Enhanced parimutuel wagering

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

• enabling at least two types of user-placed bets to be offered in a common betting pool, there being a plurality, including more than one, of possible winning outcomes for each of the at least two types of user-placed bets, wherein the enabling of the at least two types of user-placed bets includes:
• establishing fundamental outcomes in a betting pool, each one of the fundamental outcomes corresponding to one possible outcome of an underlying event and being mutually exclusive of each of the other ones of the fundamental outcomes;
• and
• establishing a fundamental bet on each fundamental outcome in the betting pool;
• enabling at least one of the at least two types of user-placed bets offered in the common betting pool to receive bets with limit odds;
• receiving a first user-placed bet that is of a first one of the at least two types of user-placed bets;
• receiving a second user-placed bet that is of a second one of the at least two types of user-placed bets, at least one winning outcome of the second user-placed bet being mutually exclusive of each winning outcome of the first user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• and
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets.

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

• enabling at least two types of user-placed bets to be offered for placement in a common betting pool, there being a plurality, including more than one, of possible winning outcomes for each of the at least two types of user-placed bets;
• establishing fundamental bets corresponding to respective ones of a plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event and being mutually exclusive of each of the other fundamental outcomes;
• receiving a first user-placed bet that is of a first one of the at least two types of user-placed bets, along with a respective indication of limit odds, a premium, and a selected outcome;
• receiving a second user-placed bet that is of a second one of the at least two types of user-placed bets, along with a respective indication of limit odds, a premium, and a selected outcome, at least one winning outcome of the second user-placed bet being mutually exclusive of each winning outcome of the first user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets;
• and
• determining a payout for one of the received first and second user-placed bets as a function of its respective selected outcome, its respective premium and a total amount wagered in the plurality of fundamental outcomes.

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

• enabling at least two types of user-placed bets to be offered for placement in a common betting pool, there being a plurality, including more than one, of possible winning outcomes for each of the at least two types of user-placed bets;
• establishing fundamental bets corresponding to respective ones of a plurality, including more than one, of fundamental outcomes of the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event and being mutually exclusive of each of the other fundamental outcomes;
• receiving a first user-placed bet that is of a first one of the at least two types of user-placed bets, along with a respective indication of limit odds, a premium, and a selected outcome;
• receiving a second user-placed bet that is of a second one of the at least two types of user-placed bets, along with a respective indication of limit odds, a premium, and a selected outcome, at least one winning outcome of the second user-placed bet being mutually exclusive of each winning outcome of the first user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets;
• and
• determining for each of the first and second user-placed bets final odds as a function of their respective limit odds, their respective premiums and a total amount wagered in the plurality of fundamental outcomes in the betting pool.

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

• enabling at least two types of user-placed bets to be offered for placement in a common betting pool, there being a plurality, including more than one, of possible winning outcomes for each of the at least two types of user-placed bets;
• establishing fundamental bets corresponding to respective ones of a plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of an underlying event and being mutually exclusive of each of the other fundamental outcomes;
• receiving a first user-placed bet that is of a first one of the at least two types of user-placed bets, along with a respective indication of limit odds, a desired payout, and a selected outcome;
• receiving a second user-placed bet that is of a second one of the at least two types of user-placed bets, along with a respective indication of limit odds, a desired payout, and a selected outcome, at least one winning outcome of the second user-placed bet being mutually exclusive of each winning outcome of the first user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets;
• and
• determining a respective premium for each of the first and second user-placed bets as a function of the respective selected outcome, the respective limit odds, the respective desired payout and a total amount wagered in the plurality of fundamental outcomes.

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

• enabling at least two types of user-placed bets to be offered for placement in a common betting pool, there being a plurality, including more than one, of possible winning outcomes for each of the at least two types of user-placed bets;
• establishing fundamental bets corresponding to respective ones of a plurality, including more than one, of fundamental outcomes of the betting pool, each fundamental outcome corresponding to one possible outcome of an underlying event and being mutually exclusive of each of the other fundamental outcomes;
• receiving a first user-placed bet that is of a first one of the at least two types of user-placed bets, along with a respective indication of limit odds, a desired payout, and a selected outcome;
• receiving a second user-placed bet that is of a second one of the at least two types of user-placed bets, along with a respective indication of limit odds, a desired payout, and a selected outcome, at least one winning outcome of the second user-placed bet being mutually exclusive of each winning outcome of the first user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• and
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets;
• and
• determining final odds for the first and second user-placed bets as a function of the selected outcomes, the limit odds, the desired payouts and a total amount wagered in the plurality of fundamental outcomes in the betting pool.

A computer-implemented method for processing user-placed bets received for placement in an enhanced parimutuel betting pool on an underlying event, comprising:

• establishing fundamental outcomes for the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other ones of the fundamental outcomes;
• establishing a fundamental bet on each of the fundamental outcomes;
• receiving a first user-placed bet and a second user-placed bet, there being a respective plurality, including more than one, of possible winning outcomes for each of the first and second user-placed bets, at least one winning outcome of the first user-placed bet being mutually exclusive of all winning outcomes of the second user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets;
• and
• determining at least one of a premium and a payout for each of at least one of the user-placed bets as a function of a demand-based valuation of each fundamental bet in the respective equivalent combination for the respective user-placed bet.

