AU2014210366A1 - A method and apparatus for operating an interactive wagering game - Google Patents

Abstract

The present invention relates to a method of operating an interactive wagering game. The method includes several steps which need not be carried out in any particular order. The step involves selecting, at a host server, a calendar of individual events for wagering, determining at said host server a predetermined and fixed number of wagering tickets based on a combination of outcomes generated from individual events in said calendar of individual events, offering said wagering tickets for purchase by players at one or more remote computer terminals at a predetermined price, the host server eliminating losing wagering tickets after each event in said calendar of events and revaluing each remaining ticket in accordance with a predetermined valuation algorithm, facilitating at the remote computer terminal trading of each of said wagering ticket between players at an agreed price, and/or between players and said host server at the revalued price, at any time during said calendar of events whilst the relevant wagering tickets remain active and the host server paying, at the completion of the final event of said calendar of events a prize to the winning wagering ticket.

Description

WO 2014/113840 PCT/AU2014/000037 A Method and Apparatus for Operating an Interactive Wagering Game Technical Field The present invention broadly relates to a method and apparatus for the 5 provision of an interactive wagering system or game, whereby the format will be appealing to a broad section of the general public, yet will hold special appeal to players/wagerers who are knowledgeable about sports and racing types of games. Background of the Invention It is generally desirable in the wagering or gaming industry for operators to l0 provide wagering games which allow wagerers to apply their own knowledge, skills and judgement. Also, it is desirable for players to be able to interact with the operator and other wagerers such that the games become more likely to promote social interaction and excitement. It is an object of the present invention to provide a method and apparatus for ir operating an interactive wagering game which meets the above desire or which will at least provide a useful alternative. Summary of the Invention A method of operating an interactive wagering game, the method including the steps of: 20 selecting, at a host server, a calendar of individual events for wagering; determining at said host server a fixed number of wagering tickets based on a combination of outcomes generated from individual events in said calender of individual events; offering said wagering tickets for purchase by players at one or more remote 25 computer terminals at a predetermined price; Substitute Sheet WO 2014/113840 PCT/AU2014/000037 2 the host server eliminating losing wagering tickets after each event in said calender of events and revaluing each remaining ticket in accordance with a predetermined valuation algorithm; facilitating at the remote computer terminal trading of each of said wagering s ticket between players at an agreed price, and/or between players and said host server at the revalued price, at any time during said calendar of events whilst the relevant wagering tickets remain active; and the host server paying, at the completion of the final event of said calendar of events a prize to the winning wagering ticket. 10 Preferably, the predetermined price and/or revalued price is a price derived from the underlying wagering markets..Preferably, the agreed price is a price offered by another player or the operator. Preferably, the selected calendar of individual events includes a plurality of sporting and/or racing events due to take place at different times. 15 Preferably, the method includes a step of the host server designating one or more identifiers for each selected event, the or each identifier being derived from or representing one or more elements, or one or more of the outcomes, of the relevant selected event or events. In a preferred embodiment, the combination of outcomes includes all possible 20 permutations of the designated identifiers, each permutation being unique. Preferably, the method includes the step of the host server randomly allocating one permutation or a set of permutations to each wagering ticket. More preferably, apart from those which have been sold and eliminated, the wagering tickets containing each permutation or set of permutations are offered for 25 purchase at any time up until the commencement ofthe event shown on the ticket.

WO 2014/113840 PCT/AU2014/000037 3 Trading of the wagering tickets may involve any one of the following options: (i) at any time before commencement of the event or events shown on the ticket, selling an active ticket back to the host server at the predetermined price or at the revalued price after completion of each selected event; i (ii) at any time before commencement of the last event, offering to on-sell or on selling an active ticket to another player at an agreed price or at the revalued price; or (iii) holding on to an active ticket until completion of the last event so as to claim a prizefrom the operator on presentation of the ticket, if the ticket has the 10 winning permutation. The prize is preferred to be a predetermined award amount which may be varied by the host server on the basis of the total number of tickets sold prior to the final event of each game. Preferably, there are two options to sell the active ticket back to the host server, namely: 15 (a) selling the full value of the active ticket back to the bank; and (b) selling part of the value of the active ticket back to the bank. Preferably, when part of the value of the active ticket is sold back the bank, the seller retains the remaining value of the active ticket and receives part of the prize pool proportional to the remaining value of the active ticket if the ticket 20 ultimately turns out to be the winning ticket.Generally, each permutation is preferred to form a bracket, In a preferred embodiment, an active ticket is a ticket which still has the potential of being the ultimate winning ticket or which has not been eliminated. The sporting and/or racing events may include one or more of the following: 25 various forms of rugby league, rugby union, Australian rules football, soccer, horsing racing, greyhound racing, swimming, tennis, hockey, basketball, motor racing, gridiron football, golf etc.

