US 7,582,013 B2 · System and method for high-speed pari-mutuel wagering using a clearinghouse

Abstract

This disclosure provides a pari-mutuel wagering system that includes a first wagering facility communicably coupled with a network and operable to receive a bet on a wagering event hosted by a second wagering facility. The first wagering facility is further operable to transmit the bet to the second wagering facility via the network. The system further includes a clearinghouse communicably coupled with the network and operable to capture audit information associated with the bet from the network.

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Claims31

Dependent claims

A wagering system, comprising:

at least one server associated with a clearinghouse, at least one server associated with a first wagering facility, and at least one server associated with a second wagering facility,
wherein the server associated with the clearinghouse, the server associated with the first wagering facility, and the server associated with the second wagering facility are communicably coupled via a communications network,
wherein the first wagering facility comprises a first race track that hosts a first wagering event,
wherein the second wagering facility comprises a second race track that hosts a second wagering event,
wherein the first wagering facility simulcasts the first wagering event to the second wagering facility,
wherein the second wagering facility simulcasts the second wagering event to the first wagering facility,
wherein the server associated with the first wagering facility is operable to determine odds for the first wagering event,
wherein the server associated with the second wagering facility is operable to determine odds for the second wagering event, and
wherein the server associated with the clearinghouse is operable to store in a memory contract parameters between the first wagering facility and the second wagering facility, the contract parameters comprising:
at least one first parameter for determining fees charged by the first wagering facility to the second wagering facility in association with the second wagering facility simulcasting the first wagering event, and
at least one second parameter for determining fees charged by the second wagering facility to the first wagering facility in association with the first wagering facility simulcasting the second wagering event;
wherein the server associated with the second wagering facility is further operable to:
receive a first plurality of bets on the first wagering event;
and
transmit the first plurality of bets to the server associated with the first wagering facility via the communications network;
wherein the server associated with the first wagering facility is further operable to:
receive a second plurality of bets on the second wagering event;
and
transmit the second plurality of bets to the server associated with the second wagering facility via the communications network;
wherein the server associated with the first wagering facility is further operable to recalculate the odds for the first wagering event based at least in part on the first plurality of bets;
wherein the server associated with the second wagering facility is further operable to recalculate the odds for the second wagering event based at least in part on the second plurality of bets;
and
wherein the server associated with the clearinghouse is further operable to:
capture first audit information associated with the first plurality of bets, wherein the first audit information comprises for each of the first plurality of bets an amount wagered;
capture second audit information associated with the second plurality of bets, wherein the second audit information comprises for each of the second plurality of bets an amount wagered;
receive from the server associated with the first wagering facility results of the first wagering event;
receive from the server associated with the second wagering facility results of the second wagering event;
based at least in part on the results of the first wagering event, the first audit information associated with the first plurality of bets, and the contract parameters, determine a first settlement amount between the first wagering facility and the second wagering facility, wherein to determine the first settlement amount includes to:
for each of the first plurality of bets that is a winning bet, determine an amount owed by the first wagering facility to the second wagering facility;
for each of the first plurality of bets that is a losing bet, determine an amount owed by the second wagering facility to the first wagering facility;
and
determine, in association with the second wagering facility simulcasting the first wagering event, a simulcast fee owed by the second wagering facility to the first wagering facility;
based at least in part on the results of the second wagering event, the second audit information associated with the second plurality of bets, and the contract parameters, determine a second settlement amount between the first wagering facility and the second wagering facility, wherein to determine the second settlement amount includes to:
for each of the second plurality of bets that is a winning bet, determine an amount owed by the second wagering facility to the first wagering facility;
for each of the second plurality of bets that is a losing bet, determine an amount owed by the first wagering facility to the second wagering facility;
and
determine, in association with the first wagering facility simulcasting the second wagering event, a simulcast fee owed by the first wagering facility to the second wagering facility;
determine a single settlement amount between the first wagering facility and the second wagering facility based at least in part on an aggregation of the first settlement amount and the second settlement amount;
and
transfer the single settlement amount between a first account associated with the first wagering facility and a second account associated with the second wagering facility, wherein to transfer the single settlement amount includes to (i) debit one of the first account and the second account by the single settlement amount, and (ii) credit the other of the first account and the second account by the single settlement amount.

