AU2015246641A1 - Progressive dividend wagering system and method for issuing progressive dividends on a wager - Google Patents

Abstract

A progressive dividend wagering system (10) comprising selecting means for selecting the outcome of each event in a set of events to be associated with a wager and at least one receiving means for receiving at least one wager on outcomes as selected using the selecting means. On determination of a set of successful outcome for an event in the set of events, distributing means issue a dividend in respect of each wager that has correctly selected a successful outcome provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events. In a further variant, the issuing of progressive dividends may be issued to all wagers on an event which have selected an outcome that continues to have potential to be a successful outcome for the event whenever a selected outcome no longer has potential to be a successful outcome for the event.

Description

PCT/AU2015/000230 WO 2015/157807 -1 - “PROGRESSIVE DIVIDEND WAGERING SYSTEM AND METHOD FOR ISSUING PROGRESSIVE DIVIDENDS ON A WAGER”

FIELD OF THE INVENTION

[0001] The invention relates to a progressive dividend wagering system. The invention is particularly suited towards providing progressive dividends for events or group of events where some propositions can be declared as losers prior to the final event outcome being known.

BACKGROUND TO THE INVENTION

[0002] The following discussion of the background to the invention is intended to facilitate an understanding of the present invention. However, it should be appreciated that the discussion is not an acknowledgment or admission that any of the material referred to was published, known or part of the common general knowledge in any jurisdiction as at the priority date of the application.

[0003] All wagering can be distilled into three factors: • The cost of the wager; • The chance of success of the wager; and • The payout on success of the wager.

[0004] Influencing any of these factors can have a dramatic effect on the volume of wagering. Furthermore, these factors are interconnected such that the positive influence of one factor can have a negative effect on another factor.

[0005] To elaborate by way of an example, the cost of a wager is generally a function of the wager type. Certain wager types are in fact aggregations of multiple wagers. As such, the cost of these “aggregate wagers” are significantly higher than those of other wager types. At the same time - as these “aggregate wagers” cover more possible winning outcomes - the chance of success of the wager increases accordingly.

[0006] One way to reduce this impact, has been the introduction of proportional wagering systems such as that described in Australian Patent 2002011974 owned by TAB Limited of Melbourne, Victoria, Australia. These wagering systems allow a customer to choose the amount they wish to pay for a PCT/AU2015/000230 WO 2015/157807 -2- selected “aggregate wager*. While this has no impact on the chance of success of the “aggregate wager” relative to such wager at its full cost, the trade off lies in the amount stood to be won on success of the wager. More particularly, if successful, the reduced cost “aggregate wager” receives a payout reduced in proportion to the amount paid (e.g. if the amount paid by the customer is fifty percent (50%) of the full cost of the “aggregate wager”, the payout on success of the “aggregate wager” will also be only fifty percent (50%) of the payout of a full cost “agrgegate wager” ) [0007] The interaction between factors also varies according to the nature of the event upon which wagers are placed. Short-duration events, such as wagers on a horse race, have a defined cut-off time for the placement of all wagers. This, in combination with the short time period typically employed for the placement of wagers, means that there is less risk of external factors (such as weather, injury, etc.) materially impacting the chance of success of a wager. This also means that there is less opportunity for the market to be manipulated in a manner that influences likely payouts.

[0008] The same cannot be said for extended duration events, such as knockout tournaments or sporting league seasons. In these situations, the very nature of the competition means that the chance of success for an outcome will vary over time (and in some cases may be eliminated entirely prior to the end of the tournament or league). While this can be offset in some respects by imposing a cutoff time for wagers prior to commencement of the tournament or league, this generally acts as a deterrent to customers who do not wish to tie up their money in such a variable proposition for such an extended period of time.

[0009] One way to combat this issue has been to focus on incentive mechanisms that increase the potential payout of a wager depending on how early the wager is placed on the event concerned. These incentive mechanisms are not able to be utilised, however, in the case of pari-mutuel betting. This is due to a defining principle of pari-mutuel betting being that that the payout on the final outcome, in simple terms, is an equal distribution of the amounts wagered on all outcomes amongst each unitary wager on the successful outcome.

[0010] Even with such incentive mechanisms in place, extended duration events still suffer from the fundamental issue that the customer has their stake PCT/AU2015/000230 WO 2015/157807 -3- money (i.e. the amount wagered) tied up in the wager until resolution of the final event. This inhibits churn (i.e. the principle whereby it is generally acknowledged that a proportion of customers seek to reinvest some proportion of wagering returns into alternative wagering events or products).

[0011] It is therefore an objective of the present invention to produce a wagering system that alleviates, in whole or in part, at least one of the abovementioned problems by issuing a progressive dividend to all customers who remain eligible for the final dividend of the event at each point in time when an outcome of the event on which wagers have been placed no longer becomes possible.

SUMMARY OF THE INVENTION

[0012] Throughout this document, unless otherwise indicated to the contrary, the terms “comprising”, “consisting of, and the like, are to be construed as non-exhaustive, or in other words, as meaning “including, but not limited to”.

[0013] In accordance with a first aspect of the invention there is a progressive dividend wagering system comprising: selecting means for selecting the outcome of each event in a set of events to be associated with a wager; at least one receiving means for receiving at least one wager on outcomes as selected using the selecting means; and distributing means, where, on the determination of a set of successful outcome for an event in the set of events, the distributing means issues a dividend in respect of each wager that has correctly selected a successful outcome provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.

[0014] At least a portion of an amount paid for each wager may be allocated to a dividend pool associated with each event in the set of events and the dividend issued in respect of each wager is calculated by dividing the amount allocated to the dividend pool for that event by the amount of wagers that have selected a successful outcome for the event. PCT/AU2015/000230 WO 2015/157807 -4 - [0015] Preferably, the dividend is calculated according to set formulas as described hereafter.

[0016] The at least one receiving means may be further operable to place at least one wager on an outcome of a single event in the set of events and where, at least a portion of the amount paid for each wager, and a least a portion of the amount of each wager placed on an outcome of a single event, is allocated to a dividend pool associated with the single event, and the dividend issued in respect of each wager is calculated by dividing the amount allocated to the dividend pool for the single event by the amount of wagers that have selected a successful outcome for the event. The distributing means may be further operable to issue an extra dividend in relation to wagers that have correctly selected a successful outcome for the single event , provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.

[0017] Preferably, the extra dividend is calculated by dividing the sum of dividends that would have been issued in respect of wagers that have selected a successful outcome for the event had the wager not selected an incorrect outcome for an earlier event in the set of events by the amount of wagers that have selected a successful outcome for the event as well as having correctly selected a successful outcome in relation to all previous events in the set of events. Again, a preferred formula for calculating the dividend in this arrangement is described hereafter.

[0018] The selecting means may allow for the outcome of each event to be selected up to the time of commencement of the event However, if a wager has not selected an outcome for an event prior to commencement of the event, the selecting means may assign a default selection for the event to the wager.

[0019] The dividend distributed by the distributing means may comprise a base dividend and an extra dividend.

[0020] The at least one receiving means may operable to receive at least one wager on outcomes selected using the selecting means for a subset of events in the set of events.

[0021] Preferably, the base dividend represents the amount allocated to the dividend pool for the event under consideration divided by the amount of wagers PCT/AU2015/000230 WO 2015/157807 -5- that have selected a successful outcome for the event. An extra dividend may be issued to wagers placed in relation to the full set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the set of events. Preferred formulas for calculating this extra dividend are described.

[0022] The extra dividend issued to wagers that have selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events may be calculated by multiplying the extra dividend by an extra dividend factor. Preferred formulas for calculate this extra dividend are also described.

[0023] Wagers placed in relation to a subset of the events may be levied with a premium relative to the cost of wagers placed in relation to the full set of events. The premium may be calculated on a per event basis, and/or the premium varied from event to event based on the level of wagering investment on the event at the time of placement.

[0024] Alternatively, each wager placed in relation to a subset of the events may receive a fractional entitlement of each extra dividend compared to the entitelement of each wager placed in relation to the full set of events.

[0025] Preferred formulas for determining the premium or fractional entitlement, as appropriate, are described.

[0026] The set of events may itself be a subset of a knock-out tournament set of events and each event in the set of events represents a match in a round of a knockout tournament.

[0027] In accordance with a second aspect of the present invention there is a progressive dividend wagering system comprising: at least one receiving means for receiving at least one wager on an outcome of an event; and distributing means, where, at each point in time, prior to determination of a set of successful outcomes for the event, that one or more outcomes no longer have potential to be a successful PCT/AU2015/000230 WO 2015/157807 -6- outcome for the event, the distributing means issues a dividend in respect of each wager that has selected an outcome that may still be a successful outcome for the evet. An outcome may no longer have potential to be a successful outcome in one or more of the following circumstances: the outcome is no longer mathematically possible; the outcome is designated as no longer practically possible by a wagering operator.

[0028] The issued dividend may be calculated by dividing at least a portion of an amount equal to the sum of amounts wagered on the one or more outcomes that no longer have the potential to be a successful outcome for the event by the sum of amounts wagered that have selected an outcome that may still be a successful outcome for the event. Again, preferred formulas for calculating the issued dividend are provided.

[0029] The set of events may represent one or more of the following: the matches of a sports league; the matches of a qualifying tournament; a set of races at a race meet; a set of qualifying races; episodes of a serialised television programme in which contestants are periodically eliminated; the electoral districts of an election; Simiarly, the event the subject of the second aspect of the invention may be one of the following: a competition-based television program; an election; a tally-based or performance-based awards ceremony; an in-game event.

[0030] The wagering operator may specify the order of the set of events for the purposes of determining whether an event in the set of events is previous to another event in the set of the events.

[0031] A multiplication factor may be applied to a normal cost of the wager to reflect the status of wagering at the time of its placement.

[0032] The commission rate (K) may vary according to the number of previous dividends that have issued.

[0033] In accordance with a third aspect of the present invention there is a method for issuing a progressive dividend comprising: selecting an outcome of each event in a set of events to be associated with a wager; WO 2015/157807 PCT/AU2015/000230 -7- receiving the wager as selected; determining a set of successful outcomes for an event in the set of events; and issuing a dividend in respect of each wager that has correctly selected a successful outcome provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.