WO 2014/113840 PCT/AU2014/000037 4 The designated identifiers may include letters or any other suitable symbols. For example, in the case of horse or greyhound racing, the elements may include individual runners or brackets of several runners. The outcomes may include wins and places. In the case of sporting events such as ball games, the elements may 5 include the first or last scorers. The outcomes may include win/loss/draw of a match at full time, half time or quarter time, the number of goals or the exact scores etc. Preferably, the elements and outcomes are mutually exclusive. In a preferred embodiment, the method includes a further step of the operator receiving a commission for the selling or re-selling back to the operator of each 1o ticket, Preferably, each ticket is assigned a value or price based upon its winning probability as derived from the underlying wagering markets for each event. Preferably, the wagering game is linked to one or more Independent and real time wagering markets. The predetermined and market prices for each permutation are however preferred to be set by the operator based upon its 15 winning probability. More preferably, the method includes the step of, on or after completion of each event, the operator eliminating all tickets with a losing outcome, adjusting the market price of each ticket bearing a winning outcome based on the multiple of the value derived from the wagering markets for that possible outcome or price 20 of each remaining possible element or outcome, and subsequently assigning a new price to each active ticket. As such, ultimately, only one ticket is the winning ticket. The value or price of each remaining possible element or outcome is preferred to be sourced from the one or more independent and real-time wagering markets.

