System and method for betting on a subset of participants in an event

• US 20050064934A1
• Filed: 11/05/2004
• Published: 03/24/2005
• Est. Priority Date: 04/03/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Crosthwaite, Dominic, Asher, Joseph M., Amaitis, Lee M., Burgis, Adam
• Granted Patent: US 8,444,479 B2
• Time in Patent Office: Days
• US Class Current: 463/25
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• 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

Abstract

A method of managing bets is provided. The method includes receiving win bets and group bets. Each win bet includes a bet that a participant selected from a set of participants in an event will win the event. Each group bet includes a bet that one of a subset of the set of participants will win the event. Results of the event identifying a winning participant from the set of participants are received. An amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant is determined. An amount of a group bet payout for at least one of the group bets is also determined. In this manner, a bettor may bet on all participants in an event other than a particular participant, such as the favorite participant, and thus effectively bet against the particular participant.

Claims

1. A method of managing bets, comprising:

identifying a set of participants of an event;

receiving one or more group bets, each group bet comprising a bet that one of a subset of the set of participants will win the event, wherein the subset comprises a plurality of participants;

receiving results of the event identifying a winning participant; and

determining an amount of a group bet payout for at least one of the group bets based on whether the subset of the participants includes the winning participant.

2. The method of claim 1, wherein the at least one group bet is received in a pari-mutuel betting system.

3. The method of claim 1, further comprising applying a commission rate to at least one group bet.

4. The method of claim 1, wherein at least one participant in the set of participants is not included in the subset of participants.

5. The method of claim 1, wherein more than one participant in the set of participants is not included in the subset of participants.

6. The method of claim 1, wherein the subset of participants associated with each group bet is the same.

7. The method of claim 1, wherein only one participant is not in the subset of participants.

8. The method of claim 1, wherein:

the subset of the participants includes the winning participant; and

the amount of the determined group bet payout is the same regardless of which particular participant in the subset of the participants is the winning participant.

9. The method of claim 1, further comprising:

receiving one or more win bets, each win bet comprising a bet that a participant selected from the set of participants will win the event; and

determining the win bets that comprise a bet on the winning participant.

10. The method of claim 9, wherein the amount of the group bet payout is determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.

11. The method of claim 9, wherein a particular participant in the set of participants is not included in the subset of participants, and the method further comprises:

determining the odds of winning for the particular participant based at least in part on the one or more received win bets; and

wherein the amount of the group bet payout is determined based at least in part on the odds of winning for the particular participant.

12. The method of claim 9, wherein determining the amount of the group bet payout comprises:

selecting a participant from the subset of participants; and

determining the total amount of the win bets that comprise a bet on any participant in the set of participants except for the selected participant.

13. The method of claim 1, further comprising:

receiving a notification that one or more of the participants will not compete in the event; and

canceling at least a portion of the one or more group bets.

14. The method of claim 13, wherein the subset comprises a first subset and further comprising receiving at least one group bet comprising a bet that one of a second subset of the set of participants will win the event, wherein the second subset comprises a plurality of participants and at least a portion of the participants in the second subset are different from the plurality of participants in the first subset.

15. The method of claim 9, wherein determining the amount of the group bet payout comprises allocating to each of the subset of participants a portion of the amount of the group bet.

16. The method of claim 15, further comprising receiving a notification that one or more of the participants in the subset of participants will not compete in the event;

and

wherein determining the amount of the group bet payout comprises reallocating the amount of the group bet among the remaining participants in the subset of participants.

17. The method of claim 15, wherein determining the amount of the group bet payout further comprises:

determining as a first amount the portion of the group bet allocated to the winning participant;

determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;

determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;

determining as a fourth amount the total amount of the win bets that comprise a bet on the winning participant; and

determining the amount of the group bet payout based at least on the first amount, the second amount, the third amount, and the fourth amount.

18. The method of claim 17, wherein determining the amount of the group bet payout comprises:

determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;

determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and

adding the sixth amount and the first amount.

19. The method of claim 15, further comprising determining, for each participant in the set of participants, the total amount of the win bets that comprise a bet on that participant;

and

wherein the amount of the group bet is allocated to each participant in the subset of participants in proportion to the determined total amounts of the win bets associated with that participant.

20. The method of claim 15, wherein determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant comprises:

determining as a first amount the total amount of the win bets that comprise a bet on the winning participant;

determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;

determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;

determining as a fourth amount the total portion of the group bet allocated to the winning participant; and

determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant based at least on the first amount, the second amount, the third amount, and the fourth amount.

21. The method of claim 20, wherein determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant comprises:

determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;

determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and

adding the sixth amount and the first amount.