[0034] The method may further comprise the steps of: allocating a portion of the amount paid for each wager to a dividend pool associated with each event in the set of events; and calculating the dividend to be issued by dividing the amount allocated ot the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event.

[0035] The step of calculating the dividend to be issued may factor in the amount allocated to the dividend pool for the single event by the amount of the wagers and single event wagers that have selected a successful outcome for the event.

[0036] The method may further rinclude the step of distributing an extra dividend in respect of wagers that have correctly selected a successful outcome for the single event provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.

[0037] The extra dividend may be calculated by dividing the sum of dividends that would have been issued in respect of wagers that have selected a successful outcome for the event had the wager not selected an incorrect outcome for an earlier event in the set of events by the amount of wagers that have selected a successful outcome for the event as well as having correctly selected a successful outcome in relation to all previous events in the set of events.

[0038] The step of selecting an outcome of each event in a set of events may comprise the repeating step of selecting an outcome for an event in the set of events. PCT/AU2015/000230 WO 2015/157807 -8- [0039] The method may further include the step of assigning a default selection for an event if an outcome has not been selected for the event prior to its commencement.

[0040] The step of issuing a dividend may comprise the substeps of issuing a base dividend and issuing an extra dividend.

[0041] The method may further comprise the step of receiving at least one additional wager on outcomes selected in respect of a subset of events in the set of events.

[0042] The base dividend ideally represents the amount allocated to the dividend pool for the event under consideration divided by the amount of wagers that have selected a successful outcome for the event.

[0043] The extra dividend issued to wagers that have selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events may be calculated by multiplying the extra dividend by an extra dividend factor.

[0044] The method may further comprise the step of levying a premium on each additional wager placed in relation to a subset of the events relative to the cost of wagers placed in relation to the full set of events. Alternatively, the method may further comprise the step of determining a fractional entitlement of each extra dividend for each additional wager compared to the entitlement of each wager placed in relation to the full set of events.

[0045] The amount wagered on unsuccessful outcome(s) of the event may be distributed to wagers placed on the successful outcome(s) of the event in proportion to the amount of each wager placed on a successful outcome.

[0046] In accordance with a fourth aspect of the invention there is a method for issuing a progressive dividend comprising the steps of: receiving at least one wager on an outcome of an event; and prior to determination of a set of successful outcomes for the event, at each point in time that one or more outcomes no longer have potential to be a successful outcome for the event, issuing a dividend in respect of each wager PCT/AU2015/000230 WO 2015/157807 -9- that has selected an outcome that may still be a successful outcome for the event.

[0047] The method may further comprise the step of calculating the issued dividend by dividing at least a portion of an amount equal to the sum of amounts wagered on the one or more outcomes that no longer have the potential to be a successful outcome for the event by the sum of amounts wagered that have selected an outcome that may still be a successful outcome for the event.

[0048] The method may further comprise the step of specifying the order of the set of events for the purposes of determining whether an event in the set of events is previous to another event in the set of the events. The method may also comprise the step of varying the the commission rate (K) according to the number of previous dividends that have issued.

[0049] In accordance with a fifth embodiment of the invention there is a computer readable medium having software recorded thereon that, when executed by an appropriate processing device, performs the method according to the third aspect of the invention.

[0050] In accordance with a sixth embodiment of the invention there is a computer readable medium having software recorded thereon that, when executed by an appropriate processing device, performs the method according to the fourth aspect of the invention.

BRIEF DESCRIPTION OF THE DRAWINGS

[0051] The invention will now be described, by way of example only, with reference to the accompanying drawings, in which:

Figure 1 is a schematic representation of a pari-mutuel wagering system according to a first example of the invention.

Figure 2 is a schematic representation of a predictive dividend tool as used in a first example of the invention.

Figure 3 is a table setting out the wager selections for the second example. PCT/AU2015/000230 WO 2015/157807 - 10-

Figure 4 is a chart illustrating the wager selections of customers in the multiple-leg pool for the second example.

Figure 5 is a chart summarizing the returns generated by the ten participating customers in the Multiple-leg Pool in the second example.

Figure 6 is a table outlining the wager selections of customers in the third example.

Figure 7 is a table outlining the wager selections of customers in a fifth example.

Figure 8 is a flowchart of the methodology underlying each of the second through fifth examples.

Figure 9 is a table setting out all of the scoring options available to a customer in the sixth example.

Figure 10 is a table showing the availability of correct score options relative to the current score in the sixth example.

Figure 11 is a table outlining the wager selections and total pari-mutuel returns for each customer in the sixth example.

Figure 12 is a chart outlining the actual progressive dividends payable for each wager selection, based upon the time the wager selection was made in the sixth example.

Figure 13 is a flowchart of the methodology underlying the sixth example.

Figure 14 is a diagram outlining the progressive dividend calculation process for a seventh example after the result of the final is known.

Figure 15 is a diagram outlining the progressive dividend calculation process for the eighth example after the result of the final is known.

Figure 16 is a diagram outlining the progressive dividend calculation process for the ninth example after the result of the final is known.

Figure 17 is a flow chart outlining the progressive wagering pool processes for a knock-out tournament wagering pool underlying the seventh through ninth examples. WO 2015/157807 PCT/AU2015/000230 - 11 -

Figure 18 is a table showing the progressive wagering pool for round 7 under example 10.

PREFERRED EMBODIMENTS OF THE INVENTION

[0052] In accordance with a first embodiment of the invention there is a wagering system 10 as shown in Figure 1. The wagering system 10 comprises a wager processor 12 and at least one wager terminal 14. Each wager terminal 14 is in data and control communication with the wager processor 12.

[0053] In this embodiment, the wager processor 12 is a computer system generally in the form known as a server. The components of such a computer system would be well known to the person skilled in the art and thus will not be described in more detail hereafter except as where relevant to a proper understanding of the invention.

[0054] Similarly, the at least one wager terminal 14 is a computer system in the form of an internet-enabled desktop computer. Again, the components of such a computer system would be well known to the person skilled in the art and thus will not be described in more detail hereafter except as where relevant to a proper understanding of the invention.

[0055] The invention will now be described in the context of a number of examples aimed at illustrating the core concepts underlying the invention. The first example illustrates the general processing and data flow underlying the invention with minimal reference to representative data. The remaining examples illustrate the invention with greater reference to data values, but without further reference to the processing and dataflow framework described in the first example except where necessary to properly explain the relevant example.

Example 1 - General Infrastructure [0056] In the first example, backend software 18 stored on the wager processor 12 is executed. Execution of the backend software 18 causes the wager processor 12 to seek to establish, and maintain, a data and control communication link 20 with each wager terminal 14 via the internet 16. PCT/AU2015/000230 WO 2015/157807 - 12 - [0057] At the same time, client-side software 22 stored on the wager terminal 14 is executed. Execution of the client-side software 22 causes the wager terminal 14 to properly respond to any attempt to establish the communication link 20 and thereafter maintain the established communication link 20.

[0058] Following attempts to establish a communication link 20 with each wager terminal 14, and provided that at least one communication link 20 is established, the backend software 18 operates to create a series of data structures representing: • at least one wagering pool 24; • a wager 26; and • a list of selectable outcomes 28; [0059] The relationship between these data structures will be explained in more detail below.

[0060] A customer 30 seeking to place a wager approaches a wager terminal 14. Client-side software 22 executing on the wager terminal 14 guides the customer 30 through preliminaries associated with the placing of the wager by way of a display 32.

[0061] In this example, the customer 30 is first guided to select the type of wager 26 they wish to place. In this case, the wager 26 selected is a wager that incorporates the progressive dividend functionality of the present invention.

[0062] Once the customer 30 has selected the type of wager 26 they wish to place, the user is again guided by the client side software 22 to choose the event they wish to place the wager 26 on. In this example, the customer 30 selects a knock-out tournament which has multiple rounds.

[0063] Depending on the time at which the customer 30 seeks to place the wager 26, the customer 30 will be presented with details of either the matches of the full tournament, or simply details of those matches still to be resolved. In either situation, the details to be presented represent the propositions competing within each round. The customer 30 then selects the proposition(s) they expect to win the tournament. PCT/AU2015/000230 WO 2015/157807 - 13 - [0064] Once the customer 30 has selected the proposition(s) they expect to win, the client side software 22 seeks to display to the customer 30 the projected progressive and final dividends for their selected outcomes. To get this information, the wager terminal 14 communicates with the wager processor 12.

[0065] It is to be noted here that the ability to provide projected progressive and final dividends for the selected outcomes is dependent on the methodology used to calculate progressive dividends. This is most likely to occur in situations where the amount to be distributed as a progressive or final dividend is still to be dependent on the outcome of matches to be resolved.

[0066] In such situations, as it is often regulated on the operator of the wager terminal 14 to provide details of expected returns, the customer 30 is directed to a predictive tool 34 as shown in Figure 2. The predictive tool 34 displays all of the propositions competing within each round that are still to be resolved as well as the amount wagered on each such proposition. The predictive tool 34 pre-selects those propositions already chosen by the customer 30 as part of their wager 26.

[0067] The customer 30 is then required to select one proposition for each of the matches not already pre-selected whom they believe will win the match. Using these predictive selections, the client side software 22 again communicates with the wager processor 12. This communication requests the backend software 18 to determine a progressive or final dividend value, as appropriate, based on the assumption that the predicted selections are correct reflections of the actual outcomes.

[0068] The customer 30 may change their selections made via the predictive tool 34 at any time to receive an updated calculation of the progressive and final dividends. Once the customer 30 is satisfied with their predictive analyses, the predictive tool 34 is then closed.

[0069] The customer 30 may then change their wager selections to match outcomes they have formulated in the predictive tool 34.

[0070] With each change in selection made by the customer, the client side software 22 again seeks to determine progressive and final dividend values for the changed selection if possible. PCT/AU2015/000230 WO 2015/157807 - 14 - [0071] With the customer 30 now having chosen their selections for each match, as well as the type of wager to be placed, the customer 30 is now prompted by the client-side software 22 to either enter or select the amount of the wager they wish to make. If the wager 26 is placed for an amount other than the standard cost of the wager, any stated amount of potential progressive or final dividends will be modified to represent the proportional difference between the amount wagered and the standard cost of the wager.

