Historical Event Pari-Mutuel Pools for Accuracy-Based Wagering
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Solution Overview
Problem
Existing systems do not facilitate pari-mutuel wagering on multiple past events, allowing multiple players to bet against each other on historical outcomes, with payouts based on the accuracy of their predictions, and do not efficiently manage and calculate odds and prizes in a centralized manner.
Innovation Solution
A system and method for live pari-mutuel wagering on multiple past events, utilizing processors and communication networks to create and manage bets with execution times, maintain pari-mutuel pools, and calculate odds and prizes, while allowing players to select and adjust rankings for historical event participants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If a system facilitates pari-mutuel wagering on multiple past events with multiple players betting against each other, then player engagement and wagering variety are improved, but system complexity and calculation requirements increase
Solution Approach 1:
The system segments the wagering process into distinct functional modules: event selection module, player ranking input module, prediction accuracy calculation module, and prize distribution module. Each module handles a specific aspect of the complex wagering process, making the overall system more manageable and easier to implement despite the multifaceted nature of multi-player historical event betting.
Solution Approach 2:
The system is designed as a universal platform that can handle multiple types of historical events (races, sports competitions, auctions) and multiple players simultaneously. The core calculation engine universally applies prediction accuracy formulas across different event types and player combinations, reducing the need for event-specific customization and simplifying system architecture.
2Measurement precision
If the system calculates payouts based on prediction accuracy for multiple historical events, then wagering precision and player skill differentiation are improved, but calculation time and processing requirements increase
Solution Approach 1:
The system performs preliminary calculations by pre-determining the difficulty scores for each historical event based on available data quality, event type, and number of participants. These pre-calculated metrics are stored and reused when players place wagers, eliminating the need to recalculate event difficulty metrics in real-time and significantly reducing processing time during actual wagering operations.
Solution Approach 2:
The system transforms the complex multi-dimensional prediction accuracy problem into a standardized parameter-based calculation model. By converting various prediction factors (event type, data availability, participant count) into weighted parameters with predetermined coefficients, the system enables efficient computational processing while maintaining high measurement precision for prediction accuracy assessment.
3Productivity
If the system maintains centralized pools for managing wagers and prizes across multiple events, then prize distribution fairness and pool management efficiency are improved, but system resource requirements and operational complexity increase
Solution Approach 1:
The system merges multiple event-specific wagering pools into a single centralized prize pool that accumulates wagers from all historical events. This consolidation eliminates the need to maintain separate accounting systems for each event, reduces administrative overhead, and improves prize distribution efficiency. The unified pool is managed through a single set of rules and calculation procedures, simplifying operations despite handling diverse event types.
Data Source
AI summary
A system for facilitating live pari-mutuel betting between multiple individuals betting on the outcome of historical events. Player prizes may be awarded based on how closely each player comes to matching the actual results of the participants of the events. The system may provide multiple different bets for players to wager on. Each bet may include a collection of multiple events, and a deadline for determining the outcome of the wagers placed by all players. Higher payouts may be offered for players who more closely match the actual outcomes of the events. The system optionally includes different configurations of software and hardware providing a variety of different configurations for facilitating the disclosed process.