37 more elements

An apparatus comprising:

at least one processor;
and
a memory electronically coupled to the at least one processor, and that stores software instructions,
wherein the apparatus is operable to communicate via a communications network with at least one server associated with a first wagering facility and with at least one server associated with a second wagering facility,
wherein the first wagering facility comprises a first race track that hosts a first wagering event,
wherein the second wagering facility comprises a second race track that hosts a second wagering event,
wherein the first wagering facility simulcasts the first wagering event to the second wagering facility,
wherein the second wagering facility simulcasts the second wagering event to the first wagering facility,
wherein the server associated with the first wagering facility is operable to determine odds for the first wagering event,
wherein the server associated with the second wagering facility is operable to determine odds for the second wagering event, and
wherein the memory is operable to store contract parameters between the first wagering facility and the second wagering facility, the contract parameters comprising:
at least a first parameter for determining fees charged by the first wagering facility to the second wagering facility in association with the second wagering facility simulcasting the first wagering event, and
at least a second parameter for determining fees charged by the second wagering facility to the first wagering facility in association with the first wagering facility simulcasting the second wagering event;
and
wherein the software instructions, when executed by the at least one processor, direct the at least one processor to:
capture first audit information associated with a first plurality of bets,
wherein the first plurality of bets are on the first wagering event, are received by the server associated with the second wagering facility, and are transmitted by the server associated with the second wagering facility via the communications network to the server associated with the first wagering facility, and
wherein the first audit information comprises for each of the first plurality of bets an amount wagered;
capture second audit information associated with a second plurality of bets,
wherein the second plurality of bets are on the second wagering event, are received by the server associated with the first wagering facility, and are transmitted by the server associated with the first wagering facility via the communications network to the server associated with the second wagering facility, and
wherein the second audit information comprises for each of the second plurality of bets an amount wagered;
receive from the server associated with the first wagering facility results of the first wagering event;
receive from the server associated with the second wagering facility results of the second wagering event;
based at least in part on the results of the first wagering event, the first audit information associated with the first plurality of bets, and the contract parameters, determine a first settlement amount between the first wagering facility and the second wagering facility, wherein to determine the first settlement amount includes to:
for each of the first plurality of bets that is a winning bet, determine an amount owed by the first wagering facility to the second wagering facility;
for each of the first plurality of bets that is a losing bet, determine an amount owed by the second wagering facility to the first wagering facility;
and
determine, in association with the second wagering facility simulcasting the first wagering event, a simulcast fee owed by the second wagering facility to the first wagering facility;
based at least in part on the results of the second wagering event, the second audit information associated with the second plurality of bets, and the contract parameters, determine a second settlement amount between the first wagering facility and the second wagering facility, wherein to determine the second settlement amount includes to:
for each of the second plurality of bets that is a winning bet, determine an amount owed by the second wagering facility to the first wagering facility;
for each of the second plurality of bets that is a losing bet, determine an amount owed by the first wagering facility to the second wagering facility;
and
determine, in association with the first wagering facility simulcasting the second wagering event, a simulcast fee owed by the first wagering facility to the second wagering facility;
determine a single settlement amount between the first wagering facility and the second wagering facility based at least in part on an aggregation of the first settlement amount and the second settlement amount;
and
transfer the single settlement amount between a first account associated with the first wagering facility and a second account associated with the second wagering facility, wherein to transfer the single settlement amount includes to (i) debit one of the first account and the second account by the single settlement amount, and (ii) credit the other of the first account and the second account by the single settlement amount.

