Competitive Wagering System for Betting on an Event
a wagering system and event technology, applied in the field of competitive wagering system for betting on an event, can solve the problems of gambler entire parlay losing, and losing the entire parlay
- Summary
- Abstract
- Description
- Claims
- Application Information
AI Technical Summary
Benefits of technology
Problems solved by technology
Method used
Image
Examples
example 1
[0044]An example showing how the payoff odds are calculated in a parimutuel system for an event, which in this case is a horse race having eight running horses. All figures shown below are Australian dollars.
[0045]Each horse has a certain amount of money wagered on it winning the race:
1$30.002$70.003$12.004$55.005$110.006$47.007$150.008$40.00
[0046]Thus the total pool of money on the race is $514.00. First the commission or take for the wagering company is deducted from the pool, for example with a commission rate of 14.25% the calculation is: $514×(1−0.1425)=$440.76.
[0047]Following the start of the race, no more wagers are accepted. The race is won by horse number 4, which had a total amount $55.00 wagered on it to win the race.
[0048]The payout is now calculated. The remaining amount in the pool is now distributed to those who correctly wagered on horse number 4 winning the race: $440.76 / $55=$8.00 per $1.00 wagered. This payout includes the $1.00 wagered plus an additional $7.00 pro...
example 2
[0061]Three players Bob, Sue and John have visited a horse track on race day and want to utilise the wagering system of the present invention. The race day consists of eight races. The selections for each of the eight races of the day must be made before the start of the first race. Bob, Sue and John also select one horse in one of the races that is to be run that day as their “mystery selection”.
[0062]Their selections are detailed as follows, with the mystery selection being indicated by the star* and the shaded box:
[0063]As can be seen above, Bob selected race 4, horse number 8, Sue selected race 5, horse number 3 and John selected race 7, horse number 4 as their mystery selections.
[0064]The betting organiser's computer or other suitable system, such a lottery or the like, then randomly selects a horse number in one of the eight races that is to be run on the race day. In this particular case, the computer system randomly selects race 5, horse number 3. This is shown as follows, w...
example 3
[0073]Three players Bob, Sue and John visit a horse track on race day and utilise the wagering system of the present invention. The race day consists of eight races. The selections for each of the eight races of the day must be made before the start of the first race. Bob, Sue and John also select one horse in one of the races that is to be run that day as their “mystery selection”. The betting organiser's computer system also makes a random mystery selection.
[0074]Their selections are detailed as follows, with the mystery selection being indicated by the star* and the shaded box:
[0075]Once all the bets have been collected prior to the first race of the day being run, the betting organiser (such as TAB Limited) removes their commission and pays any necessary taxes from this initial pool of funds. The payoff odds are then calculated for each of the horses in all of the eight races that are scheduled to be run that day. If one or more of the horses are scratched from any of the races,...
PUM
Login to View More Abstract
Description
Claims
Application Information
Login to View More