AU2011202878A1 - Wagering system - Google Patents

Abstract

Abstract The invention comprises means for creating and transacting wagers with a betting organiser including a telecommunication device for receiving first and second inputs from a user; the first input is of a stake amount and the second input is related to one or more criteria of style relevant to the selection of wagers to be transacted; determination means connectable to the telecommunication device wherein the determination means receives the first and second inputs, and automatically determines options of transacting wagers according to the first and second inputs, and communicates with market providing wagers and returns on wagers to determine reward values on determined options, and selects the appropriate transacting wagers in accordance with the first and second inputs and the market communication; and output means connectable to the determination means providing an output of the selection of wagers to be transacted that fulfils the requirements of the first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing user to transact wagers that best suits the user for transmission to a betting organiser on the market.

Description

Regulation 3.2 AUSTRALIA Patents Act 1990 COMPLETE SPECIFICATION STANDARD PATENT APPLICANT: 2Up Holdings Pty Ltd INVENTION TITLE: WAGERING SYSTEM The following statement is a full description of this invention, including the best method of performing it known to me: - -2 A wagering system. Field of the Invention 5 This invention relates to a wagering system and in one form to a means for creating and transacting wagers with a betting organiser and in particular to an online system. This invention relates to a participant making a wager on an event (or events), for example, but not limited to, horse racing (galloping, trotting, harness) and greyhound racing. 10 This invention can be applied most readily to totalisator betting however it is not limited to that type of betting and can be applied to practically any betting means. In this document the examples will draw on totalisator betting common bet types as this invention is easy to understand within that framework. 15 Background In undertaking a wager on an event such as horse racing there is provision to allocate the nominated selection or selections of a participant across a number of different betting types, for example, but not limited to (win, place, show, exacta, 20 quinella, trifecta, first-four, quadrella and indeed, any other type of bet type that involves the selection of one or more runners in an event or events that has a dividend derived upon the successful selection of that runner or runners). Totalisator betting is well established around the world and in its simplest form 25 involves the acceptance of wagers across an event, the deduction of a commission to the operator, and the distribution of the remaining pool of funds from those wagers to the participants that successfully selected the right selections based on the rules of the totalisator pool. 30 For example, if there was a totalisator WIN pool, then the object is to select the winner of the event. For an EXACTA pool, the object is to select the winner AND the second place getter in order. This concept can be extended to other totalisator bet types and their nominated rules of winning, such as TRIFECTA (1st, 2nd and 3rd in order), FIRST4 (1st, 2nd, 3rd, 4th in order), etc. 35 The types of bet types discussed above that are readily offered by totalisator companies across the world have particular features. However the betting rules are not always easily understood by participants (eg: a Quinella and an Exacta bet both -3 involve choosing the 1st and 2nd place getter in a race, however the former does not require the selections in exact order and consequently is easier to win). An "Exotic bet" option is throughout this document any bet type that involves 5 something more than singularly selecting the winner or a place getter, i.e,: other than a WIN or PLACE bet type. These exotic bets usually result in haphazard staking because the number of permutations and the percentage chance of each permutation are not easily understood. A person placing an exotic bet that is an inexperienced bettor will tend to bet according to convenience rather than using 10 rational mathematics. Exotic bet placement according to convenience usually results in bets being placed that are characterised by inefficient wagering. E.g. a customer may wish to place a trifecta bet and has chosen four horses that they think have a good chance of filling all three places. Such a bet will usually be placed 15 in either a 'standout' or 'boxed' fashion. A standout bet is when a number of selections are chosen to fill a particular place. A boxed bet is when all permutations or arrangements of selections that could make the set of three places are bet. At present it a customer wishes to undertake standout and boxed betting, in one 20 example the customer thinks horses: 5, 6, 10 and 11 have good chance of winning. A Standout Bet: 6 & 10 for 1st place 6 & 10 & 5 for 2nd place 6 & 10 & 5 & 11 for 3rd place Combinations: 8 Total Cost for $1 unit = $8 A BoxedBet 5& 6& 10& 11 for 1st, 2nd, 3rd places Combinations: 24 Total Cost for $1 unit = $24 For each of the examples, standout and boxed, the customer has wagered the same 25 amount on each combination although the probability of each combination occurring based on the betting market (assuming each horse is not the same odds or price in the betting market) is not the same. This inherent inefficiency in bet placement into the totalisator pool is often taken advantage of by more sophisticated customers who -4 bet each combination in its correct ratio - in effect, the Standout and Boxed bet taking customers (and even the single bet - or flat staking - customers) are providing profitable wagering scenarios to these sophisticated customers. 5 In summary, the existing systems provide a barrier to the inexperienced customer to maximise their return from their wagering investments and at the same time provide opportunity for more professional customers to profit from these inexperienced customers. 10 DISCLOSURE OF THE INVENTION It is the purpose of this invention to address some of the issues of current wagering techniques and ameliorate at least one or more problems of the background discussion and provide a useful alternative to the current wagering system as discussed in the background discussion above. 15 In the broadest sense the invention comprises a means for creating and transacting wagers with a betting organiser including a telecommunication access device for receiving first and second inputs from a user; wherein the first input is of a stake amount and preferably one or more of an event, a competitor or option in an event, a 20 type of wager, and a reward value, and wherein the second input is related to one or more criteria of style relevant to the selection or creation of wagers to be transacted; a determination means connectable to the telecommunication access device wherein the determination means receives the first and second inputs, and automatically determines options of transacting wagers according to the first and second inputs, 25 and communicates with market providing wagers and returns on wagers to determine reward values on determined options, and selects the appropriate transacting wagers in accordance with the first and second inputs and the market communication; and an output means connectable to the determination means providing an output of the selection or creation of wagers to be transacted that fulfils the requirements of the 30 first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing user to transact wagers that best suits the user for transmission to a betting organiser on the market. The second input can have the one or more criteria of style relevant to the selection 35 or creation of wagers to be transacted being maximise reward value, or maximise chance of a reward value, or take particular level of conservative approach or the like.

