In-running wagering

A method, comprising:

• receiving by at least one processor state information of a live event in real time, in which the live event comprises a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;
• determining by the at least one processor an initial state and a plurality of possible future states of a performance parameter of the live event based on the state information;
• creating by the processor a first betting market for betting on at least one of the plurality of possible future states, in which the plurality of users comprises a first user, and in which the act of creating a first betting market comprises:
• determining by the processor probabilities for the plurality of possible future states;
• and
• based at least in part on the probabilities, determining by the processor odds for betting on at least one of the plurality of possible future states;
• after creating the first betting market, receiving by the processor from a first of a plurality of users a first bet comprising a selection of one of the plurality of possible future states;
• after receiving the first bet, closing by the processor the first betting market prior to an end time of the initial state;
• sending from the processor an instruction signal to close the first betting market;
• determining by the processor an actual future state of the performance parameter;
• determining by the processor that the possible future state selected by the first user is the actual future state;
• and
• automatically paying a payout to the first user based on the first bet and the act of determining that the possible future state selected by the first user is the actual future state, in which the sporting event occurs during an event time duration such that the sporting event begins at the beginning of the event time duration and ends at the end of the event time duration, sporting event comprising a plurality of portions of the event occurring during sequential portions of the event time duration, in which a plurality of possible future states comprises a possible future state occurring at the end of one of the sequential time periods, and in which at least one betting market is created for each of the sequential time periods.