System and method for betting on a subset of participants in an event

Abstract

A method of managing bets is provided. The method includes receiving win bets and group bets. Each win bet includes a bet that a participant selected from a set of participants in an event will win the event. Each group bet includes a bet that one of a subset of the set of participants will win the event. Results of the event identifying a winning participant from the set of participants are received. An amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant is determined. An amount of a group bet payout for at least one of the group bets is also determined. In this manner, a bettor may bet on all participants in an event other than a particular participant, such as the favorite participant, and thus effectively bet against the particular participant.

1 . A method of managing bets, comprising: 
 receiving one or more win bets, each win bet comprising a bet that a participant selected from a set of participants in an event will win the event;    receiving one or more group bets, each group bet comprising a bet that one of a subset of the set of participants will win the event, wherein the subset comprises a plurality of the set of participants;    receiving results of the event identifying a winning participant from the set of participants;    determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant; and    determining an amount of a group bet payout for at least one of the group bets.    
     
     
         2 . The method of  claim 1 , wherein the win bets and the group bet are received in a pari-mutuel betting system.  
     
     
         3 . The method of  claim 1 , further comprising applying a commission rate to at least one of the win bets and the group bets.  
     
     
         4 . The method of  claim 1 , wherein the subset of participants comprises a majority of the set of participants.  
     
     
         5 . The method of  claim 1 , wherein more than one participant in the set of participants is not included in the subset of participants.  
     
     
         6 . The method of  claim 1 , wherein the subset of participants associated with each group bet is the same.  
     
     
         7 . The method of  claim 1 , wherein the amount of the group bet payout is determined based on whether the subset of the participants includes the winning participant.  
     
     
         8 . The method of  claim 1 , wherein: 
 the subset of the participants includes the winning participant; and    the amount of the determined group bet payout is the same regardless of which particular participant in the subset of the participants is the winning participant.    
     
     
         9 . The method of  claim 1 , wherein: 
 the subset of the participants does not include the winning participant; and    the amount of the group bet payout is determined to be zero based on the subset of the participants not including the winning participant.    
     
     
         10 . The method of  claim 1 , wherein the amount of the group bet payout is determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.  
     
     
         11 . The method of  claim 1 , wherein a particular participant in the set of participants is not included in the subset of participants, and the method further comprises: 
 determining the odds of winning for the particular participant based at least in part on the one or more received win bets; and    wherein the amount of the group bet payout is determined based at least in part on the odds of winning for the particular participant.    
     
     
         12 . The method of  claim 1 , wherein determining the amount of the group bet payout comprises: 
 selecting a participant from the subset of participants; and    determining the total amount of the win bets that comprise a bet on any participant in the set of participants except for the selected participant.    
     
     
         13 . The method of  claim 1 , further comprising: 
 receiving a notification that one or more of the participants will not compete in the event; and    canceling at least a portion of the one or more group bets.    
     
     
         14 . The method of  claim 13 , further comprising providing refunds for one or more of the cancelled group bets.  
     
     
         15 . The method of  claim 1 , wherein determining the amount of the group bet payout comprises allocating to each of the subset of participants a portion of the amount of the group bet.  
     
     
         16 . The method of  claim 15 , further comprising receiving a notification that one or more of the participants in the subset of participants will not compete in the event; and 
 wherein determining the amount of the group bet payout comprises reallocating the amount of the group bet among the remaining participants in the subset of participants.    
     
     
         17 . The method of  claim 15 , wherein determining the amount of the group bet payout further comprises: 
 determining as a first amount the portion of the group bet allocated to the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total amount of the win bets that comprise a bet on the winning participant; and    determining the amount of the group bet payout based at least on the first amount, the second amount, the third amount, and the fourth amount.    
     
     
         18 . The method of  claim 17 , wherein determining the amount of the group bet payout comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount;    adding the sixth amount and the first amount.    
     
     
         19 . The method of  claim 15 , further comprising determining, for each participant in the set of participants, the total amount of the win bets that comprise a bet on that participant; and 
 wherein the amount of the group bet is allocated to each participant in the subset of participants in proportion to the determined total amounts of the win bets associated with that participant.    
     
     
         20 . The method of  claim 15 , wherein determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining as a first amount the total amount of the win bets that comprise a bet on the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total portion of the group bet allocated to the winning participant; and    determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant based at least on the first amount, the second amount, the third amount, and the fourth amount.    
     