33 more elements

A method, comprising:

storing, by at least one server associated with a clearinghouse, contract parameters in a memory, wherein the contract parameters are between a first wagering facility and a second wagering facility,
wherein the server associated with a clearinghouse is communicably coupled via a communications network to at least one server associated with the first wagering facility and to at least one server associated with the second wagering facility;
wherein the first wagering facility comprises a first race track that hosts a first wagering event;
wherein the second wagering facility comprises a second race track that hosts a second wagering event;
wherein the first wagering facility simulcasts the first wagering event to the second wagering facility;
wherein the second wagering facility simulcasts the second wagering event to the first wagering facility;
wherein the server associated with the first wagering facility is operable to determine odds for the first wagering event;
wherein the server associated with the second wagering facility is operable to determine odds for the second wagering event;
and
wherein the contract parameters comprise:
at least a first parameter for determining fees charged by the first wagering facility to the second wagering facility in association with the second wagering facility simulcasting the first wagering event, and
at least a second parameter for determining fees charged by the second wagering facility to the first wagering facility in association with the first wagering facility simulcasting the second wagering event;
capturing, by the server associated with the clearinghouse, first audit information associated with a first plurality of bets,
wherein the first plurality of bets are on the first wagering event, are received by the server associated with the second wagering facility, and are transmitted by the server associated with the second wagering facility via the communications network to the server associated with the first wagering facility, and
wherein the first audit information comprises for each of the first plurality of bets an amount wagered;
capturing, by the server associated with the clearinghouse, second audit information associated with a second plurality of bets,
wherein the second plurality of bets are on the second wagering event, are received by the server associated with the first wagering facility, and are transmitted by the server associated with the first wagering facility via the communications network to the server associated with the second wagering facility, and
wherein the second audit information comprises for each of the second plurality of bets an amount wagered;
receiving, by the server associated with the clearinghouse, from the server associated with the first wagering facility results of the first wagering event;
receiving, by the server associated with the clearinghouse, from the server associated with the second wagering facility results of the second wagering event;
based at least in part on the results of the first wagering event, the first audit information associated with the first plurality of bets, and the contract parameters, determining, by the server associated with the clearinghouse, a first settlement amount between the first wagering facility and the second wagering facility, wherein determining the first settlement amount includes:
for each of the first plurality of bets that is a winning bet, determining an amount owed by the first wagering facility to the second wagering facility;
for each of the first plurality of bets that is a losing bet, determining an amount owed by the second wagering facility to the first wagering facility;
and
determining, in association with the second wagering facility simulcasting the first wagering event, a simulcast fee owed by the second wagering facility to the first wagering facility;
based at least in part on the results of the second wagering event, the second audit information associated with the second plurality of bets, and the contract parameters, determining, by the server associated with the clearinghouse, a second settlement amount between the first wagering facility and the second wagering facility, wherein determining the second settlement amount includes:
for each of the second plurality of bets that is a winning bet, determining an amount owed by the second wagering facility to the first wagering facility;
for each of the second plurality of bets that is a losing bet, determining an amount owed by the first wagering facility to the second wagering facility;
and
determining, in association with the first wagering facility simulcasting the second wagering event, a simulcast fee owed by the first wagering facility to the second wagering facility;
determining, by the server associated with the clearinghouse, a single settlement amount between the first wagering facility and the second wagering facility based at least in part on an aggregation of the first settlement amount and the second settlement amount;
and
transferring, by server associated with the clearinghouse, the single settlement amount between a first account associated with the first wagering facility and a second account associated with the second wagering facility, wherein transferring the single settlement amount includes (i) debiting one of the first account and the second account by the single settlement amount, and (ii) crediting the other of the first account and the second account by the single settlement amount.

30 more elements

Dependencies are inferred from the claim text.

Description6,290 words

Summary835 words

#This disclosure relates generally to the field of gaming and, more specifically, to a system and method for high-speed pari-mutuel wagering using a clearinghouse.

#Wagering on events such as horse races or jai alia, for example, is a large and growing industry in many parts of the world. Typical horse racing bets allow bettors to bet on a single horse or on several horses in a particular race or series of races. For instance, a bettor can bet on a particular horse to finish first (win), finish in the top two (place), or finish in the top three (show). A bettor may also make various combination bets with multiple horses, such as an exacta bet (covering the top two horses in order) or a trifecta bet (covering the top three horses in order). In addition, a bettor may bet on a series of races such as, for example, the daily double (winners of two consecutive races), the pick-three (winners of three consecutive races), and the pick-six (winners of six consecutive races).