[0072] Once selected the customer 30 is shown via the display 32 a summary of their wager 26 and asked to confirm placement of the wager 26. Following confirmation, the client-side software 22 operates to obtain appropriate payment for the wager 26. Means and systems for obtaining such payment would be well known to the person skilled in the art and therefore will not be described in more detail here.

[0073] Following confirmation of the wager and its associated payment, a wager 26 on these same terms is established by the back-end software 18 and associated with the customer 30. This includes distributing the amount wagered amongst the at least one wagering pool 24. The manner in which the wagering pools 24 are operated, and referenced, differs according to the nature of the progressive dividend calculations employed and thus will be described in more detail in later examples.

Example 2 - Multiple-Leg Wager [0074] In this example, there are three separate football matches between a home team and an away team. The result of each football match will either be (i) the home team wins; (ii) the away team wins; or (iii) the game is drawn. Customers may place wagers on the three separate football matches at any time up until the scheduled commencement of the first of the three football matches.

[0075] In order to place a wager, the customer specifies their expected outcome of each of the three football matches and the amount of the wager according to mechanisms already described. Once a wager has been placed, a wagering pool is established (hereafter referred to as the “Multiple-Leg Pool”). PCT/AU2015/000230 WO 2015/157807 -15- [0076] In this example, the wager is placed for an amount of $3. A further nine (9) wagers are also placed for an amount of $3 each. The selected expected outcomes of each placed wager is indicated in Figure 3.

[0077] This results in the Multiple-Leg Pool having a balance of $30. As $1 from each placed wager is allocated to each football match, the Multiple-Leg Pool is in fact segmented into three notional pools for each football match, each notional pool having a balance of $10. The distribution of the notional pools relative to the selected expected outcomes is indicated in Figure 4.

[0078] Following completion of the first football match, a first progressive dividend is distributed from the first notional pool. The first progressive distribution is calculated according to the following formula:

PgDi =(Tm1/Cm1) X (1 — k) where:

PgDi is the first progressive dividend;

Tmi is the total amount of wagers allocated to the first match;

Cmi is the value of correct wagers allocated to the first match; and k is the pool commission rate.

[0079] Assuming there is no pool commission rate, and that the first football match results in the home team winning, this means that seven (7) of the wagers have successfully selected the winning outcome. As the notional pool balance at this time is $10, the first progressive dividend - as determined with reference to the above formula - is $1.43. As progressive dividends are independent of subsequent events, this first progressive dividend is paid to all successful customers irrespective of whether the second and third football matches have been completed.

[0080] It is only these seven customers who have been paid the first progressive dividend who are eligible for the second progressive dividend. Of the three customers who did not successfully select the winning outcome, while not PCT/AU2015/000230 WO 2015/157807 - 16- qualifying for payment of any remaining progressive dividend, their selections continue to be accounted for.

[0081] In relation to the second football match, seven (7) customers had selected the home team as their expected outcome. However, only five (5) of these customers successfully selected the outcome of the first football match. Similarly, of the three (3) customers who selected the away team as their expected outcome of the second football match, only two (2) of them had successfully selected the outcome of the first football match.

[0082] Taking this into consideration, in this example, this means that the second progressive dividend is calculated according to the following formula:

PgD2 = (Tm2 / E) X (1-k) where:

PgD2 is the second progressive dividend;

Tm2 is the total amount of wagers allocated to the second match; E is the value of correct wagers allocated to the second match by eligible customers; and k is the pool commission rate applicable for the wager type.

[0083] This means that if the home team wins, the five customers who remain eligible for the second progressive dividend stand to receive a second progressive dividend of $2.00. While if the away team wins, the two customers who remain eligible for the second progressive dividend stand to receive a second progressive dividend of $5.00.

[0084] On completion of the second football match it is noted that the home team wins. This means that, following payment of the second progressive dividend, each customer who has received both progressive dividends has received a return of $1.14 for each dollar wagered (i.e., a return of $0.47 for each dollar wagered from the first progressive dividend and a return of $0.67 for each dollar wagered from the second progressive dividend). PCT/AU2015/000230 WO 2015/157807 -17- [0085] Again, it is only these five customers who have been paid the second progressive dividend who are eligible for the final dividend. From these five customers, four have selected the home team to win the third football match and the final customer has selected the away team to win. Applying normal pari-mutuel rules for returns, this gives a provisional final dividend of $2.50 if the home team wins or $10 if the away team wins.

[0086] With the third football match ending in the success of the home team, the final dividend paid to the four successful customers is $2.50. This brings the total pari-mutuel return payable to these four customers to $5.93, being the sum of the progressive dividends plus the final dividend. The total pari-mutuel return to these four customers is therefore $23.71 out of the total Multiple-Leg Pool of $30.00.

[0087] As is evident from the above, the fundamental element of this invention is that as soon as a customer does not correctly select a winner of an event they become ineligible to receive any subsequent dividend (progressive or final). This eligibility criteria, in the context of the present example, is also shown graphically in Figure 4.

[0088] Figure 5 provides a summary of the returns generated by the ten participating customers in the Multiple-leg Pool. The four customers who correctly selected the winning home team in each match received $5.93 (totalling $23.71), one customer who correctly selected the first two football matches, but not the third, received $3.43 and two additional customers who correctly selected the home team in the first football match before becoming ineligible following an incorrect selection of the away team in the second football match each received $1.43 (totalling $2.86). The remaining three customers who incorrectly selected the away team in the first football match did not receive any pari-mutuel return.

[0089] By comparison, in a conventional pari-mutuel pool only the four customers that correctly selected the Home team for all three matches would have become entitled to a pari-mutuel return. Each of the four customers would have received % of the $30 pool, equating to $7.50 each.

Example 3 - Multiple-Leg Wagers Combined with Single-Leg Wagers PCT/AU2015/000230 WO 2015/157807 -18- [0090] As with the second example, this third example comprises three separate football matches between a home team and an away team. However, in this example, customers have the option to place a wager on either: • the three separate football matches; or • a single football match.

[0091] If the customer is placing a wager on all three separate football matches, the wager must be placed before the scheduled commencement of the first of the three football matches. If the customer is placing a wager on a single football match, the wager must be placed before the scheduled commencement of the football match that is the subject of the wager.

[0092] Because the customer is now able to place a wager on a single football match, the amounts so wagered are combined with the Multiple-Leg Pool (the combined pool hereafter being referred to as the “Multiple + Single Pool”).

[0093] For ease of comparison, the ten customers of Example 2 participate in this third example using the same selections and contributing the same wager amount to the Multiple + Single Pool (i.e. $30). For this third example, however, a further forty-six (46) customers place $1 wagers on single football matches as set out in Figure 6. These single match investments tally as follows:

Match 1 $15 ($9 Home, $6 Away) Match 2 $14 ($11 Home, $3 Away) Match 3 $17 ($9 Home, $8 Away) [0094] Total investments in the Multiple + Single Pool is therefore $76. However, this also means that each progressive dividend, except for the first one, and the final dividend are calculated on a different basis to that outlined in Example 2.

[0095] This example will continue with the outcomes of the three football matches being the same as the outcomes indicated in the second example and that there is again no pool commission rate. PCT/AU2015/000230 WO 2015/157807 -19- [0096] As there is no practical difference between the customers placing wagers on all three football matches and those placing wagers on just the first football match, the first progressive dividend can be calculated according to the formula for the first progressive dividend as set out in the second example. However, in this situation the Tmi and Cmi values are modified to take into account both the multiple match wagers and the single match wagers placed on this first football match. The resultant dividend is the Base Dividend for this first football match and all successful wagers on this first football match will be entitled to receive this Base Dividend.

[0097] This means that there was a total of $25 in wagers allocated to the first football match, $16 of which relate to successful wagers. Hence, for each $1 spent on a successful wager, the customer is returned $1.56 as either the final dividend on the single match wager or the base dividend portion of their first progressive dividend. The reason for the difference in return to customers who have placed multiple-leg wagers in this example relative to the second example is due to the added investment provided by the customers placing single-leg wagers on the first football match.

[0098] In this example, after the first football match has concluded and the first progressive dividend has been distributed it is noted that two multiple-leg wager customers have correctly selected the home team for the second football match, but are ineligible for the second progressive dividend as they incorrectly selected the away team in the first football match. The second progressive dividend must therefore operate to account for the contribution of these customers.

[0099] To do this, a base dividend is calculated as per the formula provided above for determining the second progressive dividend. In addition to this base return, the successful multiple-leg wager customers who remain eligible are paid out an extra dividend.

[00100] The extra dividend is paid out of an extra dividend pool. The extra dividend pool is funded from the second progressive dividend that the ineligible multiple-leg wager customers would otherwise be entitled to if they had correctly selected the outcome of the first football match. Accordingly, in this case, the extra dividened pool amounts to $2.67, being the rounded amount of the $1.33 payout PCT/AU2015/000230 WO 2015/157807 -20- otherwise due to each of the two correct, but ineligible, multiple-leg wager customers.

[00101] The extra dividend pool is then divided solely amongst the successful eligible multiple-leg wager customers. In this example, this equates to an extra dividend of $0.53 each. Table 1 shows the type and amount of dividends distributed to each successful customer (either eligible multiple-leg or single-leg) in this example as either a second progressive dividend or a final dividend.

Multiple-Leg Customer Single-Leg Customer

Base Dividend $1.33 $1.33

Extra Dividend_$0.53_Not Applicable

Total Dividend $1.87 $1.33

Table 1 [00102] This table shows that this example ensures that successful singleleg customers are not provided with additional pari-mutuel returns that rightfully belong to successful eligible multiple-leg customers who have faced greater risk on their wagers.

[00103] To put the matter another way, the second progressive dividend is calculated according to the following formula:

PgD2 = (BD + ((BD x lm2) / M)) x (1 - k) where:

PgD2 is the second progressive dividend; BD is the Base Dividend; I m2 is the total value of ineligible but correct multiple-leg wagers allocated to the second match; M is the value of correct wagers allocated to the second match eligible multiple-leg customers; and k is the pool commission rate applicable for the wager type. PCT/AU2015/000230 WO 2015/157807 -21 - [00104] The final dividend paid out on completion of the third football match is calculated on the same basis as used to calculate the second progressive dividend. Accordingly, the sixteen correct selections share a pool of $27, giving a final dividend of $1.69 for each successful single-leg customer and a base dividend of $1.69 for each successful eligible multiple-leg customer.

