AU2005201458A1

AU2005201458A1 - An improved betting method

Info

Publication number: AU2005201458A1
Application number: AU2005201458A
Authority: AU
Inventors: James Fiorino
Original assignee: Individual
Current assignee: Individual
Priority date: 2004-08-24
Filing date: 2005-04-06
Publication date: 2006-03-16
Anticipated expiration: 2025-04-06
Also published as: AU2005201458B2

Description

Regulation 3.2 Revised 2/98

AUSTRALIA

Patents Act, 1990

ORIGINAL

COMPLETE

SPECIFICATION

TO BE COMPLETED BY THE APPLICANT NAME OF APPLICANT: ACTUAL INVENTOR: ADDRESS FOR SERVICE: INVENTION TITLE: DETAILS OF ASSOCIATED PROVISIONAL APPLICATION

NO(S):

James Fiorino James Fiorino Peter Maxwell Associates Level 6 Pitt Street SYDNEY NSW 2000 AN IMPROVED BETTING METHOD 2004 904 812 24 August 2004 Australia The following statement is a full description of this invention including the best method of performing it known to me:m:\docs\20051017\076139.doc The present invention relates to an improved betting method.

The two most common types of betting that operate on horse race and greyhound race meetings are win betting and place betting.

00 V) A win bet is successful if a selected participant in a race finishes first. A place bet is successful if a selected participant in a race, generally, finishes n first, second or third.

SRelative to place betting, win betting presents a much greater risk.

However, place betting declares dividends that are too small. Therefore, profits that are able to be generated by a punter are slow. If a punter is skilful enough to profit from place betting then that skill would be better directed elsewhere, so as to accelerate profits.

If a punter wants to bet on a selection for both win and place, the win and place pools may need tobe compared. The pools, by depending upon the total amount of money bet, may not reflect the true win and place probability of the selection. Also, the decision of how much to bet for a win and for a place may need to be made.

Therefore, the objectives of the present invention may include the following:- STo provide a type of betting that is less of a risk than straight out win betting.

To provide a type of betting that will reward punters for the performance of a participant in a race by paying higher dividends for a first place over a second place over a third place.

STo provide a type of betting that can determine the true probability of a participant in a race for first place, for second place, and for third place, in accordance with the weight of money invested in the one pool.

06/04/05 To provide a type of betting that can allocate the correct proportion of 0 amount bet, for first place and second place and third place on a participant in a race.

o00 n To provide a type of betting that can maximise the return of a bet on a participant in a race for either first place or second place or third place V) according to the law of averages.

To provide a type of betting that can generate more revenue for the operator than that of win betting or place betting.

In thepresent specification and claims, the term "winning outcome" refers to any outcome in a competition identified as such by the operator of the betting method, such as first place, second place or third place.

According to the present invention, there is provided a betting method for a competition that has a preselected plural number of winning outcomes, comprising the steps of:entering the total amount bet by punters for all participants in the competition into a pool, (ii) for each participant, dividing the pool arrived at in step by the total amount bet for that participant, (iii) allocating a fraction less than one for each winning outcome in the competition by the operator of the betting method, with the condition that at least one fraction is different, and with the condition that the fraction for a more preferred winning outcome is greater than or equal to that of a less preferred winning outcome, (iv) for each participant having a winning outcome, multiplying the figure arrived at in step (ii) with the allocated fraction in step (iii) for that winning outcome, to create a dividend for that participant, 06/04/05 for each participant having a winning outcome, paying to each 0 punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the 00 V)punter by the dividend for that participant.

Preferably, the competition has three winning outcomes, and the fraction n for a first place is 11/18, and the fraction for a second place is 5/18, and the fraction for a third place is 2/18.