     
         21 . The method of  claim 20 , wherein determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount;    adding the sixth amount and the first amount.    
     
     
         22 . A system for managing bets, comprising: 
 a memory operable to store: 
 one or more win bets, each win bet comprising a bet that a participant selected from a set of participants in an event will win the event;  
 one or more group bets, each group bet comprising a bet that one of a subset of the set of participants will win the event, wherein the subset comprises a plurality of the set of participants; and  
 results of the event identifying a winning participant from the set of participants; and  
   a processor coupled to the memory and operable to: 
 determine an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant; and  
 determine an amount of a group bet payout for at least one of the group bets.  
   
     
     
         23 . The system of  claim 22 , wherein the system is a pari-mutuel betting system.  
     
     
         24 . The system of  claim 22 , wherein the processor is further operable to apply a commission rate to at least one of the win bets and the group bets.  
     
     
         25 . The system of  claim 22 , wherein the subset of participants comprises a majority of the set of participants.  
     
     
         26 . The method of  claim 22 , wherein more than one participant in the set of participants is not included in the subset of participants.  
     
     
         27 . The system of  claim 22 , wherein the subset of participants associated with each group bet is the same.  
     
     
         28 . The system of  claim 22 , wherein the processor is operable to determine the amount of the group bet payout based on whether the subset of the participants includes the winning participant.  
     
     
         29 . The system of  claim 22 , wherein: 
 the subset of the participants includes the winning participant; and    the amount of the determined group bet payout is the same regardless of which particular participant in the subset of the participants is the winning participant.    
     
     
         30 . The system of  claim 22 , wherein: 
 the subset of the participants does not include the winning participant; and    the processor is operable to determine the amount of the group bet payout to be zero based on the subset of the participants not including the winning participant.    
     
     
         31 . The system of  claim 22 , wherein the processor is operable to determine the amount of the group bet payout based at least in part on the total amount of the win bets that comprise a bet on the winning participant.  
     
     
         32 . The system of  claim 22 , wherein: 
 a particular participant in the set of participants is not included in the subset of participants;    the processor is further operable to determine the odds of winning for the particular participant based at least in part on the one or more received win bets; and    the amount of the group bet payout is determined based at least in part on the odds of winning for the particular participant.    
     
     
         33 . The system of  claim 22 , wherein determining the amount of the group bet payout comprises: 
 selecting a participant from the subset of participants; and    determining the total amount of the win bets that comprise a bet on any participant in the set of participants except for the selected participant.    
     
     
         34 . The system of  claim 22 , wherein the processor is further operable to: 
 receive a notification that one or more of the participants will not compete in the event; and    cancel at least a portion of the one or more group bets.    
     
     
         35 . The system of  claim 34 , wherein the processor is further operable to determine a refund for one or more of the cancelled group bets.  
     
     
         36 . The system of  claim 22 , wherein determining the amount of the group bet payout comprises allocating to each of the subset of participants a portion of the amount of the group bet.  
     
     
         37 . The system of  claim 36 , wherein: 
 the processor is further operable to receive a notification that one or more of the participants in the subset of participants will not compete in the event; and    determining the amount of the group bet payout comprises reallocating the amount of the group bet among the remaining participants in the subset of participants.    
     
     
         38 . The system of  claim 36 , wherein determining the amount of the group bet payout further comprises: 
 determining as a first amount the portion of the group bet allocated to the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total amount of the win bets that comprise a bet on the winning participant; and    determining the amount of the group bet payout based at least on the first amount, the second amount, the third amount, and the fourth amount.    
     
     
         39 . The system of  claim 38 , wherein determining the amount of the group bet payout comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount;    adding the sixth amount and the first amount.    
     
     
         40 . The system of  claim 36 , further comprising determining, for each participant in the set of participants, the total amount of the win bets that comprise a bet on that participant; and 
 wherein the amount of the group bet is allocated to each participant in the subset of participants in proportion to the determined total amounts of the win bets associated with that participant.    
     
     
         41 . The system of  claim 36 , wherein determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining as a first amount the total amount of the win bets that comprise a bet on the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total portion of the group bet allocated to the winning participant; and    determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant based at least on the first amount, the second amount, the third amount, and the fourth amount.    
     
     
         42 . The system of  claim 41 , wherein determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount;    adding the sixth amount and the first amount.