WO 2014/113840 PCT/AU2014/000037 5 In a preferred embodiment, the winning probability is first 'normalised' (ie. removing the margins put on by the underlying wagering marketers) before being related to the prize pool. It is preferred that the method includes the step of ensuring that each player has 5 an active account with cleared funds or allocated points. The method may include the step of selling a fractional ticket to the player who is part of a syndicate and, potentially, allowing for the selling or reselling of a fractional ticket by the player who is a part of the syndicate. The method may include a yet further step of allowing the host server to have 10 one of the following options for 'resulting' games where the winning ticket is not sold: (a) counting back to the tickets that still have the potential of being the ultimate winning ticket; or (b) awarding credits to future jackpot games. 16 The method may include the step of the host server enabling the players to engage or take part in the game in one of the following two modes: (i) free play mode based on accumulated points; and (ii) real money mode where an upfront credit card payment or cleared funds in an account is required, According to another aspect of the present invention, there is provided an 20 apparatus for operating an interactive wagering game, the apparatus including: a programmable computing system adapted to facilitate an operator to: (i) select, via a host server, a calendar of individual events for wagering;; (ii) determine at said host server a predetermined number of wagering tickets based on a selected combination of outcomes of each individual event in said 25 calendar of events; (iii) offer said wagering tickets for purchase and redemption by players at one or WO 2014/113840 PCT/AU2014/000037 6 more remote computer terminals at a predetermined price; (iv) eliminate, via a host server, losing wagering tickets after each event in said calender of events and revalue each remaining ticket in accordance with a predetermined valuation algorithm; 6 (iv) facilitate at the remote computer terminal trading of each of said wagering ticket between players at an agreed price, and/or between players and the operator at the revalued price, at any time during said Calendar of events whilst the relevant wagering tickets remain active; (v) pay at the completion of the final event of said calendar of events a prize to io the winning wagering ticket, if claimed, via the host server. Preferably, the apparatus includes means being in electronic communication with the programmable computing system, the means being capable of randomly allocating a unique physical or virtual ticket with one identified permutation to a player at a predetermined price. is Preferably, the means is in the form of a wagering device capable of issuing a physical ticket. Brief Description of the Drawings The invention may be better understood from the following non-limiting description of a preferred embodiment, in which: 20 Figure 1 is a flow chart illustrating a method of operating an interactive wagering game from the operator's viewpoint in accordance with the present invention; Figure 2 is a flow chart illustrating the steps involved in taking part in or playing the interactive wagering game from a player viewpoint; and WO 2014/113840 PCT/AU2014/000037 7 Figures 3A to 3C are diagrams illustrating a horse racing example of how the interactive wagering game is played by four players. Detailed Description of the Drawings It should be noted that the interactive wagering game of the present invention 5 may be perceived as a wagering system which can be run as a programme on a computer. It will be appreciated that the terms 'operator' and 'host server' basically refer to the same entity and are used interchangeably in the present specification. The operator and host server may also be referred to as the bank. Also, the permutation calculations are to be performed by the computer 10 programme by using the following formula: n P r = n! / (n-r)! where the number of permutations of n objects taken r at a time is n 1I( n -r) In order to comply with the laws in different countries, a player is allowed by the computer programme to engage or take part in the game in one of the following two modes, namely (i) free play mode based on accumulated points; and (ii) real 15 money mode where an upfront credit card payment or cleared funds in an account is required. Before commencement of the game, the computer programme will take steps to check and verify that the player has an active account with cleared funds or allocated points. An embodiment of the present method of operating an interactive wagering 20 game (which is also a system) includes the steps of selecting a plurality of sporting and/or racing events due to take place at different times, designating one or more identifiers for each selected event, and identifying all possible permutations of the designated identifiers using the mathematical formula mentioned above. It is contemplated that the present game/system is run on a computer system being 25 available on a specific website or means in the form of a wagering device thereby allowing players to engage and play online via the internet or by purchasing a WO 2014/113840 PCT/AU2014/000037 8 physical ticketfrom the wagering device. The designated identifiers may include letters or any other suitable symbols. It is contemplated that the sporting and/or racing events may include one or more of the following: various forms of rugby league, rugby union, Australian , rules football, soccer, horsing racing, greyhound racing, swimming, tennis, hockey, basketball, motor racing, gridiron football, golf etc. In the present embodiment, each identifier is derived from or representing one or more elements or outcomes of the relevant event. In the case of horse or greyhound racing, the elements may include individual runners. The outcomes 1o may include wins and places. In the case of sporting events such as ball games, the elements may include the names of first or last scorers. The outcomes may include win/loss/draw of a match at full time, half time or quarter