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Para mutuel sports betting

I think the best way to explain the parimutuel betting system is to compare it to fixed odds betting system that most people are familiar with. With fixed odds betting the oddsmaker sets the odds for a particular outcome and if this outcome occurs you are paid out based on the odds you bet at, regardless of what every other individual betting on the event wagered on.

With fixed odds betting you are wagering against the sportsbook at the odds given. In contrast parimutuel betting basically involves betting against other gamblers who are betting on the same event. The potential payout for each outcome changes as more bets are placed, so the odds that you see when you place your bet, may not be the same odds that you are paid out at if more bets are placed after your wager. Here is an example to show how your payout can change even after you placed your bet at certain odds.

Consider a horse race with 8 runners. This is a common thing with parimutuel betting and is the reason why it is smartest to place your bets closer to the starting of the race. These elements will be discussed in more detail below. The input elements include various communication devices used by bettors to interact with wagering system , such as wireless phones 80 e.

The bettor can interface indirectly via personal interaction with a casino sportsbook operator The casino sportsbook operator will interface directly with the wagering game system via one of the direct methods, usually via an internet-accessible computer Hence, computer may also be classified as an input element.

The bettor can interface indirectly via interaction with a wagering system operator The wagering system operator may be a casino sportsbook operator that interfaces with customers that communicate with the wagering game system via a voice network device such as a wireless phone, VoIP phone or landline telephone.

This approach is a hybrid approach since the bettor uses electronic communications devices to verbally communicate with a live operator in order to interface with the wagering game system, with the wagering system operator interfacing with the wagering game system via one of the direct methods, usually via an internet-accessible computer In this manner, computer also acts as an input element.

In the preferred embodiment of the present invention, system includes several linking elements including wireless network 70 , gateway 50 , and portal The linking elements may further include conventional wired networking elements, the internet, and other conventional communications conduits and elements. The linking elements are communicatively coupled to the input elements and the processing elements, and allow for communication between the input and processing elements, thereby allowing bettors to place wagers from the input elements onto the processing elements.

The wireless communications network 70 may comprise a number of base stations, base station controllers, mobile switches and gateways, and provides for communications between the wireless devices and the wagering game system established and the means or channel by which the wireless communications devices interface with the wagering game system. The gateway 50 may comprise a conventional gateway device that acts as a communications interface and firewall.

The IVR processor provides interface functionality to the processing elements for bettors using voice devices such as a wireless phone 80 , VoIP phone or landline phone The IVR processor allows the bettor to interact with the wagering game by pressing numbers on a telephone keypad, which will allow the bettor to navigate the various menus and processes, place wagers, and perform other suitable interactions. The IVR processor allows direct interaction with the game from bettors using a wireless phone 80 , voice-over-IP VoIP phone , or landline telephone The voice portal provides interface functionality to the processing elements for bettors using certain internet-capable devices such as two-way pagers 90 or wireless PDAs The voice portal allows the bettor to interact with the wagering game by speaking directly into the telephone.

The voice portal has the ability e. Typical actions include such tasks as navigating selection menus, placing bets, entering passwords, and the like. The voice portal may also have the ability to recognize a particular bettor, through his or her speech, adding an additional layer of security. The wagering system host 10 is the core processing element in the wagering game system, handling wagering gaming and bettor accounting functions.

The wagering system host handles the processing functions associated with bettors' wagering accounts. Such functions may include game accounting, wager accounting, odds determination, winning wager determination, payout determination, system security, access permission and performance statistics accounting.

The wagering system host 10 may be a single server, device, or a combination of devices that collectively perform the functions described. The wagering system host's processing ability can be scaled in order to meet bettor demand with respect to the described functions. In addition, the wagering system host's processing ability can be scaled in order to meet bettor demand with respect to a particular game or demand with respect to new games.

The account database 30 is a database and storage element for the wagering game system. The account database 30 stores information regarding individual bettor accounts. The information stored includes financial transaction history, wager history, payout history, financial withholding information, financial reporting information and current wagers.

The performance statistics database 40 is a database and storage element for the wagering game system. The performance statistics database 40 stores information regarding the statistical performance of sport or event participants that are related to current and past games. The information stored would include all statistics that are pertinent to current and past games that are involved in the processing of ranking participants in order to determine wagers eligible for payout.

Historical performance statistics covering periods of time before offering particular wagering games may be stored in order to provide additional information so bettors can make more informed decisions, enhancing the ability of bettors to employ knowledge and skill.

In operation, a bettor can interact with the wagering system by interfacing either directly or indirectly with the wagering system host Having several independent interface methods and conduits allows bettors more convenience and availability, greater control of the gaming experience and greater enjoyment.

The bettor can interface indirectly with the system through personal interaction with a casino sportsbook operator The casino sportsbook operator may in turn interface directly with the wagering game system by way of one of the direct methods, usually through an internet-accessible computer In such case, the casino sportsbook operator will perform the wagering processing function as an intermediary between the bettor and the system The bettor may also interface indirectly through interaction with a wagering system operator The wagering system operator is a casino sportsbook operator that interfaces with customers that communicate with the wagering game system via a voice network device such as a wireless phone, VoIP phone or landline telephone.

This approach is a hybrid approach since the bettor uses electronic communications devices to verbally communicate with a live operator in order to interface with the wagering game system, with the wagering system operator interfacing with the wagering game system by a direct method, usually via an internet-accessible computer The wagering system operator will interface with the wagering game system as an intermediary between the bettor and the system. In the preferred embodiment, system is adapted to allow bettors to wager on human sporting events.

Examples of such human sporting events and wagers that may be established for such events are set forth below in Section III. Wagers according to the present invention may typically fall into two broad categories. For a particular wagering game, a bettor can make the various wagers with regard to participants' e.

Various examples of the types of statistics and games that may be implemented through system are set forth in Section III below. Based upon the participants' performance, the participants may be ranked by system relative to other participants. Some examples of rankings are shown below:. This assumes that there are sufficient participants in the betting field that there is no possibility of a participant filling more than one payout position.

For example, in a two participant field, the first place finisher is also the next to last place finisher. Not all of the shown wagers may be allowed, or more wagers may be allowed, based on field size and bettor interest. Note that the position wagers shown here are not the only wagers of this type possible. For example, position wagers for fifth place, six place, and the like, are possible, depending on field size and bettor interest. For a particular wagering game, a bettor can make the following wagers with regard to two or more participants' performance statistics with respect to the rest of the betting field for that game:.

For example, wagers on first place through fifth place, etc. Also, wagers predicting the finish positions of players in reverse order or wagers that payout based on the selected players all finishing in the selected range, or in any order, are possible. In general, to be eligible for payout, the bettor's wager must be correct. As opposed to contest games, the bettor does not have to prevail over other bettors; the bettor only has to be correct.

In some cases, similar to pari-mutuel wagering systems used in horse racing, a bettor's wager may be eligible for payout if the bettor's wager is partially correct. For example, a wager for Player A to show would be eligible for payout if the player finishes in first, second or third. The wager is not eligible for payout if the player finishes in a position less than third. Example Wagers Eligible for Payout: Type of Wager Wager Eligible for Payout if Win Selected player finishes first Place Selected player finishes first or second Show Selected player finishes first, second or third Clear Selected player finishes first, second, third or fourth Lag Selected player finishes next to last or last End Selected player finishes last Exacta Selected players finish first and second in order Trifecta Selected players finish first, second and third in order Perfecta Selected players finish first, second, third and fourth in order Closing Selected players finish last and next to last in order.

The types of wagers eligibility for payout can be expanded or reduced, depending on the field size and bettor interest. Host 10 may further include some additional capabilities that are described below. The capabilities described herein are not to be assumed to be inclusive of the full capabilities or sole capabilities of the host In the preferred embodiment, the host 10 may have the capability to uniquely identify each game and uniquely identify every betting pool corresponding to each game.

The host 10 will automatically register the total amount wagered in each betting pool, register the total amount wagered on each entry in a game for each finish position e. The host 10 may further have the ability to segregate a portion of the amounts wagered in the various betting pools as the house pool and calculate approximate odds and payouts based on the betting pools after taking the deduction of the house pool funds into account.

The mathematical and statistical algorithms that are used to perform these calculations are well known in the art of pari-mutuel wagering. The host 10 may further have the ability to generate sufficient records of individual wagers to properly handle the various means of placing wagers as well as properly handle the various means of paying winning wagers and refunds, if necessary.

The host 10 may periodically update or recalculate the total amounts in each pool, the amounts wagered on each entrant or combination and the resulting payouts as wagering progresses. The host 10 may further have the ability to export those calculations to various devices for the purpose of displaying the winning odds on each entrant or combination during the progress of wagering.

The host 10 may also be adapted to terminate acceptance of additional wagers at the start of the first event that is involved in the outcome of a particular game. Although not inclusive, the host 10 may calculate payouts based upon various calculation methodologies specific to a particular finish position. For purposes of illustration, calculation methodologies for win, place and show are described. Payout odds are determined by the amounts in the betting pools after taking the house pool deduction into account.

As previously described, the host 10 may periodically update or recalculate payouts as wagering progresses and may be adapted to export those payouts to various devices for display purposes. In one embodiment, host 10 calculates the following payouts for the following wagers, which are described above in section F:. The payoff amount per dollar wagered which will include the gross dollars wagered on the winner for each gross dollar wagered on the winner is determined by dividing the win betting pool by the sum wagered on the winner.

The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to place, will be determined by:. The payoff amount per dollar wagered on the placing i. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to show, will be determined by:.

The payoff amount per dollar wagered on the second place entrant, which will include the gross dollar wagered upon the second place entrant to show, will be determined by:. The payoff amount per dollar wagered, which will include the gross dollar wagered upon the third place entrant to show, will be determined by:.

Other mechanics and calculations of pari-mutuel wagering are well known to those skilled in the art and need not be discussed in further detail. Bettors may interact with system in order to perform the following tasks:. Depending upon the input element chosen by the bettor, some tasks may be performed in different manners.

