Enhanced parimutuel wagering

• US 20040111358A1
• Filed: 08/13/2003
• Published: 06/10/2004
• 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
• Granted Patent: US 7,742,972 B2
• Time in Patent Office: Days
• 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 method for conducting enhanced parimutuel wagering comprising:

enabling at least two types of bets to be offered in a common betting pool; and

offering at least one of the two types of enabled bets to bettors.

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

selecting an underlying event for the common betting pool.

3. The method according to claim 2, wherein the selecting step includes the step of:

selecting one of a sporting event, a lottery, and a horse race as the underlying event.

4. The method according to claim 2, wherein the selecting step includes the step of:

selecting a horse race as the underlying event.

5. The method according to claim 4, wherein the enabling step 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.

6. 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.

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

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

8. A method for conducting enhanced parimutuel wagering comprising:

enabling at least one type of bet with limit odds to be offered in a betting pool; and

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

9. A method for conducting enhanced parimutuel wagering, comprising:

establishing a plurality of fundamental outcomes, each fundamental outcome corresponding to at least one possible outcome of an underlying event;

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 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.

10. The method according to claim 9, 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 method for conducting enhanced parimutuel wagering, comprising:

establishing a plurality of fundamental outcomes in a betting pool, each fundamental outcome corresponding to at least one possible outcome of an underlying event;

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 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.

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 method for conducting enhanced parimutuel wagering, comprising:

establishing a plurality of fundamental outcomes, each fundamental outcome corresponding to at least one possible outcome of an underlying event;

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 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.

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 method for conducting enhanced parimutuel wagering, comprising:

establishing a plurality of fundamental outcomes in a betting pool, each fundamental outcome corresponding to at least one possible outcome of an underlying event;

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 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.

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 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 fundamental outcomes in a betting pool, each one of the fundamental outcomes corresponding to at least one possible outcome of the underlying event;

establishing fundamental bets on each fundamental outcome in the betting pool;

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

determining 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.

44. A 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 fundamental outcomes in a betting pool, each one of the fundamental outcomes corresponding to at least one possible outcome of the underlying event;

establishing fundamental bets on each fundamental outcome in the betting pool;

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

determining 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.

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 method for betting on an underlying event, comprising:

providing 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 a possible outcome of the underlying event; and

receiving 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.

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

receiving 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 method for betting on an underlying event, comprising:

providing 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 a possible outcome of the underlying event; and

receiving 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.

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

receiving 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, comprising:

a wager betting a filled premium amount on a selected outcome of an underlying event, the wager including an indication of limit odds on the selected outcome, and one of a requested premium and a desired payout on the selected outcome, the filled premium being determined as 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, the final odds being determined 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 for the betting pool, each fundamental bet betting on a fundamental outcome of the underlying event, each fundamental outcome corresponding to at least one possible outcome of the underlying event, the selected outcome corresponding to at least one fundamental outcome, and the combination of fundamental bets being configured as a function of the selected outcome of the wager.

70. The vehicle according to claim 69, wherein the wager is processed 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, comprising:

at least one processor configured to;

establish fundamental outcomes for the underlying event, each fundamental outcome corresponding to at least one possible outcome of the event;

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, each fundamental outcome corresponding to a possible outcome of the underlying event;

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.

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;

providing 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 a possible outcome of the underlying event; and

receiving 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.

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 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 at least one possible outcome of the event;

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, each fundamental outcome corresponding to a possible outcome of the underlying event;

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.

79. An article of manufacture comprising an 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 at least one possible outcome of the event, the selected outcome corresponding to at least one fundamental outcome.

80. An article of manufacture comprising a propagated signal adapted for use in the performance of a method for conducting a betting pool on an underlying event, the betting pool including at least one wager,

a. The method comprising the steps of:

establishing fundamental outcomes for the underlying event, each fundamental outcome corresponding to at least one possible outcome of the event;

establishing 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, each fundamental outcome corresponding to a possible outcome of the underlying event;

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

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

b. the signal encoded with machine-readable information relating to a wager.

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

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

83. The article of manufacture according to claim 80, wherein the information includes information relating to the event.

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

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

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

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

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