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

[0011] In accordance with the wagering systems disclosed above, the initial fixed-odds may be based upon a knowledgeable estimate of what a population of available patrons will expect the odds on each particular entry to be. The predetermined pari-mutuel calculation may be satisfied when the proposed wager on a particular entry is such that the total payout on that entry at the offered fixed-odds is equal to the total amount accepted in the entire pool minus a house retention. The predetermined criteria may keep the pari-mutuel pool open for a period of time so that that the wagering system maximizes the total dollar volume of wagers able to be accepted in the pool under the pari-mutuel regulations. The wagering system may remain open until all wagers that can be accepted, are accepted. Alternatively, the wagering system may remain open until the race begins.

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.