time, the number of goals or the exact scores etc. Typically, the elements and outcomes are mutually exclusive. The elements and outcomes are conveniently bracketed into 15 different identifiers which are conveniently letters. Basically, each permutation of the elements and outcomes would form a bracket. The game begins with a player choosing a mode of play. If the player opts for the real money mode, cleared funds will be taken from the players account, Then the system will randomly allocate a unique physical or virtual ticket with one or more 20 of the identified permutations to a player at a predetermined price, This can be carried out at any time up until the commencement of the last selected event. If the player is taking part online via the internet, a virtual ticket will be issued. A physical ticket may however be collected from a means in the form of a wagering device in a shop front of a trading partner of the operator such as Totalisator 25 Agency office or the like, It should be noted that a active ticket is a ticket which still has the potential of being the ultimate winning ticket, As the game WO 2014/113840 PCT/AU2014/000037 9 progresses, various tickets will be eliminated as the outcomes or elements of different events unfold. In the present embodiment, the wagering game is linked to one or more independent and real-time wagering markets. The predetermined and market 5 prices for each permutation are however set by the operator based upon its winning probability. Once the player has purchased a ticket, he or she may decide to take one of the following options, depending on his or her knowledge of the relevant events and personality: (i) at any time before commencement of the last event, re-selling the io ticket back to the operator at a market price which is adjusted by the operator after completion of each selected event, provided that the ticket is still a active ticket; (ii) at any time before commencement of the last event, offering to on-sell or on-selling the ticket to another player at an agreed price or at the market price, provided that the ticket is still a active ticket; or (iii) holding on to the ticket until 1s completion of the last event so as to claim an award amount from the operator on presentation of the ticket, if the ticket has the winning permutation or permutations. The method of playing the game with a view to making money will be described above. The agreed price referred to above is a price offered by another player or the 20 operator. The operator of the present game/system is to receive a commission for the selling or re-selling back to the operator of each ticket. Each ticket is assigned a value or price based upon its winning probability. As such, the predetermined price and/or revalued price referred to above is a price derived from the underlying wagering markets. It should also be noted that the winning probability 25 is first 'normalised' (ie. taking out the margins put on by the underlying wagering marketers) before being related to the prize pool. Setting of the price of each ticket in the present example is therefore a two-step process WO 2014/113840 PCT/AU2014/000037 10 Furthermore, the present method includes the step of, on or after completion of each event, prompting the operator to eliminate all non-winning tickets, adjusting the market price of each ticket based on the multiple of the value or price of each remaining possible element or outcome, and assigning a new market price to s each active ticket. As such, ultimately, only one ticket is the winning ticket. The value or price of each remaining possible element or outcome is preferred to be sourced from the one or more independent and real-time wagering markets. It should be noted that a fractional ticket may be sold to the player who is part of a syndicate and, potentially, allowing for the selling or reselling of a fractional 1o ticket by the player who is a part of the syndicate. There are two options to sell the active ticket back to the host server, namely: (a) selling the full value of the active ticket back to the bank; and (b) selling part of the value of the active ticket back to the bank. When part of the value of the active ticket is sold back the operator, the seller retains the remaining value of the active ticket and receives 15 part of the prize pool proportional to the remaining value of the active ticket if the ticket ultimately turns out to be the winning ticket. This is generally referred to as a "fractional payout". The player has the ability to allow a ticket to be "cashed out" or sold back to the bank. This feature allows the player to sell part of the value of their ticket back to the operator. For example, a player may have 20 purchased a ticket for $1,00. After two legs of an event or events, if the ticket is not eliminated, it may well have a revised calculated value of $10.00. The player then has the option of selling half of the value of the ticket for $5.00 and retaining the remaining 50% of the ticket. If that ticket becomes the ultimate winning ticket, the player will then receive 50% of the prize out of the pool. 25 Also, the present method includes a yet further step of allowing the operator to have one of the following options for 'resulting' games where the winning ticket is not sold: (a) counting back to the tickets that still have the potential of being the WO 2014/113840 PCT/AU2014/000037 11 ultimate winning ticket (active tickets); or (b) awarding credits to future jackpot games. The apparatus for operating the interactive wagering game of the present invention includes a programmable computing system and means in the form of a 5 ticketing machine which is configured to randomly allocate a unique physical ticket when the player takes part by way of attending the shop of the operator's trading partners with a shop front. The programmable computing system is, designed to facilitate an operator to: (i) select, via a host server, a calender of individual events for wagering; (ii) determine at said host server a predetermined io number of wagering tickets based on a selected combination of outcomes of each individual event in said calender