[00105] In this situation, as there are now three multiple-leg customers who are no longer eligible for the final dividend, the extra dividend pool amounts to $5.06 (ie. 3 x $1.69). This extra dividend pool is redistributed amongst the four successful eligible multiple-leg customers thereby giving them an extra dividend of $1.27.

[00106] Table 2 again shows the type and amount of dividends distributed to each successful customer (either eligible multiple-leg or single-leg) in this example as a final dividend.

Multiple-Leg Customers Single-Leg Customers

Base Dividend $1.69 $1.69

Extra Dividend_$1.27_Not Applicable

Total Dividend $2.95 $1.69

Table 2 [00107] The person skilled in the art should then appreciate that under this example, the total pari-mutuel return payable to the customers who have chosen the successful outcome of each of the three football matches is $6.38.

Example 4 - Multiple-Leg Wagers with Progressive Outcome Selection [00108] Example 4 is identical to example 2 except at the time of placement of the multiple-leg wager, the customer has the option of either specifying the outcome of just the first football match or the outcomes of each of the three football matches. In this manner, the multiple-leg customer is placed in the same position as the single-leg customers in that they can take advantage of all timely information that may impact on their choice of outcome prior to the scheduled commencement time of the football match concerned.

[00109] If the customer specifies the outcome of just the first football match, prior to the scheduled commencement of the second football match, the customer must return to a wager terminal 14 and utilise the client-side software 22 operable PCT/AU2015/000230 WO 2015/157807 -22- thereon to specify their chosen outcome of the second football match or both the second football match and the third football match. If the customer specifies only the outcome of the second football match, the customer must again return to the wager terminal 14 and utilise the client-side software 22 operable thereon to specify their chosen outcome of the third football match prior to the scheduled commencement of the third football match.

[00110] It should be appreciated by the person skilled in the art that to allow for the customer to progressively specify their chosen outcome of the football matches, the wagering system 10 must be able to link the customer back to their original multiple-leg wager. This may be done by the customer being issued with a unique identification code for their multiple-leg wager at the time of placement, which when subsequently entered allows the appropriate multiple-leg wager to be recalled for editing. Alternatively, the customer may need to establish an account with the wagering system 10 with all wagers placed by the customer through the account automatically being linked to the account for future recall and editing.

[00111] To account for situations where the customer of a multiple-leg wager has not specified an outcome for a football match, or fails to specify an outcome prior to the commencement of the relevant football match, the wagering system 10 may take automatic action. In this example, the automatic action is to assign the customer with a default selection that would be communicated at the time of making the wager i.e. possibly the favourite outcome of the football match concerned.

[00112] It should be understood that as this variation only relates to the means by which the outcomes are chosen, there is no impact on the formulae or means by which the progressive dividends or final dividend are calculated or distributed.

Example 5 - Incremental Multiple-Leg Wagers Combined with Single-Leg Wagers [00113] In this fifth embodiment, the base number of customers, the wagers placed by such customers, etc. all remains the same as referred to in the third example. PCT/AU2015/000230 WO 2015/157807 -23- [00114] As described in the third example, the first football match concludes with a win to the home team. As there is no difference in this example to that of the third example, successful multiple-leg customers (hereafter referred to as “original multiple-leg customers”) are issued a first progressive dividend of $1.56. Singleleg customers who have successfully wagered on the outcome of the first football match are issued a final dividend of $1.56.

[00115] In this example, however, before commencement of the second football match, but after completion of the first football match, three new customers place multiple-leg wagers. The selections of the base customers and the three new customers are set out in detail in Figure 7.

[00116] The total cost of the multiple-leg wagers for the three new multiple-leg customers is $6, being $2 for each of the new customers. This represents an additional investment of $3 to the notional dividend pool for the second football match and $3 for the third football match. To avoid confusion, the combined pool for this example is referred to hereafter as the “Incremental Multiple + Single Pool” and has a balance of $82.

[00117] As the level of risk undertaken by the three new multiple-leg wager customers is less than that undertaken by the original multiple-leg wager customers, this needs to be taken into consideration in determining the progressive dividend to be paid. In this example, this consideration takes the form of not allowing the new multiple-leg wager customers to have access to the funds contributed to the round by original multiple-leg wager customers who have since become ineligible for progressive dividends.

[00118] As the home team wins the second match there are a total of twenty winning wagers broken down as follows: • Seven original multiple-leg customers; • Two new multiple-leg customers; and • Eleven single-leg customers.

[00119] As the total notional dividend pool for the second football match has a balance of $27, the pari-mutuel return (i.e. final dividend) paid out to each PCT/AU2015/000230 WO 2015/157807 -24- successful single-leg customer is $1.35 ($27 divided equally amongst the twenty winning wagers). This $1.35 also equates to the base dividend for each of the successful eligible multiple-leg customers (new and original).

[00120] Due to the difference in risk profiles between the groups of successful eligible multiple-leg customers, the base dividend for the successful new eligible multiple-leg customers constitutes the only dividend paid out to them.

[00121] By contrast, the successful original eligible multiple-leg customers are eligible for an extra dividend calculated as set out in the third example. This means that the $2.70 in successful wagers made by successful but ineligible original multiple-leg customers is distributed as the extra dividend amongst the successful wagers made by original multiple-leg customers who remain eligible. The extra dividend to be issued thus amounts to $0.54 in this example.

[00122] Table 3 below sets out the payouts and eligibility in a more simplified manner: Original New Multiple-Leg Multiple-Leg Single-Leg Base Dividend $1.35 $1.35 $1.35 Extra Dividend $0.54 Not Applicable Not Applicable Total Dividend $1.89 $1.35 Table 3 $1.35 [00123] As the home team also wins the third football match, the base dividend is again calculated as described. In this situation this means seventeen successful wagers broken down as follows: • Seven original multiple-leg customers; • One new multiple-leg customer; and • Nine single-leg customers.

[00124] The total notional dividend pool for the third football match has a balance of $30, the pari-mutuel return (i.e. final dividend) paid out to each successful single-leg customer is $1.76 ($30 divided equally amongst the seventeen correct PCT/AU2015/000230 WO 2015/157807 -25- wagers). This $1.76 also equates to the base dividend for each of the successful eligible multiple-leg customers (new and original).

[00125] In order to determine the extra dividend payable to the eligible multiple-leg customers (new and original), it is first necessary to determine how much of the extra dividend pool they are eligible to receive. In this example, at the time the multiple-leg wagers were placed by the new multiple match customers, seven of the ten multiple-leg wagers placed by the original multiple-leg customers have been successful. This means that the risk of the new multiple-leg customers is reduced to a level 70% of that of the original multiple-leg customers. Hence the successful new multiple-leg customers are only entitled to 70% of the extra dividend awarded to the successful original multiple-leg customers.

[00126] These calculations can be expressed mathematically as follows:

EgD3 = (BD x lm3) / EF x (1 - k) where:

EgD3 is the baseline extra dividend; BD is the Base Dividend; lm3 is the total amount of ineligible but correct multiple-leg wagers allocated to the third match; EF is the extra dividend factor. k is the pool commission rate applicable for the wager type.

[00127] The extra dividend factor (EF) calculation can in turn be expressed mathematically as follows: EF = (Emo + (Emn X P0)) where: EF is the extra dividend factor;

Emo is the total amount of correct original eligible multiple-leg wagers allocated to the third match; PCT/AU2015/000230 WO 2015/157807 -26-

Emn is the total amount of correct new eligible multiple-leg wagers; P0 is the percentage of the eligible original multiple-leg customers of original multiple-leg customers at the time the new multiple-leg wager was placed.

[00128] As there are four correct eligible original multiple-leg customers and one correct new eligible multiple-leg customer, this means that in order to factor in the difference in risk profiles between the two eligible multiple-leg customer types, an extra dividend factor of 4.7 is to be used.

[00129] With the extra dividend pool amounting to $5.28 (calculated by reference to the 3 successful but ineligible multiple-leg wagers otherwise entitled to a $1.76 base dividend), this means that when divided by the extra dividend factor of 4.7 the calculated extra dividend is $1.13 for the eligible original multiple-leg customers and $0.79 (i.e. seventy percent of the $1.13 extra dividend) for eligible new multiple-leg customers.

[00130] Table 4 below sets out the payouts and eligibility for this final dividend in a more simplified manner (accounting also for rounding):

Original New Multiple-Leg Multiple-Leg Single-Leg Base Dividend $1.76 $1.76 $1.76 Extra Dividend $1.13 $0.79 Not Applicable Total Dividend $2.89 $2.55 Table 4 $1.76 [00131] As is evident from this example, the total return for each successful original multiple-leg customer amounts to $6.34 and for each successful new multiple-leg customer amounts to $3.90.

[00132] A flowchart of the methodology underlying each of the second through fifth examples is shown in Figure 8.

Example 6 - In-play Wagering PCT/AU2015/000230 WO 2015/157807 -27- [00133] In this example, assume there is a football match which has a total of eighteen (18) various outcomes that can be wagered on. These outcomes are set out in detail in Figure 9.

[00134] Prior to commencement of the football match, twenty customers place wagers on one of the eighteen outcomes. The details of the wagers are set out in more detail in Figure 11.

[00135] Once the football match commences, wagers may continue to be taken in respect of each of the eighteen outcomes, until such time as each outcome is no longer possible (either mathematically or practically).

[00136] In this case, as the score line of the football match remains at 0-0 after the first twenty-five minutes of the match, a further ten wagers are able to be placed on any of the eighteen outcomes. This results in a total progressive wagering pool of $5,000.

[00137] For the purposes of the remainder of this example, this progressive wagering pool will be referred to as the “in-play progressive wagering pool”) [00138] In the 26th minute of the first half of the football match, the home team scores a goal, changing the scoreline to 1-0. This goal means that four of the eighteen possible outcomes are no longer mathematically possible, namely: • Home 0 - 0 Away. • Home 0-1 Away. • Home 0-2 Away. • Home 0-3 Away.

[00139] This also means that there are still fourteen possible outcomes to the football match at this time. These possible outcomes can be readily ascertained from the reckoning table provided at Figure 10.

[00140] As shown in Figure 11, while the football match could end in one of eighteen (18) potential wagerable outcomes, prior to this first goal being scored wagers have only been placed on twelve (12) of these outcomes. Of these wagers, PCT/AU2015/000230 WO 2015/157807 -28- $1,000 has been wagered on the four (4) selections no longer mathematically possible.

