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A betting vice president bettingsports lotterysweepor office pool if done pool betting definition work, is a form of gamblingspecifically a variant of parimutuel betting influenced by lotterieswhere gamblers pay a fixed price into a pool from which taxes and a house "take" or "vig" are removedand then make a selection on an outcome, usually related to sport. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds involved; each winner's payoff depends simply on the number of gamblers and the number of winners. True parimutuel bettingwhich was historically referred to as pool betting, involves both odds calculations and variable wager amounts.

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Pari mutuel betting formula one

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As can be seen by the above description, pari-mutuel wagering is generally utilized with events that are short in duration with wagers selecting winners or top finishers in the events. Attempts have been made to extend pari-mutuel wagering to events outside of horseracing, such as golf, but these attempts often suffer from bettor indifference as these events, particularly golf, are multi-day events with a winner decided days after a wager is made.

Thus, wagering on a winner before the event requires a bettor to wait three or four days before learning whether the wager will pay off or not. As such, there is a need for a system and method that enables and encourages pari-mutuel wagering for events beyond the traditional horseracing. Additionally, there is a need for a system and method that provides for pari-mutuel wagering throughout the course of an event, and not merely wagering on the winner or a specific series of finishers at the conclusion of the event.

The present invention addresses these and other needs. In general, one embodiment the present invention is directed to a pari-mutuel wagering system for use with multi-activity events such as golf and automobile racing whereby bettors may wager on pre-established odds associated with each participant in the event. The system, as promoted by sports books in legalized jurisdictions such as Nevada and Europe, utilizes pre-event odds established by line makers having knowledge and experience related to such events.

The pre-event odds are then influenced and modified in substantially real-time response to the placement of wagers on specific actions performed by event participants. Sports books earn revenue by collecting a percentage of all wager pools funded by all placed wagers.

The embodiments of the present invention are well-suited for both brick-and-mortar sports books, as well as online sports books and internet gaming sites. Wagers made within brick-and-mortar sports books can either be conducted at bettor-reserved terminals or by placing a wager with an authorized sports book employee. Online sports books and gaming sites may be accessed using any suitable electronic device including, but not limited to, a desktop computer, a laptop computer, tablet computer, or a hand-held device such as a smart phone or personal data assistant PDA.

Additional objects, advantages and novel features of the present invention will be set forth in part in the description which follows, and will in part become apparent to those in the practice of the invention, when considered with the attached figures. The accompanying drawings form a part of this specification and are to be read in conjunction therewith, wherein like reference numerals are employed to indicate like parts in the various views, and wherein:.

Referring to the drawings in detail, and specifically to FIG. It is also envisioned that wagering server can be accessed via dedicated terminals located within casinos, racetracks, golf pro shops or any other properly equipped facility. Wagering server is accessed directly by individual bettors or through placing wagers with an employee authorized by the server operator to input wagers within the server. When inputting wagers, individual bettors can place wagers in an individual or one-time manner, or can create a user account which is username and password protected, and is stored on the wagering server.

Adverting now to FIG. Sports book database is populated with event-related information such as, but not limited to, specific events, event participants, individual event actions for which wagers will be accepted, and opening odds or updated odds for predicting participants satisfying those individual event actions, as will be discussed in more detail below. Information stored within the sports book database is viewed and manipulated through a sports book application The sports book application is user and password encrypted, and is accessible only by authorized sports book employees, such as authorized line makers employees with knowledge and experience directed to the events, odds, and line establishment.

Also housed on wagering server is wagering database Wagering database is accessed via wagering application Bettors access the wagering application through a direct terminal device, by use of an authorized sports book employee workstation, or through an internet connection as shown and described with reference to FIG.

Bettors can either log onto a user account to place wagers or simply place anonymous wagers. Logging onto a user account allows bettors to sort and track current wagers, as well as review wager history which may assist the bettor is placing future wagers. Once logged on, or when placing an anonymous wager, the wagering application recalls bettor-selected information from the wagering database and displays the events on which wagers are being accepted, event participants on which the bettor may wager, individual event actions for which wagers will be accepted, opening odds or updated odds for participants satisfying those individual event actions, and the anticipated payout at current odds or actual payout calculated after wagers are no longer being accepted for a specific action.

It is further envisioned that the wagering application allows bettors to view relevant betting information, such as weather conditions, participant performance history at the present event, participant performance over a bettor-selected period of time i.