-5 In one form a user can provide to the telecommunication access device a first input of stake amount and event and type of transaction such as quinella and second input of maximise reward value and the means can automatically determine options of 5 transacting wagers according to the first and second inputs, determining reward values on determined options and selecting the appropriate transacting wagers in accordance with the first and second inputs; and provide an output of the selection or creation of wagers to be transacted that fulfils the requirements of the first and second inputs. 10 The transacting wagers can be a collection of different type of wagers. In horse racing it can comprise WIN, PLACE and EXOTICS including quinellas trifectas, quadrellas etc. 15 Preferably the determination and selection of options occurs close to the beginning of the event upon which the wager is being transacted in order to determine expected final reward value and allow most accurate placement of derived wagers. Also in accordance with the invention there is provided a means to create a system 20 to transact wagers with a betting organiser, the system involves a participant and an organiser of wagering and includes the following steps: a) providing an input device with a plurality of choices of events having an outcome that can be wagered on; b) providing on input device able to receive a number of different betting types 25 with predefined rules of winning with regard each event; c) providing an input by the input device to a determination means for receiving the participant's selected event, for example - a horse racing event, and nominated selections in that event, combined with an amount to be wagered and an optional wagering reward level; 30 d) the determination means automatically determining an optimal allocation of the nominated selections over one or more wagers to maximise the return if one or more of those selections receives a favourable result in the event that results in a return for the wager. 35 The determination means can undertake the step of automatically determining an optimal allocation including the sub-steps of: 1. assessing the options of wagering; -6 II. assessing the odds of return for the options of wagering; Ill. assessing the reward level for the options of wagering; IV. determining the optimal allocation dependent on the particular selected or default reward level required. 5 in a preferred form of the invention the input to the input device to create and transact wagers with a betting organiser includes: a) the participant deciding on an event to wager on; b) the participant nominating one or more selections in the event; 10 c) the participant nominating the total amount they wish to stake; d) the participant nominating the wagering reward level, which in absence will be a default level; and the output means providing an output from the determination means providing an output of the selection or creation of wagers to be transacted that fulfils the 15 requirements of the first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing user to transact wagers that best suits the user for transmission to a betting organiser; the betting organiser of the wagering event receiving the determined created required wagers and: 20 e) accepting the total wagering stake f) validating the nominated selections and wagering reward level g) proportioning, according to a defined means, the total stake across a number of wagering investments that will vary according to the reward level h) paying out dividends on any successful wagers placed by each participant. 25 The defined means can include the steps of: 1 receiving the first and second inputs 2 automatically determining options of transacting wagers according to the first and second inputs and, determining reward values on determined options 30 3 and selecting the appropriate determined options of transacting wagers in accordance with the first and second inputs. A further aspect of the invention is a means for a participant to make a wager with a betting organiser including (but not limited to) the steps of: 35 a) The participant nominating the event they wish to wager on - 7 b) The participant nominating the selections (such as horses) they wish to include in the wager. There is required a minimum of one such selection, but often there will be more. c) The participant nominating the quantum of the wager 5 d) The participant nominating a 'reward level'. This could be an optional input into the e) means as the 'reward level' may be set to a default level by the wagering organiser. 10 However, selecting a 'reward level' other than the default will have the impact of either increasing or decreasing the potential weighting of the individual bets that are created by the means so that the mathematical likelihood of the individual bets (and their derived probability and 'approximately calculated dividend') deriving winning dividends is either higher or lower than the default level. 15 The second aspect of the invention is the validation of the inputs made by the participant. This could include (but is not limited) the following step of determining what bet types (or totalisator pools) are operating on the event selected by the participant. There could be occasion for the pools to be connected to a particular 20 event by way of definition or circumstance. For example, an event with only two contingencies (such as a horse race with only two runners) would, by circumstance that there are only two runners, be limited to only having associated totalisator pools that require selection of two or less runners, viz: WIN, PLACE, EXACTA and QUINELLA totalisator pools. 25 In another example, there may be certain events that have a certain totalisator pool associated with them through the rules of that pool. For example, a SUPERQUAD pool may be associated with picking the four placegetters in order in the last two races at a specified race meeting. If the participant has selected an event in the first 30 part of the means as described and that event is not one of the last two events at that particular meeting, then the SUPERQUAD pool would be excluded from the means as an option for this invention. Validating the quantum of the wager may involve checking that the quantum is within 35 the prescribed limits of the means (either limit set by the participant or wagering operator). Limits set by the participant may be associated with what is referred to as 'Responsible Gambling' which helps to put 'safe levels' of betting outlay within the -8 control of the participant. Limits set by the wagering operator may be related (but not limited to) accepting wagers that are appropriate to the size of the totalisator pools supported by the means or appropriate to the capacity of the means to process the required bets generated by the means. 5 The third aspect of the invention is a means to process the inputs into the means and calculate the required break-down of the quantum wager into component bets. This will involve; but is not limited to determining the 'reward level' that should be applied to the calculation. For example, there may be, for convenience, five reward levels 10 available to the participant. Furthermore, to help visualise the magnitude of the reward level, the means may have associated with it names to represent the internal calculation level of the reward. 15 For example, the following could be reward levels: - Level One - The Gold Fish - This is the smallest reward level " Level Two - The Tuna - This is the next smallest reward level - Level Three - The Dolphin - This is the next smallest reward level and may 20 be the default reward level if no other level is selected " Level Four - The Shark - This is the next smallest (or second highest) reward " level - Level Five - The Whale - This is the highest reward level. 25 If a reward level has been chosen, then an appropriate value will be associated with the reward level to be used in the means's further calculations. The number of reward levels may be kept to a small number such as five for purely practical reasons used to market the means to the participant and in practice there can be as many reward levels as practical to be defined within the means's internal processing steps. 30 Once a reward level has been ascertained (either through selection or by default) then that reward level is part of a parameter to determine the calculation of the underlying bets within the invention. 35 In accordance with another aspect of the invention there is provided a means and system to create and transact wagers with a betting organiser, the system involves a participant and an organiser of wagering and including the following steps: -9 a) providing a plurality of choices of events having an outcome that can be wagered on, the event being an event nominated by the user or assigned automatically; b) providing a number of different betting types with predefined rules of winning 5 with regard each event, c) providing an input for receiving the participant's selected event, for example a horse racing event, and nominated selections in that event, combined with an amount to be wagered and an optional wagering reward level whereby the selection of a reward level provides the predefined allocation of a 10 total stake across all betting types within a reward level and applies a default reward level where a reward level is not nominated. d) automatically determining an optimal allocation of the nominated selections over one or more wagers to maximise the return if one or more of those selections receives a favourable result in the event that results in a return for 15 the wager by providing a loop for each betting type to calculate the theoretical price of each permutation and the stake based on a nominated selection, and as market or assessed prices to calculate a theoretical price of each permutation and calculate the stake e) providing an upper and lower boundary of the total outlay and individual bets, 20 whereby the upper and lower boundary applies minimum and maximum stakes and additional tests, for example - ensuring the total outlay is well below the theoretical return f) checking the upper and lower boundary, and external limits from the upper and lower boundary result in an automatic adjustment whereby the automatic 25 adjustment results in the recalculation of the stake. g) Storing bet details including the betting type, permutation and stake amount. The step of automatically determining an optimal allocation can include the sub-steps of: 30 1. assessing the options of wagering; 11. assessing the odds of return for the options of wagering; Ill. assessing the reward level for the options of wagering; IV. determining the optimal allocation dependent on the particular selected or default reward level required. 35 V, recording bets against customer account VI. tracking the event VII. crediting of winning accounts - 10 Brief Description of the Drawings In order that the invention is more readily understood an embodiment will be described by way of illustration only with reference to the drawings wherein: 5 Figure 1 is a general diagrammatic view of a means and system to create and transact wagers with a betting organiser in accordance with an embodiment of the invention; Figure 2 is a diagrammatic view of the use of the means and system to create and transact wagers with a betting organiser in accordance with the invention with 10 regard to 4 different types of users; Figures 2A to 2D are details of Figure 2 showing uses by each of the 4 different types of users; Figure 3 is a diagrammatic flow diagram of the user registration and selection of preferences in the means and system to create and transact wagers with a betting 15 organiser in accordance with the invention; and Figure 4 is a diagrammatic flow diagram of the process of creating the selected wagers in accordance with the means and system to create and transact wagers with a betting organiser in accordance with the invention. 20 Description of a Preferred Embodiment Referring to the drawings and particularly Figure 1 there is shown a means and system to create and transact wagers with a betting organiser. Firstly there are first and second inputs S1 and S2. The first input S1 is of a stake amount and preferably one or more of an event, a competitor or option in an event, a type of wager, and a 25 reward value. The second input S2 is related to one or more criteria of style relevant to the selection or creation of wagers to be transacted. A means WB is a website or determinator or the like for receiving the first and second inputs S1 and S2 and automatically determining options of transacting wagers according to the first and second inputs, determining reward values on determined options and selecting the 30 appropriate transacting wagers in accordance with the first and second inputs. An output 1 to B65 is created of the selection or creation of wagers to be transacted that has been determined to fulfil the requirements of the first and second inputs. It can be seen from Figure 1 that there is a transformation of the selections of the 35 user as defined by the selections S1 and S2 into actual selections 813...5.