A computer-implemented method for processing user-placed bets received for placement in an enhanced parimutuel betting pool on an underlying event, comprising:

• establishing fundamental outcomes for the betting pool, each one of the fundamental outcomes corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other ones of the fundamental outcomes;
• establishing a fundamental bet on each of the fundamental outcomes;
• receiving a first user-placed bet and a second user-placed bet, there being a respective plurality, including more than one, of possible winning outcomes for each of the first and second user-placed bets, at least one winning outcome of the first user-placed bet being mutually exclusive of all winning outcomes of the second user-placed bet;
• converting, by a processor, the received first user-placed bet into an equivalent combination of a first plurality, including more than one, of the established fundamental bets, the first plurality including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received first user-placed bet;
• converting, by the processor, the received second user-placed bet into an equivalent combination of a second plurality, including more than one, of the established fundamental bets, the second plurality (a) including all of the established fundamental bets for which winning outcomes are consistent with winning outcomes of the received second user-placed bet, and (b) being different than the first plurality;
• determining a price for each fundamental bet as a function of a price of each of the other fundamental bets of the betting pool, a total filled amount in each fundamental outcome, and a total amount wagered in the plurality of fundamental outcomes of the betting pool;
• and
• placing, by the processor, each of the equivalent combinations of the first and second plurality of the established fundamental bets in the pool in place of the received user-placed bets, wherein each bet placed in the betting pool is one of the fundamental bets.

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

• for each of a first received user-placed bet and a second received user-placed bet:
• receiving an indication of respective limit odds, a respective requested premium, and a respective selected outcome, each of at least one winning outcome that is consistent with the selected outcome of one of the first and second user-placed bets being mutually exclusive of the selected outcome of the other of the first and second user-placed bets, each of the selected outcomes being consistent with a respective plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other fundamental outcomes;
• determining, by a processor and as a function of the selected outcome for the respective bet, a combination of fundamental bets that is equivalent to the respective received bet, each of the combination of fundamental bets being on a respective one of the respective plurality of fundamental outcomes with which the respective received user-placed bet is consistent, the combinations being different from each other;
• and
• determining respective final odds by engaging in a demand-based valuation of the determined respective equivalent combination of fundamental bets.

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

• for each of a first received user-placed bet and a second received user-placed bet:
• receiving an indication of respective limit odds, a respective desired payout, and a respective selected outcome, each of at least one winning outcome that is consistent with the selected outcome of one of the first and second user-placed bets being mutually exclusive of the selected outcome of the other of the first and second user-placed bets, each of the selected outcomes being consistent with a respective plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other fundamental outcomes;
• determining, by a processor and as a function of the selected outcome for the respective received bet, a combination of fundamental bets that is equivalent to the respective received bet, each of the combination of fundamental bets being on a respective one of the respective plurality of fundamental outcomes with which the respective received user-placed bet is consistent, the combinations being different from each other;
• and
• determining respective final odds by engaging in a demand-based valuation of the determined respective equivalent combination of fundamental bets.

A computer system for betting in an enhanced parimutuel betting pool, comprising:

• at least one computer processor configured to perform the following for each of a first received user-placed wager and a second received user-placed wager:
• receive wager information regarding the received wager and including a respective selected outcome of an underlying event, an indication of respective limit odds on the selected outcome, and one of a respective requested premium and a respective desired payout on the selected outcome, the selected outcome of one of the first and second user-placed wagers being mutually exclusive of at least one winning outcome consistent with the selected outcome of the other of the first and second user-placed wager, each of the selected outcomes being consistent with a respective plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other fundamental outcomes;
• determine a respective filled premium amount bet by the respective received user-placed wager, the determination being a function of the one of the respective requested premium and the respective desired payout and a comparison of the respective limit odds with respective final odds on the respective received user-placed wager;
• determine, as a function of the respective selected outcome, a combination of fundamental bets that is equivalent to the respective received wager, each of the combination of fundamental bets being on a respective one of the respective plurality of fundamental outcomes with which the respective received user-placed wager is consistent, and the combinations being different from each other;
• and
• determine the respective final odds by engaging in a demand-based valuation of the determined respective equivalent combination of fundamental bets.

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 and being mutually exclusive of each of the other fundamental outcomes;
• establish a fundamental bet on each of the fundamental outcomes;
• receive a first user-placed wager on a respective selected outcome, the first user-placed wager including an indication of respective limit odds and one of a respective requested premium and a respective desired payout, the selected outcome being consistent with a first plurality, including more than one, of the fundamental outcomes;
• receive a second user-placed wager on a respective selected outcome, at least one winning outcome of which being mutually exclusive of the selected outcome of the first user-placed wager, the second user-placed wager including an indication of respective limit odds and one of a respective requested premium and a respective desired payout, the selected outcome of the second user-placed wager being consistent with a second plurality, including more than one, of the fundamental outcomes;
• convert each of the received first and second user-placed wagers into a respective equivalent combination of the established fundamental bets, the respective equivalent combination corresponding to the respective plurality of fundamental outcomes with which the respective selected outcome of the respective received wager is consistent, and the two combinations being different from each other;
• and
• determine respective final odds for each of the received first and second user-placed wagers by engaging in a demand-based valuation of the determined fundamental bets in the respective equivalent combination.

