AU2005202555A1 - An improved betting method - Google Patents

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: James Fiorino James Fiorino Peter Maxwell Associates Level 6 Pitt Street SYDNEY NSW 2000 AN IMPROVED BETTING METHOD 2004 905 336 15 September 2004 Australia The following statement is a full description of this invention including the best method of performing it known to me:m:\docs\20051 030\079894.doc The present invention relates to an improved betting method.

Exacta (first two), trifecta (first three) and first 4 (first four) betting are types of betting in which the participants in a race must be selected in the correct finishing order.

Because of their dividends these bet types provide punters with an opportunity to win a sizeable amount of money if skilful or lucky enough to select the winning combinations.

The problem with these bet types is that their dividends are not calculated to reflect the true odds of the winning combinations.

It is unacceptable that a first 4 is capable of paying less than a trifecta.

A trifecta can pay the same as an exacta, and an exacta may pay poorly or very well relative to a first 4.

The punters must not only determine which bet type to take and which selections to make, but are effectively gambling on the winning dividends.

At the moment, value conscious, form punters will not attempt to play these bet types seriously because the time and effort involved in preparing selections and speculating on dividends is not worth the risk of a poor or inconsistent dividend. It is much easier to redirect this time and effort towards betting with bookmakers.

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 on the types of betting where the participants in a race must be selected in the correct finishing order.

To provide a method for betting on the types of betting where the participants in a race must be selected in the correct finishing 10/06/05 order in which dividends are calculated to reflect the true odds of each winning combination.

S To provide a method for betting on the types of betting where the participants in a race must be selected in the correct finishing order allowing punters to focus on their selections without the risk of a poor or inconsistent dividend.

S To provide a betting method in which scratchings from a race that affect the combination of a bet made by a punter will convert the bet from one type to another.

The method of the present invention can be applied to two or more races.

Therefore, further objectives of the present invention include the following:- S To provide a betting method in which the operator of such a betting method may hold the largest single pool of any other bet type.

S To provide a betting method in which the operator of such a betting method may broaden its customer base to include not only the pastime, leisure and entertainment punters, and the value conscious, form punters, but also the jackpot or lotto type punters.

According to the present invention, there is provided a method for enabling punters to bet on a particular possible winning combination in one competition where all bets are merged into one pool, comprising the steps of:creating a pool representing all possible winning combinations of all participants in the one competition, 10/06/05 (ii) for each possible winning combination, entering the total amount bet for that possible winning combination into the pool, (iii) for each group of possible winning combinations having the same participant in a first position bet, dividing the total amount bet for that group by the total amount in the pool to create a probability for the participant within that group to finish in first position, (iv) if a particular participant finishes in first position, deleting from the pool the amount bet for all other participants to finish in first position, thereby creating a pool consisting of bets for only that group of possible winning combinations with the correctly predicted participant that finished in first position, for each group of possible winning combinations remaining after step (iv) having the same participant in a second position bet, dividing the total amount bet for that group by the amount in the pool remaining after step (iv) to create a probability for the participant within that group to finish in second position.

(vi) if a particular participant finishes in second position, declaring a dividend for any exacta bets made by any punter who correctly predicted the participants that finished in first and second position by multiplying the probability created in step (iii) by the probability created in step and dividing the denominator of the total probability by the numerator of the total probability, and then deleting from the pool the correctly predicted exacta bets as well as the amount bet for all other incorrectly predicted participants to finish in second position, thereby creating a pool consisting of bets for only that group of possible winning combinations with the 10/06/05 correctly predicted participants that finished in first and second position, (vii) for each group of possible winning combinations remaining after step (vi) having the same participant in a third position bet, dividing the total amount bet for that group by the amount in the pool remaining after step (vi) to create a probability for the participant within that group to finish in third position, (viii) repeating steps (vi) and (vii) for a particular participant that finishes in third position and any consecutive bet positions.

