Multi-person games for parimutuel betting on live events

A system for providing a parimutuel betting game between a plurality of players, wherein said betting game is based on actions occurring during a live event and the winning payoffs of said betting game are in parimutuel style, where said system is under the control of an administrator and comprises:

• a) a host processor programmed for analyzing and processing input data, and outputting data and information relevant to the parimutuel game;
• said host processor programmed to:
• 1) allocate betting tokens to each player processor prior to the commencement of a live event, or during the live event;
• 2) providing one or more selectable betting events to said players while said live event is in progress, wherein each betting event is based on actions occurring during said live event;
• 3) providing an asymmetrical and unpredictable cycle of open and closed betting lines for said selected betting event during the progress of the live event until a termination event occurs with regard to said selected betting event;
• 4) freeze all bets on open betting lines such that said frozen bets are not available for further betting until a payoff has been made on said selected betting event;
• 5) close said betting lines after an unpredictable interval such that no further bets may be placed on said lines and the odds affecting the payoffs are fixed;
• 6) terminate said betting event upon occurrence of a termination event with regard to said selected betting event;
• and
• 7) upon termination of said selected betting event, pay winners of each betting line in said cycle, independent of other betting lines, in parimutuel style;
• b) a plurality of player processors interactively connected to said host processor, said player processor able to send and receive data to said host processor;
• c) a display and interface device operatively associated with each said player processor, said display and interface device able to display data received from said player processor, and able to send betting instructions entered by the player to said host processor through said player processor;
• d) an administrative processor interactively connected to said host processor, said administrative processor able to send commands to said host processor;
• and
• e) an administrative display and interface device operatively associated with said administrative processor, said administrative display and interface device able to display data received from said host processor, and able to send commands entered by the administrator to said host processor;
• wherein said commands control when said host processor opens and closes said betting line, and when said host processor terminates said betting line.