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, for each of a first received user-placed bet and a second received user-placed bet:
• receive an indication of respective limit odds, one of a respective desired payout and a respective requested premium, and a respective selected outcome the selected outcome of one of the first and second user-placed bets being mutually exclusive of at least one winning outcome of the selected outcome of the other of the first and second user-placed bets, each of the selected outcomes being consistent with a respective plurality, including more than one, of fundamental outcomes, each fundamental outcome corresponding to one possible outcome of the underlying event and being mutually exclusive of each of the other fundamental outcomes;
• and
• provide an indication of respective final odds for the respective received user-placed bet, the final odds being determined by engaging in a demand-based valuation of a respective combination of fundamental bets determined by the processor to be equivalent to the respective received user-placed bet and corresponding to, and being bets on respective ones of, the respective plurality of fundamental outcomes with which the respective selected outcome is consistent, the two combinations being different from each other.

A computer program product capable of processing a wager in a betting pool, 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 and being mutually exclusive of each of the other fundamental outcomes;
• establish a fundamental bet on each of the fundamental outcomes;
• receive a first user-placed wager on a respective selected outcome, the first user-placed wager including an indication of respective limit odds and one of a respective requested premium and a respective desired payout, the selected outcome being consistent with a first plurality, including more than one, of the fundamental outcomes;
• receive a second user-placed wager on a respective selected outcome, at least one winning outcome of which is mutually exclusive of the selected outcome of the first user-placed wager, the second user-placed wager including an indication of respective limit odds and one of a respective requested premium and a respective desired payout, the selected outcome of the second user-placed wager being consistent with a second plurality, including more than one, of the fundamental outcomes;
• convert each of the received first and second user-placed wagers into a respective equivalent combination of the established fundamental bets, the respective equivalent combination corresponding to the respective plurality of fundamental outcomes with which the respective selected outcome of the respective received wager is consistent, the combinations being different from each other;
• and
• determine respective final odds for each of the received first and second user-placed wagers by engaging in a demand-based valuation of the determined fundamental bets in the respective equivalent combination.

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

• establishing fundamental outcomes for the underlying event, each fundamental outcome corresponding to one possible outcome of the event and being mutually exclusive of each of the other fundamental outcomes;
• establishing a fundamental bet on each of the fundamental outcomes;
• and
• for each of a first user-placed wager and a second user-placed wager:
• receiving an indication of respective limit odds, one of a respective requested premium and a respective desired payout, and a respective selected outcome that is consistent with a respective plurality, including more than one, of fundamental outcomes, at least one winning outcome of the selected outcome of the first user-placed wager being mutually exclusive of the selected outcome of the second user-placed wager;
• converting each of the first and second user-placed wagers into an equivalent combination of a respective plurality, including more than one, of the established fundamental bets, the respective plurality of established fundamental bets being on the respective plurality of fundamental outcomes that are consistent with the respective selected outcome of the respective user-placed wager, the combinations being different from each other;
• and
• determining respective final odds for the respective user-placed wager by engaging in a demand-based valuation of the determined fundamental bets in the respective equivalent combination.

A computer-implemented wagering method, comprising:

• for each of two received requests for placement of respective user-placed bets of different type, allocating, by a processor, portions of a premium specified for the respective bet request to a respective plurality, including more than one, of predefined fundamental bets determined to be equivalent to the respective user-placed bet, wherein:
• each of the predefined fundamental bets corresponds to a respective one of a plurality, including more than one, of predefined mutually exclusive fundamental outcomes;
• the two pluralities of predefined fundamental bets are different from each other;
• and
• at least one possible winning outcome of the first of the user-placed bets is mutually exclusive of each possible winning outcome of the second of the user-placed bets;
• and
• executing the respective pluralities of bets instead of the requested user-placed bets.

A computer-implemented wagering method, comprising:

• for each of two received requests for placement of a respective user-placed bet on a respective user-placed outcome, the respective user-placed outcome of the first request being mutually exclusive of at least one possible winning outcome of the respective user-placed outcome of the second request:
• allocating by a computer processor portions of a premium specified for the respective bet request to a respective plurality, including more than one, of predefined fundamental bets, each of the predefined fundamental bets being on a respective one of a plurality, including more than one, of predefined fundamental and mutually exclusive outcomes, the respective plurality of predefined fundamental bets being determined by the processor to be equivalent to the respective requested user-placed bet, wherein, for each of the requested user-placed bets, the fundamental outcomes to which the respective plurality of predefined fundamental bets correspond are all consistent with the respective user-placed outcome of the respective user-placed bet, and wherein the two pluralities of predefined fundamental bets are different from each other;
• and
• placing the allocated premiums in association with the plurality of predefined fundamental bets into a common betting pool.