- 11 This includes a telecommunication access device for receiving the first and second inputs S1 and S2 from a user. The inputs are at least a first input S1 of a stake amount and preferably one or more of an event, a competitor or option in an event, a type of wager, and a reward value and a second input S2 which is related to one or 5 more criteria of style relevant to the selection or creation of wagers to be transacted. A determination means connectable to the telecommunication access receives the first and second inputs, and automatically determines options of transacting wagers according to the first and second inputs. However this entails communication with 10 the market M providing wagers and returns on wagers to determine reward values on determined options, and selects the appropriate transacting wagers in accordance with the first and second inputs and the market communication. The transformed selection B1 ... B5 is then presented as an output means 15 connectable to the determination means providing an output of the selection or creation of wagers to be transacted that fulfils the requirements of the first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing user to transact wagers that best suits the user for transmission to a betting organiser on the market. 20 With reference to Figure 2 and details of Figures 2A to 2B there is shown the use of the means and system to create and transact wagers with a betting organiser in accordance with the invention with regard to 4 different types of users in creating a particular selected form, of bet referred to as a WisebetTM. 25 The 4 different types of users are defined by the different inputs by the customer to set the required wager. In the usual RETAIL Customers identified in A in Figure 2 and shown in detail in Figure 2A, the more usual savvy customer is identified in B in Figure 2 and shown in detail in Figure 2B, the mystery or impulse customer is 30 identified in C in Figure 2 and shown in detail in Figure 2C; and the SEMI PROFESSIONAL CUSTOMER choice is identified in D in Figure 2 and shown in detail in Figure 2D. 35 Wisebet TM Product Plan This bet is for all those people who want to back more than one selection in race but do not have the sufficient skill, time or opportunity to stake their bets professionally.