[00141] The distribution of this $1,000 as a first progressive dividend is therefore calculated according to the following formula:

PgD^ =((Lsi)/(Tsi-CLSi)) x (1 - k) where:

PgDi is the first progressive dividend;

Lsi is the total amount of losing wagers at the score;

Tsi is the total wagering investments in the pool at the score; CLsi is the cumulative value of losing wagers at the score; and k is the pool commission rate.

[00142] Assuming a k value of ten percent (10%), this results in the values of the formula as follows: ($1,000 / ($5,000 - $1,000)) x (1 - 0.1). Solving the equation on these values results in a first progressive dividend of $0,225 for each $1 successfully wagered and a return to the wagering operator of $100.

[00143] The first progressive dividend is then paid out to all customers who have wagered on an outcome that remains mathematically possible.

[00144] With the home team scoring the first goal, there is now a perceived view that the home team is likely to ultimately win the football match. With the wagering operator continuing to accept wagers into the pool during play, it follows that the next five wagers are placed on the home team (albeit in various score selections). These five wagers total $1,200.

[00145] In the 29th minute, the away team scores a goal to equalise the scoreline at 1-1. Utilising the progressive dividend formula stated above - and taking into account the additional $1,200 in wagers placed since the first goal was scored, the second progressive dividend resolves as follows: ($3,150 / ($6,200 - $4,150)) x (1 - 0.1) PCT/AU2015/000230 WO 2015/157807 -29- [00146] Again solving this equation on these values results in a second progressive dividend of $1.38 for each $1 wagered to all customers who have wagered on an outcome that remains mathematically possible and a further return to the wagering operator of $315.

[00147] In the 58th minute, the home team scores a goal to change the scoreline again at 2-1 with a further $1,800 in wagers being placed since the away team scored the equalising goal. Again utilising the progressive dividend formula set out above, this results in a third progressive dividend of $0.57 for each $1 wagered being paid out to each customer who continues to have a wager on an outcome that remains mathematically possible.

[00148] As there now remains thirty-two (32) minutes left till the conclusion of the football match, another $2,000 in wagers are placed before the football match concludes with the score Home 2-1 Away.

[00149] With the football match concluded, customers who have wagered on the Home 2 - 1 Away outcome are entitled to a final dividend. The final dividend is determined using the same formula as used for the progressive dividends. Hence, in this example, the final dividend issued to such customers is $2.80 per $1 successfully wagered.

[00150] It should be noted that in this example not only is there a possibility that customers who have not selected a correct outcome may still be entitled to a return on the money they wagered, but the return will also differ for those who have selected the correct outcome based on the time at which they placed their wager. Thus, the level of risk undertaken by the customer is a factor in determining the quantum of the total return paid. An example of the possibility for differing returns in shown in Figure 12 which depicts the progressive and final dividends payable in this example. If a separate wager had been made on the scores of Home 3-1 Away and Home 3-2 Away prior to the first score in the game, both of these wagers would have attracted each of the the first, second and third progressive dividends. In this example a wager on Home 3-2 Away was made whilst the score was Home 0-0 Away and thus the actual wager attracted the first, second and third progressive dividends. Two wagers were placed on Home 3-1 Away when the score was Home 1-1 Away so the wagers attracted only the third progressive dividend as the score PCT/AU2015/000230 WO 2015/157807 -30- progressed to Home 2-1 Away. Another wager on Home 3-1 Away was placed when the score was already Home 2-1 Away so it was not eligible to receive the final dividend, which was the only dividend declared following the placement of the wager.

[00151] It is also to be noted that in some matches, there may be no change in the scoreline during the match. When this occurs no progressive dividends are issued, but the final dividend is still returned. However, this means that there is no difference in payout to the customer who has placed their successful wager prior to commencement of the game in comparison to the customer who places their successful wager close to the completion of the match, or such other time that the operator closes the wagering pool. At the same time, there is a significant difference in the level of risk accepted by each customer. Thus, this version of the invention is best suited towards events where there is a high probability that at least one progressive dividend will issue.

[00152] A flow chart depicting the process for this sixth example is shown in Figure 13.

Example 7 - Knock-Out Tournament or League with Equalised Dividend [00153] In this example there is a tennis tournament having eight players seeded from one to eight. The tournament has three rounds, comprising four quarter finals, two semi-finals and a grand final.

[00154] $10,000 is wagered on the outcome of a tennis tournament. The distribution of how this sum is wagered on the quarter final matches is shown in detail in Figure 14.

[00155] At the end of the quarter final round, the results are as follows: • Seed 1 defeats Seed 8; • Seed 4 defeats Seed 5; • Seed 3 defeats Seed 7; • Seed 2 defeats Seed 6; PCT/AU2015/000230 WO 2015/157807 -31 - [00156] Based on such outcomes, the sum wagered on losing competitors totals $2,000. This sum is then redistributed to the customers who placed wagers on winning competitors according to the following formula:

PgDM =((Lm)/(Wm)) X (1-k) where:

PgDM is the progressive dividend applicable for the relevant proposition for the relevant round of the tournament; I_m is the total amount of losing wagers for all matches in the relevant tournament round;

Wm is the total amount of winning investments for the relevant proposition for the relevant round of the tournament; and k is the pool commission rate applicable for the wager type.

[00157] As the pool commission rate for this example is five percent (5%), the actual total funds to be distributed as a progressive dividend is $1,900. Accounting for the other variables in the above formula, this results in a first progressive dividend of $0,238 on each $1 wagered on a successful outcome.

[00158] This remaining $8,000 wagered is brought forward into the semifinal round. This sum is distributed as $3,000 wagered on Seed 1; $1,250 wagered on Seed 2; $1,750 wagered on Seed 3; and $2,000 wagered on Seed 2.

[00159] Following completion of the semi-final round, Seed 1 is victorious over Seed 4 and Seed 3 is victorious over Seed 2. The $3,250 wagered on losing competitors is then redistributed to customers who placed a wager on a winning competitor in both the quarter final and semi-final rounds using the same formula as set out above.

[00160] Again taking into account the five percent (5%) pool commission rate, this results in a second progressive dividend of $0.65 on each $1 wagered on a successful outcome. PCT/AU2015/000230 WO 2015/157807 -32- [00161] The remaining $4,750 wagered is again brought forward into the grand final round. This sum is distributed as $3,000 wagered on Seed 1 and $1,750 wagered on Seed 3.

[00162] When Seed 1 wins the grand final, a final dividend is declared again using the above formula, modified only to replace l_Mwith the total investments in the pool (which incorporates the original $3,000 investment on Seed 1 together with the $1,750 in losing investments). Hence, the final dividend declared is $1,504 for each $1 successfully wagered on Seed 1. This gives an overall return of $2.39 on each $1 wagered by customers who placed a successful wager on the tournament winner.

Example 8 - Knock-Out Tournament or League with Match Equalised Dividend [00163] The seventh example is skewed in favour of customers who seek to take “safe” wagers, i.e. those wagers where the risk of losing is considered significantly lower relative to all other options available. Hence, there is no additional reward for customers who place a wager on a more riskier proposition and thus is unlikely to generate as much interest. Example 8 is a variant on the seventh example, and seeks to provide a return commensurate with the status of wagering for each proposition.

[00164] Assuming all outcomes and amounts wagered remain the same as for the seventh example, but there being no pool commission rate in this example, the progressive dividend in each case is determined according to the following formula:

PgDM =((Lm/N)/Wm) X (1 - k) where:

PgDM is the progressive dividend applicable for the relevant proposition for the relevant round of the tournament; I_m is the total amount of losing wagers for all matches in the relevant tournament round; N is the number of non-losing propositions for all matches in the relevant tournament round; PCT/AU2015/000230 WO 2015/157807 -33- WM is the total amount of winning investments for the relevant proposition for the relevant round of the tournament; and k is the pool commission rate applicable for the wager type.

[00165] As is evident from this formula, the intention is to split the amount wagered on unsuccessful outcomes equally as a notional prize pool for each match of the round. Each notional prize pool is then divided by the amount wagered on the successful outcome of the match. Thus, differing first progressive dividends are declared according to the status of wagering, which approximates the level of risk undertaken.

[00166] This means that the first progressive dividends payable for each $1 wagered on the tournament winner once the progression of players through the quarter finals are known are as follows and shown graphically (with working) in Figure 15: • Customers who wagered on Seed 1 - $0.16. • Customers who wagered on Seed 4 - $0.38. • Customers who wagered on Seed 3 - $0.27. • Customers who wagered on Seed 2 - $0.24.

[00167] Applying the formula again for the semi-final round, the second progressive dividend payable for each $1 wagered by customers who selected a successful competitor in both the quarter final and semi-final rounds are as follows: • Customers who wagered on Seed 1 - $0.51. • Customers who wagered on Seed 3 - $0.88.

[00168] With Seed 1 defeating Seed 3 in the grand final, the final dividend declared to the customers who wagered on Seed 1 to win the tournament amounts to $1.50, as the final dividend also includes the return of the original investment.

Example 9 - Knock-Out Tournament or League with Variable Equalised Dividend [00169] This ninth example operates in a manner similar to the seventh example but with the addition of apportioning part of the losing wagers to a pool PCT/AU2015/000230 WO 2015/157807 -34- funding the issue of an extra dividend. In this example, the extra dividend is calculated according to the formula:

ExDr = ((Lr / TP)x R%) x (1 - k) where:

ExDris the extra dividend applicable for the relevant round;

Lr is the total amount of losing wagers for the relevant round;

Tp is the total progressive winning wagering investments on all eligible tennis players at the completion of the round; R% is the proportion of the losing wagers for the relevant round to be redistributed via the extra dividend process; and k is the pool commission rate applicable for the wager type.

[00170] This means that the progressive dividend calculation becomes:

PgDM =(((L/WM)X(1 - k)) X R%) + ExDr where: L is the total amount of losing wagers for the relevant match; W is the total amount of winning wagers for the relevant match; R% and ED are the same values as set out in the previous paragraph.

[00171] As the R% value determines the proportion of losing wagers to be redistributed by the Extra Dividend process, this variable can be used to optimise the balance between rewarding customers who wager on an outsider with a return commensurate with their higher level of wagering risk with the benefit of aggregating a portion of the overall losing wagering investments.