of events; (iii) offer said wagering tickets for purchase and redemption by players at one or more remote computer terminals at a predetermined price; (iv) eliminate, via a host server, losing wagering tickets after each event in said claender of events and revalue each remaining ticket in is accordance with a predetermined valuation algorithm; (iv) facilitate at the remote computing terminal trading of each of said wagering ticket between players at an agreed price, and/or between players and the operator at the revalued price, at any time during said calender of events whilst the relevant wagering tickets remain active and (v). pay at the completion of the final event of said calender of 20 events a prize to the winning wagering ticket, if claimed, via the host server. The apparatus also include a means being in electronic communication with the programmable computing system. The means is capable of randomly allocating a unique physical or virtual ticket with one identified permutation to a player at a predetermined price. 25 To illustrate the design and operation of the present game, the operator's ~ perspective is shown in Figure 1 and will now be described. Referring to Box 10, the operator typically begins with developing a calendar and schedule several WO 2014/113840 PCT/AU2014/000037 12 months in advance of the launching of the game. The calendar and schedule outlines the events that would be selected to conduct the game. Turning to Box 12, for each game, the operator will determine a game structure as well as the expected number of unique ticket combinations that can be sold. The operator s would typically at this stage set a major prize and the percentage for the rake which are dependent on the sale of the tickets. In the present example, the operator will offer a game on the GosfordHorse Race meeting. Referring to Box 14, the game will run over 6 legs, from Race 3 to Race 8, for example. As shown in Box 16, the game will offer a $50,000 Major Prize which is to be awarded to the 10 owner of the winning ticket. It is important to note that there is only one winning ticket in each game, Referring to Box 18, each leg has various numbers of 'brackets'. This will create a game with 59,000 unique ticket combinations and allow for a $50,000 major prize and a rake for the operator of $9,400 (see Box 20). Turning to Box 22, when the fields are declared, the product manager of the 15 operator brackets runners in each leg based on the markets provided by the betting managers from the Totalisator Agency, for example, being the trading partner of the operator, with the aim of balancing the winning probability of each ticket. Referring to Box 24, after each race, the operator's system would eliminate the non-winning tickets and recalculate the value of each ticket based on the 2o multiple of the price of each remaining runner of the ticket. Each remaining runner is regarded as an element of the event. The recalculated value is now the market value being attached to each 'active' ticket. As shown in Box 26, the system allows players to cash out any ticket for the market value of the relevant ticket minus 15%. The operator then puts these cashed out tickets back on the 25 market for sale at market value, along with any unsold tickets. Referring to Figure 2, the game from a player's perspective will now be described. A player by the name of Bill is used as an example. As shown in Box 28, Bill visits the operator's website at 11am on the Friday morning. Referring to Box 30, he WO 2014/113840 PCT/AU2014/000037 13 notices that there are a number of games open for betting. Some games have not yet commenced and others are a couple of legs in but with tickets still available. Turning to Box 32, Bill plans on watching the races on Sky Channel this afternoon and he decides to purchase 100 tickets in the $50,000 Gosford game. While the 5 tickets are allocated randomly, Bill is confident that he can use his skill to trade up to a big win. As shown in Box 34, Bill checks his tickets. Having spent some time on the form earlier, Bill decides that 20 of his tickets cannot win. He then decides to cash out with the operator and receives $16 back on these tickets. Turning to Box 36, Bill watches the first 4 races. While 75 of his tickets are eliminated, Bill is 10 excited that with 2 legs to go he still has 5 active tickets that are worth between $500 to $1,000 each. To increase his chances, Bill makes an offer on another two tickets but the owners reject his offer. Referring to Box 38, Bill thinks that three of his tickets have a real chance of winning the major prize but he is not as keen on the other two. He asks his friend Bob to see if Bob would like to buy the other two 16 tickets for $500 each. Bob however declines. Turning to Box 40, Bill then receives an offer from another player to sell one of the tickets for $450. He accepts this offer and decides to cash out the other ticket to the operator for $400. Bill now has three active tickets with two races to go. As shown in Box 42, in the fifth race, one of Bill's three active tickets are eliminated. They are now valued at $3,000 20 and $6,000 respectively. Bill receives an offer of $2,700 for the first ticket and decides to sell it. He however holds on to the other ticket, going for the big win. Referring to Box 44, unfortunately, bill's last leg is unsuccessful and he does not win the-major prize. However, he has had a successful day, using his own knowledge and skill, with a bit of luck, to trade way to a $2,466 profit. He then 25 decides to re-invest in the operator's National Rugby League game starting later that night. As illustrated in the above perspectives, it is apparent that the present system/game allows the operator to make a profit by taking a rake and charging a WO 2014/113840 PCT/AU2014/000037 14 commission for each transaction of ticket. On the other hand, a player, by using his own skill knowledge and skill, is able to minimise his loss by cashing out, or to make money by either offering a potential winning ticket for sale or keeping a ticket with high potential for the big win. 6 Referring to Figures 3A to 3C, a simple racing