- 12 The bet-type is designed take the simple inputs that the customer would already use, i.e.: total bet amount and the selection numbers but stake these selections professionally instead of the haphazard means typically employed. 5 The bet-type will be available on all channels, and most importantly, easily accessible via a mobile phone interface so that punters who are most prone to inappropriate staking (ie: those in retail shops and at the races) are easily able to place a Wise Bet with 2UP.COM instead of the inefficient bets they would place with the incumbent providers. 10 VARIATIONS By default, all WiseBets TM would be placed at the "default" or mid-point risk levels. This means that there would be a balance between incorporating wagers in the win and the exotic pools. However, an interesting variation is the ability to change the risk 15 profile of the bet- In theory the customer would choose an additional component, and for simplicity, it may just be a "high, medium, or low" risk choice (however, it may make more sense to have, maybe, 5 levels of risk). The risk level will put more or less emphasis on a return from the exotic bets that make up the WiseBetTM package. 20 CUSTOMER PERSONAS 1. Colin the Casual Punter 2. Barry the Buzz Bettor 3. Vicki the Social Race Goer and 4. Mike the Metro Player. 25 Colin the casual punter is more likely to be a standard retail customer, who has made selections and a total bet as per Figure 2A. They choose some horses and a stake and let WiseBetTM take care of the bet allocation through pre-defined Reward levels. 30 Barry the Buzz Bettor is likely to be a more betting savvy retail customer who wishes to have selections and a total stake but also want to create or use their own reward level. They would choose some horses and a stake and decide how much reward and what bet types are allocated to their bet. There use of WiseBet T M will follow the procedure as shown in Figure 2B. 35 Vicki the Social Race Goer could be a customer requiring a mystery or impulse bet. The only decision they wish to make is the total stake. They want to have a bet on - 13 an event and are happy for WiseBetTM to do the rest of the bet selection and staking process. This can follow the process of Figure 2C. Mike the Metro Player can be the semi professional customer who have selections 5 and a total stake but also want to create or use their own reward level and use their own market prices. They appreciate the benefits of WiseBet T M being able to outlay bets in a professional staking manner but want to use their own market process instead of the prevailing prices as they do their own market or form assessment. This will therefore follow the procedure of Figure 2D. 10 CUSTOMER INTERACTION The proposed interface has been designed to ensure that the bet placement is as simple as possible and therefore overcoming difficulty in placing a bet with an operator at the races. 15 The customer interaction steps would typically be: 1. Choose EVENT to bet on 2. Choose the TOTAL amount you want to bet for this 'WiseBetTM' (a customer may have multiple Wise Bets per race with different selections) 20 3. Choose the selections you want in your WiseBetM. Such as minimum (technically, one - which equates to just a WIN bet) and maximum (theoretically, limited by the size of your total stake amount - but could be about 8) 4. Choose your risk level - default of medium, or higher or lower 5. Press SUBMIT and see your detailed bets breakdown. 25 PRODUCT PROCESSING The internal processing depends on the solution used to provide underwriting to the WiseBetsTM. This can include processing of: 1. Event Control Module: 30 a. Events to be bet are initialised b. The exotic bets types supported by this event are defined (e.g., a race with only 3 runners won't support a First4 bet type). c. The default risk level is assigned to each event (wouldn't expect it to change usually, however there can be personal preferences where a customer 35 prefers high risk with greyhound betting and lower risk with galloping betting as their default). 2. Bet Acceptance Module: -14 a. This will take the selections for the WiseBetTM, the Total Stake Amount and the Risk Level and then pass those parameters to the Bet Creation Module. b. Normal validation (e.g.: Available to Bet funds, Race Still Open) will also occur. 5 c. Future enhancements would most likely allow (especially online) the ability to standout, rove and otherwise alter the weighting of the WiseBet T M before it is submitted. The Bet acceptance module will also check that these parameters are valid. 3. Bet Creation Module: 10 a. This is the most sophisticated part of the product. Essentially, it is responsible for taking the customer selections and placing them into the component win and exotic pools in the most staking efficient manner. This requires definition of the placement and algorithms behind the bet placement process. 4. Dividend Declaration Module: 15 a. It is still to be determined, depending on the back-end underwriting schemes adopted, exactly what. However, in simple terms the types of dividend processing the product will use for the customer after bet placement includes receiving a breakdown of their bet stakes, and the percentage of their total stake on each bet type. 20 PRODUCT OUTPUT The user-interface for the betting module can include the following requirements: - is simple enough to use on a mobile phone screen (less refined version than the web based experience) e The customer needs to get a clear idea of the amount of money (both absolute and 25 percentage) of their entire stake that has been bet on each component bet type and the permutations covered. * Since the permutations could be exhaustive, there is both a summary and detail screen. 30 FORMULAE (Background Information) * First4 - means to calculate an anticipated dividend Using ABCD to represent 1234 a(ab-1)(d+1)(abc-ab-c-2)/(a+1)(a+1)(b+1) is one solution for the First4(Quartet) 35 In practice you can multiply the calculated trifecta div by 1/2 the winners price and 1/2 the 4th horse price and the First4 dividend may fall between those points.