[00172] Assuming for the purposes of this example that the Ro/o value was 50% and a five percent (5%) pool commission rate, the first progressive dividends payable to customers who had wagered on the four successful quarter finalists would be as follows: WO 2015/157807 PCT/AU2015/000230 -35- • Seed 1, $0,135; • Seed 4, $0,499; • Seed 3, $0,227; and • Seed 2, $0,238.

[00173] Similarly, at the conclusion of the semi finals the second progressive dividends would have been; • Seed 1, $0,523; and • Seed 3, $0,868.

[00174] This example is shown graphically in Figure 16. A flowchart of the methodology underlying each of the seventh through ninth examples is shown in Figure 17.

Example 10 - Incremental Multiple-Leg Wagers Combined with Single-Leg Wagers (Premium Increase) [00175] As the number of legs in a multiple-leg wager increases, the fifth example reaches a level of complexity that creates difficulties in: (i) the actual wager and dividend calculations; and (ii) the communication of wager costs and potential dividends to customers.

[00176] As a means of alleviating, at least in part, one or more of these complexities, this tenth example has been created.

[00177] In this tenth example, there are eight relevant football matches. Each football match is a contest between a home team and an away team. Each football match is also separate to each other football match.

[00178] Customers have the option to place a wager on: • all eight football matches (hereafter referred to as a “Full Round Wager”);

• any single football match; OR PCT/AU2015/000230 WO 2015/157807 -36- • up to seven football matches in a multiple-leg wager placed after the close off time for full round wagers.

[00179] For the purposes of this example, six (6) customers place wagers on the eight football matches. Three of these customers place full round wagers. The remaining customers place multiple leg wagers after the close off time for full round wagers. The selections of each customer are set out in Figure 18 [00180] For the purposes of this example, the first football match concludes with the outcome being a win for the home team. As there are $3 of investments for this first football match and two correct selections, a first progressive dividend of $1.50 is issued to the customers who made correct selections (i.e. the first and third customers).

[00181] At the conclusion of the second football match, the outcome is again a win for the home team. Of the customers who have placed full round wagers, the first and second customers have correctly selected this outcome. However, as in the fifth example, it is only the first customer who remains eligible for a progressive dividend. Applying the progressive divided calculations of the fifth example, the first customer is entitled to a $1.50 base dividend and a $1.50 extra dividend for this correct selection.

[00182] It is at this point that the fourth customer places their multiple-leg wager. In doing so the fourth customer’s multiple-leg wager is in respect of the third through eighth football matches only.

[00183] With the fourth customer now eligible for a progressive dividend along with the first customer, it is important that the first customer is in no worse position than they were in prior to the fourth customer placing their wager. This is achieved by levying a premium on the wager. This premium takes into account the impact of existing multiple-leg wagers by existing customers, the results from the legs that have been resolved and the resulting eligible and ineligible investments relating to existing multiple-leg wagers.

[00184] In mathematical terms, this premium is calculated as follows:

P = FI / FE WO 2015/157807 PCT/AU2015/000230 -37- where: P is the premium to be applied to the multiple-leg wager on a per leg basis. FI is the total amount of ineligible multiple-leg investments allocated to future legs for which an outcome remains to be determined. FE is the total amount of eligible multiple-leg investments allocated to future legs for which an outcome remains to be determined.

[00185] Placed back in the context of the present example, at this point there is a total of $18 invested in the remaining football maches (i.e. legs). This comprises an FI of $12, being the contributions from the second and third customers. It also comprises an FE of $6. Using the above formula, the appropriate premium for the fourth customer is $2 per leg.

[00186] Payment of the premium and base wager cost by the fourth customer means that the overall investments in the third to eight football matches increases from $3 per match to $6 per match. This comprises $4 in base wagers from each customer and $2 in premiums paid by the fourth customer.

[00187] At the conclusion of the third football match, the outcome is again a win for the home team. The first, third and fourth customers have all selected the home team to win this football match, but only the first and fourth customer remain eligible for a progressive dividend.

[00188] With a total base wager amount of $4, this results in a base dividend of $1.33 being paid out to both the first and fourth customers. The base dividend that would otherwise be paid to the third customer is added to the extra dividend pool along with the fourth customer’s premium payment. Thus, in this example, the extra dividend pool totals $3.33. Dividing the extra dividend pool amongst the first and fourth customers results in an extra $1.67 (accounting for rounding) being paid out to both. Thus, the total progressive dividend paid out in respect of the third football match to each of the first and fourth customers is $3.00. PCT/AU2015/000230 WO 2015/157807 -38- [00189] To illustrate that the first customer is not in a worse position than they would have been before the fourth customer placed their multiple-leg wager, we review the progressive dividend calculation for the first customer as if the fourth customer had never placed a wager.

[00190] Working through such an assumption, the first customer would have been entitled to a base dividend of $1.50 (representing the division of $3 in investments by the two correct selections) and an extra dividend of $1.50 (being the return of the base dividend of the third customer because of their earlier ineligibility). The total progressive dividend paid out in respect of the football match to the first customer is $3.00.

[00191] Hence, the addition of the premium paid by the fourth customer does not place the first customer at any disadvantage for having placed their wager earlier and incurred the additional risk of potential ineligibility through participation in wagering on the first two football matches.

[00192] Deviating from this example to fully illustrate this concept, if the first customer had incorrectly selected the outcome of the third football match this would leave the fourth customer entitled to the FE of the first customer. In its particularised form, the fourth customer in this scenario is entitled to a base dividend of $2 (being the $4 in investments divided by the correct selections of the third and fourth customers). The extra dividend then amounts to $4, comprising the $2 in base dividend of the third customer because of their earlier ineligibility and the $2 premium paid by the fourth customer. This amounts to a total dividend of $6 which is consistent with a doubling of the investment amount when the two eligible customers have a possibility of either -100% or +100% if they select different teams.

[00193] Using the same methodology as outlined above, when the fifth customer places their wager after the outcome of the fourth football match - and utilising the selections for the customers on the fourth football match as set out in Figure 9 - the fifth customer also has to pay a premium of $2.00 per leg.

[00194] With the home team winning the fourth customer match, the first and fifth customer become entitled to a progressive dividend. This progressive dividend comprises a base dividend of $1.67 (being the $5 in base wagers divded by PCT/AU2015/000230 WO 2015/157807 -39- the three correct selections made in the wagers). The unpaid base dividend is then incorporated into the extra dividend along with the premium payments of $4. This results in an extra dividend being paid out to the first and fifth customers of $2.83 and a total progressive dividened being paid out to each of these customers of $4.50.

[00195] Taking this further, the following Table 5 shows the situation in respect of the remaining football matches:

Football Match Result Premium (per leg) Base Dividend Extra Dividend Total Dividend 5 Home win (4 correct selections) - first customer only eligible $2 (4th customer) $2 (5th customer) $1.25 $7.75 $9.00 6 Home win (3 correct selections) - first customer only eligible $2 (4th customer) $2 (5th customer) $1.67 $7.33 $9.00 7 Home win (6 correct selections) - first and sixth customers only eligible $2 (4th customer) $2 (5th customer) $8 (6th customer) $1.00 $8.00 $9.00 8 Home win (2 correct selections) - first customer only eligible $2 (4th customer) $2 (5th customer) $8 (6th customer) $3.00 $15.00 $18.00

Table 5

Example 11 - Incremental Multiple-Leg Wagers Combined with Single-Leg Wagers (Percentage Reduction) [00196] If there is a small number of customers who remain eligible for a progressive dividend in the tenth example, the premium could become so high as to PCT/AU2015/000230 WO 2015/157807 -40- deter further customers from placing a multiple-leg wager. In such circumstances, rather than charging a premium calculated as described, the example is modified to replace the premium calculations with a fractional entitlement to the extra dividend for later stage multiple-leg customers.

[00197] In making this modification, the following formula is used to determine each late stage customer’s fractional entitlement: FPD = FE / Tl where: FPD is the fractional entitlement to the declared extra dividends for future legs which have not been resolved. FE is the total amount of eligible multiple-leg investments allocated to future legs for which an outcome remains to be determined.

Tl is the total multiple-leg investments allocated to future legs for which an outome remains to be determined.

[00198] The base dividend is then multiplied by the customer’s FPD value to arrive at the base dividend amount ot be paid out to each customer.

[00199] The total of the extra dividend pool is then calculated as follows: ] TED = 1BD + ΣΒ0~ (FPDi X BD) i=l where: TED is the total extra dividend pool IBD is the sum of all ineligible base dividends made in respect of full round wagers BD is the base dividend. j represents the number of customers (not being full round wager customers) who have placed a multi-leg wager that selected the successful outcome of the leg. FPD, is the FPD value for customer i. PCT/AU2015/000230 WO 2015/157807 -41 - [00200] Each eligible customer whose wager successfully selected the outcome of the leg and who remains eligible for a progressive dividend, is then awarded a share of the extra dividend pool as follows:

SED = TED/ TEFE where: SED is the share of the extra dividend pool for each eligible customer. TED is the total extra dividend pool as calculated above. TEFE is the relevant customer’s share of the total eligible fractional entitlements.

[00201] Applying this to the situation in the tenth example where the fourth customer places a multi-leg wager after the first three customers have placed full round wagers, we see the first customer receive the full base dividend in $1.33. As the fourth customer placed their wager to begin from the third football match, and is not paying a premium, the fourth customer has a 0.33 fractional entitlement (calculated by dividing an FE of $6 by a Tl of $18). Applying this fractional engagement to the base dividend, the fourth customer receives a proportional base dividend of $0.44.

[00202] The extra dividend pool is then calculated. This incorporates the full base dividend to which the third customer would have been entitled if not earlier ruled ineligible by an incorrect selection. The additional component of the extra dividend pool represents the sum of all base dividends reduced by the fractional entitlements already paid. This means that the dividend pool comprises $1.33 (the third customer’s full base dividend) and $0.89 (being the difference between the proportional base dividend paid to the fourth customer and the full base dividend).

[00203] Using the SED formula as stated above, this results in an extra dividend payment to the first customer of $1.67 and an extra dividend payment to the fourth customer of $0.56. These amounts remain in line with the amounts payable under the premium system relative to the level of investment.

