Fixed-Odds/Pari-Mutuel Racing Product

Abstract

The present invention relates to a wagering system that satisfies pari-mutuel regulations while offering patrons fixed-odds at the time the wager is made. More specifically, the present invention is directed to a method of providing a fixed-odds pari-mutuel wagering system for wagering on entries in a race wherein the system may include the steps of opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race; batching the bets received at the fixed odds in a given entry and evaluating each proposed wager at the initial fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the previous determination; placing rejected, in whole or in part, wagers in a queue for later evaluation; based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race, batching and evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the previous determination; based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering; optionally repeating the previous steps as necessary before closing the wagering system.

1 . A method of a providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of: 
 (a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;    (b) evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;    (c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);    (d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;    (e) optionally providing a subsequent pari-mutuel pool, comprising the steps of: 
 (A) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race;  
 (B) evaluating each proposed wager at the optionally modified fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;  
 (C) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (B);  
 (D) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;  
   (f) optionally repeating step (e); and    (g) closing the wagering system.    
   
   
       2 . The wagering system of  claim 1 , wherein the initial fixed-odds are based upon a knowledgeable estimate of what a population of available patrons will expect the odds on each particular entry to be.  
   
   
       3 . The wagering system of  claim 1 , wherein the predetermined pari-mutuel calculation is satisfied when the proposed wager on a particular entry is such that the total payout on that entry at the offered fixed-odds is equal to the total amount accepted in the entire pool minus a house retention.  
   
   
       4 . The wagering system of  claim 1 , wherein the predetermined criteria keeps the pari-mutuel pool open for a period of time intended to maximize the total dollar volume of wagers able to be accepted in the pool under the pari-mutuel regulations.  
   
   
       5 . The wagering system of  claim 1 , wherein the wagering system remains open until all the wagers that can be accepted are accepted.  
   
   
       6 . The wagering system of  claim 1 , wherein the wagering system remains open until the race begins.  
   
   
       7 . The wagering system of  claim 1 , wherein the optionally modified fixed-odds take into account a wagering pattern presented by previously placed wagers so that the optionally modified fixed-odds induce patrons to change their wagering patterns.  
   
   
       8 . The wagering system of  claim 1 , wherein the only proposed wagers that are accepted are those whose cumulative dollar wager volumes satisfy a predetermined proportional relationship.  
   
   
       9 . The wagering system of  claim 1 , wherein the wagering system places partially or completely rejected wagers into a queue.  
   
   
       10 . The wagering system of  claim 9 , wherein wagers placed in the queue are still available to be accepted after new wagers at the optionally modified fixed-odds are received.  
   
   
       11 . The wagering system of  claim 9 , wherein the wagering system will accept those wagers in the queue when the optionally modified fixed-odds for the wager is equal to or better than the fixed-odds in effect when the wager was placed.  
   
   
       12 . The wagering system of  claim 1 , wherein the wagering system is configured to accept lay wagers.  
   
   
       13 . The wagering system of  claim 1 , wherein the wagering system is configured to accept wagers on an event where more than one entries, individually or in a combination, wins.  
   
   
       14 . The method of  claim 1 , 
 wherein the step of evaluating each proposed wager at the initial fixed-odds includes accumulating a number of bets (one or more) at the initial fixed-odds on the entry and then evaluating each proposed wager at the initial fixed-odds,    wherein the substep of evaluating each proposed wager at the optionally modified fixed-odds includes accumulating a batch of bets at those odds and then evaluating each proposed wager at the optionally modified fixed-odds.    
   
   
       15 . The method of  claim 1 , wherein the wagering system may accept a form of a place or show wager, or a wager selected from the group consisting of parlay, exacta, trifecta, superfecta, quinella, “pick six”, or other types of exotic bets that call for multiple entries being successfully selected as finishing in a prescribed manner, including but not limited to first, second, and third.  
   
   
       16 . The wagering system of  claim 1 , wherein the wagering system may accept at least one of a fixed-odds bet, a limit bet, or a market bet.  
   
   
       17 . A method of providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of: 
 (a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;    (b) evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers would satisfy a predetermined pari-mutuel calculation;    (c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);    (d) placing rejected, in whole or in part, wagers in a queue for later evaluation;    (e) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;    (f) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race;    (g) evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether a combination of wagers would satisfy a predetermined pari-mutuel calculation;    (h) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (g);    (i) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;    (j) optionally repeating steps (f) through (i); and    (j) closing the wagering system.    
   
   
       18 . The wagering system of  claim 17 , 
 wherein the step of evaluating each proposed wager at the initial fixed-odds includes batching the received bets, and    wherein the substep of evaluating each new proposed wager is performed in a batch operation.    
   
   
       19 . The wagering system of  claim 17 , wherein the wagering system may accept a form of a place or show wager, or a wager selected from the group consisting of parlay, exacta, trifecta, superfecta, quinella, “pick six”, or other types of exotic bets that call for multiple entries being successfully selected as finishing in a prescribed manner, including but not limited to first, second, and third.  
   
   
       20 . The wagering system of  claim 17 , wherein the wagering system may accept at least one of a fixed-odds bet, a limit bet, or a market bet.  
   
   
       21 . A method of providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of: 
 (a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;    (b) evaluating each proposed wager at the initial fixed-odds, to determine whether a combination of wagers would satisfy a predetermined pari-mutuel calculation;    (c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);    (d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; and    (e) closing the wagering system.    
   
   
       22 . The wagering system of  claim 21 , wherein the wagering system may accept a form of a place or show wager, or a wager selected from the group consisting of parlay, exacta, trifecta, superfecta, quinella, “pick six”, or other types of exotic bets that call for multiple entries being successfully selected as finishing in a prescribed manner, including but not limited to first, second, and third.  
   
   
       23 . The wagering system of  claim 21 , wherein the wagering system may accept at least one of a fixed-odds bet, a limit bet, or a market bet.  
   
   
       24 . A method of a providing fixed-odds pari-mutuel wagering system for wagering on entries in a race, comprising the steps of: 
 (a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race;    (b) accumulating a number of bets (one or more) at the initial fixed-odds on the entry and then evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;    (c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b);    (d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering;    (e) optionally providing a subsequent pari-mutuel pool, comprising the steps of: 
 (A) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race,  
 (B) accumulating a batch of bets at those odds and then evaluating each proposed wager at the optionally modified fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation;  
 (C) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (B);  
 (D) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering;  
   (f) optionally repeating step (e); and    (g) closing the wagering system,    wherein the wagering system may accept at least one of a fixed-odds bet, a limit bet, or a market bet.    
   
   
       25 . The wagering system of  claim 24 , wherein the wagering system may accept a form of a place or show wager, or a wager selected from the group consisting of parlay, exacta, trifecta, superfecta, quinella, “pick six”, or other types of exotic bets that call for multiple entries being successfully selected as finishing in a prescribed manner, including but not limited to first, second, and third.