Parimutuel Platform Aggregating Wager Pools
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Solution Overview
Problem
Traditional parimutuel betting systems cannot combine point spread bets with straight bets into a single pool, leading to additional risk for operators and uneven payouts for bettors, as point spread bets have more outcomes and non-mutually exclusive winning conditions.
Innovation Solution
A parimutuel platform that aggregates single and multiple event wagers into a single pool, using processors to allocate wager portions evenly across outcomes, ensuring uniform payouts regardless of other event outcomes, and iteratively reallocate wagers to maintain equilibrium and uniformity.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If point spread bets and straight bets are kept in separate pools, then traditional parimutuel systems can maintain simple payout structures, but operators face additional risk and bettors receive uneven payouts
Solution Approach 1:
The patent combines point spread bets and straight bets into a single parimutuel pool, allowing both bet types to coexist and be settled together. This merging eliminates the need for separate pools and reduces operator risk by diversifying the betting pool while maintaining a unified settlement mechanism that handles both bet types appropriately.
2Quantity of substance
If single event wagers and multiple event wagers are combined in a single pool, then the pool size increases improving odds for long-shots, but payout uniformity for single event wagers may be compromised
Solution Approach 1:
The patent segments the pool into different wager types (single event and multiple event wagers) while maintaining a unified parimutuel structure. This segmentation allows the system to handle different bet types with appropriate settlement rules within the same pool, preserving payout uniformity for single event wagers while benefiting from the increased pool size.
Solution Approach 2:
The patent applies different settlement rules to different portions of the pool based on wager type. Single event wagers receive uniform payouts determined by their own outcomes, while multiple event wagers are settled based on their specific conditions. This local quality approach ensures that single event wager payouts remain uniform and independent of other event outcomes.
3Adaptability or versatility
If point spread bets are included in parimutuel systems, then more bet types can be accommodated in a single pool, but the system must handle non-mutually exclusive winning outcomes
Solution Approach 1:
The patent creates a universal parimutuel pool that can accommodate multiple bet types including both straight bets and point spread bets. The unified pool structure and settlement mechanism can handle different wager types with their various outcome conditions, making the system versatile while maintaining operational simplicity through standardized procedures.
Data Source
AI summary
An enhanced parimutuel platform allows for the combination of multiple and single event wagers within a single pool, while maintaining payouts for the single event wagers that are independent of the multiple events. The enhanced parimutuel platform also allows for uniform payouts for wagers having a different number of outcomes for a single event, such as moneyline and point spread wagers.