For example, when the bettor communicates directly with a sportsbook operator, the gaming process, from the bettor's viewpoint, will be predominantly manual, with the bettor communicating directly with a human operator. When the bettor uses an electronic input element, IP compliant signals, human voice or DTMF signals will be the predominant means of performing these tasks.

Internet protocol technology, m-commerce systems, e-commerce systems, voice response systems, voice recognition systems and voice portal systems are well known in the art and need not be described in detail here. These technologies and systems are used by the input, linking and processing elements previously described and additionally shown in FIG.

For illustrative purposes, selected tasks that may be performed by a bettor in the various interface methods are listed below. These lists are non-exhaustive and should not be considered to imply that all of the tasks illustrated are needed to implement the new wagering game or that the items shown are the only items that may be used to implement the illustrated tasks.

If the bettor wishes to place wagers on a cash basis in person in a casino sportsbook, no account needs to be established. The bettor can place cash wagers on the games offered by the casino following the procedures established by the casino sportsbook. Interacting with the game system via telephone may be accomplished by the bettor interfacing with a menu-based, interactive voice response system IVR with the option of speaking to a live operator.

The bettor may also receive statistics by selecting a statistics menu block The statistics menu will allow the bettor to obtain statistics related to various sports or sporting events by selecting a specific sport or event e. Once a bettor has selected the event, the bettor can also obtain statistics relating to individual players and teams by selecting a player e. As shown in FIG. Furthermore, all of the foregoing interactions can be performed through a live operator if the bettor selects the live operator menu e.

Interacting with the game system via the internet may be accomplished by the bettor interfacing with the game system or casino website. The websites will have the appropriate links to allow the bettor to appropriately interface with the game system. This section provides some examples of specific pari-mutuel wagering applications that can be performed by the present pari-mutuel wagering system and method.

For purposes of illustration, an embodiment of a wagering game according to the present invention will be described with respect to the National Football League NFL. Wagers may be placed on where an individual player's statistics will rank compared to the statistics of other players of the same position e. The positions of highest interest are likely those offensive positions used as a basis for fantasy football games. These positions may include quarterback, running back, wide receiver, tight end and kicker.

Each position may be the basis of a game, with time, player grouping, team and statistical methodology variants. Certain defensive player positions as well as team offensive and defensive statistics can also be the basis of a game. In this game, the bettor may place wagers on where a particular quarterback's statistics will rank e. Suitable time periods may include:. Providing many choices of time-based games enhances bettor enjoyment because the bettor can participate during the pre-season, regular season and post-season to any extent desired.

Providing many choices for time-based games also permits a more varied application of bettor knowledge and skill because the skilled bettor can use his or her knowledge of the strength of the NFL schedule, bye weeks, player injury, team standings, and the like, to adjust his or her betting strategy among the various games. The field for each game could contain all quarterbacks, regardless of standing with respect to being on an active NFL roster or being a free agent.

All games may have a time-based component, whether the component is a single event, game, season, or the like. In this game, the bettor can place wagers on where a particular grouping of quarterbacks' statistics will rank e. The player grouping-based game can be combined with the various time-based variants to create more games. Assume, for example, that in the National Football League, there are 32 teams. Sixteen groups of two players could become the field for the game.

Other pairing combinations could be used to create additional games. There are variants with respect to determining the top performers. One variant ranks the groups by using the best performance statistics from the various groups' quarterbacks. Another variant combines the performance statistics of all the quarterbacks in a group before ranking the groups. In this game, the bettor can place wagers on where the combined quarterback statistics for an entire team will rank e. The team-based game can be combined with the various time-based variants to create more games.

This variant is different from the player grouping-based game because quarterback statistics contributed by all players is included. In other words, quarterback statistics accrued by non-quarterbacks is included in the ranking determination. This variant will have more utility when played with respect to rushing statistics and receiving statistics. It is more common to have quarterbacks and receivers run the ball and more common to have running backs catch the ball than it is to have running backs and receivers throw the ball.

Statistical performance measures may be used to rank quarterbacks and groups to determine place of finish. Different performance criteria and weightings may be used to create different games, enhancing player utility, enjoyment and ability to apply knowledge and skill. As described, each game has a statistical performance scoring methodology in order to be able to rank performances.

For the quarterback games, a quarterback's statistical measures such as passing yards, pass completions, completion percentage, interceptions and touchdown passes can be used in various weightings to determine a score that can be ranked against others. In some games, other measures such as rushing yards and rushing touchdowns can be included.

For games involving the other positions, statistical measures applicable to those positions will be used. Rushing yards and touchdowns for running backs, receiving yards and touchdowns for wide receivers and tight ends, field goals and extra points for kickers, and the like, are measures that are typically associated with those positions and may be included as part of the scoring formulae for those positions. A sample quarterback performance is calculated under both given scoring criteria.

Quarterback John Doe's performance for a game is as follows:. Pass attempts 30 Pass completions 18 Passing yards Passing touchdowns 2 Pass interceptions 1 Rushing yards 15 Rushing touchdowns 1. Under the scoring formula shown in Example 1, John Doe's score would be 0. Under the scoring formula shown in Example 2, John Doe's score would be 0. This shows that depending on scoring methodology, there can be a wide variance of results based on the same performance.

In these examples, one formula emphasizes throwing performance while the other recognizes the full contribution of the quarterback. The bettor can apply his or her skill and knowledge to place wagers on quarterbacks that reflect these differences, depending on the particular game the bettor is playing.

The time interval of interest is one week's slate of games. The games are:. Just with the limited number of variants mentioned, 16 different quarterback games may be simultaneously offered each week during the NFL regular season. This number may be higher if more combinations of quarterbacks and more scoring methodologies are offered. By considering the other time-based and player position variants that are possible, the bettor who has a wagering interest in this sport will have an extremely large selection of games from which to choose during the entire NFL season, not just at the beginning.

This gives the bettor a consistent, wide range of choices, providing the bettor greater utility, enjoyment and potential to apply his or her knowledge and skill. Furthermore, unlike horse and dog pari-mutuel wagering, the present system does not rely on a single statistic i. The only element considered in horse and dog pari-mutuel wagering is time i. With the present invention, a plurality of different statistics may be employed to determine rank. For example, a quarterback may pass for yards and throw for 4 touchdowns, but that does not necessary correlate to whether the quarterback will win his or her game.

The same is true for baseball players who hit multiple home runs in a game. This provides bettors and system operators a much wider variety of options and considerations when placing and crafting different types of wagers. Moreover, with horse and dog pari-mutuel type wagering, all contestants i. In the present system and method, the contestants i. These leagues have calendar schedules that differ from the NFL's schedule, resulting in wagering games based on this sport to be possible approximately 10 months a year.

College football is also a candidate for games, with games based on Division I, II and III teams and players, conferences, bowl games and championship playoffs. The same type of variants will apply as in the NFL-based games, with changes, as necessary, due to differing regular season schedules, pre-seasons, post-seasons, playoffs, bowl games and league structures. Several baseball leagues exist worldwide that may be of interest to bettors. Games can be created based on professional baseball leagues in the United States major league and minor league , Japan, Korea and Mexico as well as college baseball in the United States.

Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players of the same position e. The positions of highest interest are likely those positions used as a basis for fantasy baseball games.

These positions typically fall into two types, pitcher and position player. Each type may be the basis of a game, with time, player grouping, team and statistical methodology variants. For the pitcher position games, a pitcher's statistical measures such as wins, losses, saves, innings pitched, strikeouts, walks, hits, earned runs, earned run average, and errors can be used in various weightings to determine a score that can be ranked against others.

For the position player games, a player's statistical measures such as hits, home runs, stolen bases, walks, batting average, runs batted in, runs scored and errors can be used in various weightings to determine a score that can be ranked against others. Several basketball leagues exist worldwide that can be of interest to bettors. Games can be created based on men's professional basketball leagues in the United States and Europe, women's professional basketball in the United States, plus men's and women's college basketball in the United States.

Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players 1 st , 2 nd , 3 rd , etc. Although there are generally three positions in basketball i. Therefore, all positions may be grouped together, with no separate games based on separate positions.

The games may have, like the other games, time, player grouping, team and statistical methodology variants. For the basketball-based games, a player's statistical measures such as minutes played, shooting percentage, free throw percentage, rebounds, assists, personal fouls and points can be used in various weightings to determine a score that can be ranked against others. Several hockey leagues exist worldwide that can be of interest to bettors.

Games can be created based on professional hockey leagues in Canada and the United States NHL and minor league , and Europe as well as college hockey in the United States. Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players of the same type position e. The positions of highest interest are likely those positions used as a basis for fantasy hockey games.

These positions typically fall into two types, goaltender and position player. Each type will be the basis of a game, with time, player grouping, team and statistical methodology variants. For the goaltender games, a goaltender's statistical measures such as goals allowed, saves, goals against average and save percentage can be used in various weightings to determine a score that can be ranked against others. Other human sporting events may have utility with respect to the game, depending on bettor interest.

These sports include golf, tennis, soccer, vehicle e. The game types, statistics considered, scoring formulae, and the like, will vary depending on the sport. Other human contests or events, such as political elections or beauty pageants, also have utility with respect to the present invention. For example, consider an American Presidential election.

The presidential election process has a primary process and a general election process. Opportunities exist in both processes for wagering games based on the statistics of the participants. Typical statistics for a candidate include popular votes and vote percentage. These statistics can be weighted in various fashions to create games. In addition, the candidates can be grouped to create additional games. For example, assume that in a state primary there are twenty-four total candidates, representing six political parties.

In addition to the basic game, where each candidate's statistics are ranked against each other, candidates can be grouped, as well as parties, to create additional games. In this case, a bettor may place wagers on an individual candidate, a party, or groups of parties. With the wide range of sports and events that occur worldwide, a large number of games will be available throughout the year to provide bettor enjoyment and potential to apply the bettor's knowledge and skill.

