Methods and systems for betting with pari-mutuel payouts

Abstract

A server for facilitating real-time betting, wherein the server communicates with clients via a distributed computing network. The server includes a memory storing an operating system, an instruction set, event data related to a sporting event, gambler data related to gamblers participating in a competition based upon the sporting event and site data related to electronic pages associated with the real-time para-mutuel betting. A processor runs the instruction set and communicates with the memory and the distributed computing network. The processor is operative to enroll the gamblers by presenting betting rules associated with the sporting event, collect wagering from the gamblers, accept predictions for discrete events within the sporting event from each gambler and determine a first winner of the competition based upon the predictions.

Description

BACKGROUND OF THE INVENTION [0001] 1. Field of the Invention [0002] The subject disclosure relates to methods and systems for gaining technology in a distributed computing network, and more particularly to improved methods and systems for betting with pari-mutuel payouts while utilizing the real-time capabilities of a distributed computing network. [0003] 2. Background of the Related Art [0004] Bookmaking is the practice of gambling on sporting events. A bookmaker or bookie is an entity that takes bets and pays winnings to the gamblers. Traditional bookmaking is generally illegal in the United States, with Nevada being a notable exception. In the United States, most bookmakers accept wagers on boxing, college sports, professional sports, horse racing and dog racing. In other countries, such as the United Kingdom, a wider range of bets is common such as outcomes of political elections, the Wimbledon tennis champion and the probability that it will snow on Christmas. [0005] Bookmaking...

AI Technical Summary

Benefits of technology

[0011] It is an object of the disclosed technology to combine the very attractive features of pari-mutuel gambling with games and sporting events where one could only traditionally bet against the house. It is another object to incorporate advancements in communications that allow easily tracking events in real-time. It is another object to remove the risk for the house, which cannot easily balance the risk for real-time betting by varying the odds.

[0012] One embodiment of the subject technology is directed to a server for facilitating real-time betting, wherein the server communicates with clients via a distributed computing network. The server includes a memory storing an operating system an instruction set, event data related to a sporting event, gambler data related to gamblers participating in a competition based upon the sporting event and site data related to electronic pages associated with the real-time para-mutuel betting. A processor runs the instruction set and communicates with the memory and the distributed computing network. The processor is operative to enroll the gamblers by presenting betting rules associated with the sporting event, collect wagering from the gamblers, accept predictions for discrete events within the sporting event from each gambler and determine a first winner of the competition based upon the predictions.

Problems solved by technology

However, if a bettor believes that an unlikely event will occur, such as a large underdog winning outright rather than merely by winning with the spread added to their total, the bettor is not rewarded and receives the same payout as the underdog bettor who relied on the spread.

It is possible for a skilled player to win money in the long run at this type of gambling, but overcoming the deficit produced by taxes, the house take, and loosing is difficult to accomplish and few handicappers are successful.

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