According to another aspect of the present invention, there is provided a betting method for a competition that has a preselected plural number of winning outcomes, comprising the steps of:entering the total amount bet by punters for all participants in the competition into a pool, (ii) for each participant, dividing the total amount bet for that participant into the preselected number of equal allocated bet amounts for finishing with a winning outcome in the competition, thereby creating equal total pools for all participants for finishing with a winning outcome in the competition, (iii) dividing the total pool for finishing first by one, and then, for each participant, dividing by the allocated bet amount for that participant to finish first, thereby creating the odds for that participant to finish first, (iv) dividing the total pool for finishing second by two, and then, for each participant, dividing by the allocated bet amount for that participant to finish second, thereby creating odds for that participant to finish second, dividing the total pool for finishing third by three, and then, for each participant, dividing by the allocated bet amount for that 06/04/05 participant to finish third, thereby creating odds for that participant to finish third, 00 (vi) for each participant, adding together that participant's odds for finishing first with its odds for finishing second with its odds for finishing third to create a total, and dividing that total by three, 'In thereby creating a dividend for that participant to finish first, (vii) for each participant, adding together that participant's odds for finishing second with its odds for finishing third to create a total, and dividing that total by three, thereby creating a dividend for that participant to finish second, (viii) for each participant, dividing its odds for finishing third by three, thereby creating a dividend for that participant to finish third, (ix) for each 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.

According to a further aspect of the present invention, there is provided a betting method for a competition that has a preselected plural number of winning outcomes, comprising the steps of:for each participant, assessing a fixed odds dividend by the operator of the betting method, (ii) for each participant having a winning outcome, multiplying the assessed fixed odds dividend for that participant with either the fraction of 11/18 for first place and 5/18 for second place and 2/18 for third place, or 4/6 for first place and 1/6 for second place and 1/6 for third place, or 3/4 for first place and 1/4 for second place, for that winning outcome, 06/04/05 (iii) for each participant having a winning outcome, paying to each O punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the 00 V)punter by the figure arrived at in step (ii).

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

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 according to the invention.

EXAMPLE

Allocation The total amount bet for each number (or participant) in a race is entered into a pool. Then the total amount bet for each number is divided into three equal parts to allocate bets for finishing first, second and third.

Example: Number Total Amount Allocation Allocation Allocation SI Bet j for 1st for 2nd for 3rd 1 $9,000 $3,000 $3,000 $3,000 2 $6,750 $2,250 $2,250 $2,250 3 $6,300 $2,100 $2,100 $2,100 4 $3,240 $1,080 $1,080 $1,080 $2,160 $720 $720 $720 6 $1,620 $540 $540 $540 06/04/05 7 $630 $210 $210 $210 8 $300 $100 $100 $100 Total Pool $30,000 $10,000 $10,000 $10,000 Odds The total pool for the amount allocated for first is divided by one (for first place) and then divided by the amount allocated for first for each number to determine the odds for first place.

The total pool for the amount allocated for second is divided by two (for first and second place) and then divided by the amount allocated for second for each number to determine the odds for second place.

The total pool for the amount allocated for third is divided by three (for first, second and third place) and then divided by the amount allocated for third for each number to determine the odds for third place.

Example: Number Total Amount Odds for Odds for Odds for Bet 1 st 2nd 3rd 1 $9,000 3.33 1.67 1.11 2 $6,750 4.44 2.22 1.48 3 $6,300 4.76 2.38 1.59 4 $3,240 9.26 4.63 3.09 $2,160 13.89 6.94 4.63 6 $1,620 18.52 9.26 6.17 7 $630 47.62 23.81 15.87 06/04/05 00 n Dividends The dividend for first place is determined by: the amount allocated for 5 first multiplied by the odds for first (which equals the total pool for first) plus the amount allocated for second multiplied by the odds for second (which equals one half of the total pool for second) plus the amount allocated for third multiplied by the odds for third (which equals one third of the total pool for third) divided by the total amount bet for each number.

Or: Odds for 1st Odds for 2nd Odds for 3rd 3.

The dividend for second place is determined by; the amount allocated for second multiplied by the odds for second (which equals one half of the total pool for second) plus the amount allocated for third multiplied by the odds for third (which equals one third of the total pool for third) divided by the total amount bet for each number.

Or Odds for 2nd Odds for 3rd 3.