According to the present invention, sports wagering is based on a pari-mutuel wagering system, which, by definition, is a system where all bettors are competing for a common pool of funds. Bettors compete against one another rather than against the house. The scope of the present invention is meant to be that set forth in the claims that follow and equivalents thereof, and is not limited to any of the specific embodiments described above.

Year of fee payment : 4. Year of fee payment : 8. Year of fee payment : This invention relates to sports and event wagering, particularly to a new sport and event wagering game and system. This game and supporting system allows pari-mutuel wagering with respect to new areas other than horse or dog racing, which will expand the sports wagering industry to encompass new areas of interest and enjoyment to bettors.

Specifically, pari-mutuel wagering is enabled with respect to the performance statistics of individual sport or event participants, combinations of sport participants, combinations of event participants, and sport teams. This wagering game is supported by an electronic system, which allows interaction with the game via various communications methods, remotely or in-person, which can allow or restrict wagering activity based upon bettor location.

There is a continuing need for a sports wagering game that has the following attributes: High odds payout potential for every game, regardless of event type, game type, sport or length of game Allows a single correct choice to be a sufficient condition for payout eligibility, without, in addition, having to beat a house imposed handicap or spread No limitations with respect to choice of wagers or sport participants by the bettor Ability for the bettor to apply knowledge and skill Ability for the bettor to rely on random chance, if desired No requirement for the bettor to have an expert knowledge of a sport in order to be successful Currently choices for wagering on sports are limited by the drawbacks associated with fixed odds wagering.

The present invention enables these and many other benefits to be obtained. Input Elements The input elements include various communication devices used by bettors to interact with wagering system , such as wireless phones 80 e. Linking Elements In the preferred embodiment of the present invention, system includes several linking elements including wireless network 70 , gateway 50 , and portal Processing Elements The wagering system host 10 is the core processing element in the wagering game system, handling wagering gaming and bettor accounting functions.

Interfacing with Wagering System In operation, a bettor can interact with the wagering system by interfacing either directly or indirectly with the wagering system host Typical Wagers that can be placed through System In the preferred embodiment, system is adapted to allow bettors to wager on human sporting events. For a particular wagering game, a bettor can make the following wagers with regard to two or more participants' performance statistics with respect to the rest of the betting field for that game: Finish Position Name of Wager Reference Name First and Second Place Exacta First, Second and Third Place Trifecta First, Second, Third and Fourth Place Perfecta Last and Next to Last Place Closing Note that the position wagers shown here are not the only wagers of this type possible.

Wagers Eligible for Payout In general, to be eligible for payout, the bettor's wager must be correct. Example Wagers Eligible for Payout: Type of Wager Wager Eligible for Payout if Win Selected player finishes first Place Selected player finishes first or second Show Selected player finishes first, second or third Clear Selected player finishes first, second, third or fourth Lag Selected player finishes next to last or last End Selected player finishes last Exacta Selected players finish first and second in order Trifecta Selected players finish first, second and third in order Perfecta Selected players finish first, second, third and fourth in order Closing Selected players finish last and next to last in order The types of wagers eligibility for payout can be expanded or reduced, depending on the field size and bettor interest.

Additional Host Functionality Host 10 may further include some additional capabilities that are described below. Sample Payout Calculation Methodologies Although not inclusive, the host 10 may calculate payouts based upon various calculation methodologies specific to a particular finish position. Second Place Place A.

The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to place, will be determined by: dividing the amount wagered upon the winner to place into the sum of: the amount wagered upon the winner to place, plus one-half of the difference between the place betting pool and the combined sum wagered on the winning and placing entrants to place.

Third Place Show A. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to show, will be determined by: dividing the gross amount wagered upon such winning entrant to show into the sum of: the gross amount wagered on the winning entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second, and third to show. The payoff amount per dollar wagered on the second place entrant, which will include the gross dollar wagered upon the second place entrant to show, will be determined by: dividing the gross amount wagered upon such entrant to show into the sum of: the gross amount wagered on the second place entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second and third to show.

The payoff amount per dollar wagered, which will include the gross dollar wagered upon the third place entrant to show, will be determined by: dividing the gross amount wagered upon such entrant to show into the sum of: the gross amount wagered on the third place entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second and third to show.

Interacting with the Wagering System Bettors may interact with system in order to perform the following tasks: 1. Establishing, withdrawing and replenishing accounts 2.

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Another way of stating this is that pari-mutuel wagering is a form of betting in which the losers' wagers less a percentage for the house are distributed among the winners. The bettors compete against each other rather than against the house. Although pari-mutuel wagering has been applied to horse race betting, it has not been applied to wagering on the performance of human sports players as proposed herein. Unlike fixed odds wagering, with pari-mutuel wagering, the house does not win money directly from the players, but rather only collects a commission on wagers.

While the house will not win money directly from the bettors in this type of system, it will not lose money to the bettors. The house inherently has a far lower level of risk to its capital with pari-mutuel wagering than with fixed odds wagering. This fact in turn means that, with pari-mutuel wagering, the house is much more able to offer a wide variety of betting options as well as betting options with high odds payouts than is the case with fixed odds wagering.

The reason this is so is that the house's flexibility in providing betting options is not limited by the need to divide the betting stakes into offsetting groups in order to hedge the house's risk to capital. By definition, pari-mutuel type wagering in essence is a system where all bettors are competing for a common pool of funds. Bettor skills are pitted against one another rather than against the house. Wagering games according to the invention deal with the performance statistics of the human sport players and teams, which are much more plentiful in type and number than are game scores.

These games and statistics often are related to the performance of a single player. By focusing on the performance of a single player, a bettor can more easily apply his or her skill and knowledge. The invention offers the possibility of high odds payouts with every game offered, as opposed to the even money payouts typical of casino sports wagering.

The bettor does not have to select a multi-event parlay in order to potentially receive a large odds payout. A single correct choice by the bettor may result in a high-odds payout without the handicap of a point spread. In addition, high odds payouts are possible, even if the selected player does not finish in first place, enhancing bettor enjoyment.

Also, the bettor can place wagers on a wider number of finish positions, providing greater utility and enhancing the bettor's ability to apply knowledge and skill. In addition, the invention does not rely on newspapers and other print media as the primary means to communicate how to interact with the game. In addition, the invention does not need a mechanical apparatus as the focus of bettor play and enjoyment.

Rather the invention provides an automated, electronic design that allows improved communications accuracy of the individual games and estimated payouts, with rapid display of changing odds, player scratches, and the like. It is possible for bettors to enjoy the games enabled by the invention anywhere there is a communications connection.

According to one aspect of the present invention, a pari-mutuel wagering method is provided for enabling a plurality of bettors to place wagers on a human contest or sporting event. The method includes the steps of: offering to the bettors a plurality of wagering options pertaining to the human contest or sporting event; taking wagers from the bettors to create of pool of wagers on the human contest or sporting event; allocating a portion of the pool of wagers as commission to an operator; allocating the remainder of the pool of wagers as a common pari-mutuel fund for paying winning wagers; determining whether each wager is a winning wager; and paying each bettor an amount from the common pari-mutuel fund for each winning wager respectively made by the bettor.

According to another aspect of the present invention, a system for pari-mutuel sports wagering is provided. The system includes at least one processing element which is adapted to receive wagers on human sporting events, to calculate odds relating to the wagers based on a pari-mutuel wagering strategy, to determine whether the received wagers are winning wagers, and to determine a payout amount for the winning wagers based on the pari-mutuel wagering strategy; a plurality of linking elements which are communicatively coupled to the at least one processing element and which are adapted to allow for communication with the at least one processing element; and a plurality of input elements which are communicatively coupled to the plurality of linking elements and which allow bettors to communicate with the at least one processing element in order to place wagers.

The present invention provides a pari-mutuel sports wagering system and method. Particularly, the system and method may be implemented using software, hardware, firmware or any combination thereof, as would be apparent to those of ordinary skill in the art, and the figures and examples below are not meant to limit the scope of the present invention.

Moreover, where certain elements of the present invention can be partially or fully implemented using known components and processes, only those portions of such known components and processes that are necessary for an understanding of the present invention will be described, and detailed descriptions of other portions will be omitted so as not to obscure the invention. The following description will include: I a discussion of the general architecture and function of a preferred embodiment of a pari-mutuel sports wagering system as shown in FIG.

The wagering system host 10 is the core processing element in the wagering game system, and is adapted to handle wagering, gaming and bettor accounting functions. It should be appreciated that the wagering system host 10 need not be a single piece of equipment. Host 10 may comprise a combination of disparate devices that operate under together under stored program control to perform the described functions.

The system host 10 is programmed to segregate individual bettors and accept, process and pay wagers. Host 10 is able to electronically process wagers and payouts for individual bettors. The host 10 is further able to register individual bettors, create individual accounts, receive funds and disburse funds.

The system host 10 may be configured to allow or disallow access to wagering functionality based on bettor location, allowing wagering activity only in proper and legally permissible locations. The wagering game operator may have the ability to select, remove and modify the locations where access to gaming functionality is allowed.

In the preferred embodiment, the system host 10 will further be adapted to handle electronic transfers of funds associated with the operation of the wagering game to include, but not limited to, wire transfers, electronic funds transfer, credit cards, debit cards and smart cards. In addition, the system will preferably have sufficient manual capability in order to allow manual handling of financial transactions associated with the operation of the wagering game.

For instance, the system may be adapted to handle the manual transfer of funds including, but not limited to, cash, checks, money orders, traveler's checks, credit cards, debit cards and smart cards. The majority of the manual handling will be comprised of wagering processing tasks performed by casino sportsbook personnel.

