The present invention provides a
system that creates virtual events within a
virtual world. A virtual event may be akin to a real event, but is completely computer generated within a computer-generated world and is based on statistical measures, either real world or created. Numerous characteristics about the competitors and the competition location parameters are available before a competition event. Based on the known parameters about the location of an event and the characteristics of the participants and their historical past performances in similar events enable bettors to make informed wagers on an event that greatly enhances the satisfaction and involvement in a competition event. As such, Histories of virtual events are maintained on actual virtual performance data of competitors in the
virtual world. The histories can include all relevant virtual data about a competitor and the past events the competitor competed.The virtual event may be created by an event engine, scheduled, and broadcast or simulcast in real-time through-out the real-world using existing and conventional video transport media, such as web, TV,
satellite,
telephone network, and cable. A
video delivery system is used that will allow high quality
high definition video to be broadcast worldwide with very low bandwidth requirements (<20 kb / s).Individuals throughout the real-world may place wagers (e.g., bets) on the outcome of either a pari-mutuel event or a fixed
odds event, utilizing either pari-mutuel, exchange wagering or fixed
odds wagering systems. The virtual event may be any type of sport, or skill based game that is usually between competitors.