Enhanced parimutuel wagering

• US 7,742,972 B2
• Filed: 08/13/2003
• Issued: 06/22/2010
• Est. Priority Date: 07/21/1999
• Status: Active Grant

• Current Assignee: Longitude LLC
• Original Assignee: Longitude LLC
• Inventors: Lange, Jeffrey, Harte, Marcus, Walden, Charles, Baron, Kenneth Charles
• Primary Examiner(s): Trammell; James P
• Assistant Examiner(s): Trotter; Scott S
• Application Number:
  US10/640,656
• Publication Number:
  US 20040111358A1
• Time in Patent Office: 2,505 Days
• Field of Search: None
• US Class Current: 705/37
• 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 method for conducting enhanced parimutuel wagering comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type, wherein the enabling of the at least two types of bets includes;

establishing, by a computer processor, fundamental outcomes in the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes; and

establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;

offering the at least two types of enabled bets to bettors; and

configuring, by the computer processor, for each placed bet of the pool, an equivalent combination of at least some of the established fundamental bets as a function of a selected outcome for the placed bet, the selected outcome for the placed bet corresponding to at least one fundamental outcome;

wherein the underlying event is a race.

2. The method according to claim 1, further comprising the step of:

selecting the underlying event for the common betting pool.

3. The method according to claim 1, wherein the race is a horse race and the enabling step further includes the step of:

selecting at least one of the at least two types of bets from the group consisting of;

a win bet, a bet on a horse to finish in one or more places, a place bet, a show bet, an exacta bet, a perfecta bet, a quinella bet, a trifecta bet, a boxed trifecta bet, wheeling a horse, and a bet against a horse finishing in one or more places.

4. The method according to claim 1, further comprising the step of:

accepting a bet on one of the at least two types of enabled bets into the common betting pool.

5. The method according to claim 1, wherein the enabling step further includes the step of:

enabling limit odds to be placed on the at least two types of bets offered in the common betting pool.

7. The method according to claim 1, wherein the race is an animal race.

6. A computer-implemented method for conducting enhanced parimutuel wagering comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type, wherein the enabling of the at least two types of bets includes;

establishing, by a computer processor, fundamental outcomes in a betting pool, each one of the fundamental outcomes corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes; and

establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;

enabling at least one of the at least two types of bets offered in the common betting pool to receive bets with limit odds;

offering the at least one type of enabled limit odds bet to bettors; and

configuring, by the computer processor, for each placed bet in the pool, an equivalent combination of at least some of the established fundamental bets as a function of a selected outcome for the placed bet, the selected outcome for the placed bet corresponding to at least one fundamental outcome;

wherein the underlying event is a race.

9. The method according to claim 6, wherein the race is an animal race.

8. A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;

establishing, by a computer processor, a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

receiving an indication of limit odds, a premium, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes; and

determining, by the computer processor, a payout as a function of the selected outcome, the limit odds, the premium and a total amount wagered in the plurality of fundamental outcomes;

wherein the underlying event is a race.

10. The method according to claim 8, wherein the determining step includes the steps of:

determining final odds as a function of the selected outcome, the limit odds, the premium and the total amount wagered; and

determining the payout as a function of the final odds and the premium.

11. A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;

establishing, by a computer processor, a plurality of fundamental outcomes in the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

receiving an indication of limit odds, a premium, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes; and

determining, by the computer processor, final odds as a function of the selected outcome, the limit odds, the premium and a total amount wagered in the plurality of fundamental outcomes in the betting pool;

wherein the underlying event is a race.

12. The method according to claim 11, further comprising the step of:

accepting at least part of the premium into the betting pool if the final odds are equal to the limit odds.

13. The method according to claim 12, further comprising the step of:

accepting all of the premium into the betting pool if the final odds are greater than the limit odds.

14. The method according to claim 11, further comprising the step of:

determining a filled premium as a function of the final odds and the limit odds.

15. The method according to claim 14, further comprising the step of:

determining a payout as a function of the filled premium and the final odds.