The embodiments of the present invention are directed to pari-mutuel wagering options on multi-activity events, such as horse races, dog races, automobile races, bicycle races, golf, tennis, track-and-field events, Olympic events, motorcycle races and the like. The embodiments of the present invention are suitable for brick-and-mortar sports books, as well as online sports books and internet gambling websites.

Referring now to FIG. Pre-event rankings are based upon the Official World Golf Ranking. As shown, Mickelson is the favorite opening at 2 to 1, with Woods established at 5 to 1 and Garcia established at 12 to 1.

Opening odds are established by line makers and stored on wagering server within the sports book database as described above with reference to FIG. Based upon the opening odds, bettors are provided, via wagering application housed on wagering database , with a series of pari-mutuel wager options including straight win wagers, second place finishers, third place finishers, exacta wagers, quinella wagers, trifecta wagers and superfecta wagers.

The exacta, trifecta and superfecta wagers may also be boxed allowing the bettor to cover all conceivable finishing orders with 2, 3 or 4 golfers. The system also supports pari-mutuel wagers across separate, multiple successive individual actions with an event, as well as across events themselves.

Thus, the pari-mutuel wagering system of the present invention allows a sports book to offer multi-action wager options whereby a bettor can, for example, place a wager on the golfer leading after each of the four rounds within a single golf tournament i. Thursday's leader; Friday's leader; Saturday's leader; and tournament winner. The pari-mutuel wagering system of the present invention allows a sports book to further offer multi-event wager options such as wagering the predicted winner of a first golf tournament played during a first week i.

April and the predicted winner of the next successive golf tournament i. April Pari-mutuel wagering, unlike most casino games e. Thus, the more wagered on one or more participants, to continue the above example—golfers, the lower the odds and resultant payouts. Consequently, it is the bettors that are influencing the final odds and payouts.

As wagers are placed, the software resident on the wagering server see FIGS. Thus, bettors can view the updated odds at the brick-and-mortar facility, or on their internet-enabled devices as shown in FIG. As shown in the updated list of FIG. The odds may fluctuate until the event begins, at which time wagers will no longer be accepted and the final odds and payouts are calculated. As the straight odds change, the payouts associated with the pari-mutuel style wagers fluctuate as well based upon the corresponding wager pools.

The list shows payouts associated with winning exacta, quinella and trifecta wagers for two and three selected golfers. In a practical setting, a sports book board or an internet-enabled device accessing the wagering database via wagering application shows all possible combinations and corresponding payouts in substantially real-time as the odds change. With the pari-mutuel system disclosed herein, bettors have the opportunity to receive large payouts on small wagers.

Moreover, the final odds are established by the wagers of the bettors. While the above scenario, with reference to FIGS. While the above scenario involving a golf tournament referenced wagers on the winner of the tournament, the pari-mutuel wagering system of the present invention can further be employed to permit wagering for other actions within the multi-action event.

As already stated above, wagers can further be made on predicting the leader of the tournament after each of the four rounds. Additional wagers, known as propositional wagers, can be made for each of the four days, for one or more of the four days, or for the entire four day tournament. Examples of propositional wagers for a golf tournament include predicting the golfer with the longest drive, most drives on the fairway over yards, most drives on the fairway over yards, most drives on the fairway over yards, shortest drive, most fairways, least fairways, most greens in regulation, fewest greens in regulation, must putts made, least putts made, most bunkers landed in, least bunkers landed in, most chip-ins, most whole-outs, most eagles, most birdies, most bogies, most double bogies, most pars, most holes in one, on the green closest to the pin on a par 3, the lowest 9 score, the highest 9 score, first time Tour winners and the like.

The pari-mutuel wagering system of the present invention also enables wagering over successive weeks and may include wagers for the entire golf season, i. The above referenced wagers can be extended to the golf season, with additional propositional wagers including most wins, most major tournament wins, win by biggest margin, rookie of the year, comeback player of the year, player of the year, Hogan award recipient, predict winners of each of four Grand Slam or five Super Grand Slam of the six recognized world tours PGA Tour, European Tour, Asian Tour, PGA Tour of Australia, Japan Golf Tour, and the Sunshine Tour , longest run to make the cut, and the like.

Additionally, suitable over-under wagers are established with regard to each of the above scenarios. Adverting now to FIGS. Thus, excitement is generated as the bettors watch in real-time the results of their predictions. Similarly, as shown in FIG. Additionally, in further embodiments, the telestrator is linked with a GPS coordinate system such that, depending on the results for a particular hole, e. Thus, bettors can watch as golfers tee off to see each golfer's shot and watch in real-time to determine whether their predictions were correct and whether they will collect on their wager.