22. A method for managing bets, comprising:

identifying a set of participants of an event;

receiving a first group bet comprising a bet that one of a first subset of the set of participants will win the event, wherein the first subset comprises a plurality of participants;

receiving at least one other group bet comprising a bet that one of a second subset of the set of participants will win the event, wherein the second subset comprises a plurality of participants;

receiving results of the event identifying a winning participant; and

determining an amount of a group bet payout for at least one of the group bets based on whether the corresponding subset of participants includes the winning participant.

23. The method of claim 22, wherein at least one group bet is received in a pari-mutuel betting system.

24. The method of claim 22, further comprising applying a commission rate to at least one of the group bets.

25. The method of claim 22, wherein at least one participant in the set of participants is not included in the first subset of participants.

26. The method of claim 22, wherein more than one participant in the set of participants is not included in the first subset of participants.

27. The method of claim 22, wherein at least a portion of the plurality of participants in the second subset are different from the plurality of participants in the first subset.

28. The method of claim 22, wherein only one participant is not in the first subset of participants.

29. The method of claim 22, wherein:

the first subset of the participants includes the winning participant; and

the amount of the determined group bet payout is the same regardless of which particular participant in the first subset of the participants is the winning participant.

30. The method of claim 22, further comprising:

receiving one or more win bets, each win bet comprising a bet that a participant selected from a set of participants in an event will win the event; and

determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant.

31. The method of claim 30, wherein the amount of the group bet payout is determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.

32. The method of claim 30, wherein a particular participant in the set of participants is not included in the first subset of participants, the method further comprising:

determining the odds of winning for the particular participant based at least in part on the one or more received win bets; and

wherein the amount of the group bet payout is determined based at least in part on the odds of winning for the particular participant.

33. The method of claim 30, wherein determining the amount of the group bet payout comprises:

selecting a participant from the first subset of participants; and

determining the total amount of the win bets that comprise a bet on any participant in the set of participants except for the selected participant.

34. The method of claim 22, further comprising:

receiving a notification that one or more of the participants will not compete in the event; and

cancelling at least a portion of the group bets.

35. The method of claim 34, further comprising providing refunds for one or more of the cancelled group bets.

36. The method of claim 30, wherein determining the amount of the group bet payout comprises allocating to each participant of the first subset of participants a portion of the amount of the group bet.

37. The method of claim 36, further comprising receiving a notification that one or more of the participants in the first subset of participants will not compete in the event;

and

wherein determining the amount of the group bet payout comprises reallocating the amount of the group bet among the remaining participants in the first subset of participants.

38. The method of claim 36, wherein determining the amount of the group bet payout further comprises:

determining as a first amount the portion of the group bet allocated to the winning participant;

determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;

determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;

determining as a fourth amount the total amount of the win bets that comprise a bet on the winning participant; and

determining the amount of the group bet payout based at least on the first amount, the second amount, the third amount, and the fourth amount.

39. The method of claim 38, wherein determining the amount of the group bet payout comprises:

determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;

determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and

adding the sixth amount and the first amount.

40. The method of claim 36, further comprising determining, for each participant in the set of participants, the total amount of the win bets that comprise a bet on that participant;

and

wherein the amount of the group bet is allocated to each participant in the first subset of participants in proportion to the determined total amounts of the win bets associated with that participant.

41. The method of claim 36, wherein determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant comprises:

determining as a first amount the total amount of the win bets that comprise a bet on the winning participant;

determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;

determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;

determining as a fourth amount the total portion of the group bet allocated to the winning participant; and

determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant based at least on the first amount, the second amount, the third amount, and the fourth amount.

42. The method of claim 41, wherein determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant comprises:

determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;

determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and

adding the sixth amount and the first amount.

43. A method of managing bets, comprising:

identifying a set of participants of an event;

receiving one or more first group bets for the event, each first group bet comprising a bet that one of a first subset of the set of participants will win the event, the first subset of participants excluding at least one participant from the set of participants;

receiving one or more second group bets for the event, each second group bet comprising a bet that one of a second subset of the set of participants will win the event, the second subset of participants excluding at least one participant from the set of participants, at least one participant excluded from the second subset of participants being different than at least one participant excluded from the first subset of participants;

receiving results of the event identifying a winning participant;

determining an amount of a first group bet payout for at least one of the first group bets based at least on whether the first subset of participants includes the winning participant; and

determining an amount of a second group bet payout for at least one of the second group bets based at least on whether the second subset of participants includes the winning participant.

44. The method of claim 43, wherein:

the one or more participants excluded from the first subset of participants comprise the favorite participant at the time the first group bet was received; and

the one or more participants excluded from the first subset of participants comprise the favorite participant at the time the second group bet was received, the favorite participant at the time the second group bet was received being a different participant than the favorite participant at the time the first group bet was received.