In the present specification and claims, the term "quinella" refers to two participants finishing in the first two positions in a competition in any order, the term "trio" refers to three participants finishing in the first three positions in a competition in any order, the term "double" refers to a winning outcome of two competitions, the term "treble" refers to a winning outcome of three competitions, the term "quadrella" refers to a winning outcome of four competitions, the term "betting option" refers to either a double, treble, quadrella, or a winning outcome from any number of competitions identified as such by the operator of the betting method, and the term "leg" refers to the competition that relates to the combination of a bet made by a punter.

According to the present invention, there is provided a method for enabling punters to bet on a particular possible winning combination in two or more competitions where all bets are merged into a table, comprising the steps of:selecting a plural number of competitions, either win, quinella, trio, exacta, trifecta or first four betting for any one of each competition, and the betting options, by the operator of the betting method, 10/06/05 (ii) creating a table representing all possible winning combinations of all participants in the selected number of competitions, and consisting of a combination holding value column for each competition and a combination total value column for each combination, (iii) for each possible winning combination, recording the total amount bet for that possible winning combination into the table, (iv) for each possible winning combination, recording the total amount bet for that possible winning combination into the combination holding value column for the competition of the first leg of the combination, for each group of possible winning combinations having the same first competition combination in the combination holding value column for the first competition, entering the total amount recorded for that group into the first competition pool, (vi) dividing the total amount entered into the first competition pool by the total amount entered into the first competition pool for the group of possible winning combinations with the winning outcome, then multiplying the figure arrived at by the amount recorded in the combination holding value column for the first competition for each winning combination, and then recording the resultant figure for each winning combination into the combination holding value column for the competition of the next leg of the combination, (vii) for each group of possible winning combinations having the same second competition combination in the combination holding value 10/06/05 column for the second competition, entering the total amount recorded for that group into the second competition pool, (viii) dividing the total amount entered into the second competition pool by the total amount entered into the second competition pool for the group of possible winning combinations with the winning outcome, then multiplying the figure arrived at by the amount recorded in the combination holding value column for the second competition for each winning combination, and then recording the resultant figure for each winning combination into the combination holding value column for the competition of the next leg of the combination, or, if the betting option of first and second competition double has been correctly predicted by any punter, then recording the resultant figure for the winning combination into the combination total value column for that combination and declaring a dividend for the betting option of first and second competition double by dividing the combination total value by the total amount bet for that combination, (ix) for each group of possible winning combinations having the same third competition combination in the combination holding value column for the third competition, entering the total amount recorded for that group into the third competition pool, repeating steps (viii) and (ix) for a particular combination with the third competition winning outcome and any consecutive competitions.

Preferably, four competitions, quinella betting for each competition, and eleven betting options of one quadrella, four trebles and six doubles, is selected.

10/06/05 Preferably, the balance of the jackpot clearing account is added to the combination total value of the quadrella betting option.

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

EXAMPLE 1 Betting Method for One Race Step 1.

All the combinations of an exacta, trifecta and first 4 are entered into the one pool. A first 5 (first five) or a superfecta (first six) or any combination of the above bet types can be used.

Step 2.

The total amount bet for each combination is entered into the pool.

Step 3.

The total amount bet for the same number (or participant) in the first position of every bet type over the total pool represents its probability of finishing first.

Step 4.

After a participant finishes first, its probability is realised and all losing bets are deleted.

Step The total amount bet for the same number in the second position of every bet type over the remaining total pool represents its probability of finishing second.

10/06/05 Step 6.

After a participant finishes second, its probability is realised and all losing bets are deleted. The exacta dividend is calculated by multiplying the probability for first by the probability for second, and then dividing the denominator of the total probability by the numerator of the total probability. After the exacta has been determined, all exacta bets are deleted.

Step 7.

The total amount bet for the same number in the third position of every bet type over the remaining total pool represents its probability of finishing third.

Step 8.

The process is repeated until all bet types have been determined.

Following is an example of an exacta and trifecta operating on a race with four participants for simplicity showing the way the betting method of the invention for one race works in practice.

