Select Five Betting Pool Management System
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Solution Overview
Problem
Current wagering systems on horse races do not provide an efficient method for bettors to select and manage bets on multiple races, limiting flexibility and opportunities for winning, especially when some selected races result in losses early in the day.
Innovation Solution
A method and system that allow bettors to select five horse races out of those scheduled, with the option to re-enter the betting pool by selecting new races if one of their initial selections loses, and a processor-operated system to manage and distribute payouts based on winning selections, including a carryover mechanism for unpaid payouts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If bettors are allowed to select five races out of many scheduled races, then bettor flexibility and variety of betting options are improved, but system complexity and difficulty of managing payouts are worsened
Solution Approach 1:
The patent segments the betting system into distinct functional modules: race selection interface, bet placement module, payout calculation engine, and result verification system. Each module handles specific aspects of the Select Five betting process independently, making the overall complex system manageable and maintainable while providing bettors with flexible race selection capabilities.
Solution Approach 2:
The patent introduces an intermediary computing system that acts as a mediator between bettors and the racing track operations. This intermediary system automatically manages the complex calculations of potential payouts across multiple race combinations, verifies results, and distributes winnings, thereby resolving the complexity burden from the betting system while maintaining bettor flexibility.
2Productivity
If bettors can re-enter the betting pool after an early loss, then betting opportunities and engagement are improved, but potential loss of revenue for the track is worsened
Solution Approach 1:
The patent implements dynamic betting pool management where the system automatically adjusts pool composition and payout calculations based on real-time race results and remaining races. When a bettor experiences an early loss, the system dynamically re-calculates potential winnings based on remaining race combinations, allowing re-entry while maintaining optimal revenue distribution through automated pool management.
Solution Approach 2:
The patent changes the parameter of pool eligibility from a static condition (single entry) to a dynamic condition (multiple entries based on race outcomes). The system monitors race results and automatically updates bettor eligibility status, allowing re-entry into the pool under modified conditions that balance bettor engagement opportunities with track revenue protection through adjusted payout structures.
3Reliability
If the system manages carryover amounts from previous racing days, then payout fairness and bettor incentives are improved, but calculation complexity and processing time are worsened
Solution Approach 1:
The patent implements preliminary calculation of carryover amounts by pre-processing pool data from previous racing days before the current race day begins. The system automatically calculates unresolved payouts, identifies carryover eligible bets, and prepares distribution schedules in advance, thereby ensuring payout fairness while minimizing processing time during actual race day operations.
Data Source
AI summary
A method for managing horseracing bets is provided. The method includes receiving one or more bets. Each bet comprises a selection of five horse races selected from a plurality of horse races scheduled to be run at a track in a day, a selection of a respective horse for each of the five horse races selected and a bet amount. The method also includes combining each bet amount to form a betting pool and determining an amount of a total payout for the day based at least in part on the betting pool.