System and method for betting on a participant in a group of events

• US 8,353,763 B2
• Filed: 09/22/2003
• Issued: 01/15/2013
• Est. Priority Date: 03/31/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Amaitis, Lee M., Asher, Joseph M., Burgis, Adam, Crosthwaite, Dominic
• Primary Examiner(s): Bumgarner, Melba
• Assistant Examiner(s): GALKA, LAWRENCE STEFAN
• Application Number:
  US10/667,923
• Publication Number:
  US 20040193531A1
• Time in Patent Office: 3,403 Days
• Field of Search: 463/1, 463/25, 463/26, 463/28, 463/29, 463/20, 700 90- 93, 705/1, 705/500
• US Class Current: 463/28
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• 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

A method of managing bets includes receiving first types of bets and second types of bets. Each first type of bet comprises a bet that the number of units earned by a participant in a plurality of events will fall within a first range of numbers. Each second type of bet comprises a bet that the number of units earned by the participant over a course of a plurality of events will fall within a second range of numbers. The total number of units earned by the participant is determined based on the positioning of the participant in each event. The method includes determining whether the first or second type of bets are winning bets. A betting pool is determined based on the total amounts associated with the first and second types of bets. A payout is determined based on the betting pool and the total amounts of the winning bets.

Claims

1. A method, comprising:

receiving, by at least one processor of a computer, one or more first type of bets, each first type having an associated bet amount and comprising a bet that the total number of units earned by a particular participant over a course of a plurality of events will fall within a first range of numbers, wherein;

the particular participant is selected from a plurality of participants each participating in at least one of the plurality of events; and

for each of the plurality of events, a plurality of units are allocated among participants according to a respective finishing position of each participant;

receiving, by the at least one processor, one or more second type of bets, each second type of bet having an associated bet amount and comprising a second bet that the total number of units earned by the particular participant in the plurality of events will fall within a second range of numbers;

determining, by the at least one processor, the total number of units earned by the particular participant over the course of the plurality of events;

determining, by the at least one processor, whether the first type of bets or the second type of bets are winning bets based at least in part on whether the total number of units earned by the particular participant falls within the first range of numbers or the second range of numbers;

determining, by the at least one processor, a betting pool based at least in part on the total of the bet amounts associated with the first type of bets and the total of the bet amounts associated with the second type of bets; and

determining, by the at least one processor, an amount of a payout based at least in part on the betting pool and the total of the bet amounts associated with the winning bets.

2. An apparatus, comprising:

at least one processor; and

memory storing computer instructions that, when executed by the at least one processor, cause the at least one processor to;

receive one or more first type of bets, each first type having an associated bet amount and comprising a bet that the total number of units earned by a particular participant over a course of a plurality of events will fall within a first range of numbers, wherein;

the particular participant is selected from a plurality of participants each participating in at least one of the plurality of events; and

for each of the plurality of events, a plurality of units are allocated among participants according to a respective finishing position of each participant;

receive one or more second type of bets, each second type of bet having an associated bet amount and comprising a second bet that the total number of units earned by the particular participant in the plurality of events will fall within a second range of numbers;

determine the total number of units earned by the particular participant over the course of the plurality of events;

determine whether the first type of bets or the second type of bets are winning bets based at least in part on whether the total number of units earned by the particular participant falls within the first range of numbers or the second range of numbers;

determine a betting pool based at least in part on the total of the bet amounts associated with the first type of bets and the total of the bet amounts associated with the second type of bets; and

determine an amount of a payout based at least in part on the betting pool and the total of the bet amounts associated with the winning bets.