Exacta/Trifecta (4 participants) All Combinations Total Probability X Probability X Probability Total Dividend 1st 2nd 3rd Amount for 1st for 2nd for 3rd Probability Bet 1 2 $60 350/1000 172/350 301/1750 5.81 1 2 3 $60 350/1000 172/350 60/112 903/9800 10.85 1 2 4 $52 350/1000 172/350 52/112 559/7000 12.52 1 3 $30 350/1000 110/350 11/100 9.09 1 3 2 $44 350/1000 110/350 44/80 121/2000 16.53 1 3 4 $36 350/1000 110/350 36/80 99/2000 20.20 1 4 $20 350/1000 68/350 119/1750 14.71 1 4 2 $28 350/1000 68/350 28/48 119/3000 25.21 1 4 3 $20 350/1000 68/350 20/48 17/600 35.29 10/06/05 2 1 $50 300/1000 140/300 7/50 7.14 2 1 3 $50 300/1000 140/300 50/90 7/90 12.86 2 1 4 $40 300/1000 140/300 40/90 14/225 16.07 2 3 $40 300/1000 100/300 1/10 10.00 2 3 1 $33 300/1000 100/300 33/60 11/200 18.18 2 13 14 $27 300/1000 100/300 27/60 9/200 22.22 2 4 $30 300/1000 60/300 1 3/50 16.67 2 4 1 $20 300/1000 60/300 20/30 1/25 25.00 2 4 3 $10 300/1000 60/300 10/30 1/50 50.00 3 1 $40 200/1000 95/200 19/200 10.53 3 1 2 $30 200/1000 95/200 30/55 57/1100 19.30 3 1 4 $25 200/1000 95/200 25/55 19/440 23.16 3 2 $25 200/1000 65/200 13/200 15.38 3 12 1 $22 200/1000 65/200 22/40 143/4000 27.97 3 2 4 $18 200/1000 65/200 18/40 117/4000 34.19 3 4 $15 200/1000 40/200 1/25 25.00 3 4 1 $15 200/1000 40/200 15/25 3/125 41.67 3 4 2 $10 200/1000 40/200 10/25 2/125 62.50 4 1 $40 150/1000 63/150 63/1000 15.87 4 1 2 $12 150/1000 63/150 12/23 189/5750 30.42 4 1 3 $11 150/1000 63/150 11/23 693/23000 33.19 4 2 $30 150/1000 50/150 1/20 20.00 4 2 1 $10 150/1000 50/150 10/20 1/40 40.001 4 2 3 $10 150/1000 50/150 10/20 1/40 40.00 4 3 $20 150/1000 37/150 37/1000 27.03 4 3 1 $9 150/1000 37/150 9/17 333/17000 51.05 4 r3 ,2 $8 ,150/1000 37/150 8/17 37/2125 57.43 Total Pool $1000 As can be seen from the above example, the total pool will be paid out in winning bets after all bet types have been determined.

Commission can be deducted from the total pool or, if the operator wishes to vary the rate of commission for a particular bet type, from the denominator of the total probability.

The betting method of the invention for one race is able to convert an exacta into a win only, a trifecta into an exacta, and a first 4 into a trifecta, where there is a late scratching and a bet is not cancelled. This is only logical as selections are made for participants to finish in a particular order ahead of the rest of the field.

10/06/05 Where a particular bet type has not been won, then all bets should be lost. Transferring the pool as a carryover jackpot or declaring a dividend on an alternate combination, because a winning combination has not been selected, is impractical. This kind of return to punters should be returned in other more productive initiatives, such as by application of the betting method of copending Australian Patent Application No. 2005 200 780.

To realise maximum wagering revenue on each race, the operator should display a Fiorino Screen (TM) consisting of; the approximate win dividends with the market percentages as shown in the betting method of copending Australian Patent Application No. 2005 200 780, the market percentages from the betting method of co-pending Australian Patent Application No. 2005 201 458, and the market percentages from the present invention for the first position, to allow for these three major pools to be compared.

The market percentages can be calculated by the total amount bet for a participant over the total pool.

EXAMPLE 2 Betting Method for Two or More Races Step 1.

The operator selects the following; the number of races, either, win, quinella or trio betting for each race, and the betting options. For example, four races consists of a maximum of eleven betting options comprising one quadrella, four trebles and six doubles.

Step 2.

All possible combinations are recorded in a table.

10/06/05 Step 3.

The total amount bet for each combination is recorded in the table.

