Enhanced parimutuel wagering
First Claim
1. A computer-implemented wagering method, comprising:
- for each of at least two received user-placed bets of different type on at least one race, allocating, by a processor, portions of a premium specified for the respective received user-placed bet to a respective subset including two or more of a plurality of predefined fundamental bets determined by the processor to be equivalent to the respective received user-placed bet, the plurality of fundamental bets corresponding to a plurality, including more than one, of predefined mutually exclusive fundamental outcomes; and
executing the respective subsets of fundamental bets in place of the at least two received user-placed bets;
wherein;
the respective subsets are different from each other;
at least one possible winning outcome for a first of the at least two received user-placed bets is mutually exclusive of each possible winning outcome of a second of the at least two received user-placed bets;
all of the predefined fundamental outcomes to which correspond the respective subset of fundamental bets executed in place of the first received user-placed bet are possible winning outcomes of the first received user-placed bet; and
all of the predefined fundamental outcomes to which correspond the respective subset of fundamental bets executed in place of the second received user-placed bet are possible winning outcomes of the second received user-placed bet.
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Accused Products
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.
73 Citations
17 Claims
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1. A computer-implemented wagering method, comprising:
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for each of at least two received user-placed bets of different type on at least one race, allocating, by a processor, portions of a premium specified for the respective received user-placed bet to a respective subset including two or more of a plurality of predefined fundamental bets determined by the processor to be equivalent to the respective received user-placed bet, the plurality of fundamental bets corresponding to a plurality, including more than one, of predefined mutually exclusive fundamental outcomes; and executing the respective subsets of fundamental bets in place of the at least two received user-placed bets; wherein; the respective subsets are different from each other; at least one possible winning outcome for a first of the at least two received user-placed bets is mutually exclusive of each possible winning outcome of a second of the at least two received user-placed bets; all of the predefined fundamental outcomes to which correspond the respective subset of fundamental bets executed in place of the first received user-placed bet are possible winning outcomes of the first received user-placed bet; and all of the predefined fundamental outcomes to which correspond the respective subset of fundamental bets executed in place of the second received user-placed bet are possible winning outcomes of the second received user-placed bet. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A computer-implemented wagering method, comprising:
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for each of two received user-placed bets, each on a respective high-level outcome of a racing event, a computer processor allocating portions of a premium specified for the received bet to a respective subset, including more than one, of a plurality of predefined fundamental bets on predefined fundamental outcomes determined by the processor to be equivalent to the respective received user-placed bet, the respective subsets being different from each other; and executing the respective subsets of predefined fundamental bets in place of the respective received user-placed bets; wherein; for each of the two received user-placed bets, odds vary between different ones of the respective subset of fundamental bets; at least one possible winning outcome that is consistent with the respective high-level outcomes of one of the two received user-placed bets is mutually exclusive of the respective high-level outcome the other of the two received user-placed bets; each of the predefined fundamental outcomes to which the subsets of fundamental bets correspond are mutually exclusive of each other; all of the fundamental outcomes to which a first of the subsets of fundamental bets correspond are possible winning outcomes of a first of the two received user-placed bets; and all of the fundamental outcomes to which a second of the subsets of fundamental bets correspond are possible winning outcomes of a second of the two received user-placed bets. - View Dependent Claims (15, 16, 17)
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Specification