The dividend for third place is determined by; the amount allocated for third multiplied by the odds for third (which equals one third of the total pool for third) divided by the total amount bet for each number.

06/04/05 Or: Odds for 3rd 3.

Example: Number Total Amount Dividend Dividend Dividend Bet for 1st for 2nd for 3rd 1 $9,000 2.04 0.93 0.37 2 $6,750 2.72 1.23 0.49 3 $6,300 2.91 1.32 0.53 4 $3,240 5.66 2.57 1.03 $2,160 8.49 3.86 1.54 6 $1,620 11.30 5.14 2.06 7 $630 29.10 13.20 5.29 8 $300 61.10 27.80 11.10 Total Pool $30,000 $18,333 $8,333 $3,333 The dividends should be displayed by the operator so that the approximate dividends for each number can be compared.

Of the total pool of $30,000; $18,333 or 11/18 is returned for first, $8,333 or 5/18 is returned for second, and $3,333 or 2/18 is returned for third.

Therefore, the standard formula to calculate dividends for the first three finishing positions is: Total Pool Total Amount Bet x 11for 1st, x 18 5 for 2 nd 18 x 2 for 3 rd 18 06/04/05 Variations of the Method 4th Place The total amount bet for each number is divided into four equal parts.

The total pool for the amount allocated for fourth is divided by four to be returned equally for first, second, third and fourth.

The standard formula to calculate dividends for the first four positions is: Total Pool Total Amount Bet x 25 forl st, x 13for 2nd,x 7 for 3 r d X 3for4th 48 48 48 48 Operating on the first four positions may be suitable in large fields of 17 to participants.

Place The total amount bet for each number is divided into five equal parts.

The total pool for the amount allocated for fifth is divided by five to be returned equally for first, second, third, fourth and fifth.

The standard formula to calculate dividends for the first five positions is: 06/04/05 Total Pool x 137 for 1st, x 77 for 2 nd x 47 for 3 x 27for 4, x 12 for 5 t Total Amount Bet 300 300 300 300 300 Operating on the first five positions may be suitable for Australia's most famous horse race, the Melbourne Cup, or in fields of 21 to 24 participants.

1st and 2nd only The total amount bet for each number is divided into two equal parts.

Third place is ignored.

The standard formula to calculate dividends for the first two positions is: Total Pool Total Amount Bet x 3 for 1st, x 1 for 2 nd Operating on the first two positions may be suitable in small fields of 4 to 6 participants.

1st and 3rd only The total amount bet for each number is divided into two equal parts.

Second place is ignored.

The standard formula to calculate dividends for first and third place is: Total Pool x 4 for 1st, Total Amount Bet 6 x 1 for 2 nd x for 3rd 6 6 06/04/05 c-I 12 O Any combination of the first five finishing positions can be used.

00oo In the above Examples, the total amount bet for each number is divided 5 into equal parts at the process of allocation. However, the operator may wish to vary the ratio of allocation. By varying the ratio of allocation, an imbalance (will be created in favour of one winning outcome or finishing position over another. (This will also result in the changing of the fractions of the formula).

Such an imbalance may be desirable to the operator or to punters under certain circumstances.

Because of these circumstances, the scope of the present invention comprises the application of any fraction for any winning outcome provided that the fractions are not all the same for each winning outcome, and that the fraction for a less preferred winning outcome is not greater than that of a more preferred winning outcome.

In performing the betting method of the present invention, commission can be deducted from the total pool or the system disclosed in copending Australian Patent Application No. 2005 200 780 can be used.

The standard formulae of the betting method of the present invention can be applied to fixed odds betting by replacing the process of operating a total pool over total amount bet with an assessment of a fixed odds dividend.

The principles of the betting method of the present invention can be applied to a game of chance where the probability of a winning outcome for each possibility i.e. colour, number, etc. is the same.

Where the probability of a winning outcome for each possibility is not the same, and there is more than one winning outcome, the same procedure for calculating probability in gaming cannot be applied to wagering.

06/04/05

I

This is because the chances of a participant in a race finishing first may 0 vary in proportion to finishing second or third.