example is now described so as to illustrate how bracketing works and how the present game would attract different characters with different skill and knowledge levels. Referring to Box 46, this example includes three races which are bracketed to create twelve tickets each 10 with a unique permutation. The twelve tickets are sold at $1 each. The operator takes a rake of $2 being 16.6% of the amount generated by the tickets sold. The Prize pot is $10. As there are many horses in one race, four horses in race 3 for example have been bracketed into Bracket F, The same bracketing mechanism has been applied to the other Brackets A, B, C, D, E and G. Turning now to Box 48, 15 there are 4 players in this example. As indicated in Box 48, they all have different wagering experience, habits, knowledge and skill levels, intentions and agendas. As shown in Box SO, the twelve tickets as listed along the left hand side of the box now go on sale. As shown in Figure 52, Bill and Bob are friends and regular players. They have purchased 2 tickets each from the operator. It is important to 20 note that there is only one winning ticket in each game, out of the twelve tickets in the present case. Each ticket is unique with a different bracket permutation. Referring to Figure 54, Jill subscribes to three tickets every Saturday. As shown in Figure 56, Jill has a friend Phil who likesracing, Jill has invited Phil to play by giving him a gift ticket for his birthday. Phil likes the gift and purchases another ticket 25 himself from the operator. All four of the players now have an equal chance of winning of 16.6% at this stage. Referring to Figure 60, Race 1 has taken place and an element, being a horse, within Bracket A won. This means six ticketsare eliminated. The surviving tickets WO 2014/113840 PCT/AU2014/000037 15 all doubled in value. Having different intentions and considerations, the four players have different reactions and make different strategic moves respectively. Bill immediately checks his tips. Bob checks the market. Jill cannot believe both her tickets are still aactive and Phil is happy that he is still in the hunt. Turning to s Box 62, Bill is of the view that no horses in C will win Race 2. With a $10 prize pool and six tickets still aactive, he sees that the market value of the ticket having the permutation 'ACF' is now $1.66. Referring to Figure 64, Bill thinks that Bob might want his ticket and hence has offer to sell his ticket to Bob via a social media website such as the operator's website or Facebook. Referring to Box 66, Bob's 10 ratings say Bill's offer is bad value and hence declines the offer. Turning to 68, Bill realised he can be a winner anyway and hence chooses to cash out to the operator. The operator pays him $1.50 which is the market value less commission, The ticket then goes back on sale at the market value. As shown in Box 70, Phil sees that as an opportunity and snaps it up,.as he had a tip for one or more horses is in Bracket C. Phil pays $1.66 for the ticket, Referring to Box 72, Race 2 has now taken place and a horse in Bracket C won. As a consequence, four more tickets are now eliminated, leaving two remaining tickets which are now valued at $5 each. Bill kicks himself for having sold the ticket while Bob checks the market. Jill is beside herself and Phil's tip has paid off, Referring to Box 74, Bill now wants to 20 be back in the game and has offered to buy Phil's ticket via the social media website. Referring to Box 76, Phil is having too much fun and hence refuses to sell his ticket, As shown in Box 78, Phil sees a play and thinks he can lock it up. Thus he makes an offer to buy Jill's ticket for $3.00 so that he can be in a 'sure win' position. Jill is tempted but realises she could win big. Referring to Box 80, she 25 declines as a result. Turning to Figure 82, Bob does the maths and then offers Jill $4.50 for her ticket. Jill is really tempted this time around but Phil suggests that she should hold on. Referring to Box 84, Jill cannot resist the temptation and decides to sell her ticket WO 2014/113840 PCT/AU2014/000037 16 for $4.50. She is a winner already Bob thinks that he has grabbed a bargain. Bill is still kicking himself but happy that Bob is now a chance. Turning to Box 86, Phil gets an offer from Jill to cash in at $4.50 and is tempted. Phil however loves being in the game and hence declines Jill's offer (see Box 88). Referring to Box 90, Race 5 3 has now taken place and a horse in Bracket F has won. Phil wins the major prize of $10 and is over the Moon. Referring to Box 90, in this example, it can be observed that all four players have made an investment/bet of different amount. The end results differ significantly to due to their strategic moves which are largely based on their instinct and knowledge. Also, the role of the operator becomes apparent in this example which also demonstrates how the landscapes for the respective individual change as the game progresses. 1s Now that a preferred embodiment of the present invention has been described in some detail, it will be apparent to a skilled person in the art that the method and apparatus of the present invention may offer at least the following advantages: 1. it is easy to operate and manage for the operator; 2. it adds more fun and excitement by allowing players to interactive with 20 the operator and with other wagerers directly; 3. it is attractive in that knowledge and skills are relevant enticing the players to keep being involved and investing until the last event Those skilled in the art will appreciate that the invention described herein is susceptible to variations and modifications other than those specifically 25 described, for instance, for the purpose of accommodating communication and social interaction between players. For example, the events, elements and outcomes, bracketing mechanism may all vary depending on the desire of the WO 2014/113840 PCT/AU2014/000037 17 operator and suggestions of players. All such variations and modifications are to be considered within the scope and spirit of the present invention the nature of which is to be determined from the foregoing description.