16. The method according to claim 11, further comprising the step of:

establishing a betting period.

17. The method according to claim 16, wherein the receiving step includes the step of:

receiving a bet prior to an end of the betting period, the bet including the indication of the limit odds, the premium, and the selected outcome.

18. The method according to claim 17, further comprising the step of:

executing the bet if the final odds are one of greater than and equal to the limit odds.

19. The method according to claim 17, further comprising the step of:

receiving at least one additional bet prior to an end of the betting period, each of the at least one additional bet including an indication of a selected outcome, limit odds, and one of a premium and a desired payout.

20. The method according to claim 19, wherein the step of receiving the at least one additional bet, includes the step of:

receiving an indication of limit odds equal to zero for one of the at least one additional bets, the one bet being equivalent to a traditional bet excluding an indication of the limit odds.

21. The method according to claim 20, wherein the determining step includes the step of:

determining final odds for each additional bet as a function of the selected outcome, the limit odds, the one of the premium and the desired payout for the additional bet, and the total amount wagered in the plurality of fundamental outcomes in the betting pool.

22. The method according to claim 21, wherein the determining step includes the step of:

determining the total amount wagered in the betting pool as a function of the selected outcome, the limit odds, the final odds, and the premium for the bet, and the selected outcome, the limit odds, the final odds, and the one of the premium and the desired payout for each of the at least one additional bet.

23. The method according to claim 22, wherein the step of determining the total amount wagered, includes the step of:

determining the total amount wagered in the betting pool as a further function of opening bets on each of the fundamental outcomes in the betting pool.

24. The method according to claim 23, further comprising the step of:

placing opening bets on each of the fundamental outcomes in the betting pool, each opening bet including an indication of an opening premium on the fundamental outcome for the opening bet.

25. The method according to claim 21, wherein the step of receiving the at least one additional bet, includes the step of:

for each of the at least one additional bets including an indication of a premium, categorizing the additional bet as a premium bet; and

for each of the at least one additional bets including an indication of a desired payout, categorizing the additional bet as a payout bet.

26. The method according to claim 25, further comprising the step of:

determining a filled premium for the bet as a function of the final odds and the limit odds for the bet; and

determining a filled payout for the bet as a function of the final odds and the filled premium.

27. The method according to claim 26, further comprising the steps of:

determining, for each additional premium bet, a filled premium as a function of the final odds and the limit odds for the additional premium bet;

determining, for each additional premium bet, a filled payout as a function of the final odds and the filled premium;

determining, for each additional payout bet, a filled payout as a function of the final odds and the limit odds for the additional payout bet; and

determining, for each additional payout bet, a filled premium as a function of the final odds and the filled payout.

28. A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;

establishing, by a computer processor, a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

receiving an indication of limit odds, a desired payout, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes; and

determining, by the computer processor, a premium as a function of the selected outcome, the limit odds, the desired payout and a total amount wagered in the plurality of fundamental outcomes;

wherein the underlying event is a race.

29. The method according to claim 28, wherein the determining step includes the steps of:

determining final odds as a function of the selected outcome, the limit odds, the desired payout and the total amount wagered; and

determining the premium as a function of the final odds and the premium.

30. A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;

establishing, by a computer processor, a plurality of fundamental outcomes in the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

receiving an indication of limit odds, a desired payout, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes; and

determining, by the computer processor, final odds as a function of the selected outcome, the limit odds, the desired payout and a total amount wagered in the plurality of fundamental outcomes in the betting pool;

wherein the underlying event is a race.

31. The method according to claim 30, further comprising the step of:

accepting at least part of the desired payout into the betting pool if the final odds are equal to the limit odds.

32. The method according to claim 31, further comprising the step of:

accepting all of the desired payout into the betting pool if the final odds are greater than the limit odds.

33. The method according to claim 30, further comprising the step of:

determining a filled payout as a function of the final odds and the limit odds.

34. The method according to claim 33, further comprising the step of:

determining a filled premium as a function of the final odds and the filled payout.

35. The method according to claim 30, further comprising the step of:

establishing a betting period.

