Fixed-Odds/Pari-Mutuel Racing Product

Abstract

The present invention relates to a wagering system that satisfies pari-mutuel regulations while offering patrons fixed-odds at the time the wager is made. More specifically, the present invention is directed to a method of providing a fixed-odds pari-mutuel wagering system for wagering on entries in a race wherein the system may include the steps of opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race; batching the bets received at the fixed odds in a given entry and evaluating each proposed wager at the initial fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the previous determination; placing rejected, in whole or in part, wagers in a queue for later evaluation; based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race, batching and evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the previous determination; based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering; optionally repeating the previous steps as necessary before closing the wagering system.

Description

TECHNICAL FIELD [0001] The present invention relates to a wagering system that satisfies pari-mutuel regulations while offering patrons fixed-odds at the time the wager is made. More specifically, the present invention relates to a wagering system whereby patrons may place wagers on horse and greyhound racing, or other pari-mutuel events, on a fixed-odds basis so that once a patron places a wager, the payoff on that wager is fixed based on the terms of the wager when the wager was initially placed. BACKGROUND OF THE INVENTION [0002] In most jurisdictions in the United States, the only type of wagering allowed on horse and greyhound racing (collectively “racing”) is pari-mutuel wagering. In pari-mutuel wagering, the house retains a fixed percent of the handle (i.e., the total amount wagered) in each pari-mutuel wagering pool, and the remainder is paid out to those patrons who wagered on the winning entry. The house's retention is the sum of the established fees (for example, commissi...

AI Technical Summary

Benefits of technology

"The present invention provides a fixed-odds pari-mutuel wagering system for wagering on entries in a race or other event. The system offers patent text describes a method for accepting or rejecting fixed-odds wagers, while keeping the ratio of bets to the entries in the proper proportion to satisfy pari-mutuel regulations. The system also allows for the adjustment of odds to make them more closely match the opinion of the betting audience. The method includes steps such as opening the system with an initial pool of fixed-odds, evaluating each proposed wager to determine if it satisfies a predetermined pari-mutuel calculation, and accepting or rejecting the wager based on the evaluation. The system can also offer a subsequent pool of fixed-odds with modified odds for further wagering. The technical effects of the invention include improved efficiency in managing pari-mutuel wagering and increased flexibility in offering fixed-odds wagers to patent text proposes a method for providing a fixed-odds pari-mutuel wagering system for wagering on entries in a race or other event. The system offers an efficient way to manage pari-mutuel wagering and allows for the adjustment of odds to better match the opinion of the betting audience. The method includes steps such as opening the system with an initial pool of fixed-odds, evaluating each proposed wager to determine if it satisfies a predetermined pari-mutuel calculation, and accepting or rejecting the wager based on the evaluation. The system can also offer a subsequent pool of fixed-odds with modified odds for further wagering."

Problems solved by technology

However, these odds are likely to change, often radically, under the influence of the wagering pattern of subsequently placed wagers.

This usually cannot be determined with reasonable certainty with a pari-mutuel wager.

Thus, even though the house has the discretion of accepting or rejecting, in whole or in part, any wager it receives, it has no way of determining the course of action it should take on a specific wager.

The wagers that have been accepted may not satisfy the pari-mutuel calculation, and as there can be no way of knowing the sums of the bets to be subsequently received, it is not possible to assure that the pool of bets accepted can satisfy the pari-mutuel regulations.