Claims (35)

1. A method of operating an interactive wagering game, the method including the steps of: selecting, at a host server, a calendar of individual events for wagering; determining at said host server a fixed number of wagering tickets based on a combination of outcomes generated from individual events in said calender of individual events; offering said wagering tickets for purchase by players at one or more remote computer terminals at a predetermined price; 10 the host server eliminating losing wagering tickets after each event in said calender of events and revaluing each remaining ticket in accordance with a predetermined valuation algorithm; facilitating at the remote computer terminal trading of each of said wagering ticket between players at an agreed price, and/or between 16 players and said host server at the revalued price, at any time during said calendar of events whilst the relevant wagering tickets remain active; and the host server paying, at the completion of the final event of said calendar of events a prize to the winning wagering ticket.

2. The methodof claim 1, wherein the predetermined price and/or revalued 20 price is a price derived from the underlying wagering markets.

3. The method of either claim 1 or 2, wherein the agreed price is a price offered by another player or the operator.

4. The method of any one of the preceding claims, wherein the selected calendar of individual events includes a plurality of sporting and/or racing 25 events due to take place at different times. WO 2014/113840 PCT/AU2014/000037 19

5. The method of any one of the preceding claims, which includes a further step of the host server designating one or more identifiers for each selected event, the or each identifier being derived from or representing one or more elements, or one or more of the outcomes, of the relevant 5 selected event or events.

6. The method of claim 5, wherein the designated identifiers include letters or any other suitable symbols.

7. The method of either claim 5 or 6, wherein the combination of outcomes includes all possible permutations of the designated identifiers, each 10 permutation being unique.

8. The method of claim 7, which includes the step of the host server randomly allocating one permutation or a set of permutations to each wagering ticket.

9. The method of either claim 7 or 8, wherein apart from those which have 15 been sold and eliminated, the wagering tickets containing each permutation or set of permutations are offered for purchase at any time up until the commencement ofthe event shown on the ticket.

10.The method of any one of claims 7 to 9, wherein each permutation forms a bracket. 20

11.The method of any one of claims 5 to 10, wherein in the case of horse or greyhound racing, the elements include individual runners or brackets of several runners whilst the outcomes include wins and places.

12. The method of any one of claims 5 to 9, wherein in the case of sporting events such as ball games, the elements include the first or last scorers WO 2014/113840 PCT/AU2014/000037 20 whilst the outcomes include win/loss/draw of a match at full time, half time or quarter time, the number of goals or the exact scores.

13,The method of any one of claims 5 to 12, wherein the elements and outcomes are mutually exclusive. 5

14. The method of any one of the preceding claims, wherein an active ticket is a ticket which still has the potential of being the ultimate winning ticket or which has not been eliminated.

15.The method of any one of the preceding claims, wherein the prize is a predetermined award amount which may be varied by the host server on 10 the basis of the total number of tickets sold prior to the final event of each game.

16. The method of any one of the preceding claims, wherein trading of the wagering tickets may involve any one of the following options: (I) at any time before commencement of the event or events shown on the 16 ticket, selling an active ticket back to the host server at the predetermined price or at the revalued price after completion of each selected event; (ii) at any time before commencement of the last event, offering to on-sell or on-selling an active ticket to another player at an agreed price or at the revalued price; or zo (iii) holding on to an active ticket until completion of the last event so as to claim a prizefrom the operator on presentation of the ticket, if the ticket has the winning permutation.