3. A method, comprising:

determining, by at least one processor of a computer, an index number representing a predicted total number of units that could be earned by a particular jockey in a plurality of horse races;

determining, by the at least one processor, at least a first range of numbers and a second range of numbers based at least in part on the index number;

causing, by the at least one processor, index bets to be offered to bettors, wherein the index bets comprise;

a first type of bet, wherein the first type of bet comprises a bet that a total number of units earned by the particular jockey in the plurality of horse races will fall within the first range of numbers; and

a second type of bet, wherein the second type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within the second range of numbers;

receiving, by the at least one processor, one or more first bets, wherein each first bet of the one or more first bets has a respective associated bet amount and each first bet of the one or more first bets comprises the first type of bet;

receiving, by the at least one processor, one or more second bets, wherein each second bet of the one or more second bets has a respective associated bet amount and each second bet of the one or more second bets comprises the second type of bet;

for each horse race, of the plurality of horse races, in which the particular jockey participated, receiving, by the at least one processor, a respective result of the horse race, the respective result comprising a respective final position of the particular jockey in the horse race;

determining, by the at least one processor, the total number of units earned by the particular jockey in the plurality of horse races, wherein determining the total number of units comprises;

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining, by the at least one processor, a respective number of units earned by the particular jockey in the horse race based at least in part on at least one of;

the respective final position of the particular jockey in the horse race, and

a unit distribution structure defining a distribution of units over a plurality of positions in the horse race;

determining, by the at least one processor, whether the one or more first bets or the one or more second bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers or the second range of numbers;

determining, by the at least one processor, a betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets and the one or more second bets; and

determining, by the at least one processor, an amount of a payout based at least in part on the betting pool and a total of any bet amounts associated with any winning bets.

4. The method of claim 3, wherein determining the total number of units earned by the particular jockey comprises:

determining, by the at least one processor, an amount of money earned by the particular jockey in the plurality of horse races.

5. The method of claim 3, wherein determining at least the first range of numbers and the second range of numbers based at least in part on the index number comprises:

defining, by the at least one processor, the first range of numbers as the range of numbers between and not including the index number and a number less than the index number; and

defining, by the at least one processor, the second range of numbers as the range of numbers between and not including the index number and a number greater than the index number.

6. The method of claim 3, wherein the index bets further comprise:

a third type of bet, wherein the third type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within a third range of numbers;

and

wherein the method further comprises;

receiving, by the at least one processor, one or more third bets, wherein each third bet of the one or more third bets has a respective associated bet amount and each third bet of the one or more third bets comprises the third type of bet;

and

wherein determining the betting pool comprises;

determining, by the at least one processor, the betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets, the one or more second bets, and one or more third bets;

and

wherein determining whether the one or more first bets or the one or more second bets are winning bets comprises;

determining, by the at least one processor, whether the one or more first bets, the one or more second bets, or the one or more third bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers, the second range of numbers, or the third range of numbers.

7. The method of claim 6, wherein the index bets further comprise:

a fourth type of bet, wherein the fourth type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within a fourth range of numbers;

and

wherein the method further comprises;

receiving, by the at least one processor, one or more fourth bets, wherein each fourth bet of the one or more fourth bets has a respective associated bet amount and each fourth bet of the one or more fourth bets comprises the fourth type of bet;

and

wherein determining the betting pool comprises;

determining, by the at least one processor, the betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets, the one or more second bets, the one or more third bets, and the one or more fourth bets;

and

wherein determining whether the one or more first bets, the one or more second bets, or the one or more third bets are winning bets comprises;

determining, by the at least one processor, whether the one or more first bets, the one or more second bets, the one or more third bets, or the one or more fourth bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers, the second range of numbers, the third range of numbers, or the fourth range of numbers.

8. The method of claim 6, wherein determining at least the first range of numbers and the second range of numbers based at least in part on the index number comprises:

determining, by the at least one processor, at least the first range of numbers, the second range of numbers, and the third range of number based at least in part on the index number, wherein determining at least the first range of numbers, the second range of numbers, and the third range of numbers comprises;

defining, by the at least one processor, the first range of numbers as the range of numbers between and not including a first number and a second number;

defining, by the at least one processor, the second range of numbers as the range of numbers between and not including the second number and a third number; and

defining, by the at least one processor, the third range of numbers as the range of numbers between and not including the third number and a fourth number; and

wherein the index number falls within at least one of the first range of numbers, second range of numbers, and the third range of numbers.

9. The method of claim 3,

wherein determining the total number of units earned by the particular jockey in the plurality of horse races comprises:

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining, by the at least one processor, a respective number of units earned by the particular jockey in the horse race based at least in part on;

a unit distribution structure defining a distribution of units over a plurality of positions in the horse race; and

wherein the unit distribution structure comprises a purse distribution structure defining a distribution of a purse over a plurality of positions in the horse race.

