Combined totalizer and fixed odds betting system
First Claim
1. A method of operating a combined win totalizer and fixed odds betting system for punting on the outcome of a contest between a plurality of contestants, said method comprising:
- 1. operating a tote wager pool comprising adding and totalling a plurality of tote wagers to form a tote pool, deducting a commission from said tote pool, and calculating tote dividend by dividing the tote pool by a number of winning units,2. operating a bet dividend pool accepting fixed odds bets on each contestant,3. starting and closing a plurality of periods of time in sequence, wherein during each of said periods of time a plurality of fixed odds bets are accepted and during each of said periods of time the odds offered for each contestant remain fixed, and4 prior to the opening of each said period of time utilising the liabilities for each contestant arising both from wagers to date placed into the tote wager pool and bets to date made into said bet dividend pool to calculate the fixed odds to be offered for each contestant during the immediately following period of time.
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Accused Products
Abstract
The present invention discloses a combined totalizator and fixed odds betting system able to be operated both on and off-course via a central computer (C) connected with communication links (L) to a large number of betting terminals (T). Both totalizator wagering and fixed odds betting are conducted with a common pool. During the lead up to the race the fixed odds dividend to be paid is adjusted for each runner in stages in accordance with the potential liabilities arising at each stage from the bets to date as the pool increases in size towards race starting time.
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Citations
30 Claims
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1. A method of operating a combined win totalizer and fixed odds betting system for punting on the outcome of a contest between a plurality of contestants, said method comprising:
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1. operating a tote wager pool comprising adding and totalling a plurality of tote wagers to form a tote pool, deducting a commission from said tote pool, and calculating tote dividend by dividing the tote pool by a number of winning units, 2. operating a bet dividend pool accepting fixed odds bets on each contestant, 3. starting and closing a plurality of periods of time in sequence, wherein during each of said periods of time a plurality of fixed odds bets are accepted and during each of said periods of time the odds offered for each contestant remain fixed, and 4 prior to the opening of each said period of time utilising the liabilities for each contestant arising both from wagers to date placed into the tote wager pool and bets to date made into said bet dividend pool to calculate the fixed odds to be offered for each contestant during the immediately following period of time. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A combined win totalizer and fixed odds betting system for punting on the outcome of a contest between a plurality of contestants, said system comprising:
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1 a plurality of betting terminals each linked to a central processor and each able to input either a tote wager or a fixed odds bet; 2 a tote wager pool into which said tote wagers are allocated and comprising a substantially conventional totalizer, and 3 a bet dividend pool into which said fixed odds bets on each contestant are allocated, wherein said central processor is arranged to start and close a plurality of periods of time in sequence, wherein during each of said periods of time a plurality of fixed odds bets are accepted and during each of said periods of time the odds offered for each contestant remain fixed, and said central processor prior to the opening of each said period of time, utilizes the liabilities for each contestant arising both from wagers to date placed into the tote wager pool and bets to date made into said bet dividend pool to calculate the fixed odds to be offered for each contestant during the immediately following period of time. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30)
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Specification