AU2005200780B2 - An improved betting method - Google Patents

An improved betting method Download PDF

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Publication number
AU2005200780B2
AU2005200780B2 AU2005200780A AU2005200780A AU2005200780B2 AU 2005200780 B2 AU2005200780 B2 AU 2005200780B2 AU 2005200780 A AU2005200780 A AU 2005200780A AU 2005200780 A AU2005200780 A AU 2005200780A AU 2005200780 B2 AU2005200780 B2 AU 2005200780B2
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AU
Australia
Prior art keywords
amount
participant
bet
betting
pool
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Ceased
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AU2005200780A
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AU2005200780A1 (en
Inventor
James Fiorino
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James Fiorino
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Priority to AU2004903649A priority Critical patent/AU2004903649A0/en
Priority to AU2004903649 priority
Application filed by James Fiorino filed Critical James Fiorino
Priority to AU2005200780A priority patent/AU2005200780B2/en
Publication of AU2005200780A1 publication Critical patent/AU2005200780A1/en
Application granted granted Critical
Publication of AU2005200780B2 publication Critical patent/AU2005200780B2/en
Priority claimed from AU2007200437A external-priority patent/AU2007200437B2/en
Ceased legal-status Critical Current
Anticipated expiration legal-status Critical

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Description

Regulation 3.2 Revised 2/98

AUSTRALIA

Patents Act, 1990

ORIGINAL

COMPLETE

SPECIFICATION

TO BE COMPLETED BY THE APPLICANT NAME OF APPLICANT: James Fiorino ACTUAL INVENTOR: James Fiorino ADDRESS FOR SERVICE: Peter Maxwell Associates I l 6 Pitt Street SYDNEY NSW 2000 AN IMPROVED BETTING

METHOD

2004 903 649 2 July 2004 Australia INVENTION

TITLE:

DETAILS OF ASSOCIATED PROVISIONAL APPLICATION

NO(S):

The following statement is a full description of this invention including the best method of performing it known to me:m:\docs\2 0 0 5 1007\073630.doc 2 The present invention relates to an improved betting method.

0 The two most commonly known betting methods operating in the market 0 are the pad mutuel system or totalizator system and the fixed odds system.

The basic procedure of the totalizator system is that the total amount bet 00 for all the numbers (or participants) in a race is entered into a pool. From this pool, a predetermined percentage of commission is deducted. Then the Sremaining amount in the pool is divided by the total amount bet on the winner of 6 the race.

Example: Number Total Amount Bet Dividend Rounding Down Dividend 1 $50 $1.60 $1.60 2 $25 $3.20 $3.20 3 $15 $5.33 $5.30 4 $10 $8.00 $8.00 Total Pool $100 less commission of 20% is to be returned in winning bets.

With the fixed odds system, the odds are determined by opinion and market forces, and the exact amount to be collected from winning bets is known at the time a bet is placed.

The problem for the operator of the totalizator system, in this case being the TAB, is that on a vast number of occasions the best odds offered by fixed odds bookmakers are clearly more attractive than the final dividends bet by the TAB. Bookmakers are even in a position where they can advertise and guarantee to pay out better dividends than the TAB.

06/10/2006 O3

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If the TAB lowers the rate of commission deducted from the betting 0 pools to try and compete with odds offered by bookmakers, it must increase its

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wagering turnover by the same ratio to generate the same revenue. In the example given above; for a commission rate reduction to 10%, the TAB would 00 5 need to double its turnover to generate the same revenue; and for a reduction 0 0to it would need to quadruple its turnover to achieve the same result.

0 As a consequence, the TAB would lose substantial revenue from its 0 C pastime, leisure and entertainment customers. The time and cost of going to the races for these punters exceeds the premium they pay for the service and convenience provided by the TAB.

At the same time, in comparison with fixed odds offered by bookmakers, TAB dividends disadvantage the value conscious, form punters. If the admittance fee of going to the races was based on the amount a punter bets, then these punters would prefer not to go. In the same way, they prefer not to bet with the TAB.

Therefore, the objectives of the present invention include the following: To provide a betting method in which the operator of such a betting method maximises wagering revenue to full capacity.

To provide the operator of the betting method with the capability of attracting and catering for all types of punters, both large and small.

To provide the operator of the betting method with a competitive edge in opposition with other sources of competition, especially fixed odds bookmakers.

To provide punters with the incentive and opportunity to potentially obtain the top odds of the market and to maximise their winnings.

06/10/2006 4

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In the present specification and claims, the term "winnings" refers either 0 to the collect of a winning bet or to the profit gained by a punter from a winning 0 bet, and the term "winning outcome" refers to any outcome in a competition 0identified as such by the operator of the betting method, such as first place, 00 second place, third place or even last place.