17. The method of claim 16, wherein two options are provided to sell the active ticket back to the host server, namely: WO 2014/113840 PCT/AU2014/000037 21 (a) selling the full value of the active ticket back to the operator; and (b) selling part of the value of the active ticket back to the operator.

18.The method of claim 17, wherein when part of the value of the active ticket is sold back the opertor, the seller retains the remaining value of the 6 active ticket and receives part of the prize pool proportional to the remaining value of the active ticket if the ticket ultimately turns out to be the winning ticket.

19. The method of any one of the preceding claims, wherein the sporting and/or racing events include one or more of the following: various forms of 10 rugby league, rugby union, Australian rules football, soccer, horsing racing, greyhound racing, swimming, tennis, hockey, basketball, motor racing, gridiron football and golf.

20. The method of any one of the preceding claims, wherein the method includes a further step of the operator receiving a commission for the 1s selling or re-selling back to the operator of each ticket.

21. The method of claim 20, wherein each ticket is assigned a value or price based upon its winning probability.

22. The method of any one of the preceding claims, wherein the wagering game is linked to one or more independent and real-time wagering 20 markets.

23. The method of any one of claims 7 to 22, wherein the predetermined and market prices for each permutation are however preferred to be set by the operator based upon its winning probability. WO 2014/113840 PCT/AU2014/000037 22

24, The method of any one of the preceding claims, which includes the step of, on or after completion of each event, the operator eliminating all tickets with a losing outcome, adjusting the market price of each ticket bearing a winning outcome based on the multiple of the value derived from the 5 wagering markets for that possible outcome or price of each remaining possible element or outcome, and subsequently assigning a new market price to each active ticket.

25. The method of any one of the preceding claims, wherein the value or price of each remaining possible element or outcome is derived from the one or 10 more independent and real-time wagering markets.

26. The method of claim 23, wherein the winning probability is first normalised before being related to the prize pool.

27. The method of any one of the preceding claims, which includes the step of ensuring that each player has an active account with cleared funds or 15 allocated points.

28. The method of any one of the preceding claims, which includes the steps of selling a fractional ticket to the player who is part of a syndicate and allowing for the selling or reselling of a fractional ticket by the player who is a part of the syndicate. 20

29.The method of any one of the preceding claims, which includes a yet further step of allowing the host server to have one of the following options for 'resulting' games where the winning ticket is not sold: (a) counting back to the tickets that still have the potential of being the ultimate winning ticket; or 25 (b) awarding credits to future jackpot games. WO 2014/113840 PCT/AU2014/000037 23

30. The method of any one of the preceding claims, which includes the step of the host server enabling the players to engage or take part in the game in one of the following two modes: (i) free play mode based on accumulated points; and (ii) real money mode where an cleared funds in an account is 6 required.

31. An apparatus for operating an interactive wagering game, the apparatus including: a programmable computing system adapted to facilitate an operator to: (i) select, via a host server, a calendar of individual events for wagering;; 10 (ii) determine at said host server a predetermined number of wagering tickets based on a selected combination of outcomes of each individual event in said calendar of events; (iii) offer said wagering tickets for purchase and redemption by players at one or more remote computer terminals at a predetermined price; 15 (iv) eliminate, via a host server, losing wagering tickets after each event in said calender of events and revalue each remaining ticket in accordance with a predetermined valuation algorithm; (iv) facilitate at the remote computer terminal trading of each of said wagering ticket between players at an agreed price, and/or between 2o players and the operator at the revalued price, at any time during said calendar of events whilst the relevant wagering tickets remain active; (v) pay at the completion of the final event of said calendar of events a prize to the winning wagering ticket, if claimed, via the host server.

32. The apparatus of claim 31, which include means being in electronic 25 communication with the programmable computing system, the means being capable of randomly allocating a unique physical or virtual ticket with one identified permutation to a player at a predetermined price. WO 2014/113840 PCT/AU2014/000037 24

33.The apparatus of either claim 31 or 32, wherein the means is in the form of a wagering device capable of issuing a physical ticket.

34. A method of operating an interactive wagering game substantially as herein described with reference to any one of the accompanying drawings. 5

35, An apparatus for operating an interactive wagering game substantially as herein described with reference to any one of the accompanying drawings.