Pari-Mutuel Wagering System Synchronizing Historical Races
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current pari-mutuel wagering systems, particularly in 'instant racing,' face challenges in providing users with the same level of excitement and entertainment experienced in live racing, as participants often cannot watch the same historical race simultaneously, leading to insufficiently large wagering pools and reduced interest.
Innovation Solution
The system allows individual players to wager on their own historical races, with a networked totalisator and terminal control software enabling the assembly of collections of previously-run contests, offering customizable interfaces and mathematical modeling for variable wagering results, ensuring payouts depend on the finishing place of contestants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If individual players wager on their own historical races separately, then each player can have personalized wagering experience, but the wagering pools become insufficiently large and user engagement decreases
Solution Approach 1:
The patent combines multiple individual wagering sessions into a synchronized group event where players wager on different historical races simultaneously. The system merges isolated wagering experiences into a collective entertainment event, creating a virtual racetrack environment where participants compete alongside each other in real-time, thereby building larger wagering pools while maintaining personalized experiences.
Solution Approach 2:
The patent adds a temporal and spatial dimension to historical race wagering by synchronizing multiple races across different time zones and historical periods into a unified virtual event. Players can wager on races from different eras and locations simultaneously, creating a multi-dimensional wagering experience that aggregates pools across diverse racing contexts while preserving individual race characteristics.
2Adaptability or versatility
If players cannot watch the same historical race simultaneously, then individual wagering freedom is maintained, but excitement and entertainment levels drop below live racing experiences
Solution Approach 1:
The system implements real-time feedback mechanisms where players receive updates on race progress, odds changes, and competitor actions across multiple synchronized races. The virtual racetrack environment provides continuous feedback on race positions, times, and outcomes, creating an engaging narrative arc that mimics the tension and excitement of live racing while allowing players to wager on different historical events simultaneously.
Solution Approach 2:
The patent creates a universal virtual racetrack platform that can simultaneously host multiple historical races with different characteristics, eras, and locations. The system universally applies synchronized timing, odds calculation, and result display mechanisms across diverse racing contexts, maintaining individual wagering freedom while delivering the collective excitement of watching races unfold in real-time through multi-functional virtual environments.
3Measurement precision
If pari-mutuel odds are calculated based on total pool amounts, then accurate payout determination is achieved, but users cannot know final odds until after wagering closes reducing pre-bet planning ability
Solution Approach 1:
The system performs preliminary odds calculations and displays projected payouts before the wagering period closes. Players can see estimated returns based on current pool amounts and make informed decisions about their wagers. The system updates these preliminary odds in real-time as wagers are placed, allowing players to adjust their strategies while maintaining the accuracy of final pari-mutuel calculations that will be performed after the pool closes.
Data Source
AI summary
An improved method for allowing players to make pari-mutuel wagers on previously-run, order-of-finish contests (PROOFCs) includes the steps of enabling the operator of a pari-mutuel wagering enterprise to: (1) access the database of race conditions pertaining to each of the PROOFCs and assemble a specified collection of PROOFCs upon which a player may elect to wager or not wager on a specific PROOFC, (2) select the number of contestants and the race conditions applicable to each of the PROOFCs so as to yield a wagering experience for the player (with sufficiently variable results and an acceptable financial return on the player's wagers) that makes it likely the player will again use this improved method of wagering, and wherein the wagering is conducted such that whether a player's selection is determined to be a winner depends on the performance of the selected contestant.