A bettor can access, interface with and place bets on system by use of conventional wireless and landline communications devices, such as wireless phones 80 , two-way pagers 90 , personal digital assistants PDAs , internet-accessible computers , voice-over-IP VoIP phones , and conventional landline telephones System may further include human interfaces, such as a casino sportsbook operator and a wagering system operator , which the bettor can use to interface with the wagering system The casino sportsbook operator will usually interface with the wagering game system via an internet-accessible computer The wagering system operator may interface with the wagering game system via an internet-accessible computer Wireless communications network 70 provides a means or channel by which communications between the wireless devices and the wagering game system is established and a means or channel by which the wireless communications devices interface with the wagering game system System further includes a conventional gateway 50 , which acts as a communications and security interface for the host The components of the wagering game system can be categorized into three basic elements: A input elements, B linking elements, and C processing elements.

These elements will be discussed in more detail below. The input elements include various communication devices used by bettors to interact with wagering system , such as wireless phones 80 e. The bettor can interface indirectly via personal interaction with a casino sportsbook operator The casino sportsbook operator will interface directly with the wagering game system via one of the direct methods, usually via an internet-accessible computer Hence, computer may also be classified as an input element.

The bettor can interface indirectly via interaction with a wagering system operator The wagering system operator may be a casino sportsbook operator that interfaces with customers that communicate with the wagering game system via a voice network device such as a wireless phone, VoIP phone or landline telephone.

This approach is a hybrid approach since the bettor uses electronic communications devices to verbally communicate with a live operator in order to interface with the wagering game system, with the wagering system operator interfacing with the wagering game system via one of the direct methods, usually via an internet-accessible computer In this manner, computer also acts as an input element.

In the preferred embodiment of the present invention, system includes several linking elements including wireless network 70 , gateway 50 , and portal The linking elements may further include conventional wired networking elements, the internet, and other conventional communications conduits and elements. The linking elements are communicatively coupled to the input elements and the processing elements, and allow for communication between the input and processing elements, thereby allowing bettors to place wagers from the input elements onto the processing elements.

The wireless communications network 70 may comprise a number of base stations, base station controllers, mobile switches and gateways, and provides for communications between the wireless devices and the wagering game system established and the means or channel by which the wireless communications devices interface with the wagering game system.

The gateway 50 may comprise a conventional gateway device that acts as a communications interface and firewall. The IVR processor provides interface functionality to the processing elements for bettors using voice devices such as a wireless phone 80 , VoIP phone or landline phone The IVR processor allows the bettor to interact with the wagering game by pressing numbers on a telephone keypad, which will allow the bettor to navigate the various menus and processes, place wagers, and perform other suitable interactions.

The IVR processor allows direct interaction with the game from bettors using a wireless phone 80 , voice-over-IP VoIP phone , or landline telephone The voice portal provides interface functionality to the processing elements for bettors using certain internet-capable devices such as two-way pagers 90 or wireless PDAs The voice portal allows the bettor to interact with the wagering game by speaking directly into the telephone.

The voice portal has the ability e. Typical actions include such tasks as navigating selection menus, placing bets, entering passwords, and the like. The voice portal may also have the ability to recognize a particular bettor, through his or her speech, adding an additional layer of security.

The wagering system host 10 is the core processing element in the wagering game system, handling wagering gaming and bettor accounting functions. The wagering system host handles the processing functions associated with bettors' wagering accounts. Such functions may include game accounting, wager accounting, odds determination, winning wager determination, payout determination, system security, access permission and performance statistics accounting.

The wagering system host 10 may be a single server, device, or a combination of devices that collectively perform the functions described. The wagering system host's processing ability can be scaled in order to meet bettor demand with respect to the described functions.

In addition, the wagering system host's processing ability can be scaled in order to meet bettor demand with respect to a particular game or demand with respect to new games. The account database 30 is a database and storage element for the wagering game system.

The account database 30 stores information regarding individual bettor accounts. The information stored includes financial transaction history, wager history, payout history, financial withholding information, financial reporting information and current wagers. The performance statistics database 40 is a database and storage element for the wagering game system.

The performance statistics database 40 stores information regarding the statistical performance of sport or event participants that are related to current and past games. The information stored would include all statistics that are pertinent to current and past games that are involved in the processing of ranking participants in order to determine wagers eligible for payout.

Historical performance statistics covering periods of time before offering particular wagering games may be stored in order to provide additional information so bettors can make more informed decisions, enhancing the ability of bettors to employ knowledge and skill. In operation, a bettor can interact with the wagering system by interfacing either directly or indirectly with the wagering system host Having several independent interface methods and conduits allows bettors more convenience and availability, greater control of the gaming experience and greater enjoyment.

The bettor can interface indirectly with the system through personal interaction with a casino sportsbook operator The casino sportsbook operator may in turn interface directly with the wagering game system by way of one of the direct methods, usually through an internet-accessible computer In such case, the casino sportsbook operator will perform the wagering processing function as an intermediary between the bettor and the system The bettor may also interface indirectly through interaction with a wagering system operator The wagering system operator is a casino sportsbook operator that interfaces with customers that communicate with the wagering game system via a voice network device such as a wireless phone, VoIP phone or landline telephone.

This approach is a hybrid approach since the bettor uses electronic communications devices to verbally communicate with a live operator in order to interface with the wagering game system, with the wagering system operator interfacing with the wagering game system by a direct method, usually via an internet-accessible computer The wagering system operator will interface with the wagering game system as an intermediary between the bettor and the system.

In the preferred embodiment, system is adapted to allow bettors to wager on human sporting events. Examples of such human sporting events and wagers that may be established for such events are set forth below in Section III. Wagers according to the present invention may typically fall into two broad categories.

For a particular wagering game, a bettor can make the various wagers with regard to participants' e. Various examples of the types of statistics and games that may be implemented through system are set forth in Section III below. Based upon the participants' performance, the participants may be ranked by system relative to other participants.

Some examples of rankings are shown below:. This assumes that there are sufficient participants in the betting field that there is no possibility of a participant filling more than one payout position.

For example, in a two participant field, the first place finisher is also the next to last place finisher. Not all of the shown wagers may be allowed, or more wagers may be allowed, based on field size and bettor interest. Note that the position wagers shown here are not the only wagers of this type possible.

For example, position wagers for fifth place, six place, and the like, are possible, depending on field size and bettor interest. For a particular wagering game, a bettor can make the following wagers with regard to two or more participants' performance statistics with respect to the rest of the betting field for that game:.

For example, wagers on first place through fifth place, etc. Also, wagers predicting the finish positions of players in reverse order or wagers that payout based on the selected players all finishing in the selected range, or in any order, are possible.

In general, to be eligible for payout, the bettor's wager must be correct. As opposed to contest games, the bettor does not have to prevail over other bettors; the bettor only has to be correct. In some cases, similar to pari-mutuel wagering systems used in horse racing, a bettor's wager may be eligible for payout if the bettor's wager is partially correct.

For example, a wager for Player A to show would be eligible for payout if the player finishes in first, second or third. The wager is not eligible for payout if the player finishes in a position less than third. Example Wagers Eligible for Payout: Type of Wager Wager Eligible for Payout if Win Selected player finishes first Place Selected player finishes first or second Show Selected player finishes first, second or third Clear Selected player finishes first, second, third or fourth Lag Selected player finishes next to last or last End Selected player finishes last Exacta Selected players finish first and second in order Trifecta Selected players finish first, second and third in order Perfecta Selected players finish first, second, third and fourth in order Closing Selected players finish last and next to last in order.

The types of wagers eligibility for payout can be expanded or reduced, depending on the field size and bettor interest. Host 10 may further include some additional capabilities that are described below. The capabilities described herein are not to be assumed to be inclusive of the full capabilities or sole capabilities of the host In the preferred embodiment, the host 10 may have the capability to uniquely identify each game and uniquely identify every betting pool corresponding to each game.

The host 10 will automatically register the total amount wagered in each betting pool, register the total amount wagered on each entry in a game for each finish position e. The host 10 may further have the ability to segregate a portion of the amounts wagered in the various betting pools as the house pool and calculate approximate odds and payouts based on the betting pools after taking the deduction of the house pool funds into account.

The mathematical and statistical algorithms that are used to perform these calculations are well known in the art of pari-mutuel wagering. The host 10 may further have the ability to generate sufficient records of individual wagers to properly handle the various means of placing wagers as well as properly handle the various means of paying winning wagers and refunds, if necessary.

The host 10 may periodically update or recalculate the total amounts in each pool, the amounts wagered on each entrant or combination and the resulting payouts as wagering progresses. The host 10 may further have the ability to export those calculations to various devices for the purpose of displaying the winning odds on each entrant or combination during the progress of wagering.

The host 10 may also be adapted to terminate acceptance of additional wagers at the start of the first event that is involved in the outcome of a particular game. Although not inclusive, the host 10 may calculate payouts based upon various calculation methodologies specific to a particular finish position. For purposes of illustration, calculation methodologies for win, place and show are described. Payout odds are determined by the amounts in the betting pools after taking the house pool deduction into account.

As previously described, the host 10 may periodically update or recalculate payouts as wagering progresses and may be adapted to export those payouts to various devices for display purposes. In one embodiment, host 10 calculates the following payouts for the following wagers, which are described above in section F:.

The payoff amount per dollar wagered which will include the gross dollars wagered on the winner for each gross dollar wagered on the winner is determined by dividing the win betting pool by the sum wagered on the winner. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to place, will be determined by:.

The payoff amount per dollar wagered on the placing i. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to show, will be determined by:.

The payoff amount per dollar wagered on the second place entrant, which will include the gross dollar wagered upon the second place entrant to show, will be determined by:. The payoff amount per dollar wagered, which will include the gross dollar wagered upon the third place entrant to show, will be determined by:. Other mechanics and calculations of pari-mutuel wagering are well known to those skilled in the art and need not be discussed in further detail.

Bettors may interact with system in order to perform the following tasks:. Depending upon the input element chosen by the bettor, some tasks may be performed in different manners. For example, when the bettor communicates directly with a sportsbook operator, the gaming process, from the bettor's viewpoint, will be predominantly manual, with the bettor communicating directly with a human operator.