According to the present invention, there is provided a betting method 0 for a competition on which punters bet on a winning outcome, comprising the Ssteps of:entering the total amount bet by punters for all participants in the competition into a pool, (ii) for each participant, dividing the amount in the pool by the total amount bet for the participant to calculate a dividend for that participant, (iii) for each participant, assessing an amount to be deducted from the winnings of a bet if that participant were to have a winning outcome, the assessment of the amount to be deducted depending, at least in part, on the amount of the winnings of the punter, (iv) for the participant having a winning outcome, paying to each punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the punter by the dividend for that participant and deducting an amount as assessed in step (iii), and paying to the operator of the betting method the amount as deducted in step (iv).

Preferably, the amount to be deducted is a percentage amount, and the percentage amount is lower as the amount of the winnings is higher.

06/10/2006 Optionally, the amount to be deducted is determined by the operator's analysis of the form of a participant or participants in the competition.

C Optionally, the amount to be deducted is a pre-agreed amount of Cdeduction with one or more selected punters.

00 Preferably, the operator displays the dividend calculated in step (ii) for each participant.

SOptionally, between steps and the method further includes the (1 step of deducting a predetermined percentage of commission from the pool.

Optionally, between steps (iv) and the method further includes the step of adding a bonus amount to the winnings of a bet.

Optionally, between steps and the method further includes the step of deducting a predetermined percentage of commission from the pool and, between steps (iv) and the method further includes the step of adding a bonus amount to the winnings of a bet.

Preferably, the competition is a horse race or a greyhound race.

In an alternative form of the invention, there is provided a betting method for a competition on which punters bet on a winning outcome, comprising the steps of:entering the total amount bet by punters for all participants in the competition into a pool, (ii) deducting a predetermined percentage of commission from the pool by the operator of the betting method, (iii) for each participant, dividing the remaining amount in the pool by the total amount bet for the participant to calculate a dividend for that participant, (iv) for each participant, assessing a bonus amount to be added to the winnings of a bet if that participant were to have a winning 06/10/2006 6 .outcome, the assessment of the bonus amount to be added

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0 depending, at least in part, on the amount of the winnings of the 0 punter, for the participant having a winning outcome, paying to each 00 punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the punter by athe dividend for that participant and adding a bonus amount as N assessed in step and (vi) paying to the operator of the betting method the predetermined percentage of commission deducted in step (ii).

The method of the invention can be applied to any competition in which punters bet on a winning outcome, bets are entered into a pool, and a dividend is declared.

In order that the invention may be readily understood and put into practical effect, reference will now be made to the accompanying Example of a preferred betting method of the invention.

EXAMPLE

The total amount bet for each number (or participant) in a race is entered into a pool. Then the total amount in the pool is divided by the total amount bet for each number to return a dividend.

Example: Number Total Amount Bet Dividend Market Percentage 1 $3,069 $3.26 31% 2 $2,287 $4.37 23% 3 $2,000 $5.00 4 $1,081 $9.25 11% 06/10/2006 $720 $13.90 7% 6 $536 $18.70 7 $211 $47.40 2% 8 $96 $104.00 1% Total Pool $10,000 100% The market percentage can be calculated by the total amount bet for a number over the total pool.

By declaring dividends to the nearest 1 c from $1.01 to $10.00, to the nearest 10c from $10.00 to $100.00, and to the nearest $1.00 for all dividends over $100.00, the market percentages can be displayed to 100%.

The operator determines assessed levels of deduction from the winning bets in order to increase or maintain revenue from regular customers, (b) attract those who bet with other sources of competition, and maximise its wagering revenue.

An example of assessed levels of deduction may be: All collects paid less Collects of $100 or more paid less Collects of $200 or more paid less 12.5% Collects of $1,000 or more paid less Collects of $5,000 or more paid less Collects of $10,000 or more paid less With this method, the operator is able to offer certain account holders or large punters a pre-agreed level of deduction. The operator is also in a position to negotiate a level of deduction for a race or races with the largest punters in Australia and intemrnationally.

0611012006 O8

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Also with this method, and importantly, the operator is able to determine 0 the assessed levels of deduction with its own analysis of the form of a participant or participants in a race.

0 Winning bets are paid by the amount bet (or wagered) multiplied by the 00 5 dividend, less the assessed level of deduction.

The method of the invention can incorporate a number of variations Sincluding; the rounding down of dividends, combining a predetermined Spercentage of commission with the assessed levels of deduction, introducing winning bonuses, framing of different markets for different levels of deductions, and the optional display of market percentages.

For instance, the method of the invention may utilise any one or a combination of commission deduction, assessed deduction and assessed bonus addition, the level of each of which can be determined by the operator of the betting method.

A unique feature of the method of the invention is that effectively more than one price or dividend (final odds) can be declared on the winner of the competition from the one pool.

It could be argued that the area with the highest wagering growth potential is sports betting. The competitive effect of the method of the present invention may be seen in sports betting. By forcing fixed odds bookmakers or other providers to operate below a certain level of market price percentage in opposition with the method of the present invention, they may be forced out of business by prolonged reduction of their profits.

