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

• US 8,764,558 B2
• Filed: 09/14/2012
• Issued: 07/01/2014
• Est. Priority Date: 03/31/2003
• Status: Expired due to Term

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Amaitis, Lee M., Asher, Joseph M., Burgis, Adam, Crosthwaite, Dominic
• Primary Examiner(s): GALKA, LAWRENCE STEFAN
• Application Number:
  US13/615,865
• Publication Number:
  US 20130157755A1
• Time in Patent Office: 655 Days
• Field of Search: 463/1, 463/28
• 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 computer processor, a first bet that the total number of units earned by a particular participant over the course of a plurality of events will fall within a first range of numbers, the particular participant selected from at least three participants each participating in at least one of the plurality of events, the particular participant participating in at least two of the plurality of events, the first bet having an associated bet amount;

determining, by the at least one computer processor, the total number of units earned by the particular participant based at least in part on the positioning of the particular participant in each of at least two of the plurality of events;

determining, by the at least one computer processor, whether the first bet is a winning bet based at least in part on whether the total number of units earned by the particular participant over the course of the plurality of events falls within the first range of numbers; and

causing, by the at least one computer processor, a payout to be paid on the first bet based on a determination that the total number of units earned by the particular participant over the course of the plurality of events falls within the first range of numbers.

2. The method of claim 1, further comprising:

receiving one or more second bets that the total number of units earned by the particular participant over the course of the plurality of events will fall within a second range of numbers different from the first range of numbers, each second bet having an associated bet amount, in which the first set of numbers comprises at least a first number and a second number, and in which the second set of numbers comprises a third number and a fourth number that are different from the first and second numbers;

determining a betting pool based at least in part on a sum of the total amount of the one or more second bets and all amounts of bets that the total number of units earned by a particular participant over the course of a plurality of events will fall within a first range of numbers;

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

3. The method of claim 2, further comprising:

determining an index number representing a number determined based on a predicted total number of units earned by the particular participant over the course of the plurality of events;

in which the first range of numbers comprises numbers less than the index number and greater than a number less than the index number, and does not comprise any numbers greater than the index number or less than the number less than the index number;

in which the second range of numbers comprises numbers greater than the index number and less than a number greater than the index number, and does not comprise any numbers less than the index number or greater than the number greater than the index number; and

receiving a second bet that that the total number of units earned by the particular participant over the course of the plurality of events will fall within the second range of numbers, each second bet having an associated bet amount.

4. The method of claim 1, further comprising:

receiving one or more second bets that the total number of units earned by the particular participant over the course of the plurality of events will fall within a second range of numbers different from the first range of numbers, each second bet having an associated bet amount;

receiving one or more third bets that the total number of units earned by the particular participant over the course of the plurality of events will fall within a third range of numbers different from the first and second range of numbers, each third bet having an associated bet amount;

determining a betting pool based at least in part on a sum of the total amount of the one or more second bets, the total amount of the one or more third bets, and all amounts of bets that the total number of units earned by a particular participant over the course of a plurality of events will fall within a first range of numbers;

determining whether the one or more second bets or the one or more third bets are winning bets based at least on whether the total number of units earned by the particular participant falls within the second range of numbers or the third range of numbers, respectively.

5. The method of claim 4, further comprising:

determining an index number representing a number determined based on a predicted total number of units earned by the particular participant over the course of the plurality of events; and

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

in which one of the at least three participants does not participate in at least one of the plurality of events.

6. The method of claim 4, in which the numbers within the first, second, and third ranges do not overlap.

7. The method of claim 1, wherein the number of units earned by the particular participant comprises an amount of money earned by the particular participant during the course of the plurality of events.

8. The method of claim 1, wherein the events comprises a plurality of horse races and the at least three participants comprises a plurality of jockeys.

9. The method of claim 1, wherein the plurality of events comprises a plurality of races and the at least three participants comprises a plurality of drivers.

10. The method of claim 1, in which the plurality of events comprises at least two race events, and wherein determining the total number of units earned by the particular participant comprises, for the at least two race events:

determining the finishing position of the particular participant in that race event; and

determining a number of units earned by the particular participant based at least on the finishing position of the particular participant in that race event.

