Pari mutuel betting application
- Eur/usd analysis forexprostr
- 2 Окт, 2012
- 1
Cashout Enable users to withdraw their money in between the event or match with a cash-out feature. Risk-management Remove all your existing and potential risks with a risk management software that comes equipped with our pari-mutuel software. Multiple Payment Methods Provide users with multiple payment options by integrating different payment gateways in your pari-mutuel betting software.
Major Cryptocurrencies Support Our pari-mutuel sports betting software solution supports both fiat and cryptocurrency including bitcoin. Multi-lingual Sports Betting Software Entice huge sports betting audiences with a betting software that allows users to place bets in multiple languages.
Accordingly, the ability of the house to minimize the risk to its own capital is limited by its ability to split the betting pool into appropriately weighted and offsetting groups. As a result of these limitations of fixed odds wagering, sports betting casinos typically offer sports betting in relation to only a very limited range of choices and do not commonly offer high odds payouts. With respect to football, for example, the house conventionally sets a point spread, which is a point handicap placed against the perceived stronger team, in an attempt to attract an equal quantity of wagering on each team.
With other sports, odds are conventionally set that have a higher level of payout for the perceived weaker team. From time to time the house may adjust the point spreads and payout odds offered on future sports wagers in an attempt to maintain a balance between wagers on both sides. However, for a given sports wager, the terms or payout odds are conventionally fixed, so that the bettor is in effect wagering against the house.
With conventional fixed odds sports wagering, in order to hedge its risks and maintain profitability, the house must be able to reliably divide the betting money into offsetting groups. Such fixed odds methods lack the flexibility to efficiently accommodate a sports wagering game structure involving a larger number of players.
This type of wagering, although applied in horse and dog racing, is uncommon in other contexts. The basic principle of pari-mutuel wagering is that the winners share the total stakes wagered on an event minus a fixed commission for the house. 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 enables these and many other benefits to be obtained. 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
More specifically, the present invention relates to a wagering system whereby patrons may place wagers on horse and greyhound racing, or other pari-mutuel events, on a fixed-odds basis so that once a patron places a wager, the payoff on that wager is fixed based on the terms of the wager when the wager was initially placed.
| Pari mutuel betting application | For example, the system may remain open until all the wagers that can be accepted, are accepted, as will be described algorithm mining greater detail below, pari mutuel betting application until some other predetermined criterion is satisfied. A calculation made after a wager is accepted can tell if that wager, along with other wagers, satisfy the pari-mutuel calculation, but by then it is too late. 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. Different Bet Types Our pari-mutuel betting software supports other betting types including handicap and much more. Wager must be multiple of yen JRA-sanctioned horse racing. |
| Pari mutuel betting application | 332 |
| Sharp side betting | A better place adult family home |
| Pari mutuel betting application | You will note that the amounts of the substitute back bets will differ, by entry, depending upon the odds offered for a back bet on that entry. The "Multi" bet operates on races with 14 or more starters. Hence, computer may also be classified as an input element. This bet type is not available on events with 3 or fewer runners. Multiple Betting Markets Attract a global audience with different betting markets that are supported by our sports betting system software. It will nevertheless be understood that no limitation of the scope of the invention is hereby intended, such alterations and further modifications are contemplated as would normally occur to one skilled in the art to which the invention relates. Many operators offer Best Tote betting and Mid Tote betting to provide better value to their clientele. |
| Money management forex forum | 77 |
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