US 2008/0076544 A1 · Fixed-Odds/Pari-Mutuel Racing Product

Abstract

The present invention relates to a wagering system that satisfies pari-mutuel regulations while offering patrons fixed-odds at the time the wager is made. More specifically, the present invention is directed to a method of providing a fixed-odds pari-mutuel wagering system for wagering on entries in a race wherein the system may include the steps of opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race; batching the bets received at the fixed odds in a given entry and evaluating each proposed wager at the initial fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the previous determination; placing rejected, in whole or in part, wagers in a queue for later evaluation; based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race, batching and evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the previous determination; based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering; optionally repeating the previous steps as necessary before closing the wagering system.

Claims25

Dependent claims

A method of a providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of:

(a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;
(b) evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;
(c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);
(d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;
(e) optionally providing a subsequent pari-mutuel pool, comprising the steps of:
(A) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race;
(B) evaluating each proposed wager at the optionally modified fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;
(C) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (B);
(D) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;
(f) optionally repeating step (e);
and
(g) closing the wagering system.

9 more elements

A method of providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of:

(a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;
(b) evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers would satisfy a predetermined pari-mutuel calculation;
(c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);
(d) placing rejected, in whole or in part, wagers in a queue for later evaluation;
(e) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;
(f) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race;
(g) evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether a combination of wagers would satisfy a predetermined pari-mutuel calculation;
(h) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (g);
(i) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;
(j) optionally repeating steps (f) through (i);
and
(j) closing the wagering system.

9 more elements

A method of a providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of:

(a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;
(b) accumulating a number of bets (one or more) at the initial fixed-odds on the entry and then evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;
(c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);
(d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;
(e) optionally providing a subsequent pari-mutuel pool, comprising the steps of:
(A) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race,
(B) accumulating a batch of bets at those odds and then evaluating each proposed wager at the optionally modified fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;
(C) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (B);
(D) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;
(f) optionally repeating step (e);
and
(g) closing the wagering system,
wherein the wagering system may accept at least one of a fixed-odds bet, a limit bet, or a market bet.

10 more elements

Dependencies are inferred from the claim text.

Fixed-Odds/Pari-Mutuel Racing Product

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Fixed-Odds/Pari-Mutuel Racing Product

Life of this patent

Abstract

Claims25