#In a pari-mutuel (“among ourselves”) wagering system, all bets regarding a particular event are aggregated, a percentage (or “take-out”) is taken by each facility at which the respective bet is made, and the remainder is distributed among the winning bettors. In other words, typical pari-mutuel betting systems, occasionally termed “totalisator” or “tote” systems, have bettors wagering against other bettors rather than against the house. This betting pool often includes bets made from a number of wagering facilities. Typically, bets sent from a non-host facility to the hosting facility experience delays in both transmission (such as through batch processing) and processing, which leads to delays in odds calculations from the host facility. These delays further allow for situations where bets are received, and odds calculated, after commencement of the event on which the bets are placed. Also, it is often difficult to track or audit bets. These situations create potential for fraudulent betting practices and a general unease by the betting public. Moreover, conventional pari-mutuel systems provide no systematic way for facilities to settle accounts among various wagering facilities after the event is completed.

Brief description of the drawings5 figures

#For a more complete understanding of the present disclosure and its advantages, reference is now made to the following descriptions, taken in conjunction with the accompanying drawings, in which:

#FIG. 1 illustrates an example pari-mutuel wagering system in accordance with one embodiment of the present disclosure;

#FIG. 2 is an example view of an audit log stored by a clearinghouse in the pari-mutuel system of FIG. 1;

Detailed description5,308 words

#FIG. 1 is a block diagram illustrating a pari-mutuel system 100 for high-speed communications between wagering facilities 102 or other betting or tote locations. Generally, pari-mutuel system 100 is any system that facilitates high-speed communications between a plurality of wagering facilities 102 to allow for individual bet 150 processing, real-time betting and updates, and automatic settlement processing. More specifically, pari-mutuel system 100 includes a plurality of wagering facilities 102 interconnected through hubs 106 and a network 108. At a high level, pari-mutuel system 100 is a system that allows any number of wagering facilities 102 to electronically participate in betting on a wagering event occurring at another wagering facility 102. For example, pari-mutuel system 100 may be a wagering system providing inter-tote communications. But, pari-mutuel system 100 may be an international, nationwide, regional, or local system without departing from the scope of this disclosure. In short, pari-mutuel system 100 is a high-speed system that allows real-time transmission of wagering information via bets 150 between wagering facilities 102 using hubs 106 and the advanced network 108.

#Typically, bets 150 on wagering events occurring at any one of the wagering facilities 102 are communicated across network 108. The events may include horse racing, dog racing, or any other event that may be the subject of pari-mutuel wagering. Accordingly, bets 150 may be any appropriate pari-mutuel wager on the particular event such as, for example, bets for any suitable dollar amount and others. Bets 150 may be initially performed orally, in writing, electronically, or using any other wagering technique so long as a first wagering facility 102 may communicate an electronic form of bet 150 to a second wagering facility 102.

#Wagering facility 102 is any location that hosts wagering events and/or allows bettors to wager on wagering events, even those at other facilities 102. For example, wagering facilities 102 may include horse tracks, dog tracks, off-track betting parlors, internet websites, or any other place where a wager may be transmitted to network 108. Typically, the wagering facility 102 that is hosting a particular wagering event determines the betting odds for various participants in the event. Based on these odds, non-hosting wagering facilities 102 (also referred to as simulcast facilities 102) accept bets 150 and, upon receipt, nearly immediately communicate each bet 150 to the host wagering facility 102, thereby affecting the odds in real-time. A simulcast facility 102 may transmit bets 150 to a host facility 102. This allows the host wagering facility 102 to recalculate the odds without delay. These recalculated odds may then be communicated to the betting public at the host facility 102 or at any of the other facilities 102 substantially in real-time. Moreover, this real-time individual transmission of bets 150 allows host wagering facility 102 to ensure that bets 150 are not placed after the event has commenced.

System and method for high-speed pari-mutuel wagering using a clearinghouse

Life of this patent

System and method for high-speed pari-mutuel wagering using a clearinghouse

Life of this patent

Life of this patent

Abstract

Drawings

Drawings

Claims31

Description6,290 words

Drawings

Classification5 codes

Life of this patent

Description6,290 words