36. The method according to claim 35, wherein the receiving step includes the step of:

receiving a bet prior to an end of the betting period, the bet including the indication of the limit odds, the desired payout, and the selected outcome.

37. The method according to claim 36, further comprising the step of:

executing the bet if the final odds are one of greater than and equal to the limit odds.

38. The method according to claim 36, further comprising the step of:

receiving at least one additional bet prior to an end of the betting period, each of the at least one additional bet including an indication of a selected outcome, limit odds, and one of a premium and a desired payout.

39. The method according to claim 38, wherein the step of receiving the at least one additional bet, includes the step of:

receiving an indication of limit odds equal to zero for one of the at least one additional bets, the one bet being equivalent to a traditional bet excluding an indication of the limit odds.

40. The method according to claim 39, wherein the determining step includes the step of:

determining final odds for each additional bet as a function of the selected outcome, the limit odds, the one of the premium and the desired payout for the additional bet, and the total amount wagered in the plurality of fundamental outcomes in the betting pool.

41. The method according to claim 40, wherein the determining step includes the step of:

determining the total amount wagered in the betting pool as a function of the selected outcome, the limit odds, the final odds, and the desired payout for the bet, and the selected outcome, the limit odds, the final odds, and the one of the premium and the desired payout for each of the at least one additional bet.

42. The method according to claim 41, wherein the step of determining the total amount wagered, includes the step of:

determining the total amount wagered in the betting pool as a further function of opening bets on each of the fundamental outcomes in the betting pool.

43. A computer-implemented method for processing a bet in an enhanced parimutuel betting pool on an underlying event, the betting pool including at least one bet, comprising:

establishing, by a computer processor, fundamental outcomes in the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;

configuring, by the computer processor, an equivalent combination of fundamental bets for each of the at least one bet as a function of a selected outcome for the each of the at least one bet , the selected outcome for the each of the at least one bet corresponding to at least one fundamental outcome; and

determining, by the computer processor, at least one of a premium and a payout for the wager as a function of a demand-based valuation of each fundamental bet in the equivalent combination for the wager;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

44. A computer-implemented method for processing a bet in an enhanced parimutuel betting pool on an underlying event, the betting pool including at least one wager, comprising:

establishing, by a computer processor, fundamental outcomes in the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;

establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;

configuring, by the computer processor, an equivalent combination of fundamental bets for each of the at least one wager as a function of a selected outcome for the each of the at least one wager, the selected outcome for the each of the at least one wager corresponding to at least one fundamental outcome; and

determining, by the computer processor, a price for each fundamental bet as a function of a price of each of the other fundamental bets in the betting pool, a total filled amount in each fundamental outcome, and a total amount wagered in the plurality of fundamental outcomes in the betting pool;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

45. The method according to claim 44, wherein the configuring step includes the step of:

determining a weight of each fundamental bet in the equivalent combination as a function of the selected outcome for the wager.

46. The method according to claim 45, wherein the weight determining step includes the step of:

determining the weight of each fundamental bet in the equivalent combination as a further function of relative desired payouts for different selected outcomes in the wager.

47. The method according to claim 45, further comprising the step of:

determining a price for the wager as a function of the price and weight of each fundamental bet in the equivalent combination.

48. The method according to claim 47, further comprising the step of:

receiving an indication of a premium for the wager.

49. The method according to claim 48, further comprising the step of:

determining a payout for the wager as a function of the premium and the price for the wager.

50. The method according to claim 47, further comprising the step of:

receiving an indication of a desired payout for the wager.

51. The method according to claim 50, further comprising the step of:

determining a premium for the wager as a function of desired payout and the price for the wager.

52. The method according to claim 47, further comprising the step of:

determining final odds for the wager as a function of the price for the wager.

53. The method according to claim 52, further comprising the step of:

receiving an indication of limit odds for the wager.

54. The method according to claim 53, further comprising the steps of:

receiving an indication of a requested premium for the wager; and

determining a filled premium for the wager as a function of the requested premium and a comparison of the final odds and the limit odds.