Alternative Applications WO 2015/157807 PCT/AU2015/000230 -42- [00204] While the invention has been described in the example of certain sporting events, it should be appreciated that the invention can equally be applied to the following: • A season league style event, such as the EPL, NBA or AFL where teams are progressively eliminated; • Tournaments such as the FIFA World Cup which are conducted over the course of four years of qualifying, then a pool stage of the tournament followed by knock out finals; • Racing futures such as the Melbourne Cup where there are large number of nominated horses vying for qualification into the actual race; • Entertainment events such as ‘Dancing with the Stars’ or Big Brother where contestants are progressively eliminated from the events; • Olympic events where the athletes progress through qualifying heats to a final, such as the 100 metre sprint in athletics or swimming; • Elections where candidates are progressively eliminated by their party or voters; • Event or season running MVP or Best & Fairest type awards such as the AFL Brownlow medal; • Jockey challenges; • Driver or Constructor championships in motor racing; • Sprinter or King of the Mountain jersey competitions in cycling events such as Le Tour de France; and • Leading goal scorer awards such as the AFL Coleman Medal, FIFA Golden Boot, etc.

[00205] Similarly, the invention has equal application to other types of events such as multiple events in the same sport comprising two or more separate legs; Multiple events in the same sport incorporating actual scores or margin; Multiple events across different sports; Multiple races in a single race meeting (e.g. PCT/AU2015/000230 WO 2015/157807 -43-

Quadrella, Tip 6, etc); and Multiple races across different race meetings (e.g. Favourite Numbers).

Key Advantages of System [00206] It should be appreciated that the invention lies in the progressive resolution of a wagering pool, instead of a single pool resolution at the conclusion of the relevant event and not just the formulas used to calculate progressive dividends and total pari-mutuel returns to customers. Further the invention enables the combining of multiple-leg wagers with single-leg wagers in a common pool that provides for the calculation and redistribution of pari-mutuel returns that are commensurate with the risk undertaken by multiple-leg and single-leg customers respectively.

[00207] This means that from a customer point of view, there is a greater chance of receiving some return on their investment.

[00208] A further key advantage of this invention, from the wagering operators perspective, is that they can accommodate a fixed commission rate of return regardless of the level of wagering and without the margin risks (and loss potential) of fixed odds betting. This allows wagering operators to reduce their pool commission rates to competitive levels and reduce the costs associated with monitoring and managing fixed odds markets.

[00209] It should also be noted that participation after the commencement of the pool also generates benefits for the wagering operator; including; • Inclusion of wagers that would not have otherwise occurred because a customer missed the cut-off time to participate; • Potential for increased wagering investments if the resolution of some of the events leads to increased interest in the pool by existing or new customers (e g. a favourite gets knocked out and there is a significant level of ineligible multiple-leg wagers carried forward to subsequent events); and • Differentiation from other conventional multiple-leg products which, at present, close prior to the commencement of the first event.

Modifications and Improvements PCT/AU2015/000230 WO 2015/157807 -44- [00210] It should be appreciated by the person skilled in the art that the above invention is not limited to the embodiment described. In particular, the following modifications and improvements may be made without departing from the scope of the present invention: • [00211] The invention can be modified such that rather than there being a single successful outcome upon which the progressive dividend is issued, multiple successful outcomes may be specified. For instance, a “successful outcome” which triggers a progressive or final dividend may be the result of a chosen competitor finishing in one of the first three places (i.e. a gold, silver or bronze placing in an Olympic™ event). This then allows the type of wager placed to vary from simply a “win” bet to other bet types, such as “show” or “place” bets. • [00212] The invention may be modified to allow multiple combinations of multiple-leg bets to be specified in summary form. For instance, in the second example, the customer may select a single outcome of the first round (A), both outcomes of the second round (B)/(C) and a single outcome of the third round (D). From the point of view of the wagering system, this wager as specified actually represents two multiple-leg wagers, one for (A), (B) and (D) and one for (A), (C) and (D). Of course, this ability to specify a multiple-leg wager in summary form comes at a greater wager cost. • [00213] The at least one wager terminal may be one of the following: a dedicated terminal located at a betting outlet or at the location where the event concerned is conducted; a customer’s personal or tablet computer; other form of communications device connected to the wagering processor either directly through a wired or wireless network or connected to the wagering processor via the Internet. • [00214] For later legs in a multiple-leg pool, the calculation of the risk level for each new multiple-leg customer will need to account for the ineligible funds from prior matches. • [00215] In a variation on the fifth example, rather than determining a risk factor for each new multiple-leg customer at the time of determination of the PCT/AU2015/000230 WO 2015/157807 -45- extra dividend, an aggregated entitlement to the extra dividend could be assigned to the new multiple-leg customer at the time that they place the multiple-leg wager. • [00216] In a variation of the seventh example, rather than equally dividing the amount wagered on unsuccessful outcomes, the amount unsuccessfully wagered on each particular match may be divided amongst the amount successfully wagered on that match. To put it in the context of the scenario presented in the seventh example, this means that the first progressive dividend changes as follows: $0.03 for customers who wagered on Seed 1; $0.80 for customers who wagered on Seed 4; $0.23 for customers who wagered on Seed 3; and $0.24 for customers who wagered on Seed 4. Accordingly, the risk/reward ratio more appropriately reflects the actual risk taken. • [00217] The principle explained in the third embodiment whereby the prize pool for multiple-leg wagers is integrated with the prize pool for singleleg wagers may be extended to other bet types such as exotic bets. Alternatively, the prize pool may be co-mingled with bets placed by multiple wagering oeprators. • [00218] The sixth example of the above invention can be modified to meet other in-game criterion. For example, the in-game criterion that may trigger a progressive dividend may be: the number of runs scored in the next over of a cricket match; the leading run scorer in an innings of a cricket match; the number of goals scored in a quarter of an AFL match; or the number of games to be played in a set of a tennis match. • [00219] The wagering operator may predetermine the event resolution sequence for a multiple-leg pool based upon the scheduled starting and / or completion time, as advised by the relevant event controlling authority, or such other basis so as to ensure the pool is resolved in a nominated order of events from a wagering perspective.

[00220] In a further variation of the invention, and in particular a variation of the sixth example, a multiplication factor may be applied to the wager based on the status of wagering at the time of its placement. This PCT/AU2015/000230 WO 2015/157807 -46- multiplication factor can then be used to more accurately provide a reward to customers representative of the risk undertaken. • [00221] The method by which the operator indicates the value of progressive dividends in a multiple-leg pool may be expressed in proportion to the amount allocated to each specific leg or may be expressed in proportion to the total value of the wager across all legs. • [00222] The commission rate (K) may be applied on a contingent basis or on a sliding scale. For instance, the commission rate (K) may be adjusted subsequent to the initial progressive dividend being declared so that it is decreased when applied to subsequent progressive dividends. • [00223] The commission rate (K) may be higher on progressive dividends than final dividends, so that some of the commission (K) can be retained by the operator and applied as a jackpot into the final leg of a multiple-leg pool. • [00224] Reinvestment of one or more progressive dividends may be achieved through automated processes. For instance a customer may periodically receive an electronic communication to an appropriate communication device advising as to the receipt of one or more progressive dividends and allowing the customer to reinvest all or part of the progressive dividend(s) into selections still “live” within the same pool, or into subsequent event pools, through a “one-click” system as would be readily known to the person skilled in the art. • [00225] Alternatively, in a further example of an automated reinvestment process, the customer may configure a series of specific reinvestment conditions associated with the progressive dividends using the client-side software. The client-side software then communicates these rules to the backend software that triggers the reinvestment process in accordance with such rules on each rules associated conditions being met.

[00226] The customer may be able to automatically redeem (cash in) a correct wager at the time of progressive resolution of a pool so that they PCT/AU2015/000230 WO 2015/157807 -47 - receive their relevant progressive dividend as well as the return of their original wager amount. • [00227] The system may seek to provide the customer with information regarding the value of any progressive dividends received (or potentially receivable, based upon the current status of one or more relevant events) by a variety of channels. As already discussed in the examples provided, communication may be by way of existing wagering infrastructure, such as monitors or TV screens located in betting outlets. However, this may be expanded to allow for communication by way of dedicated sporting broadcasts, whether through terrestrial television or radio technology or through internet-based technologies, such as webcasting or streaming. • [00228] The wagering terminal may also be a dedicated hardware device. In such a configuration, the client-side software is implemented in the physical hardware of the wagering terminal. • [00229] The system may be modified to allow the wagering operator to suspend, either for a time period or indefinitely, the ability to place wagers attracting a progressive dividend on one or more outcomes. • [00230] The client side software may include, or integrate with, other software to allow data capture from other informational sources. • [00231] The system 10 may incorporate rounding arrangements which may apply to the value of progressive dividends as well as rounding of final dividends. • [00232] The system 10 may operate to record details of the pari-mutuel wager and any associated progressive dividends or final dividends by way of an account, card or voucher system. • [00233] Payment by, and to, the customer may be through an account held with the wagering operator. Alternatively, such payments may be made through electronic card processing or cash. • [00234] In order to encourage customers to wager on one or more outcomes at the initial stages of operation, the wagering operator may seed PCT/AU2015/000230 WO 2015/157807 -48- the appropriate wagering pool. The amount seeded may be a fixed amount or calculated by way of a seeding formula. In the latter case, the formula may allow for seeding in stages as the overall wagering pool size meets certain milestones. • [00235] While the invention has been described in the context of a wagering pool(s) for simple bets, wagering pools can also be established to handle pari-mutuel returns on exotic bet types, including, but not limited to; Trifecta, Quinella, Exacta, Double, First 4, Quadrellas, Pick (n) and Superfecta. These additional wagering pools may supplant or run alongside the wagering pool(s) for simple bets. • [00236] The system may incorporate minimum total pari-mutuel returns (e g. $1.04 for each $1 invested) so that customers are not in a position where the amount received in the form of total pari-mutuel returns for a successful multi-leg pari-mutuel wager is less than the original amount wagered. • [00237] The wager processor and wager terminal may have a dedicated data and control connection operating through a network other than the Internet or through other data communication mediums. • [00238] The customer may place pari-mutuel wagers and initiate reinvestment choices through interactive voice recognition techniques. • [00239] The wager processor may be integrated with a wager terminal. • [00240] A set of rules for determining when a wager is to be placed may be formulated by a customer and facilitated by way of the wagering system. • [00241] Customers may be presented with real time and historical information regarding their wagers and/or the value of progressive dividends paid, or payable. Such information may be presented in tabular or graphical form. • [00242] While the invention is most suitable for use in a pari-mutuel wagering system there is no reason why the concept of progressively resolving an event cannot also be applied to fixed odds betting systems. WO 2015/157807 PCT/AU2015/000230 -49- • [00243] While the examples provided above describe the customer as being able to provide the necessary details for a wager by way of a graphical user interface, it is open to the system to allow such details to be provided by way of a series of textual commands or by optical character recognition systems. • [00244] While the above examples have been described in the context of each wager type having a single wagering pool from which to determine progressive and final dividends, it is possible for one or more wagering types to have their value determined with reference to a single wagering pool. • [00245] In the tenth example, while the premium can be calculated separately and added to the base investment amount for each leg, it is also possible to calculate the total investment cost per leg for incremental multiple leg customers One formula for doing so is:

TC =TI/FE where: TC is the total cost of the wager calculated on a per leg basis.