11. The method of claim 1, wherein determining the total number of units earned by the particular participant comprises, for each of the plurality of events:

determining the positioning of the particular participant in the event; and

determining a number of units earned by the particular participant based at least on the positioning of the particular participant in the event and a unit distribution structure defining a distribution of units over a plurality of positions in the event.

12. The method of claim 11, wherein the unit distribution structure comprises a purse distribution structure defining a distribution of a purse over a plurality of positions in the event.

13. The method of claim 1, further comprising, after one or more of the plurality of events has occurred, receiving a second bet regarding the total number of units that will be earned by the particular participant over the course of the remaining plurality of events excluding the one or more events that have occurred,

in which, for each event, at least two of the plurality of participants can earn points based on their respective positioning in that event.

14. The method of claim 13, wherein the first bet and the second bet are received from a first user, and wherein the combination of the first bet and the second bet lock in a gain.

15. The method of claim 1, further comprising, after one or more of the plurality of events has occurred:

receiving a request to settle the first bet;

determining an amount of a settlement payment for the first bet based at least in part on the positioning of the particular participant in each of the one or more events that has occurred;

paying out the settlement payment; and

canceling the first bet.

16. The method of claim 1, wherein the plurality of events occur over a period of time greater than one week.

17. An apparatus comprising:

at least one processor; and

at least one memory having instructions stored thereon that are configured to cause at least one processor to;

receive a first bet that the total number of units earned by a particular participant over the course of a plurality of events will fall within a first range of numbers, the particular participant selected from at least three participants each participating in at least one of the plurality of events, the particular participant participating in at least two of the plurality of events, the first bet having an associated bet amount;

determine the total number of units earned by the particular participant based at least in part on the positioning of the particular participant in each of at least two of the plurality of events;

determine whether the first bet is a winning bet based at least in part on whether the total number of units earned by the particular participant over the course of the plurality of events falls within the first range of numbers; and

cause a payout to be paid on the first bet based on a determination that the total number of units earned by the particular participant over the course of the plurality of events falls within the first range of numbers.

18. The apparatus of claim 17, further comprising:

receiving one or more second bets that the total number of units earned by the particular participant over the course of the plurality of events will fall within a second range of numbers different from the first range of numbers, each second bet having an associated bet amount;

determining a betting pool based at least in part on a sum of the total amount of the one or more second bets and all amounts of bets that the total number of units earned by a particular participant over the course of a plurality of events will fall within a first range of numbers;

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

in which one of the at least three participants does not participate in at least one of the plurality of events.

19. The apparatus of claim 17, further comprising:

determining an index number representing a number determined based on a predicted total number of units earned by the particular participant over the course of the plurality of events;

defining the first range of numbers as the range of numbers between the index number and a number less than the index number;

defining the second range of numbers as the range of numbers between the index number and a number greater than the index number; and

receiving a second bet that that the total number of units earned by the particular participant over the course of the plurality of events will fall within the second range of numbers, each second bet having an associated bet amount,

in which, for each event, at least two of the plurality of participants can earn points based on their respective positioning in that event,

in which the plurality of events comprises a plurality of race events, and

in which the act of determining the total number of units earned by the particular participant comprises determining the total number of units earned by the particular participant based at least in part on the finishing position of the particular participant in at least two of the plurality of race events.

20. A non-transitory computer-readable medium having instructions stored thereon that are configured to cause at least one processor to:

receive a first bet that the total number of units earned by a particular participant over the course of a plurality of race events will fall within a first range of numbers, the particular participant selected from a plurality of participants each participating in at least one of the plurality of race events, the particular participant participating in at least two of the plurality of race events, the first bet having an associated bet amount;

determine the total number of units earned by the particular participant based at least in part on the finishing position of the particular participant in each of at least two of the plurality of race events;

determine whether the first bet is a winning bet based at least in part on whether the total number of units earned by the particular participant over the course of the plurality of race events falls within the first range of numbers; and

cause a payout to be paid on the first bet based on a determination that the total number of units earned by the particular participant over the course of the plurality of race events falls within the first range of numbers.

21. The non-transitory computer-readable medium of claim 20, in which the particular participant is selected from at least three participants each participating in at least one of the plurality of race events.