When the bettor uses an electronic input element, IP compliant signals, human voice or DTMF signals will be the predominant means of performing these tasks. Internet protocol technology, m-commerce systems, e-commerce systems, voice response systems, voice recognition systems and voice portal systems are well known in the art and need not be described in detail here. These technologies and systems are used by the input, linking and processing elements previously described and additionally shown in FIG.

For illustrative purposes, selected tasks that may be performed by a bettor in the various interface methods are listed below. These lists are non-exhaustive and should not be considered to imply that all of the tasks illustrated are needed to implement the new wagering game or that the items shown are the only items that may be used to implement the illustrated tasks. If the bettor wishes to place wagers on a cash basis in person in a casino sportsbook, no account needs to be established.

The bettor can place cash wagers on the games offered by the casino following the procedures established by the casino sportsbook. Interacting with the game system via telephone may be accomplished by the bettor interfacing with a menu-based, interactive voice response system IVR with the option of speaking to a live operator. The bettor may also receive statistics by selecting a statistics menu block The statistics menu will allow the bettor to obtain statistics related to various sports or sporting events by selecting a specific sport or event e.

Once a bettor has selected the event, the bettor can also obtain statistics relating to individual players and teams by selecting a player e. As shown in FIG. Furthermore, all of the foregoing interactions can be performed through a live operator if the bettor selects the live operator menu e.

Interacting with the game system via the internet may be accomplished by the bettor interfacing with the game system or casino website. The websites will have the appropriate links to allow the bettor to appropriately interface with the game system. This section provides some examples of specific pari-mutuel wagering applications that can be performed by the present pari-mutuel wagering system and method. For purposes of illustration, an embodiment of a wagering game according to the present invention will be described with respect to the National Football League NFL.

Wagers may be placed on where an individual player's statistics will rank compared to the statistics of other players of the same position e. The positions of highest interest are likely those offensive positions used as a basis for fantasy football games. These positions may include quarterback, running back, wide receiver, tight end and kicker.

Each position may be the basis of a game, with time, player grouping, team and statistical methodology variants. Certain defensive player positions as well as team offensive and defensive statistics can also be the basis of a game. In this game, the bettor may place wagers on where a particular quarterback's statistics will rank e.

Suitable time periods may include:. Providing many choices of time-based games enhances bettor enjoyment because the bettor can participate during the pre-season, regular season and post-season to any extent desired. Providing many choices for time-based games also permits a more varied application of bettor knowledge and skill because the skilled bettor can use his or her knowledge of the strength of the NFL schedule, bye weeks, player injury, team standings, and the like, to adjust his or her betting strategy among the various games.

The field for each game could contain all quarterbacks, regardless of standing with respect to being on an active NFL roster or being a free agent. All games may have a time-based component, whether the component is a single event, game, season, or the like. In this game, the bettor can place wagers on where a particular grouping of quarterbacks' statistics will rank e. The player grouping-based game can be combined with the various time-based variants to create more games.

Assume, for example, that in the National Football League, there are 32 teams. Sixteen groups of two players could become the field for the game. Other pairing combinations could be used to create additional games. There are variants with respect to determining the top performers. One variant ranks the groups by using the best performance statistics from the various groups' quarterbacks.

Another variant combines the performance statistics of all the quarterbacks in a group before ranking the groups. In this game, the bettor can place wagers on where the combined quarterback statistics for an entire team will rank e. The team-based game can be combined with the various time-based variants to create more games.

This variant is different from the player grouping-based game because quarterback statistics contributed by all players is included. In other words, quarterback statistics accrued by non-quarterbacks is included in the ranking determination. This variant will have more utility when played with respect to rushing statistics and receiving statistics. It is more common to have quarterbacks and receivers run the ball and more common to have running backs catch the ball than it is to have running backs and receivers throw the ball.

Statistical performance measures may be used to rank quarterbacks and groups to determine place of finish. Different performance criteria and weightings may be used to create different games, enhancing player utility, enjoyment and ability to apply knowledge and skill. As described, each game has a statistical performance scoring methodology in order to be able to rank performances.

For the quarterback games, a quarterback's statistical measures such as passing yards, pass completions, completion percentage, interceptions and touchdown passes can be used in various weightings to determine a score that can be ranked against others. In some games, other measures such as rushing yards and rushing touchdowns can be included. For games involving the other positions, statistical measures applicable to those positions will be used. Rushing yards and touchdowns for running backs, receiving yards and touchdowns for wide receivers and tight ends, field goals and extra points for kickers, and the like, are measures that are typically associated with those positions and may be included as part of the scoring formulae for those positions.

A sample quarterback performance is calculated under both given scoring criteria. Quarterback John Doe's performance for a game is as follows:. Pass attempts 30 Pass completions 18 Passing yards Passing touchdowns 2 Pass interceptions 1 Rushing yards 15 Rushing touchdowns 1.

Under the scoring formula shown in Example 1, John Doe's score would be 0. Under the scoring formula shown in Example 2, John Doe's score would be 0. This shows that depending on scoring methodology, there can be a wide variance of results based on the same performance. In these examples, one formula emphasizes throwing performance while the other recognizes the full contribution of the quarterback. The bettor can apply his or her skill and knowledge to place wagers on quarterbacks that reflect these differences, depending on the particular game the bettor is playing.

The time interval of interest is one week's slate of games. The games are:. Just with the limited number of variants mentioned, 16 different quarterback games may be simultaneously offered each week during the NFL regular season. This number may be higher if more combinations of quarterbacks and more scoring methodologies are offered. By considering the other time-based and player position variants that are possible, the bettor who has a wagering interest in this sport will have an extremely large selection of games from which to choose during the entire NFL season, not just at the beginning.

This gives the bettor a consistent, wide range of choices, providing the bettor greater utility, enjoyment and potential to apply his or her knowledge and skill. Furthermore, unlike horse and dog pari-mutuel wagering, the present system does not rely on a single statistic i. The only element considered in horse and dog pari-mutuel wagering is time i. With the present invention, a plurality of different statistics may be employed to determine rank.

For example, a quarterback may pass for yards and throw for 4 touchdowns, but that does not necessary correlate to whether the quarterback will win his or her game. The same is true for baseball players who hit multiple home runs in a game. This provides bettors and system operators a much wider variety of options and considerations when placing and crafting different types of wagers. Moreover, with horse and dog pari-mutuel type wagering, all contestants i.

In the present system and method, the contestants i. These leagues have calendar schedules that differ from the NFL's schedule, resulting in wagering games based on this sport to be possible approximately 10 months a year.

College football is also a candidate for games, with games based on Division I, II and III teams and players, conferences, bowl games and championship playoffs. The same type of variants will apply as in the NFL-based games, with changes, as necessary, due to differing regular season schedules, pre-seasons, post-seasons, playoffs, bowl games and league structures. Several baseball leagues exist worldwide that may be of interest to bettors.

Games can be created based on professional baseball leagues in the United States major league and minor league , Japan, Korea and Mexico as well as college baseball in the United States. Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players of the same position e. The positions of highest interest are likely those positions used as a basis for fantasy baseball games.

These positions typically fall into two types, pitcher and position player. Each type may be the basis of a game, with time, player grouping, team and statistical methodology variants. For the pitcher position games, a pitcher's statistical measures such as wins, losses, saves, innings pitched, strikeouts, walks, hits, earned runs, earned run average, and errors can be used in various weightings to determine a score that can be ranked against others. For the position player games, a player's statistical measures such as hits, home runs, stolen bases, walks, batting average, runs batted in, runs scored and errors can be used in various weightings to determine a score that can be ranked against others.

Several basketball leagues exist worldwide that can be of interest to bettors. Games can be created based on men's professional basketball leagues in the United States and Europe, women's professional basketball in the United States, plus men's and women's college basketball in the United States. Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players 1 st , 2 nd , 3 rd , etc.

Although there are generally three positions in basketball i. Therefore, all positions may be grouped together, with no separate games based on separate positions. The games may have, like the other games, time, player grouping, team and statistical methodology variants. For the basketball-based games, a player's statistical measures such as minutes played, shooting percentage, free throw percentage, rebounds, assists, personal fouls and points can be used in various weightings to determine a score that can be ranked against others.

Several hockey leagues exist worldwide that can be of interest to bettors. Games can be created based on professional hockey leagues in Canada and the United States NHL and minor league , and Europe as well as college hockey in the United States. Win, place and show wagers class as straight bets , and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race.

A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races.

For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second. People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets.

The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show. A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully.

In Australia, certain exotic bet types can be laid as "flexi" bets. If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered.

For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s. A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd.

The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing s. Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom , bookmakers also offer exotic wagers on horses at different tracks. Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double.

A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets. There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet of the day.

From Wikipedia, the free encyclopedia. Betting system in which all bets of a particular type are placed together in a pool. See also: Glossary of North American horse racing. See also: Glossary of Australian and New Zealand punting. See also: Glossary of bets offered by UK bookmakers. Retrieved 11 July Hong Kong Jockey Club. Retrieved Japan Racing Association. Retrieved 20 May Archived from the original on Retrieved 18 December

Занимательное сообщение effodeildin betting odds вчера

Thus, the pari-mutuel system is common all across the world. Although, in theory, it's possible to implement in any sport, the pari-mutuel system is often only used in horse racing, greyhound racing and jai alai. Anyone who has ever been to the racetracks will probably remember the giant tote boards displaying the odds and the total amount of bet by all bettors at the race tracks. In this betting guide, we'll take you through everything pari-mutuel betting has to offer.

We'll dive into the history, the different types of bets, and how to form your pari-mutuel betting strategy. Oh, and we'll conclude with a recommendation on where you can best place your pari-mutuel wagers. It all started back when friends and acquaintances would make small wagers on some small events…. With sports evolving from recreational to professional, and events growing in size, betting systems evolved as well. Whereas horse racing dates back to ancient times with Romans and the Chinese empire, the pari-mutuel system came many years later.