55. The method according to claim 54, further comprising the step of:

determining a filled payout for the wager as a function of the filled premium and the price for the wager.

56. The method according to claim 54, wherein the step of determining the price of each fundamental bet includes the step of:

determining the total amount wagered in the betting pool by summing up the filled premium for the wager, a filled premium for each additional wager in the betting pool, and a premium for an opening order on all of the fundamental bets in the betting pool.

57. The method according to claim 53, further comprising the steps of:

receiving an indication of a desired payout for the wager; and

determining a filled payout for the wager as a function of the desired payout and a comparison of the final odds and the limit odds.

58. The method according to claim 57, further comprising the step of:

determining a filled premium for the wager as a function of the filled payout and the price for the wager.

59. The method according to claim 58, wherein the step of determining the price of each fundamental bet includes the step of:

determining the total amount wagered in the betting pool by summing up the filled premium for the wager, a premium for each additional wager in the betting pool, and a premium for an opening order on all of the fundamental bets in the betting pool.

60. The method according to claim 59, wherein the step of establishing fundamental outcomes in the betting pool, includes the step of:

establishing the fundamental outcomes in the betting pool as mutually exclusive possible outcomes of the underlying event.

61. The method according to claim 60, wherein the step of determining the price of each fundamental bet includes the steps of:

determining a filled amount for each fundamental bet in each fundamental outcome by summing up a product of the weight of the fundamental bet in the equivalent combination for the wager with the filled payout for the wager, and products, for each additional wager in the betting pool, of weights of the fundamental bet in an equivalent combination for the additional wager and a filled payout for the additional wager.

62. The method according to claim 61, wherein the step of determining the price of each fundamental bet includes the steps of:

determining, for each fundamental bet, an opening fill by dividing a premium on an opening wager on the fundamental bet by the price of the fundamental bet;

determining, for each fundamental bet, a total filled amount for the fundamental bet by adding the opening fill to the filled amount; and

equating, for each fundamental bet, the total amount wagered in the betting pool in all of the fundamental outcomes with the total filled amount for the fundamental bet.

63. The method according to claim 62, wherein the step of determining the price of each fundamental bet includes the step of:

performing an iteration by repeating the steps of;

determining a price for each fundamental bet in the betting pool, and determining the final odds, the filled premium and the filled payout for the wager and for each additional wager in the betting pool, determining the total amount wagered in all of the fundamental outcomes in the betting pool and the total filled amount for each fundamental bet and equating the total amount wagered in the betting pool with the total filled amount for each fundamental bet, until reaching a maximization of the total amount wagered in the betting pool.

64. The method according to claim 63, wherein the performing step includes the step of:

performing the iteration until satisfying a condition that, for each of the wager and additional wagers, the final odds are better than or equal to the limit odds for the wager.

65. A computer-implemented method for betting on an underlying event in a betting pool, the method comprising:

receiving, by a computer processor, an indication of limit odds, a requested premium, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes; and

determining, by the computer processor, final odds for the bet by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured by the computer processor as a function of the selected outcome for the bet;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

66. The method according to claim 65, further comprising the step of:

providing an indication of a filled premium, the filled premium being determined as a function of the requested premium and a comparison of the final odds with the limit odds for the bet.

67. A computer-implemented method for betting on an underlying event in a betting pool, the method comprising:

receiving, by a computer processor, an indication of limit odds, a desired payout, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes; and

determining, by the computer processor, final odds for the bet by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured by the computer processor as a function of the selected outcome for the bet;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

68. The method according to claim 67, further comprising the step of:

providing an indication of a filled payout, the filled payout being determined as a function of the desired payout and a comparison of the final odds with the limit odds for the bet.

