AU2005202555B2 - An improved betting method - Google Patents
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- AU2005202555B2 AU2005202555B2 AU2005202555A AU2005202555A AU2005202555B2 AU 2005202555 B2 AU2005202555 B2 AU 2005202555B2 AU 2005202555 A AU2005202555 A AU 2005202555A AU 2005202555 A AU2005202555 A AU 2005202555A AU 2005202555 B2 AU2005202555 B2 AU 2005202555B2
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- 238000000034 method Methods 0.000 title claims description 43
- 241000332828 Quadrella <angiosperm> Species 0.000 claims description 7
- 241000186549 Quinella Species 0.000 claims description 6
- 238000006748 scratching Methods 0.000 description 3
- 230000002393 scratching effect Effects 0.000 description 3
- 241000272517 Anseriformes Species 0.000 description 2
- 101100004297 Caenorhabditis elegans bet-1 gene Proteins 0.000 description 1
- 208000001613 Gambling Diseases 0.000 description 1
- 230000000694 effects Effects 0.000 description 1
- 238000012986 modification Methods 0.000 description 1
- 230000004048 modification Effects 0.000 description 1
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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: 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 competitions.
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 when used in computer means 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:- 24/11/08 00 S(i) generating a pool representing all possible winning combinations of all participants in the one competition, the pool being stored in 0 Z the computer means, C (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, using the computer means to I divide the total amount bet for that group by the total amount in Sthe pool to generate a probability for the participant within that group to finish in first position, (iv) if a particular participant finishes in first position, using the computer means to delete from the pool the amount bet for all other participants to finish in first position, thereby generating 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, using the computer means to divide the total amount bet for that group by the amount in the pool remaining after step (iv) to generate a probability for the participant within that group to finish in second position, (vi) if a particular participant finishes in second position, using the computer means to declare 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 generated in step (iii) by the probability generated in step and 24/11/08 00 O dividing the denominator of the total probability by the numerator of the total probability, and then deleting from the pool the
O
Z correctly predicted exacta bets and the amount bet for all other C participants to finish in second position, thereby generating a pool consisting of bets for only that group of possible winning combinations with the correctly predicted participants that finished cin first and second position, I (vii) for each group of possible winning combinations remaining after Sstep (vi) having the same participant in a third position bet, using the computer means to divide the total amount bet for that group by the amount in the pool remaining after step (vi) to generate 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 a double, or a treble, or a quadrella, or a winning outcome of any number of competitions identified by the operator of the betting method, and the term "leg" refers to a particular competition of a particular betting option.
According to the present invention, there is provided a method when used in computer means for enabling punters to bet on a particular 24/11/08 00 0 possible winning combination in two or more competitions where all bets are merged into a table, comprising the steps of:- Z selecting a plural number of competitions, either win, or N quinella, or trio, or any type of betting for any one of each competition, and any number of betting options, by the operator of the betting method, (Ni (ii) using the computer means to generate a table representing all I possible winning combinations of all participants in the selected Snumber 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, using the computer means to record the total amount bet for that possible winning combination into the table, (iv) for each possible winning combination, using the computer means to record 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) using the computer means to divide 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 24/11/08 00 O the first competition for each winning combination, and then recording the resultant figure for each winning combination into 0 Z the combination holding value column for the competition of the cnext 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) using the computer means to divide 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 24/11/08 00 0 column for the third competition, entering the total amount Srecorded 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.
n Preferably, four competitions, quinella betting for each Scompetition, and eleven betting options of one quadrella, four trebles and u six doubles, is selected.
SPreferably, the balance of a 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 Competition 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.
SteD 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.
10/09/08 9 00 oo Step 4.
SAfter a participant finishes first, its probability is realised and all losing bets are deleted.
Step I The total amount bet for the same number in the second position of every bet N type over the remaining total pool represents its probability of finishing second.
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 competition works in practice.
10/09/08 Exacta/Trifecta (4 participants) All Combinations Total Probability X Probability X Probability Total Dividend 1st 2nd 3rd Amount for 1 st 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 2 1$0 30/1000 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 3 4 $27 300/1000 100/300 27/60 9/200 22.22 2 4 $30 300/1000 60/300 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 2 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 $40 150/1 000 63/1 50 63/1 000 15.87 -4 1 2 $12 150/1 000 63/1 50 12/23 189/5750 30.42 -4 1 3 $11 150/1000 63/150 11/23 693/23000 33.19 4 2 $30 1150/1000 50/150 1/20 20.00 4 2 1 $10 150/1000 50/150 10/20 1/40 40.00 4 2 3 $10 150/1000 50/150 10/20 1/40 40.00 -4 3 1 $20 150/1 000 37/1 50 37/1 000 27.03 -4 3 1 $9 150/1000 37/150 9/17 333/17000 51.05 4 3 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.
10/09/08 00 SCommission 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 competition is able to I convert an exacta into a win only, a trifecta into an exacta, and a first 4 into a 0 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 C ahead of the rest of the field.
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 win dividends with the market percentages as shown in the betting method of co-pending 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 Competitions 10/09/08 00 Step 1.
SThe operator selects the following; the number of races, either win, a) quinella or trio betting for each race, and the betting options. A selection of four races consists of a maximum of eleven betting options comprising one 5 quadrella, four trebles and six doubles.