10. The method of claim 3, further comprising:

after one or more horse races of the plurality of horse races has occurred,

causing, by the at least one processor, additional index bets to be offered to bettors, wherein the additional index bets comprise;

a third type of bet, wherein the third type of bet comprises a bet regarding a total number of units earned by the particular jockey in the plurality of horse races excluding the one or more horse races that have occurred will fall within the first range of numbers;

and

receiving, by the at least one processor, one or more third bets, wherein each third bet of the one or more third bets has a respective associated bet amount and each third bet of the one or more third bets comprises the third type of bet.

11. The method of claim 10, wherein the third type of bet locks in a particular gain or loss associated with at least one of the first type of bet and the second type of bet.

12. The method of claim 3, further comprising:

after one or more horse races of the plurality of horse races has occurred, for a particular first bet of the one or more first bets;

receiving, by the at least one processor, a request to settle the particular first bet;

determining, by the at least one processor, an amount of a settlement payment for the particular first bet based at least in part on the respective finishing position of the particular jockey in each of the one or more horse races that has occurred;

paying out, by the at least one processor, the settlement payment; and

canceling, by the at least one processor, the particular first bet.

13. The method of claim 3, wherein the plurality of horse races occur over an extended period of time.

14. The method of claim 3, wherein the plurality of horse races occur over a period of time greater than one week.

26. The method of claim 3, in which determining the total number of units earned by the particular jockey in the plurality of horse races comprises:

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining, by the at least one processor, a respective number of units earned by the particular jockey in the horse race based at least in part on;

the respective final position of the particular jockey in the horse race, and

a unit distribution structure defining a distribution of units over a plurality of positions in the horse race.

15. An apparatus, comprising:

at least one processor; and

memory storing computer instructions that, when executed by the at least one processor, cause the at least one processor to;

determine an index number representing a predicted total number of units that could be earned by a particular jockey in a plurality of horse races;

determine at least a first range of numbers and a second range of numbers based at least in part on the index number;

cause index bets to be offered to bettors, wherein the index bets comprise;

a first type of bet, wherein the first type of bet comprises a bet that a total number of units earned by the particular jockey in the plurality of horse races will fall within the first range of numbers; and

a second type of bet, wherein the second type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within the second range of numbers;

receive one or more first bets, wherein each first bet of the one or more first bets has a respective associated bet amount and each first bet of the one or more first bets comprises the first type of bet;

receive one or more second bets, wherein each second bet of the one or more second bets has a respective associated bet amount and each second bet of the one or more second bets comprises the second type of bet;

for each horse race, of the plurality of horse races, in which the particular jockey participated, receive a respective result of the horse race, the respective result comprising a respective final position of the particular jockey in the horse race;

determine the total number of units earned by the particular jockey in the plurality of horse races, wherein determining the total number of units comprises;

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining a respective number of units earned by the particular jockey in the horse race based at least in part on at least one of;

the respective final position of the particular jockey in the horse race, and

a unit distribution structure defining a distribution of units over a plurality of positions in the horse race;

determine whether the one or more first bets or the one or more second bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers or the second range of numbers;

determine a betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets and the one or more second bets; and

determine an amount of a payout based at least in part on the betting pool and a total of any bet amounts associated with any winning bets.

16. The apparatus of claim 15, wherein determining the total number of units earned by the particular jockey comprises:

determining an amount of money earned by the particular jockey in the plurality of horse races.

17. The apparatus of claim 15, wherein determining at least the first range of numbers and the second range of numbers based at least in part on the index number comprises:

defining the first range of numbers as the range of numbers between and not including the index number and a number less than the index number; and

defining the second range of numbers as the range of numbers between and not including the index number and a number greater than the index number.

