Enhanced parimutuel wagering

A computer-implemented method for conducting enhanced parimutuel wagering comprising:

• enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type, wherein the enabling of the at least two types of bets includes:
• establishing, by a computer processor, fundamental outcomes in a betting pool, each one of the fundamental outcomes corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• and
• establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;
• enabling at least one of the at least two types of bets offered in the common betting pool to receive bets with limit odds;
• offering the at least one type of enabled limit odds bet to bettors;
• and
• configuring, by the computer processor, for each placed bet in the pool, an equivalent combination of at least some of the established fundamental bets as a function of a selected outcome for the placed bet, the selected outcome for the placed bet corresponding to at least one fundamental outcome;
• wherein the underlying event is a race.

A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

• enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;
• establishing, by a computer processor, a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• receiving an indication of limit odds, a premium, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes;
• and
• determining, by the computer processor, a payout as a function of the selected outcome, the limit odds, the premium and a total amount wagered in the plurality of fundamental outcomes;
• wherein the underlying event is a race.

A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

• enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;
• establishing, by a computer processor, a plurality of fundamental outcomes in the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• receiving an indication of limit odds, a premium, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes;
• and
• determining, by the computer processor, final odds as a function of the selected outcome, the limit odds, the premium and a total amount wagered in the plurality of fundamental outcomes in the betting pool;
• wherein the underlying event is a race.

A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

• enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;
• establishing, by a computer processor, a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• receiving an indication of limit odds, a desired payout, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes;
• and
• determining, by the computer processor, a premium as a function of the selected outcome, the limit odds, the desired payout and a total amount wagered in the plurality of fundamental outcomes;
• wherein the underlying event is a race.

A computer-implemented method for conducting enhanced parimutuel wagering, comprising:

• enabling at least two types of bets to be offered in a common betting pool, there being a plurality of possible winning outcomes for each bet type;
• establishing, by a computer processor, a plurality of fundamental outcomes in the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• receiving an indication of limit odds, a desired payout, and a selected outcome, the selected outcome corresponding to at least one of the plurality of fundamental outcomes;
• and
• determining, by the computer processor, final odds as a function of the selected outcome, the limit odds, the desired payout and a total amount wagered in the plurality of fundamental outcomes in the betting pool;
• wherein the underlying event is a race.

A computer-implemented method for processing a bet in an enhanced parimutuel betting pool on an underlying event, the betting pool including at least one bet, comprising:

• establishing, by a computer processor, fundamental outcomes in the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;
• configuring, by the computer processor, an equivalent combination of fundamental bets for each of the at least one bet as a function of a selected outcome for the each of the at least one bet , the selected outcome for the each of the at least one bet corresponding to at least one fundamental outcome;
• and
• determining, by the computer processor, at least one of a premium and a payout for the wager as a function of a demand-based valuation of each fundamental bet in the equivalent combination for the wager;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types:
• and
• the underlying event is a race.

A computer-implemented method for processing a bet in an enhanced parimutuel betting pool on an underlying event, the betting pool including at least one wager, comprising:

• establishing, by a computer processor, fundamental outcomes in the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event, each one of the fundamental outcomes being mutually exclusive of each of the other fundamental outcomes;
• establishing, by the computer processor, a fundamental bet on each fundamental outcome in the betting pool;
• configuring, by the computer processor, an equivalent combination of fundamental bets for each of the at least one wager as a function of a selected outcome for the each of the at least one wager, the selected outcome for the each of the at least one wager corresponding to at least one fundamental outcome;
• and
• determining, by the computer processor, a price for each fundamental bet as a function of a price of each of the other fundamental bets in the betting pool, a total filled amount in each fundamental outcome, and a total amount wagered in the plurality of fundamental outcomes in the betting pool;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types:
• and
• the underlying event is a race.

