Pari-Mutuel Wagering System With Segmented Randomized Bets
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Solution Overview
Problem
Conventional pari-mutuel wagering systems face challenges in attracting a wide variety of patrons due to complex handicapping processes and unpredictable jackpots, which deter casual bettors and result in a perceived disadvantage for those who do not handicap wagers.
Innovation Solution
A method and system that allow bettors to input their predictions for a portion of their wagers while another portion is randomized, creating a partially random wager, which increases jackpot predictability and size, and simplifies the prediction process by combining player-selected and randomly selected aspects to form a wager.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If bettors are required to handicap their wagers by studying event details and making educated predictions, then the wagering process becomes more engaging for knowledgeable bettors, but the complexity and time required increases significantly, deterring casual bettors
Solution Approach 1:
The wager is divided into two independent components: a player-selected portion and a randomly generated portion. This segmentation allows casual bettors to participate without needing to handicap the entire wager, while still allowing knowledgeable bettors to apply their skills to the selected portion. The system separates the complex handicapping task from the random element, enabling patrons of all skill levels to engage with the wagering system.
Solution Approach 2:
The random number generator acts as an intermediary that bridges the gap between player selection and final wager outcome. By introducing this neutral random element, the system mediates between the player's limited analysis and the complexity of predicting all aspects of the event outcome, creating a balanced wagering experience that doesn't require expert-level handicapping skills.
2Productivity
If jackpots are determined purely by the betting pool and number of winners in conventional pari-mutuel wagering, then the payout structure remains simple, but the jackpot size becomes unpredictable and may be too small to attract casual bettors
Solution Approach 1:
The system performs preliminary actions by pre-determining the jackpot amount based on the betting pool before the event concludes and winners are identified. By calculating the expected jackpot in advance using the formula (betting pool × jackpot percentage) ÷ expected winners, the system establishes a reliable and predictable jackpot target that can be displayed to attract bettors, rather than leaving it as an uncertain outcome determined only after the event.
3Ease of operation
If the entire wager is randomized like a quick-pick, then the wagering process becomes simple and attractive to casual bettors, but knowledgeable bettors feel disadvantaged as they cannot apply their handicapping skills
Solution Approach 1:
The wagering system applies different qualities to different portions of the wager: the player-selected portion allows for skilled handicapping and strategic decision-making, while the randomly generated portion provides simplicity and eliminates the need for analysis. This local differentiation of quality within the single wager structure enables both casual and knowledgeable bettors to engage with the system in ways that match their skill levels and preferences.
Data Source
AI summary
The present invention provides methods and systems of conducting wagers, such as pari-mutuel wagers. In one exemplary embodiment, an event, such as a horse race, dog race, a combination of races, etc., is identified for which a plurality of bettors may each place at least one wager. Each bettor of the plurality is enabled to provide input regarding at least one portion of their respective at least one wager prior to the event. At least one other portion of each bettor's at least one wager is randomized prior to the event. The wager then comprises the combination of the bettor selected portion and randomized portion. In one exemplary embodiment, the player selected portion may include selecting bettor-preferred participants of the event while the randomly selected portion may include the randomly assigning a finishing order to the player selected participants.