In In SStep 2.
All possible combinations are recorded in a table.
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.
10/09/08 00 Step 7.
SThe total amount recorded for the same second race combination in the a) combination holding value column for the second race is entered into the second race pool.
I Step 8.
0The 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 Sin 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 competitions works in practice.
10/09/08 00 Race 1.
L. Lions S. Swans Race 2.
M. Makybe Diva G. Grand Armee Race 3.
H. Heads T. Tails All Total Combination Combination Combination Combination Combinations Amount Holding Holding Holding Total Dividend RI R2 R3 Bet Value Value Value Value fori1st Race for 2nd Race for 3rd Race L M H $75 L L M T $60 L L G H $55 L L G T $50 L 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 L G $60 L S M $40 S $40 M $100 $166 4.15 S O G $20 S $20 G L $50 L L $50 L S H $50 S $50 H $125 S T $50 S $50 T $125 $259 5.18 M H $60 M $60 H $99 T $55 M $55 T $91 $188 3.42 H $45 G T $40 G 'Total Table $1,000 $800 $750 $834 $1,000 1st Race Pool 2nd Race Pool 3rd Race Pool L $480 M $453 H $431 S $320 G $297 T $403 $800 $750 $834 Total Pool
EXAMPLE
Winning Outcome: Swans Makybe Diva Tails Dividends Double Treble Double Double
S-M
S-M-T
S-T
M-T
4.15 8.60 5.18 3.42 $40 $45 $50 $55 return return return return Total return $166 $387 $259 $188 $1,000 10/09/08 00 O Bets on the betting method of the invention for two or more competitions 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 I two or more competitions, a combination is able to convert from one betting Soption to another.
A flat rate, or a varied rate of commission for a particular betting option C 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.
10/09/08
Claims (6)
- 2. A method when used in computer means 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, or quinella, or trio, or any type of betting for any one of each competition, and any number of betting options, by the operator of the betting method, 24/11/08 18 00 O (ii) using the computer means to generate a table representing all O possible winning combinations of all participants in the selected z Inumber 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, using the computer N means to record the total amount bet for that possible winning combination into the table, (iv) for each possible winning combination, using the computer means to record 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) using the computer means to divide 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 24/11/08 00 column for the second competition, entering the total amount Srecorded for that group into the second competition pool, I(viii) using the computer means to divide 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 Sholding 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 24/11/08 00
- 4. The method of claim 2 wherein the operator selects quinella betting for 0 z each competition in step (N 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 a jackpot clearing account is added to the combination total value of the quadrella betting option.
- 7. A method when used in computer means 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 when used in computer means 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 24th day of November 2008 James Fiorino Patent Attorneys for the Applicant PETER MAXWELL ASSOCIATES 24/11/08
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2005202555A AU2005202555B2 (en) | 2004-09-15 | 2005-06-10 | An improved betting method |
Applications Claiming Priority (3)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2004905336 | 2004-09-15 | ||
| AU2004905336A AU2004905336A0 (en) | 2004-09-15 | An Improved Betting Method | |
| AU2005202555A AU2005202555B2 (en) | 2004-09-15 | 2005-06-10 | An improved betting method |
Publications (2)
| Publication Number | Publication Date |
|---|---|
| AU2005202555A1 AU2005202555A1 (en) | 2006-03-30 |
| AU2005202555B2 true AU2005202555B2 (en) | 2008-12-18 |
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| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| AU2005202555A Ceased AU2005202555B2 (en) | 2004-09-15 | 2005-06-10 | An improved betting method |
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| Country | Link |
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| AU (1) | AU2005202555B2 (en) |
Citations (5)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| EP0702313A2 (en) * | 1994-09-13 | 1996-03-20 | Totalizator Agency Board | A combined totalizator and fixed odds betting system and method |
| GB2403564A (en) * | 2003-07-01 | 2005-01-05 | Cantor Index Llc | A system for generating customised odds for an event |
| AU2005200780A1 (en) * | 2004-07-02 | 2006-01-19 | James Fiorino | An improved betting method |
| AU2005201458A1 (en) * | 2004-08-24 | 2006-03-16 | James Fiorino | An improved betting method |
| AU2007200438A1 (en) * | 2004-07-02 | 2007-02-22 | James Fiorino | An improved betting method |
-
2005
- 2005-06-10 AU AU2005202555A patent/AU2005202555B2/en not_active Ceased
Patent Citations (5)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| EP0702313A2 (en) * | 1994-09-13 | 1996-03-20 | Totalizator Agency Board | A combined totalizator and fixed odds betting system and method |
| GB2403564A (en) * | 2003-07-01 | 2005-01-05 | Cantor Index Llc | A system for generating customised odds for an event |
| AU2005200780A1 (en) * | 2004-07-02 | 2006-01-19 | James Fiorino | An improved betting method |
| AU2007200438A1 (en) * | 2004-07-02 | 2007-02-22 | James Fiorino | An improved betting method |
| AU2005201458A1 (en) * | 2004-08-24 | 2006-03-16 | James Fiorino | An improved betting method |
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| Publication number | Publication date |
|---|---|
| AU2005202555A1 (en) | 2006-03-30 |
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