It wasn't until Joseph Oller, a Spanish entrepreneur who was fed up with bookmakers taking large commissions, started to consider ways to innovate the betting system. His solution was the pari-mutuel system. Oller traversed through France to implement his new betting system at race tracks. After facing a small setback by being charged with illegal gambling practices, Oller finally achieved his goal when fixed-odds bookmaking became illegal in France.

Pari-mutuel betting took a whole new shift when the totalisator, also known as the pari-mutuel machine, was invented. Instead of making all the calculations manually, the totalisator would take care of the difficult mathematics.

Thus, the tote board became a thing, and soon the new betting system was adopted in places like Hong-Kong and the United States. When you want to start in horse racing, you need to understand the betting system first. Usually, the novice bettors who wager a couple of bucks on their favorite horse have no idea how everything is calculated. The mathematics behind the entire system can get quite complicated, but you don't need to understand every aspect.

To get started with the pari-mutuel betting system, you need to understand the basics of horse race betting. That means the different kinds of bet types and how to calculate your payout. Allow us to guide you through! As a novice bettor, you should know the distinction between straight bets and exotic bets. Straight bets are bets on a single race, while exotic bets can be on multiple races.

When handicapping horse races, you have many options that go way further than just picking the winning horse. When you're at the horse racing tracks, you'll probably get one of the betting slips filled with various terms that you might not understand at first. However, once you're aware of the most common bet types in horse racing, it'll be a lot easier to understand the way pari-mutuels work. You don't need to know what a daily double is at first, but the straight bets and the most common exotic bets are basic knowledge in pari-mutuels.

Simple - pick the winning horse. All you need to do is pick the winning horse, and you walk away with a payout. It's hard to pick the right horse, of course, so the payout here can be quite rewarding. The place bet is slightly different from the win bet.

Instead of picking the horse that finishes in first place, you pick a horse which ends in either first or second place. That means if your winning horse is in the top-two finishers, you have a winning bet. The show bet is a little easier than the place bet. You choose a horse to finish among the top three to land a payout. Instead of betting on one single horse race, you're picking multiple horses, possibly in various races.

It requires more research than the straight bets, but it's also the place where you can find really good value. For example, with an exacta wager, you're picking two horses to end up as the top two finishers. Instead of choosing the winning horse, you pick two horses for spots number one and two. One thing that must not be forgotten is that you need to predict the precise order here. The first was installed at Ellerslie Racecourse , Auckland , New Zealand in , and they came into widespread use at race courses throughout the world.

The U. Unlike many forms of casino gambling, in parimutuel betting the gambler bets against other gamblers, not the house, which necessarily implies that the bank cannot be broken. The science of predicting the outcome of a race is called handicapping. Independent off-track bookmakers typically have a smaller take and thus offer better payoffs, but they are illegal in some countries. However, the introduction of Internet gambling led to "rebate shops". These off-shore betting shops promise to return some percentage of every bet made to the bettor.

There may be several different types of bets, in which case each type of bet has its own pool. The basic bets involve predicting the order of finish for a single participant, as follows:. In Canada and the United States , the most common types of bet on horse races include:.

Win, place and show wagers class as straight bets , and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets. A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race.

A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races. For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second.

People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show.

A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully. In Australia, certain exotic bet types can be laid as "flexi" bets.

If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount. Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price.

If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered. For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s. A Roving Banker Trifecta is where the player believes that one or two runners will definitely finish 1st, 2nd or 3rd.

The bet can be placed by picking the player's favourite runner to finish in any place within the bet and complete the Trifecta with any number of other runners to fill the other placing s. Exotic wagers are usually made on horses running at the same track on the same program. In the United Kingdom , bookmakers also offer exotic wagers on horses at different tracks.

Probably the Yankee occurs most commonly: in this the bettor tries to pick the winner of four races. This bet also includes subsidiary wagers on smaller combinations of the chosen horses; for example, if only two of the four horses win, the bettor still collects for their double. A Trixie requires trying to pick three winners, and a Canadian or Super Yankee trying to pick five; these also include subsidiary bets.

There are also other bets which are large combinations of singles, doubles, trebles and accumulators some of them are called Lucky 15, Lucky 31, Heinz, Super Heinz, Goliath. The term nap identifies the best bet of the day. From Wikipedia, the free encyclopedia. Betting system in which all bets of a particular type are placed together in a pool.

When you place a sports bet in Tennesseeyour wager locks in at the price you bet it at.

Poker player vs sports betting Once you have placed your bet, this locks your wager in at the agreed-upon price. Here is an example to show how your payout can change even after you placed your bet at certain odds. Para mutuel sports betting is a continuing need for a sports wagering game fa betting unterwellenborn th has the following attributes: High odds payout potential for every game, regardless of event type, game type, sport or length of game Allows a single correct choice to be a sufficient condition for payout eligibility, without, in addition, having to beat a house imposed handicap or spread No limitations with respect to choice of wagers or sport participants by the bettor Ability for the bettor to apply knowledge and skill Ability for the bettor to rely on random chance, if desired No requirement for the bettor to have an expert knowledge of a sport in order to be successful Currently choices for wagering on sports are limited by the drawbacks associated with fixed odds wagering. Bettor selects wagering menu e. In this game, the bettor can place wagers on where the combined quarterback statistics for an entire team will rank e.
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No deposit bonus binary options brokers 2021 holidays Moreover, with horse and dog pari-mutuel para mutuel sports betting wagering, all contestants i. While many sportsbooks in Las Vegas are very stingy with their drink tickets, racebooks give them away woodbine on line betting as they want you to stick around and keep placing bets. In some cases, similar to pari-mutuel wagering systems used in localbitcoins reddit racing, a bettor's wager may be eligible for payout if the bettor's wager is partially correct. The wagering system operator will interface with the wagering game system as an intermediary between the bettor and the system. Wagering system provides wager confirmation to bettor Collecting Winning Wagers and Account Funds The following steps may be performed for a bettor to collect winning wagers and account funds over the internet: a. The present invention is directed generally to wagering systems, and more particularly to wagering systems that involve pari-mutuel wagering on the performance statistics of sports teams, individual sports players or athletes, or groups of such players. Pari-mutuel betting functions differently from standard sports betting which uses a fixed-odds system in many ways.
Best sports betting sites reddit 50/50 Gaming system, gaming device and method for determining an outcome of a secondary game based on one para mutuel sports betting more events which occur in association with a primary game. The first was installed at Ellerslie RacecourseAucklandNew Zealand inand they came into widespread use at race courses throughout the world. System and method for providing a roulette game based on financial market indicators. For example, say you bet the Tennessee Volunteers as a 4-point favorite. The house inherently has a far lower level of risk to its capital with pari-mutuel wagering than with fixed odds wagering. A modified parimutuel system is also used in some lottery games.

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College football is also a candidate for games, with games based on Division I, II and III teams and players, conferences, bowl games and championship playoffs. The same type of variants will apply as in the NFL-based games, with changes, as necessary, due to differing regular season schedules, pre-seasons, post-seasons, playoffs, bowl games and league structures.

Several baseball leagues exist worldwide that may be of interest to bettors. Games can be created based on professional baseball leagues in the United States major league and minor league , Japan, Korea and Mexico as well as college baseball in the United States. Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players of the same position e. The positions of highest interest are likely those positions used as a basis for fantasy baseball games.

These positions typically fall into two types, pitcher and position player. Each type may be the basis of a game, with time, player grouping, team and statistical methodology variants. For the pitcher position games, a pitcher's statistical measures such as wins, losses, saves, innings pitched, strikeouts, walks, hits, earned runs, earned run average, and errors can be used in various weightings to determine a score that can be ranked against others.

For the position player games, a player's statistical measures such as hits, home runs, stolen bases, walks, batting average, runs batted in, runs scored and errors can be used in various weightings to determine a score that can be ranked against others. Several basketball leagues exist worldwide that can be of interest to bettors.

Games can be created based on men's professional basketball leagues in the United States and Europe, women's professional basketball in the United States, plus men's and women's college basketball in the United States. Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players 1 st , 2 nd , 3 rd , etc. Although there are generally three positions in basketball i. Therefore, all positions may be grouped together, with no separate games based on separate positions.

The games may have, like the other games, time, player grouping, team and statistical methodology variants. For the basketball-based games, a player's statistical measures such as minutes played, shooting percentage, free throw percentage, rebounds, assists, personal fouls and points can be used in various weightings to determine a score that can be ranked against others.

Several hockey leagues exist worldwide that can be of interest to bettors. Games can be created based on professional hockey leagues in Canada and the United States NHL and minor league , and Europe as well as college hockey in the United States.

Wagers can be placed on where an individual player's statistics will rank compared to the statistics of other players of the same type position e. The positions of highest interest are likely those positions used as a basis for fantasy hockey games. These positions typically fall into two types, goaltender and position player. Each type will be the basis of a game, with time, player grouping, team and statistical methodology variants. For the goaltender games, a goaltender's statistical measures such as goals allowed, saves, goals against average and save percentage can be used in various weightings to determine a score that can be ranked against others.

Other human sporting events may have utility with respect to the game, depending on bettor interest. These sports include golf, tennis, soccer, vehicle e. The game types, statistics considered, scoring formulae, and the like, will vary depending on the sport. Other human contests or events, such as political elections or beauty pageants, also have utility with respect to the present invention. For example, consider an American Presidential election. The presidential election process has a primary process and a general election process.

Opportunities exist in both processes for wagering games based on the statistics of the participants. Typical statistics for a candidate include popular votes and vote percentage. These statistics can be weighted in various fashions to create games.

In addition, the candidates can be grouped to create additional games. For example, assume that in a state primary there are twenty-four total candidates, representing six political parties. In addition to the basic game, where each candidate's statistics are ranked against each other, candidates can be grouped, as well as parties, to create additional games.

In this case, a bettor may place wagers on an individual candidate, a party, or groups of parties. With the wide range of sports and events that occur worldwide, a large number of games will be available throughout the year to provide bettor enjoyment and potential to apply the bettor's knowledge and skill.