Step 4.

The total amount bet for each combination is recorded into the combination holding value column for the race of the first leg of the combination.

Step The total amount recorded for the same first race combination in the combination holding value column for the first race is entered into the first race pool.

Step 6.

The total first race pool is divided by the amount entered in Step 5. for the winning combination. The figure arrived at is multiplied by the amount recorded in the combination holding value column for the first race for each winning combination. The resultant figure for each winning combination is recorded into the combination holding value column for the race of the next leg of the combination.

Step 7.

The total amount recorded for the same second race combination in the combination holding value column for the second race is entered into the second race pool.

10/06/05 Step 8.

The total second race pool is divided by the amount entered in Step 7. for the winning combination. The figure arrived at is multiplied by the amount recorded in the combination holding value column for the second race for each winning combination. The resultant figure for each winning combination is recorded into the combination holding value column for the race of the next leg of the combination, or, where a betting option has been determined, the combination total value column. The first and second race double dividend is calculated by dividing the combination total value by the total amount bet for that combination.

Step 9.

The total amount recorded for the same third race combination in the combination holding value column for the third race is entered into the third race pool.

Step The process is repeated until all betting options have been determined.

Following is an example of three races with four betting options of one treble and three doubles operating with two participants in each race for simplicity showing the way the betting method of the invention for two or more races works in practice.

10/06/05 14 Race 2.

M. Makybe Diva G. Grand Armee Race 1.

L. Lions S. Swans Race 3.

H. Heads T. Tails All Total Combination Combination Combina Combination tion Combinations Amount Holding Holding Holding Total Dividend R1 R2 R3 Bet Value Value Value Value for I1st Race for 2nd Race for 3rd Race L M H $75 L $75 L M T $60 L $60 L G H $55 L $55 L G T $50 L $50 S M H $50 S $50 M $125 H $207 S M T $45 S $45 M $113 T $187 $387 8.60 S G H $40 S $40 G $100 S G T $25 S $25 G $62 L M $80 L $80 L G $60 L $60 S M $40 S $40 M $100 $166 4.15 S G $20 S $20 G $50 L H $50 L $50 L $50 L $50 S $50 S $50 H S T $50 S $50 T $125 $259 5.18 M H $60 M $60 H $99 M T $55 M $55 T $91 $188 3.42 H $45 G G T $40 G $40 Total Table $1,000 $800 $750 $834 $1,000 1st Race Pool 2nd Race Pool 3rd Race Pool L $480 M $453 JH $431 S $320 G $297 IT $403 $800 $750 $834 Total Pool

EXAMPLE

Winning Outcome: Swans Makybe Diva Tails Dividends Double Treble Double Double

S-M-T

4.15 8.60 5.18 3.42 $40 return $45 return $50 return $55 return $166 $387 $259 $188 Total return $1 .000 10/06/05 Bets on the betting method of the invention for two or more races can continue to be accepted until the starting time of the first leg of a chosen betting option.

The concept of substituting a participant with another participant where there is a late scratching is flawed. With the betting method of the invention for two or more races, a combination is able to convert from one betting option to another.

A flat rate, or a varied rate of commission for a particular betting option can be deducted from the combination total value. Any jackpot amount can be added to the combination total value.

Another productive initiative that should be introduced by the operator is a Jackpot Clearing Account.

The Jackpot Clearing Account records the difference between the amount that must be returned to punters in winning bets over a certain period and the amount that is actually returned to punters in winning bets over a certain period.

It will be apparent to persons skilled in the art that various modifications may be made in details of design and method steps of the betting methods described above without departing from the scope and ambit of the invention.