-15 * Superfecta - means to calculate an anticipated dividend Using ABCDEF to represent 123456 a(f+1)(ab-1)(abc-a-b-c-2)MN/((a+1)*'4)(b+1)*3)(c+1)*2)(d+1)) when 5 M = abcd-ab-ac-ad-bo-bd-bd-cd-2a-2b-2c-2d-3 when N = abcde-abc-abd-abe-acd-ace-ade-bcd-bce-bde-cde 2(ab+ac+ad+ae+bc+bd+be+cd+ce+de)- 3(a+b+c+d+e)-5 10 - Trifecta - means to calculate an anticipated dividend If you multiply the 1st place win div *1.5 + if you multiply the 2nd place win div * 2 + if you multiply the 3rd place win div * 3 will result in a workable approximate, certainly when prices are <$9 where 94% of winning trifectas lie or, using maths if you allow x,y,z to represent 1,2,3 in your trifecta 15 (a) the probability that x wins and y runs second can be 1/x(y+1) (b) the quinella becomes 1/x(y+1) + 1/y(x+1) (c) the x,y,z trifecta becomes x/1/(xy-1)(z+1) when solved can be .83x(xy 1(z+1)/(x+y) The .83 bit is to counter the % TAB commission and it also, usually, guarantees an overlay. 20 Its a(a) race for first, then a(b) race for second with the first placegetter removed, then a(c) race for third with the first and second place getters removed, INTERFACE DESIGN GUIDE * NUMBER OF SELECTIONS: 25 oMIN = 1 It ONE selection is chosen then the BET has potential to be placed in WIN and PLACE components o MAX = 6 (recommended) More than this is spreading the bets too thin and there should be a warning of such. 30 The actual maximum should be determined by the chances of the selections that you've chosen. This could only be entertained if there is an available 'betting market' at time of bet placement. If that market is available, then we could conceivably return an error message saying "warning you have too many selections to 35 make a reasonable profit, etc". - REWARD RETURN LEVEL - 16 There can be 5 characters that everyone can understand as more or less different risks in that it provides a different reward return level which can be animals, e.g.: gold-fish - tuna - dolphin - shark - whale). Each would have different marketing lines around each option, viz: 5 - WiseBet T M - Gold FishTM - Small Fish are Sweet - WiseBetTM - TunaTM - You Can Do It = WiseBettM - Dolphin TM - Kick Along Your Winnings - WiseBetTM - SharkTM - How Big is your Bite? - WiseBetTM - WhaleTM - Can you be Ruler of the Ocean? 10 There is a default level (mid-way). On a website different reward return level can easily be determined (and colour coded: blue - green - yellow - orange - red) and even better if we colour the animals in this way 15 There are defined weightings between WIN/PLACE and EXOTICS across each different reward return level. STAKE AMOUNT 20 The stake amount can be selected up front. For convenience, it would have some preset stake amounts (eg: $10, $20, $50, $100). There is potential to offer two stake amounts. The first is for the WIN bets and the second is for the EXOTIC bets. The simplest mode is a single stake amount to cover off both bet types 25 (i.e.: Win/Exotic). - Total Stake is $50. $25 for the win bets and $25 for the exotic bets - Total Stake is $100. $60 for the win bets and $40 for the exotic bets . Total Stake is $100 which is spread over win/exotics according to risk profile. There is potential for the stake amount to have 'odd' cents left after the calculations 30 are made for the exotics. This is not a desirable thing so any extra amounts are absorbed into the WIN bets, to a minimum amount, eg: 50c units. 35 BET STAKING RULES RULE 1. The Wisebet T M is ALWAYS staked proportionally to the chance of the combination (win or exotic) winning.