For example, a greyhound from box five may have more chance of 00 Swinning than a greyhound from box one, however, the reverse may be the case 5 for finishing a place. Or, a superior horse that is suspect on a heavy track may have more chance of winning than an inferior horse that is proven on a heavy track, however, the reverse may be the case for finishing a place.

With the betting method of the present invention, the chances of each participant in a race achieving a first place over a second place over a third place is factored into the betting market of the one pool.

One the probabilities have been established, dividends can be declared in order to maximise the return to punters from winning bets, over a period of time.

In theory, where the dividend for first place falls below the minimum dividend requirement, then all bets should either be converted from a three place dividend to a two place dividend or called off. However, for practical purposes, a minimum dividend of $1.01 should be declared, and all bets stand.

Various other modifications may be made in details of design of the betting method disclosed herein without departing from the scope and ambit of the invention.

06/04/05

Claims

001. A betting method for a competition that has a preselected plural Snumber of winning outcomes, comprising the steps of:- entering the total amount bet by punters for all participants in the competition into a pool, (ii) for each participant, dividing the pool arrived at in step by the total amount bet for that participant, (iii) allocating a fraction less than one for each winning outcome in the competition by the operator of the betting method, with the condition that at least one fraction is different, and with the condition that the fraction for a more preferred winning outcome is greater than or equal to that of a less preferred winning outcome, (iv) for each participant having a winning outcome, multiplying the figure arrived at in step (ii) with the allocated fraction in step (iii) for that winning outcome, to create a dividend for that participant, for each 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.
2. The betting method of claim 1 wherein the competition has three winning outcomes, and the fraction for a first place is 11/18, and the fraction for a second place is 5/18, and the fraction for a third place is 2/18.
3. A betting method for a competition that has a preselected plural number of winning outcomes, comprising the steps of:- 06/04/05 entering the total amount bet by punters for all participants in the competition into a pool, 00 (ii) for each participant, dividing the total amount bet for that Sparticipant into the preselected number of equal allocated bet (amounts for finishing with a winning outcome in the competition, n thereby creating equal total pools for all participants for finishing (N with a winning outcome in the competition, (iii) dividing the total pool for finishing first by one, and then, for each participant, dividing by the allocated bet amount for that participant to finish first, thereby creating the odds for that participant to finish first, (iv) dividing the total pool for finishing second by two, and then, for each participant, dividing by the allocated bet amount for that participant to finish second, thereby creating odds for that participant to finish second, dividing the total pool for finishing third by three, and then, for each participant, dividing by the allocated bet amount for that participant to finish third, thereby creating odds for that participant to finish third, (vi) for each participant, adding together that participant's odds for finishing first with its odds for finishing second with its odds for finishing third to create a total, and dividing that total by three, thereby creating a dividend for that participant to finish first, (vii) for each participant, adding together that participant's odds for finishing second with its odds for finishing third to create a total, and dividing that total by three, thereby creating a dividend for that participant to finish second, 06/04/05 (viii) for each participant, dividing its odds for finishing third by three, 0 thereby creating a dividend for that participant to finish third, (ix) for each participant having a winning outcome, paying to each In punter who placed a bet on that participant for a winning outcome, an amount equal to multiplying the amount bet by the V punter by the dividend for that participant.
4. A betting method for a competition that has a preselected plural number of winning outcomes, comprising the steps of:- for each participant, assessing a fixed odds dividend by the operator of the betting method, (ii) for each participant having a winning outcome, multiplying the assessed fixed odds dividend for that participant with either the fraction of 11/18 for first place and 5/18 for second place and 2/18 for third place, or 4/6 for first place and 1/6 for second place and 1/6 for third place, or 3/4 for first place and 1/4 for second place, for that winning outcome, (iii) for each 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 figure arrived at in step (ii). 06/04/05 The betting method of any one of claims 1 to 4 wherein the competition O is a horse race or a greyhound race. oo Dated this 6 day of April 2005 SJames Fiorino SPatent Attorneys for the Applicant SPETER MAXWELL ASSOCIATES 06/04/05