10/06/05

Claims (7)

1. A method for enabling punters to bet on a particular possible winning combination in one competition where all bets are merged into one pool, comprising the steps of:- creating a pool representing all possible winning combinations of all participants in the one competition, (ii) for each possible winning combination, entering the total amount bet for that possible winning combination into the pool, (iii) for each group of possible winning combinations having the same participant in a first position bet, dividing the total amount bet for that group by the total amount in the pool to create a probability for the participant within that group to finish in first position, (iv) if a particular participant finishes in first position, deleting from the pool the amount bet for all other participants to finish in first position, thereby creating a pool consisting of bets for only that group of possible winning combinations with the correctly predicted participant that finished in first position, for each group of possible winning combinations remaining after step (iv) having the same participant in a second position bet, dividing the total amount bet for that group by the amount in the pool remaining after step (iv) to create a probability for the participant within that group to finish in second position. (vi) if a particular participant finishes in second position, declaring a dividend for any exacta bets made by any punter who correctly predicted the participants that finished in first and second position by multiplying the probability created in step (iii) by the probability 10/06/05 created in step and dividing the denominator of the total probability by the numerator of the total probability, and then deleting from the pool the correctly predicted exacta bets as well as the amount bet for all other incorrectly predicted participants to finish in second position, thereby creating a pool consisting of bets for only that group of possible winning combinations with the correctly predicted participants that finished in first and second position, (vii) for each group of possible winning combinations remaining after step (vi) having the same participant in a third position bet, dividing the total amount bet for that group by the amount in the pool remaining after step (vi) to create a probability for the participant within that group to finish in third position, (viii) repeating steps (vi) and (vii) for a particular participant that finishes in third position and any consecutive bet positions.

2. A method for enabling punters to bet on a particular possible winning combination in two or more competitions where all bets are merged into a table, comprising the steps of:- selecting a plural number of competitions, either win, quinella, trio, exacta, trifecta or first four betting for any one of each competition, and the betting options, by the operator of the betting method, (ii) creating a table representing all possible winning combinations of all participants in the selected number of competitions, and consisting of a combination holding value column for each 10/06/05 competition and a combination total value column for each combination, (iii) for each possible winning combination, recording the total amount bet for that possible winning combination into the table, (iv) for each possible winning combination, recording the total amount bet for that possible winning combination into the combination holding value column for the competition of the first leg of the combination, for each group of possible winning combinations having the same first competition combination in the combination holding value column for the first competition, entering the total amount recorded for that group into the first competition pool, (vi) dividing the total amount entered into the first competition pool by the total amount entered into the first competition pool for the group of possible winning combinations with the winning outcome, then multiplying the figure arrived at by the amount recorded in the combination holding value column for the first competition for each winning combination, and then recording the resultant figure for each winning combination into the combination holding value column for the competition of the next leg of the combination, (vii) for each group of possible winning combinations having the same second competition combination in the combination holding value column for the second competition, entering the total amount recorded for that group into the second competition pool, (viii) dividing the total amount entered into the second competition pool by the total amount entered into the second competition pool for 10/06/05 the group of possible winning combinations with the winning outcome, then multiplying the figure arrived at by the amount recorded in the combination holding value column for the second competition for each winning combination, and then recording the resultant figure for each winning combination into the combination holding value column for the competition of the next leg of the combination, or, if the betting option of first and second competition double has been correctly predicted by any punter, then recording the resultant figure for the winning combination into the combination total value column for that combination and declaring a dividend for the betting option of first and second competition double by dividing the combination total value by the total amount bet for that combination, (ix) for each group of possible winning combinations having the same third competition combination in the combination holding value column for the third competition, entering the total amount recorded for that group into the third competition pool, repeating steps (viii) and (ix) for a particular combination with the third competition winning outcome and any consecutive competitions.

3. The method of claim 2 wherein the operator selects four competitions in step

4. The method of claim 2 wherein the operator selects quinella betting for each competition in step 10/06/05 The method of claim 2 wherein the operator selects eleven betting options of one quadrella, four trebles and six doubles in step

6. The method of claim 5 wherein the balance of the jackpot clearing account is added to the combination total value of the quadrella betting option.

7. A method for enabling punters to bet on a particular possible winning combination in one competition where all bets are merged into one pool, the method being substantially as hereinbefore described with reference to the accompanying Example 1.

8. A method for enabling punters to bet on a particular possible winning combination in two or more competitions where all bets are merged into a table, the method being substantially as hereinbefore described with reference to the accompanying Example 2. Dated this 10 day of June 2005 James Fiorino Patent Attorneys for the Applicant PETER MAXWELL ASSOCIATES 10/06/05