18. The apparatus of claim 15, wherein the index bets further comprise:

a third type of bet, wherein the third type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within a third range of numbers;

and

wherein the computer instructions, when executed by the at least one processor, further cause the at least one processor to;

receive one or more third bets, wherein each third bet of the one or more third bets has a respective associated bet amount and each third bet of the one or more third bets comprises the third type of bet;

and

wherein determining the betting pool comprises;

determining the betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets, the one or more second bets, and one or more third bets;

and

wherein determining whether the one or more first bets or the one or more second bets are winning bets comprises;

determining whether the one or more first bets, the one or more second bets, or the one or more third bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers, the second range of numbers, or the third range of numbers.

19. The apparatus of claim 18, wherein the index bets further comprise:

a fourth type of bet, wherein the fourth type of bet comprises a bet that the total number of units earned by the particular jockey in the plurality of horse races will fall within a fourth range of numbers;

and

wherein the computer instructions, when executed by the at least one processor, further cause the at least one processor to;

receive one or more fourth bets, wherein each fourth bet of the one or more fourth bets has a respective associated bet amount and each fourth bet of the one or more fourth bets comprises the fourth type of bet;

and

wherein determining the betting pool comprises;

determining the betting pool based at least in part on a total of the respective associated bet amounts of the one or more first bets, the one or more second bets, the one or more third bets, and the one or more fourth bets;

and

wherein determining whether the one or more first bets, the one or more second bets, or the one or more third bets are winning bets comprises;

determining whether the one or more first bets, the one or more second bets, the one or more third bets, or the one or more fourth bets are winning bets based at least in part on whether the total number of units earned by the particular jockey in the plurality of horse races falls within the first range of numbers, the second range of numbers, the third range of numbers, or the fourth range of numbers.

20. The apparatus of claim 18, wherein determining at least the first range of numbers and the second range of numbers based at least in part on the index number comprises:

determining at least the first range of numbers, the second range of numbers, and the third range of number based at least in part on the index number, wherein determining at least the first range of numbers, the second range of numbers, and the third range of numbers comprises;

defining the first range of numbers as the range of numbers between and not including a first number and a second number;

defining the second range of numbers as the range of numbers between and not including the second number and a third number; and

defining the third range of numbers as the range of numbers between and not including the third number and a fourth number; and

wherein the index number falls within at least one of the first range of numbers, second range of numbers, and the third range of numbers.

21. The apparatus of claim 15,

wherein determining the total number of units earned by the particular jockey in the plurality of horse races comprises:

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining, by the at least one processor, a respective number of units earned by the particular jockey in the horse race based at least in part on a unit distribution structure defining a distribution of units over a plurality of positions in the horse race; and

wherein the unit distribution structure comprises a purse distribution structure defining a distribution of a purse over a plurality of positions in the horse race.

22. The apparatus of claim 15, wherein the computer instructions, when executed by the at least one processor, further cause the at least one processor to:

after one or more horse races of the plurality of horse races has occurred,

cause additional index bets to be offered to bettors, wherein the additional index bets comprise;

a third type of bet, wherein the third type of bet comprises a bet regarding a total number of units earned by the particular jockey in the plurality of horse races excluding the one or more horse races that have occurred will fall within the first range of numbers;

and

receive one or more third bets, wherein each third bet of the one or more third bets has a respective associated bet amount and each third bet of the one or more third bets comprises the third type of bet.

23. The apparatus of claim 22, wherein the third type of bet locks in a particular gain or loss associated with at least one of the first type of bet and the second type of bet.

24. The apparatus of claim 15, wherein the computer instructions, when executed by the at least one processor, further cause the at least one processor to:

after one or more horse races of the plurality of horse races has occurred, for a particular first bet of the one or more first bets;

receive a request to settle the particular first bet;

determine an amount of a settlement payment for the particular first bet based at least in part on the respective finishing position of the particular jockey in each of the one or more horse races that has occurred;

pay out the settlement payment; and

cancel the particular first bet.

25. The apparatus of claim 15, wherein the plurality of horse races occur over a period of time greater than one week.

27. The apparatus of claim 15, in which the act of determining the total number of units earned by the particular jockey in the plurality of horse races comprises:

for each horse race, of the plurality of horse races, in which the particular jockey participated, determining a respective number of units earned by the particular jockey in the horse race based at least in part on;

the respective final position of the particular jockey in the horse race, and

a unit distribution structure defining a distribution of units over a plurality of positions in the horse race.