The use of the telestrator, with or without the added GPS capability, thus provides added excitement to the bettor by providing real-time, immediate action rather than merely waiting until the conclusion of the tournament to determine if a prediction of the winners was correct. This added excitement leads to increased wagering and larger betting pools, thereby generating larger payouts to winners as well as larger administrative fees received by the sports book.

However, before the official race, drivers and teams undergo qualifying to determine which drivers and cars are entered into the field, as well as determining the order of the cars to start the race, with the fastest car earning the pole position. Qualifying is typically conducted on Fridays. Drivers and teams then use Saturday to test the car's performance and make any adjustments they feel are necessary prior to Sunday's race.

The present invention extends pari-mutuel wagering beyond merely picking the winner of the race. The pari-mutuel wagering system of the present invention promotes propositional wagering on each of the three days of a typical NASCAR weekend. Thus, during Friday qualifications, bettors can wager on predicting whether a driver will crash during qualification, break a course record during qualification, fail to finish qualifying, which driver wins the pole position, whether a driver will be within or without the top ten finishers in qualifying, or whether a driver will be within a specific range of qualifiers i.

Similar wagers can be extended to the Happy Hour sessions, such as which driver will crash during happy hour, which driver had the fastest lap, which driver had the slowest car. Race day wagers can also be extended to include wagers on whether there will be a crash on the first lap, a crash within the first 5 laps or ten laps, which lap the first yellow or first red flags will come out, how many drivers are involved in the first crash, whether two specific drivers crash into each other, how many drivers are in the largest crash, whether the entire race will run without a crash, most laps led, most laps led and win, most laps led and not win, how many pits a driver makes, the number of tires a driver changes, who changes the most or least number of tires, whether a driver will crash and still win, which driver was in the most crashes and still finishes the race, first time winners in the series e.

Although described as individual drivers, the above wagers can also be made based upon teams or stables of cars, e. In step , software resident on the wagering server retrieves and updates participant rankings within sports book database The software contains code which directs the server to access the official rankings of event participants i. The software also generates a number of action-specific wager outcomes based upon the event and the retrieved rankings step Typically, these action-specific outcomes are duplicative from event-to-event within the same Tour or Series for instance, all PGA Tour events or NASCAR races will have the same actions on which bettors can wager, as described above.

An authorized line maker then accesses sports book database via the sports book application , to view the updated rankings. The line maker then establishes pre-event odds for the immediately upcoming event i. As shown in Step , once the pre-event odds are established, the sports book then inputs this data into the wagering database Bettors then access the wagering database either through a bettor terminal running wagering application , or through a sports book employee at the brick-and-mortar facility, or online via an internet-capable device running wagering application This processing is done by a totalisator machine , often shortened to tote , and then displayed on TV or computer terminals, or transferred to a website.

Suppose we checked the bets earlier, and they had been in a ratio A:B:C of The payouts at that moment would have been 1. This is incidentally the advent of fixed-odds bets, where a bettor can take the odds at that exact moment instead of waiting for the close to determine their payout.

At last, note that this process does not need to know how many runners are in the race because calculations are based on the units, or how many places are paid out because you can simply invalidate certain payouts, and allows for the combination of several different categories of bet like say, mixing the wins and the places bets, or the quinella and trifecta bets.

To calculate the parimutuel odds for a place, the result of the above calculation is divided by the number of places available, whether it is one or two or three. Sign up to join this community. The best answers are voted up and rise to the top.

How do bookies calculate parimutuel place odds in horse racing shown before a race starts? Ask Question. Asked 3 years, 6 months ago. Active 2 years ago. Viewed 2k times. Improve this question. Martin 5, 6 6 gold badges 38 38 silver badges 79 79 bronze badges.

Add a comment. Active Oldest Votes. A is the favourite and bettors place 50 on the win. B is good but less likely, so only 40 are placed. Finally, C is the inconsistent runner that may upset the others, getting 10 bets placed.


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Digital coin solo mining bitcoins In a hypothetical event that has eight possible outcomes, in a country using pari mutuel betting formula one decimal currency such as dollarseach outcome has a certain amount of money wagered:. As shown in Steponce the pre-event odds are established, the sports book then inputs this data into the wagering database Sports Betting Information. Retrieved 20 May Thus, wagers regarding the second round of a golf tournament are established based upon the results of the first round. The method of claim 1 further comprising the steps of: g. The method of claim 3 wherein said plurality of individual actions comprises a first round leader; a second round leader; participants who qualify for later rounds; participants who fail to qualify for later rounds; a third round leader; a tournament winner.
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