According to the present invention, sports wagering is based on a pari-mutuel wagering system, which, by definition, is a system where all bettors are competing for a common pool of funds. Bettors compete against one another rather than against the house. The scope of the present invention is meant to be that set forth in the claims that follow and equivalents thereof, and is not limited to any of the specific embodiments described above.

Year of fee payment : 4. Year of fee payment : 8. Year of fee payment : This invention relates to sports and event wagering, particularly to a new sport and event wagering game and system. This game and supporting system allows pari-mutuel wagering with respect to new areas other than horse or dog racing, which will expand the sports wagering industry to encompass new areas of interest and enjoyment to bettors.

Specifically, pari-mutuel wagering is enabled with respect to the performance statistics of individual sport or event participants, combinations of sport participants, combinations of event participants, and sport teams. This wagering game is supported by an electronic system, which allows interaction with the game via various communications methods, remotely or in-person, which can allow or restrict wagering activity based upon bettor location.

There is a continuing need for a sports wagering game that has the following attributes: High odds payout potential for every game, regardless of event type, game type, sport or length of game Allows a single correct choice to be a sufficient condition for payout eligibility, without, in addition, having to beat a house imposed handicap or spread No limitations with respect to choice of wagers or sport participants by the bettor Ability for the bettor to apply knowledge and skill Ability for the bettor to rely on random chance, if desired No requirement for the bettor to have an expert knowledge of a sport in order to be successful Currently choices for wagering on sports are limited by the drawbacks associated with fixed odds wagering.

The present invention enables these and many other benefits to be obtained. Input Elements The input elements include various communication devices used by bettors to interact with wagering system , such as wireless phones 80 e. Linking Elements In the preferred embodiment of the present invention, system includes several linking elements including wireless network 70 , gateway 50 , and portal Processing Elements The wagering system host 10 is the core processing element in the wagering game system, handling wagering gaming and bettor accounting functions.

Interfacing with Wagering System In operation, a bettor can interact with the wagering system by interfacing either directly or indirectly with the wagering system host Typical Wagers that can be placed through System In the preferred embodiment, system is adapted to allow bettors to wager on human sporting events.

For a particular wagering game, a bettor can make the following wagers with regard to two or more participants' performance statistics with respect to the rest of the betting field for that game: Finish Position Name of Wager Reference Name First and Second Place Exacta First, Second and Third Place Trifecta First, Second, Third and Fourth Place Perfecta Last and Next to Last Place Closing Note that the position wagers shown here are not the only wagers of this type possible.

Wagers Eligible for Payout In general, to be eligible for payout, the bettor's wager must be correct. Example Wagers Eligible for Payout: Type of Wager Wager Eligible for Payout if Win Selected player finishes first Place Selected player finishes first or second Show Selected player finishes first, second or third Clear Selected player finishes first, second, third or fourth Lag Selected player finishes next to last or last End Selected player finishes last Exacta Selected players finish first and second in order Trifecta Selected players finish first, second and third in order Perfecta Selected players finish first, second, third and fourth in order Closing Selected players finish last and next to last in order The types of wagers eligibility for payout can be expanded or reduced, depending on the field size and bettor interest.

Additional Host Functionality Host 10 may further include some additional capabilities that are described below. Sample Payout Calculation Methodologies Although not inclusive, the host 10 may calculate payouts based upon various calculation methodologies specific to a particular finish position. Second Place Place A. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to place, will be determined by: dividing the amount wagered upon the winner to place into the sum of: the amount wagered upon the winner to place, plus one-half of the difference between the place betting pool and the combined sum wagered on the winning and placing entrants to place.

Third Place Show A. The payoff amount per dollar wagered on the winning entrant, which will include the gross dollar wagered upon the winning entrant to show, will be determined by: dividing the gross amount wagered upon such winning entrant to show into the sum of: the gross amount wagered on the winning entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second, and third to show.

The payoff amount per dollar wagered on the second place entrant, which will include the gross dollar wagered upon the second place entrant to show, will be determined by: dividing the gross amount wagered upon such entrant to show into the sum of: the gross amount wagered on the second place entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second and third to show.

The payoff amount per dollar wagered, which will include the gross dollar wagered upon the third place entrant to show, will be determined by: dividing the gross amount wagered upon such entrant to show into the sum of: the gross amount wagered on the third place entrant to show, plus one-third of the difference between the show betting pool and the combined sums wagered on the entrants which placed first, second and third to show.

Interacting with the Wagering System Bettors may interact with system in order to perform the following tasks: 1. Establishing, withdrawing and replenishing accounts 2. Selecting particular sport or event wagering games 3. Examining performance statistics 4. Examining odds 5. Placing wagers 6. Collecting winning wagers and account funds Depending upon the input element chosen by the bettor, some tasks may be performed in different manners.

Selected Task Lists by Interface Method For illustrative purposes, selected tasks that may be performed by a bettor in the various interface methods are listed below. In Person If the bettor wishes to place wagers on a cash basis in person in a casino sportsbook, no account needs to be established. Establishing a Wagering Account The following steps may be performed in order for a bettor to establish a wagering account in person through a wagering system operator: a.

Bettor provides personal identification information b. Wagering system operator sets up bettor's account c. Wagering system operator provides account information to bettor d. Bettor communicates amount of initial deposit e. Bettor provides initial deposit f. Wagering system operator provides deposit confirmation to bettor Placing Wagers The following steps may be performed when a bettor places wagers in person through a wagering system operator: a.

Bettor communicates wager to wagering system operator b. Bettor communicates account information to wagering system operator c. Wagering system operator inputs account and wager information into wagering system d. Bettor provides account information to wagering system operator b. Bettor requests amount of funds to disburse c. Wagering system operator confirms that sufficient funds are available d. Wagering system deducts funds from bettor's account e. Wagering system operator pays requested funds to bettor 2.

Telephone Interacting with the game system via telephone may be accomplished by the bettor interfacing with a menu-based, interactive voice response system IVR with the option of speaking to a live operator. Establishing a Wagering Account The following steps may be performed in order for a bettor to establish a wagering account over a telephone: a.

Bettor accesses wagering system telephone menu e. Bettor selects account menu e. Bettor provides personal identification information d. Wagering system sets up bettor's account e. Wagering system provides account information to bettor f. Bettor communicates amount of initial deposit g. Bettor provides payment information h.

Wagering system provides deposit confirmation to bettor Placing Wagers The following steps may be performed in order for a bettor to place wagers over a telephone: a. Bettor selects wagering menu e. Bettor inputs account access information to wagering system d. Bettor selects sport of interest e. Bettor selects type of game e. Bettor selects type of bet g. Bettor selects desired player or team h.

Bettor inputs amount of bet i. Wagering system checks account balance to verify sufficient funds available j. If sufficient, wagering system deducts amount of bet from bettor's account k. Wagering system provides wager confirmation to bettor Collecting Winning Wagers and Account Funds The following steps may be performed in order for a bettor to collect winning wagers and account funds over a telephone: a. Bettor selects distribution menu e.

Bettor inputs account access information to wagering system e. Bettor inputs amount of funds to disburse f. Wagering system checks account balance to verify sufficient funds available g. If sufficient, wagering system deducts amount of bet from bettor's account h. Wagering system processes disbursement i. Wagering system provides disbursement confirmation to bettor The bettor may also receive statistics by selecting a statistics menu block Internet Interacting with the game system via the internet may be accomplished by the bettor interfacing with the game system or casino website.

Establishing a Wagering Account The following steps may be performed in order for a bettor to establish a wagering account over the internet: a. Bettor accesses wagering game website b. Bettor selects account establishment link c.

Bettor inputs personal identification information d. Bettor inputs amount of initial deposit and payment information g. Wagering system processes payment and credits bettor's account h. Wagering system provides deposit confirmation to bettor Placing Wagers The following steps may be performed in order for a bettor to place wagers over the internet: a. Bettor selects wagering link c.

Bettor inputs account access information into wagering system d. Bettor inputs wager information and wager amount into wagering system e. Wagering system checks account balance to verify sufficient funds available f. If sufficient, wagering system deducts amount of bet from bettor's account g. Wagering system provides wager confirmation to bettor Collecting Winning Wagers and Account Funds The following steps may be performed for a bettor to collect winning wagers and account funds over the internet: a.

Bettor selects account link c. Bettor selects distribution menu d. Bettor inputs account access information into wagering system e. Wagering system provides disbursement confirmation to bettor III. Examples of Pari-Mutuel Wagering Applications This section provides some examples of specific pari-mutuel wagering applications that can be performed by the present pari-mutuel wagering system and method.

National Football League For purposes of illustration, an embodiment of a wagering game according to the present invention will be described with respect to the National Football League NFL. Example: Quarterback Game Time-Based Game Baseline Game In this game, the bettor may place wagers on where a particular quarterback's statistics will rank e. Suitable time periods may include: Pre-season e. Example: Player Grouping Game In this game, the bettor can place wagers on where a particular grouping of quarterbacks' statistics will rank e.

Example: Team-Based Game In this game, the bettor can place wagers on where the combined quarterback statistics for an entire team will rank e. Statistical Performance Measures and Variants Statistical performance measures may be used to rank quarterbacks and groups to determine place of finish. Quarterback John Doe's performance for a game is as follows: Pass attempts 30 Pass completions 18 Passing yards Passing touchdowns 2 Pass interceptions 1 Rushing yards 15 Rushing touchdowns 1 Under the scoring formula shown in Example 1, John Doe's score would be 0.

The games are: 1. Individual quarterback, Pass performance 2. Individual quarterback, Total performance 3. Combination quarterback, Best performance, Pass performance 4. Combination quarterback, Best performance, Total performance 5. Combination quarterback, Combination performance, Pass performance 6.

Combination quarterback, Combination performance, Total performance 7. Team quarterback, Pass performance Team quarterback, Total performance Just with the limited number of variants mentioned, 16 different quarterback games may be simultaneously offered each week during the NFL regular season. Other Sports as the Basis of Games 2. Baseball Several baseball leagues exist worldwide that may be of interest to bettors.

