause at least one processor of a server to:

identify at least one first wager placed on a pari-mutuel event at a base take-out rate, the first wager being received from a first bettor at a first device external to the server that includes a player input device to receive wagers, information of the first wager being received at the server via a communications link;

calculate a pari-mutuel pool based on the at least one first wager;

identify at least one second wager placed on the pari-mutuel event at a modified take-out rate that is different than the base take-out rate, the second wager being received from at least one advanced deposit wagering facility via input to a player input device to receive wagers, information of the second wager being received at the server via the communications link; and

for each at least one second wager that is a winning wager, calculate a payout amount that is based on the modified take-out rate applied to the pari-mutuel pool.

12. A non-transitory, computer-readable storage medium in accordance with claim 11, wherein the executable code further configures the at least one processor to identify a modified net return pool comprising a sum of all wagers on said pari-mutuel event less a take-out amount calculated at said modified take-out rate;

and wherein identifying a payout amount further comprises identifying a payout amount based at least in part on the respective at least one second wager and a sum of all winning wagers.

13. A non-transitory, computer-readable storage medium in accordance with claim 11, wherein identifying at least one second wager comprises:

providing one or more take-out points;

receiving a number of take-out points to be applied to the at least one second wager; and

reducing said base take-out rate to said modified take-out rate based upon the number of take-out points applied to the at least one second wager.