- 17 RULE 2. The customer can dictate what proportion of their BET STAKE is placed on 'safe' (WIN/PLACE) vs 'exotic' (EXACTA/TRIFECTA) bets, eg: option win split plc split exotics total total % $ selected % outlay split gold 30 60 10 100 tuna 40 40 20 100 dolphin 50 20 30 100 shark 40 10 50 100 whale 25 5 70 100 BETTING RECEIPT 5 Once the bet has been submitted, the background processing will create a Bet Receipt. Certain known information will be detailed including: * The TOTAL amount staked (this will be the same as on the bet submit) - The AMOUNT bet on each combination, eg: 2UP.COM WiseBetTM - 'The Dolphin' (Medium Return & Risk) CAULFIELD RACE 4 - 25 Oct 2010 Selections: 3 - Myocard (price $4.00) 5 - Magnification (price $8.00) a - Lord Tavistock (price $16.00) Bet placed at 4:34:46pm on 25/10/2020 TOTAL AMOUNT BET: $50.00 Your Betting Package WIN / PLACE: 3 combinations - (50% / 20% invested) 3 - Myocard $15.00 / $0.00 5 - Magnification $7.50 / $6.00 8 - Lord Tavistock $3.50 / $5.00 EXACTA: 6 combinations - (18% invested) 3-5 $3.50 3-8 $2.50 5 - 8 $050 5-3 $1.50 - 18 8-3 $1.50 8 - 5 $0.50 TRIFECTA: 6 combinations - (12% invested) 3 - 5 - 8 $2.50 3 - 8 - 5 $1,50 5 - 8 - 3 $0.50 5 - 3 - 8 $1.00 8-3-5 $1.00 8-5-3 $0.50 Referring to the figures and particularly Figures 3 and 4 there is shown the means and system to create and transact wagers with a betting organiser, the system involves a participant and an organiser of wagering and including the following steps: 5 a) providing a plurality of choices of events having an outcome that can be wagered on, the event being an event nominated by the user or assigned automatically by the invention; b) providing a number of different betting types with predefined rules of winning with regard each event, 10 c) providing an input for receiving the participant's selected event, for example a horse racing event, and nominated selections in that event, combined with an amount to be wagered and an optional wagering reward level whereby the selection of a reward level provides the predefined allocation of a total stake across all betting types within a reward level and applies a default reward level where a reward level is 15 not nominated. d) automatically determining an optimal allocation of the nominated selections over one or more wagers to maximise the return if one or more of those selections receives a favourable result in the event that results in a return for the wager by providing a loop for each betting type to calculate the theoretical price of each 20 permutation and the stake based on a nominated selection, and as market or assessed prices to calculate a theoretical price of each permutation and calculate the stake e) providing an upper and lower boundary of the total outlay and individual bets, whereby the upper and lower boundary applies minimum and maximum stakes and 25 additional tests, for example - ensuring the total outlay is well below the theoretical return - 19 f) checking the upper and lower boundary, and external limits from the upper and lower boundary result in an automatic adjustment whereby the automatic adjustment results in the recalculation of the stake. g) Storing bet details including the betting type, permutation and stake amount. 5 whereby the step of automatically determining an optimal allocation includes the sub steps of: 1. assessing the options of wagering; II. assessing the odds of return for the options of wagering; Ill. assessing the reward level for the options of wagering; 10 IV. determining the optimal allocation dependent on the particular selected or default reward level required. V. recording bets against customer account VI. tracking the event V1l1. crediting of winning accounts 15 While we have described herein a particular embodiment of a means and system to create and transact wagers with a betting organiser and in particular to an online system, it is further envisaged that other embodiments of the invention could exhibit any number and combination of any one of the features previously described. 20 However, it is to be understood that any variations and modifications which can be made without departing from the spirit of the invention are included in the scope thereof