69. A vehicle for betting in an enhanced parimutuel betting pool, the method comprising:

at least one computer processor configured to;

receive wager information including a selected outcome of an underlying event, an indication of limit odds on the selected outcome, and one of a requested premium and a desired payout on the selected outcome;

determine a filled premium amount bet by a wager corresponding to the received wager information, the determination being a function of the one of the requested premium and the desired payout and a comparison of the limit odds with final odds on the wager; and

determine the final odds by engaging in a demand-based valuation of each of the fundamental bets in a combination of fundamental bets equivalent to the wager, the combination including at least one fundamental bet from a plurality of fundamental bets established by the at least one computer processor for the betting pool, each fundamental bet betting on a fundamental outcome of the underlying event, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes, the selected outcome corresponding to at least one fundamental outcome, and the combination of fundamental bets being configured by the at least one computer processor as a function of the selected outcome of the wager;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

70. The vehicle according to claim 69, wherein the at least one computer processor is further configured to process the wager if the final odds are one of greater than and equal to the limit odds for the wager.

71. A computer system for conducting a betting pool on an underlying event, the system comprising:

at least one processor configured to;

establish fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;

establish fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;

receive an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;

configure an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager; and

determine final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

72. The computer system according to claim 71, further comprising:

at least one database module; and

at least one terminal, the processor being operative with the at least one database module and the at least one terminal.

73. The computer system according to claim 72, further comprising:

a server housing the processor and the at least one database module; and

a network connecting the at least one database module and the processor with the at least one terminal.

74. The computer system according to claim 71, wherein the at least one processor includes a first processor and a second processor parallel to the first processor.

75. The computer system according to claim 74, wherein the first processor operates with the second processor, each processor configured to at least one of establish the fundamental outcomes, establish the fundamental bets, receive the indication of limit odds, configure the equivalent combination, and determine the final odds for the wager.

76. A computer system for placing a bet in a betting pool on an underlying event, the computer system comprising:

at least one processor configured to;

provide an indication of limit odds, one of a desired payout and a requested premium, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes; and

receive an indication of final odds for the bet, the final odds being determined by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured as a function of the selected outcome for the bet;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

77. The computer system according to claim 76, wherein the at least one processor is further configured to:

place the bet if the final odds are greater than or equal to the limit odds.

78. A computer program product capable of processing a wager in a betting pool including at least one wager, the computer program product comprising a hardware-implemented computer usable medium having computer readable program code embodied in the medium for causing a computer to:

establish fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;

establish fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;

receive an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;

configure an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager; and

determine final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

79. An article of manufacture comprising a hardware-implemented information storage medium encoded with a computer-readable data structure adapted for placing a wager over the Internet in a betting pool on an underlying event, the betting pool including at least one wager, said data structure comprising:

at least one data field with information identifying at least one selected outcome of an underlying event, limit odds, and one of a requested premium and a desired payout for the wager; and

at least one data field with information identifying final odds for the wager, the final odds being determined as a result of a demand-based valuation of fundamental bets in a combination of fundamental bets equivalent to the wager configured as a function of the selected outcome, the combination including at least one of the fundamental bets established for the betting pool, each fundamental bet betting on a fundamental outcome of the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes, the selected outcome corresponding to at least one fundamental outcome;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

80. A computer-implemented method for conducting a betting pool on an underlying event, the betting pool including at least one wager, the method for conducting the betting pool comprising the steps of:

establishing, by a computer processor, fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;

establishing, by the computer processor, fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;

receiving an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;

configuring, by the computer processor, an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager; and

determining, by the computer processor, final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;

wherein;

at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types; and

the underlying event is a race.

81. The method according to claim 80, wherein the information includes information relating to the selected outcome for the wager.

82. The method according to claim 80, wherein the information includes information relating to a requested premium for the wager.

83. The method according to claim 80, wherein the information includes information relating to the event.

84. The method according to claim 80, wherein the information includes information relating to each of the possible outcomes.

85. The method according to claim 80, wherein the information includes information relating to each of the fundamental bets in the betting pool.

86. The method according to claim 80, wherein the information includes information relating to the combination of fundamental bets for each wager.

87. The method according to claim 80, wherein the information includes information relating to an identity of a bettor.

88. The method according to claim 80, wherein the information includes information relating to a placement of a wager in the betting pool.