Various modifications may be made in details of the method steps of the present invention without departing from the scope and ambit of the invention.

06/10/2006

Claims (9)

1. A betting method for a competition on which punters bet on a winning outcome, comprising the steps of:- 00 entering the total amount bet by punters for all participants in the competition into a pool, (ii) for each participant, dividing the amount in the pool by the total (Ni amount bet for the participant to calculate a dividend for that participant, (iii) for each participant, assessing an amount to be deducted from the winnings of a bet if that participant were to have a winning outcome, the assessment of the amount to be deducted depending, at least in part, on the amount of the winnings of the punter, (iv) for the participant having a winning outcome, paying to each punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the punter by the dividend for that participant and deducting an amount as assessed in step (iii), and paying to the operator of the betting method the amount as deducted in step (iv).
2. The betting method of claim 1 wherein the amount to be deducted is a percentage amount.
3. The betting method of claim 2 wherein the percentage amount is lower as the amount of winnings is higher. 06/10/06 IND O O
4. The betting method of any one of claims 1 to 3 wherein the amount to be deducted is determined by the operators analysis of the form of a participant or participants in the competition. 00 The betting method of any one of claims 1 to 3 wherein the amount to be adeducted is a pre-agreed amount of deduction with one or more selected N punters.
6. The betting method of any one of claims 1 to 3 wherein the operator of the betting method, for each participant, displays the dividend calculated in step (ii).
7. The betting method of any one of claims 1 to 3 wherein, between steps and the method further includes the step of deducting a predetermined percentage of commission from the pool.
8. The betting method of any one of claims 1 to 3 wherein, between steps (iv) and the method further includes the step of adding a bonus amount to the winnings of a bet.
9. The betting method of any one of claims 1 to 3 wherein, between steps and the method further includes the step of deducting a predetermined percentage of commission from the pool and, between steps (iv) and the method further includes the step of adding a bonus amount to the winnings of a bet. 06/10/06 IND 3 11 O The betting method of any one of claims 1 to 3 wherein the competition 0is a horse race or a greyhound race. 00
11. A betting method for a competition on which punters bet on a winning Soutcome, comprising the steps of:- 1 entering the total amount bet by punters for all participants in the competition into a pool, (ii) deducting a predetermined percentage of commission from the pool by the operator of the betting method, (iii) for each participant, dividing the remaining amount in the pool by the total amount bet for the participant to calculate a dividend for that participant, (iv) for each participant, assessing a bonus amount to be added to the winnings of a bet if that participant were to have a winning outcome, the assessment of the bonus amount to be added depending, at least in part, on the amount of the winnings of the punter, for the participant having a winning outcome, paying to each punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the punter by the dividend for that participant and adding a bonus amount as assessed in step and 06/10/06 IOD 12 O 0 Dated this 6th day of October 2006 0James Florino CI Patent Attorneys for the Applicant PETER MAXWELL ASSOCIATES 06/10/06
AU2005200780A 2004-07-02 2005-02-21 An improved betting method Ceased AU2005200780B2 (en)

Priority Applications (3)

Application Number Priority Date Filing Date Title
AU2004903649A AU2004903649A0 (en) 2004-07-02 An improved betting method
AU2004903649 2004-07-02
AU2005200780A AU2005200780B2 (en) 2004-07-02 2005-02-21 An improved betting method

Applications Claiming Priority (3)

Application Number Priority Date Filing Date Title
AU2005200780A AU2005200780B2 (en) 2004-07-02 2005-02-21 An improved betting method
AU2007200437A AU2007200437B2 (en) 2004-07-02 2007-02-02 An improved betting method
AU2007200438A AU2007200438B2 (en) 2004-07-02 2007-02-02 An improved betting method

Related Child Applications (2)

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AU2007200438A Division AU2007200438B2 (en) 2004-07-02 2007-02-02 An improved betting method
AU2007200437A Division AU2007200437B2 (en) 2004-07-02 2007-02-02 An improved betting method

Publications (2)

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AU2005200780A1 AU2005200780A1 (en) 2006-01-19
AU2005200780B2 true AU2005200780B2 (en) 2006-11-02

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Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US10713721B2 (en) 2007-04-26 2020-07-14 Marketmaker Software Limited Graphical user interface for cash-settled bet divestment in odds-based markets

Families Citing this family (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
AU2005202555B2 (en) * 2004-09-15 2008-12-18 James Fiorino An improved betting method

Citations (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
GB2356071A (en) * 2000-04-06 2001-05-09 Sporting Exchange Ltd Internet betting matches bets and lays

Patent Citations (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
GB2356071A (en) * 2000-04-06 2001-05-09 Sporting Exchange Ltd Internet betting matches bets and lays

Cited By (1)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US10713721B2 (en) 2007-04-26 2020-07-14 Marketmaker Software Limited Graphical user interface for cash-settled bet divestment in odds-based markets

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