Claims (17)

1. A wagering system comprising a means for creating and transacting wagers with a betting organiser including: a telecommunication access device for receiving first and second 5 inputs from a user; wherein the first input is of a stake amount and preferably one or more of an event, a competitor or option in an event, a type of wager, and a reward value, and wherein the second input is related to one or more criteria 10 of style relevant to the selection or creation of wagers to be transacted; a determination means connectable to the telecommunication access device wherein the determination means receives the first and second inputs, and automatically determines options of transacting wagers according to the 15 first and second inputs, and communicates with market providing wagers and returns on wagers to determine reward values on determined options, and selects the appropriate transacting wagers in accordance with the first and second inputs and the market communication; and an output means connectable to the determination means providing 20 an output of the selection or creation of wagers to be transacted that fulfils the requirements of the first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing the user to transact wagers that best suits the user for transmission to a betting organiser on the market. 25

2. A means according to claim 1 wherein the second input has the one or more criteria of style relevant to the selection or creation of wagers to be transacted being to maximise reward value, or to maximise chance of a reward value, or to take particular level of conservative approach or the like. 30

3. A means according to claim 1 or 2 wherein a user can provide to the telecommunication access device a first input of stake amount and event and type of transaction such as quinella and second input of maximise reward value and the means can automatically determine options of transacting 35 wagers according to the first and second inputs, determining reward values on determined options and selecting the appropriate transacting wagers in accordance with the first and second inputs, and provide an output of the -21 selection or creation of wagers to be transacted that fulfils the requirements of the first and second inputs.

4. A means according to claim 1 wherein the transacting wagers is a collection 5 of different type of wagers.

5. A means according to claim 4 wherein the transacting wagers is a collection of different type of wagers in horse racing comprising WIN, PLACE and EXOTICS including quinellas trifectas, quadrellas etc. 10

6. A means according to any one of claims 1 to 5 wherein the determination and selection of options occurs close to the beginning of the event upon which the wager is being transacted in order to determine expected final reward value and allow most accurate placement of derived wagers. 15

7. A wagering system providing a system to transact wagers with a betting organiser, the system involves a participant and an organiser of wagering and includes the following steps: a) providing an input device with a plurality of choices of events 20 having an outcome that can be wagered on; b) providing on input device able to receive a number of different betting types with predefined rules of winning with regard each event; c) providing an input by the input device to a determination means for 25 receiving the participant's selected event, for example - a horse racing event, and nominated selections in that event, combined with an amount to be wagered and an optional wagering reward level; d) the determination means automatically determining an optimal 30 allocation of the nominated selections over one or more wagers to maximise the return if one or more of those selections receives a favourable result in the event that results in a return for the wager.

8. A means according to claim 6 wherein the determination means can 35 undertake the step of automatically determining an optimal allocation including the sub-steps of: i. assessing the options of wagering; - 22 ii. assessing the odds of return for the options of wagering; iii. assessing the reward level for the options of wagering; iv. determining the optimal allocation dependent on the particular selected or default reward level required. 5

9. A means according to claim 6 wherein the input to the input device to create and transact wagers with a betting organiser includes: a) the participant deciding on an event to wager on; b) the participant nominating one or more selections in the event; 10 c) the participant nominating the total amount they wish to stake; d) the participant nominating the wagering reward level, which in absence will be a default level; and e) the output means providing an output from the determination means providing an output of the selection or creation of wagers to 15 be transacted that fulfils the requirements of the first and second inputs and creating the required wagers in accordance with the first and second inputs and allowing user to transact wagers that best suits the user for transmission to a betting organiser; f) the betting organiser of the wagering event receiving the 20 determined created required wagers and: g) accepting the total wagering stake h) validating the nominated selections and wagering reward level i) proportioning, according to a defined means, the total stake across a number of wagering investments that will vary according to the 25 reward level j) paying out dividends on any successful wagers placed by each participant.