A computer-implemented method for betting on an underlying event in a betting pool, the method comprising:

• receiving, by a computer processor, an indication of limit odds, a requested premium, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• and
• determining, by the computer processor, final odds for the bet by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured by the computer processor as a function of the selected outcome for the bet;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

A computer-implemented method for betting on an underlying event in a betting pool, the method comprising:

• receiving, by a computer processor, an indication of limit odds, a desired payout, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• and
• determining, by the computer processor, final odds for the bet by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured by the computer processor as a function of the selected outcome for the bet;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

A vehicle for betting in an enhanced parimutuel betting pool, the method comprising:

• at least one computer processor configured to:
• receive wager information including a selected outcome of an underlying event, an indication of limit odds on the selected outcome, and one of a requested premium and a desired payout on the selected outcome;
• determine a filled premium amount bet by a wager corresponding to the received wager information, the determination being a function of the one of the requested premium and the desired payout and a comparison of the limit odds with final odds on the wager;
• and
• determine the final odds by engaging in a demand-based valuation of each of the fundamental bets in a combination of fundamental bets equivalent to the wager, the combination including at least one fundamental bet from a plurality of fundamental bets established by the at least one computer processor for the betting pool, each fundamental bet betting on a fundamental outcome of the underlying event, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes, the selected outcome corresponding to at least one fundamental outcome, and the combination of fundamental bets being configured by the at least one computer processor as a function of the selected outcome of the wager;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

A computer system for conducting a betting pool on an underlying event, the system comprising:

• at least one processor configured to:
• establish fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• establish fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;
• receive an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;
• configure an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager;
• and
• determine final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types:
• and
• the underlying event is a race.

A computer system for placing a bet in a betting pool on an underlying event, the computer system comprising:

• at least one processor configured to:
• provide an indication of limit odds, one of a desired payout and a requested premium, and a selected outcome, for a bet on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• and
• receive an indication of final odds for the bet, the final odds being determined by engaging in a demand-based valuation of an equivalent combination of fundamental bets, the equivalent combination including at least one fundamental bet, each fundamental bet betting on a respective fundamental outcome, the equivalent combination being configured as a function of the selected outcome for the bet;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

A computer program product capable of processing a wager in a betting pool including at least one wager, the computer program product comprising a hardware-implemented computer usable medium having computer readable program code embodied in the medium for causing a computer to:

• establish fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• establish fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;
• receive an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;
• configure an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager;
• and
• determine final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

An article of manufacture comprising a hardware-implemented information storage medium encoded with a computer-readable data structure adapted for placing a wager over the Internet in a betting pool on an underlying event, the betting pool including at least one wager, said data structure comprising:

• at least one data field with information identifying at least one selected outcome of an underlying event, limit odds, and one of a requested premium and a desired payout for the wager;
• and
• at least one data field with information identifying final odds for the wager, the final odds being determined as a result of a demand-based valuation of fundamental bets in a combination of fundamental bets equivalent to the wager configured as a function of the selected outcome, the combination including at least one of the fundamental bets established for the betting pool, each fundamental bet betting on a fundamental outcome of the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes, the selected outcome corresponding to at least one fundamental outcome;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.

A computer-implemented method for conducting a betting pool on an underlying event, the betting pool including at least one wager, the method for conducting the betting pool comprising the steps of:

• establishing, by a computer processor, fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event, each fundamental outcome being mutually exclusive of each of the other fundamental outcomes;
• establishing, by the computer processor, fundamental bets for the underlying event, each fundamental bet betting on a respective fundamental outcome;
• receiving an indication of limit odds, one of a requested premium and a desired payout, and a selected outcome, for a wager on a selected outcome, the selected outcome corresponding to at least one of a plurality of fundamental outcomes;
• configuring, by the computer processor, an equivalent combination of fundamental bets for the wager as a function of the selected outcome of the wager;
• and
• determining, by the computer processor, final odds for the wager by engaging in a demand-based valuation of the fundamental bets in the equivalent combination;
• wherein:
• at least two types of bets are enabled in the betting pool, there being a plurality of possible winning outcomes for each of the bet types;
• and
• the underlying event is a race.