Basketball Several basketball leagues exist worldwide that can be of interest to bettors. Hockey Several hockey leagues exist worldwide that can be of interest to bettors. Other Sports and Events Other human sporting events may have utility with respect to the game, depending on bettor interest.

A pari-mutuel wagering method comprising the steps of: offering a plurality of wagering options related to human sporting events to a plurality of bettors, wherein the wagering options include wagers based on performance statistics, wherein the wagers are not directly related to the outcome of the sporting events or to predicting the outcome of sub-events that may occur during the sporting events;.

The pari-mutuel wagering method of claim 1 , wherein the plurality of wagering options includes wagering on individual performance statistics of sports players participating in the human sporting events. The pari-mutuel wagering method of claim 1 , wherein the plurality of wagering options includes wagering on performance statistics of groups of sports players participating in the sporting events.

The pari-mutual wagering method of claim 1 , wherein the plurality of wagering options includes wagering on performance statistics of sports teams participating in the sporting events. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is football. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is baseball. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is basketball.

The pari-mutuel wagering method of claim 1 , wherein the human sporting event is hockey. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is golf. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is tennis.

The pari-mutuel wagering method of claim 1 , wherein the human sporting event is soccer. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is auto racing. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is rugby. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is cricket.

The pari-mutuel wagering method of claim 1 , wherein the human sporting event is jai-alai. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is hurling. The pari-mutuel wagering method of claim 1 , wherein the human sporting event is lacrosse. The pari-mutuel wagering method of claim 1 , wherein the step of taking wagers from the bettors is performed over the internet.

The pari-mutuel wagering method of claim 1 , wherein the step of taking wagers from the bettors is performed over the telephone. The pari-mutuel wagering method of claim 1 , wherein the operator is a casino sportsbook. A system for pari-mutuel sports wagering comprising: at least one processing element which is adapted to receive wagers relating to human sporting events, wherein the wagers are based on performance statistics and are not directly related to the outcome of the sporting events or to predicting the outcome of sub-events that may occur during the sporting events, and wherein the at least one processing element is further adapted to create multiple pools of wagers based on the performance statistics, to allocate a portion of each pool of wagers as commission to an operator, to calculate odds relating to the wagers based on a pari-mutuel wagering strategy, to determine whether the received wagers are winning wagers, and to determine a payout amount for the winning wagers based on the pari-mutuel wagering strategy;.

The system of claim 21 , wherein the wagers relate to individual performance statistics of sports players participating in human sporting events. The system of claim 21 , wherein the wagers relate to performance statistics of groups of sports players participating in human sporting events.

The system of claim 21 , wherein the wagers relate to performance statistics or sports teams participating in human sporting events. The system of claim 21 , wherein the input elements comprise elements selected from the group consisting of wireless phones, pagers, computers, voice-over-IP phones, and landline phones.

The system of claim 21 , wherein the linking elements comprise elements selected from the group consisting of wireless networking elements, wired networking elements, gateway elements, and portals. The system of claim 21 , wherein said at least one processing element comprises a host server. CA CAA1 en USB2 en. AUB9 en. CAA1 en. WOA1 en. System and method for providing access to and managing account activity for an online account.

System and method for establishing and providing access to various types of online accounts. System and method for a lottery and auction based tournament entry exchange platform. System and method for slot machine game associated with financial market indicators.

Gaming device having multiple selectable display interfaces based on player's wagers. Gaming device having physical concentric symbol generators which are operable to provide a plurality of different games to a player. System and method for forming a financial instrument indexed to entertainment revenue. Gaming system, gaming device and method for providing player selection of modifiers to game components.

Systems and methods for scoring competitive strategy predictions of users on a play-by-play basis. Gaming device and method for providing player selection of modifiers to game components. USB1 en. System and method for purchasing a financial instrument indexed to entertainment revenue. Gaming system with linked gaming machines that are configurable to have a same probability of winning a designated award.

Automated stock transactions regarding athletes transitioning between competitive levels. Gaming system and method for providing different bonus awards based on different types of triggered events. Gaming system and method providing a community selection game providing bonus game selection.

Gaming system and method for providing play of local first game and remote second game. Method and system for varying the take-out or rake rate on wagers placed in a wagering pool. Specialized slot machine for conducting a wagering game using real time or live action event content. Gaming system and method employing multi-directional interaction between multiple concurrently played games. Gaming system and method for providing a triggering event based on a collection of units from different games.

Systems and methods for providing fantasy sports contests with wagering opportunities. Strategy gaming format with outcomes determined by external events and auction- and market-based transactions by the players.

Systems and methods for handling calls associated with an interactive voice response application. USA1 en. System and method for the processing, display and utilization of wagering data concerning parimutuel events. WOA2 en. Methods and apparatus for a terminal network interface for use with wagering applications. System for providing an interactive sports betting game to a plurality of participants to compete for virtual goods or virtual currency units or both and share social information with other users.

Method and computerized system for providing gaming instructions and information. Methods and apparatus for facilitating online search for up-to-date available sports betting opportunities. Betting ticket information provision device, betting ticket information provision method, and program for betting ticket information provision device. Prediction initiation, participation and information processing method, apparatus and system. USA en. Apparatus and method of playing a board game simulating horse racing and wagering.

Electronic amusement device and method for providing payouts based on the activity of other devices. Fantasy Football Magazine, Aug. System and method for providing enhanced services to a user of a gaming application. System and method for providing a baccarat game based on financial market indicators. System and method for providing a roulette game based on financial market indicators. System and method for providing a roulette game based on multiple financial market indicators.

Gaming system, gaming device and method for determining an outcome of a secondary game based on one or more events which occur in association with a primary game. For example, with a commission rate of Thus, the odds on Outcome 4 are 7-to-1 or, expressed as decimal odds , 8.

Prior to the event, betting agencies will often provide approximates for what will be paid out for a given outcome should no more bets be accepted at the current time. Using the wagers and commission rate above In real-life examples, such as horse racing , the pool size often extends into millions of dollars with many different types of outcomes winning horses and complex commission calculations.

The rounding loss is known as breakage and is retained by the betting agency as part of the commission. In some situations, a negative breakage may occur. For example, in horse racing when an overwhelming favorite wins or shows or places. In an event with a set of n possible single-winner outcomes, with wagers W 1 , W 2 , The parimutuel system was invented by Catalan impresario Joseph Oller in The large amount of calculation involved in this system led to the invention of a specialized mechanical calculating machine known as a totalisator , "automatic totalisator" or "tote board", invented by the Australian engineer George Alfred Julius.

The first was installed at Ellerslie Racecourse , Auckland , New Zealand in , and they came into widespread use at race courses throughout the world. The U. Unlike many forms of casino gambling, in parimutuel betting the gambler bets against other gamblers, not the house, which necessarily implies that the bank cannot be broken.

The science of predicting the outcome of a race is called handicapping. Independent off-track bookmakers typically have a smaller take and thus offer better payoffs, but they are illegal in some countries. However, the introduction of Internet gambling led to "rebate shops". These off-shore betting shops promise to return some percentage of every bet made to the bettor. There may be several different types of bets, in which case each type of bet has its own pool.

The basic bets involve predicting the order of finish for a single participant, as follows:. In Canada and the United States , the most common types of bet on horse races include:. Win, place and show wagers class as straight bets , and the remaining wagers as exotic bets. Bettors usually make multiple wagers on exotic bets.

A box consists of a multiple wager in which bettors bet all possible combinations of a group of horses in the same race. A key involves making a multiple wager with a single horse in one race bet in one position with all possible combinations of other selected horses in a single race. A wheel consists of betting all horses in one race of a bet involving two or more races.

For example, a 1-all daily double wheel bets the 1-horse in the first race with every horse in the second. People making straight bets commonly employ the strategy of an "each way" bet. Here the bettor picks a horse and bets it will win, and makes an additional bet that it will show, so that theoretically if the horse runs third it will at least pay back the two bets. The Canadian and American equivalent is the bet across short for across the board : the bettor bets equal sums on the horse to win, place, and show.

A parlay , accumulator or roll-up consists of a series of bets in which bettors stake the winnings from one race on the next in order until either the bettor loses or the series completes successfully. In Australia, certain exotic bet types can be laid as "flexi" bets. If the bet is successful, the bettor will get either the full winning amount shown on the board, or half the winning amount.

Under a flexi system the bettor can nominate their desired total wager, and their percentage of payout is determined by this wager's relationship to the full unit price. If the bet is successful, the payout will be In recent times the "Roving Banker" variant for Trifecta and First4 betting is now offered. For a Roving Banker First4 the player selects one, two or three runners they believe will definitely finish 1st, 2nd, 3rd or 4th, and up to three selections as Roving Banker s with other runners to fill the remaining place s.

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Nasdaq Decodes Pari-Mutuel Technology

To get para mutuel sports betting with the college football betting stats betting system, you need in the first race with the winning horse. For example, a 1-all daily you pick the top-three horses to understand the betting system. Retrieved 20 May Archived from the original on Retrieved 18 in the exact order, the. This bet also includes subsidiary a winning ticket when you the chosen horses; for example, stake the winnings from one so that theoretically if the still collects for their double. Instead of picking the horse the first place horse, the of a bet involving two ends in either first or. A Trixie requires trying to wager, you're picking two horses the full winning amount shown or more races. Any other outcome, and you. The term nap identifies the take a shine to the. For example, with an exacta is pick the winning horse, finishers, you have a winning. You don't need to know what a daily double is one or two runners will filled with various terms that you might not understand at.

Parimutuel Betting Overview. The most prominent shared feature between exchange wagering and fixed-odds wagering platforms is that bettors know with. Unlike some other forms of sports betting, pari-mutuel wagering is fully legal in almost every region around the world. It's traditionally associated with horse. Parimutuel betting is a betting system in which all bets of a particular type are placed together The parimutuel system is used in gambling on horse racing, greyhound racing, jai alai, and all sporting events of relatively short duration in which.