10. A means according to claim 6 wherein the defined means can include the 30 steps of: a) receiving the first and second inputs b) automatically determining options of transacting wagers according to the first and second inputs and, determining reward values on determined options 35 c) and selecting the appropriate determined options of transacting wagers in accordance with the first and second inputs. -23 11. A means for a participant to make a wager with a betting organiser including the steps of: a) The participant nominating the event they wish to wager on b) The participant nominating the selections (such as horses) they 5 wish to include in the wager wherein there is required a minimum of one such selection, but often there will be more. c) The participant nominating the quantum of the wager d) The participant nominating a 'reward level' wherein this could be an optional input into the means as the 'reward level' 10 and including the validation of the inputs made by the participant including the following step of determining what bet types (or totalisator pools) are operating on the event selected by the participant.

12. A means according to claim 11 wherein selecting a 'reward level' can be as 15 an optional input into the means or the 'reward level' may be set to a default level by the wagering organise or other than the default will have the impact of either increasing or decreasing the potential weighting of the individual bets that are created by the means so that the mathematical likelihood of the individual bets (and their derived probability and 'approximately calculated 20 dividend') deriving winning dividends is either higher or lower than the default level.

13. A means according to claim 11 or 12 wherein validating the quantum of the wager may involve checking that the quantum is within the prescribed limits of 25 the means (either limit set by the participant or wagering operator) and wherein limits set by the participant may be associated with what is referred to as 'Responsible Gambling' which helps to put 'safe levels' of betting outlay within the control of the participant and wherein limits set by the wagering operator may be related (but not limited to) accepting wagers that are 30 appropriate to the size of the totalisator pools supported by the means or appropriate to the capacity of the means to process the required bets generated by the means.

14. A means according to claim 11, 12 or 13 including a means to process the 35 inputs into the means and calculate the required break-down of the quantum wager into component bets including determining the one or more 'reward levels' that should be applied to the calculation. - 24 15. A means according to claim 14 wherein the reward levels have associated with them, names to represent the internal calculation level of the reward. 5 16. A means according to claim 14 or 15 wherein, the reward levels are: i. Level One - The Gold Fish - This is the smallest reward level ii. Level Two - The Tuna - This is the next smallest reward level iii. Level Three - The Dolphin - This is the next smallest reward level and may be the default reward level if no other level is 10 selected iv. Level Four - The Shark - This is the next smallest (or second highest) reward level v. Level Five - The Whale - This is the highest reward level. 15 17. A means according to claim 14, 15 or 16 wherein If a reward level has been chosen, then an appropriate value will be associated with the reward level to be used in the means's further calculations

18- A means according to any one of claims 11 to 17 wherein once a reward level 20 has been ascertained (either through selection or by default) then that reward level is part of a parameter to determine the calculation of the underlying bets within the invention.

19. A wagering means and system to create and transact wagers with a betting 25 organiser, the system involves a participant and an organiser of wagering and including the following steps: a) providing a plurality of choices of events having an outcome that can be wagered on, the event being an event nominated by the user or assigned automatically; 30 b) providing a number of different betting types with predefined rules of winning with regard each event, c) providing an input for receiving the participant's selected event, for example - a horse racing event, and nominated selections in that event, combined with an amount to be wagered and an optional 35 wagering reward level d) whereby the selection of a reward level provides the predefined allocation of a total stake across all betting types within a reward - 25 level and applies a default reward level where a reward level is not nominated. e) automatically determining an optimal allocation of the nominated selections over one or more wagers to maximise the return if one 5 or more of those selections receives a favourable result in the event that results in a return for the wager by providing a loop for each betting type to calculate the theoretical price of each permutation and the stake based on a nominated selection, and as market or assessed prices to calculate a theoretical price of each 10 permutation and calculate the stake f) providing an upper and lower boundary of the total outlay and individual bets, whereby the upper and lower boundary applies minimum and maximum stakes and additional tests, for example ensuring the total outlay is well below the theoretical return 15 g) checking the upper and lower boundary, and external limits from the upper and lower boundary result in an automatic adjustment whereby the automatic adjustment results in the recalculation of the stake; and h) storing bet details including the betting type, permutation and 20 stake amount.

20. A wagering means and system to create and transact wagers with a betting organiser according to claim 19 wherein the step of automatically determining an optimal allocation can include the sub-steps of: 25 . assessing the options of wagering; ii. assessing the odds of return for the options of wagering; iii. assessing the reward level for the options of wagering; iv. determining the optimal allocation dependent on the particular selected or default reward level required. 30 v. recording bets against customer account vi. tracking the event vii. crediting of winning accounts

21. A wagering system including means for creating and transacting wagers with 35 a betting organiser substantially as hereinbefore described with reference to the drawings.