Tl is the total multiple-leg investments allocated to future legs for which an outome remains to be determined. FE is the total amount of eligible multiple-leg investments allocated to future legs for which an outcome remains to be determined. • [00246] Where multiple-leg customers do not wish to invest on all of the subsequent legs within a pool, to ensure that both original multiple-leg and incremental multiple-leg customers are in a neutral position in relation to the calculation of either a premium (if the model shown in example 10 is followed) or the fractional entitlement (if the model shown in example 11 is followed), the models can be modified so that the premium or fractional entitlement, as relevant, can be calculated for each specific leg. • [00247] It is also possible to enable singe-leg customers to participate in the extra dividend pool related to their specific leg by virtue of them paying the PCT/AU2015/000230 WO 2015/157807 -50- relevant premium (if the model shown in example 10 is followed) or of them receiving the relevant fractional entitlement (if the model shown in example 11 is followed) for their specific leg. There may be further incentives for a singleleg customer to do so where they believe the weighting of selections by the multiple-leg customers varies from their own assessment. • [00248] The premium calculation used in example 10 for incremental multiple-leg customers may be an even amount applicable for each subsequent leg in a wagering pool or there could be a different amount applicable on each leg if there is, for example, varying levels of wagering investment applicable on each subsequent leg. • [00249] In a variant of the fourth example, where the wager terminal 14 has a single user, such as a mobile phone or tablet computer, the link between the customer and their original multiple-leg wager may be down by cross-referencing a unique identifier associated with the wager terminal 14 and the wager. Such a unique identifier may take the form of the mobile phone’s IMEI or the tablet computer’s MAC address.

[00250] It should be further appreciated by the person skilled in the art that the invention is not limited to the embodiments described above. Additions or modifications described, where not mutually exclusive, can be combined to form yet further embodiments that are considered to be within the scope of the present invention.

Claims (74)

1. WE CLAIM

   1. A progressive dividend wagering system comprising: selecting means for selecting the outcome of each event in a set of events to be associated with a wager; at least one receiving means for receiving at least one wager on outcomes as selected using the selecting means; and distributing means, where, on the determination of a set of successful outcome for an event in the set of events, the distributing means issues a dividend in respect of each wager that has correctly selected a successful outcome provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.
2. 2. A progressive dividend wagering system according to claim 1, where at least a portion of an amount paid for each wager is allocated to a dividend pool associated with each event in the set of events and the dividend issued in respect of each wager is calculated by dividing the amount allocated to the dividend pool for that event by the amount of wagers that have selected a successful outcome for the event.
3. 3. A progressive dividend wagering system according to claim 2, where the dividend is calculated according to the following formula:

   where: PD is the dividend; T is the total amount of wagers allocated to the event; C is the total amount of correct wagers allocated to the first match that have selected a successful outcome and who have corrected selected a successful outcome in relation to all previous events in the set of events; and k is a commission rate of a wagering operator (if any).
4. 4. A progressive dividend wagering system according to claim 1, where the at least one receiving means is further operable to place at least one wager on an outcome of a single event in the set of events and where, at least a portion of the amount paid for each wager, and a least a portion of the amount of each wager placed on an outcome of a single event, is allocated to a dividend pool associated with the single event, and the dividend issued in respect of each wager is calculated by dividing the amount allocated to the dividend pool for the single event by the amount of wagers that have selected a successful outcome for the event.
5. 5. A progressive dividend wagering system according to claim 4, where the distributing means is further operable to issue an extra dividend in relation to wagers that have correctly selected a successful outcome for the single event , provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.
6. 6. A progressive dividend wagering system according to claim 5, where the extra dividend is calculated by dividing the sum of dividends that would have been issued in respect of wagers that have selected a successful outcome for the event had the wager not selected an incorrect outcome for an earlier event in the set of events by the amount of wagers that have selected a successful outcome for the event as well as having correctly selected a successful outcome in relation to all previous events in the set of events.
7. 7. A progressive dividend wagering system according to claim 6, where the sum of the dividend and extra dividend is calculated according to the following formula:

   where: PD is the dividend; BD is a base dividend representing the amount allocated to the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event; I is the total amount of wagers that have selected a successful outcome for the event but have not selected a successful outcome for at least one previous event in the set of events. M is the total amount of wagers that have selected a successful outcome for the event and who have selected a successful outcome for all previous events in the set of events; and k is a commission rate of a wagering operator (if any).
8. 8. A progressive dividend wagering system according to any preceding claim, where the selecting means allows for the outcome of each event to be selected up to the time of commencement of the event
9. 9. A progressive dividend wagering system according to claim 8, where, if a wager has not selected an outcome for an event prior to commencement of the event, the selecting means assigns a default selection for the event to the wager.
10. 10. A progressive dividend wagering system according to any preceding claim, where the dividend distributed by the distributing means comprises a base dividend and an extra dividend.
11. 11. A progressive dividend wagering system according to claim 10, where the at least one receiving means is also operable to receive at least one wager on outcomes selected using the selecting means for a subset of events in the set of events.
12. 12. A progressive dividend wagering system according to claim 11, where the base dividend represents the amount allocated to the dividend pool for the event under consideration divided by the amount of wagers that have selected a successful outcome for the event.
13. 13. A progressive dividend wagering system according to claim 11 or claim 12, where the extra dividend issued to wagers placed in relation to the full set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the set of events is calculated as follows:

    where: ED is the extra dividend; BD is a base dividend representing the amount allocated to the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event; I is the total amount of wagers that have selected a successful outcome for the event but have not selected a successful outcome for at least one previous event in the set of events or subset of events (as appropriate). EF is an extra dividend factor representing the difference in risk between wagers placed in relation to the full set of events and wagers placed in relation to a subset of the full set of events. k is a commission rate of a wagering operator (if any).
14. 14. A progressive dividend wager system according to claim 13 where the extra dividend issued to wagers that have selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events is calculated by multiplying the extra dividend calculated according to claim 13 by the extra dividend factor.
15. 15. A progressive dividend wagering system according to claim 13 or claim 14, where the extra dividend factor is calculated as follows:

    where: EF is the extra dividend factor; Emo is the total amount of wagers placed in relation to the full set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the set of events; and Emn is the total amount of wagers placed in relation to a subset of the set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events; P is the total amount of wagers placed in relation to the full set of events, where the wager has selected a successful outcome for all previous events in the set of events divided by the total amount of wagers placed in relation to the full set of events.
16. 16. A progressive dividend wagering system according to claim 11, where wagers placed in relation to a subset of the events are levied with a premium relative to the cost of wagers placed in relation to the full set of events.
17. 17. A progressive dividend wagering system according to claim 16, where the premium is calculated as follows:

    where: P is the premium to be applied to the wager placed in relation to a subset of events calculated on a per event basis; FI is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which at least one unsuccessful outcome has been selected in relation to any event in the set of events that has already been determined; and FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined.
18. 18. A progressive dividend wagering system according to claim 17, where the total amount to be paid for the wager is calculated as follows:

    where: TC is the total cost of the wager calculated on a per event basis; Tl is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined; and FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined.
19. 19. A progressive dividend wagering system according to claim 16, where the premium is calculated on a per event basis, and the premium varied from event to event based on the level of wagering investment on the event at the time of placement.
20. 20. A progressive dividend wagering system according to 11, where each wager placed in relation to a subset of the events receives a fractional entitlement of each extra dividend compared to the entitelement of each wager placed in relation to the full set of events.
21. 21. A progressive dividend wagering system according to claim 20, where the fractional entitlement is calculated as follows:

    where: FPD is the fractional entitlement to the extra dividend. FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined; and Tl is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined.
22. 22. A progressive dividend wagering system according to claim 20 or claim 21, where the extra dividend issued in respect of each later multi-leg wager is calculated as follows:

    where: SED is the extra dividend . TED is the sum of all dividends that would have been issued in relation to wagers having selected a successful outcome for the event had an unsuccessful outcome not been selected in relation to an earlier event in the set of events; and TEFE is the relevant customer’s fractional entitlement.
23. 23. A progressive dividend wagering system according to claim 22, where the total extra dividend pool is calculated as follows:

    where: TED is the total extra dividend pool; IBD is the sum of all dividends that would have been issued in relation to wagers having selected a successful outcome for the event had an unsuccessful outcome not been selected in relation to an earlier event in the set of events; BD represents the base dividend issued in respect of each wager on a successful outcome for the event. j represents the number of wagers placed in respect of a subset of the set of events who have selected a successful outcome for the event; and FPD is the fractional entitlement to the extra dividend for the relevant wager.
24. 24. A progressive dividend wagering system according to claim 1, where the set of events is itself a subset of a knock-out tournament set of events and each event in the set of events represents a match in a round of a knockout tournament.
25. 25. A progressive dividend wagering system according to claim 24, where the issued dividend is calculated as follows:

    where: D is the issued dividend. L is the total amount of wagers that have selected an unsuccessful outcome for any of the matches of the relevant round of the knockout tournament; W is the total amount of wagers that have selected a successful outcome in respect of any of the matches of the relevant round of the knockout tournament; and k is a commission rate of a wagering operator (if any).
26. 26. A progressive dividend wagering system according to claim 24, where the amount wagered on unsuccessful outcome(s) of the event is distributed to wagers placed on the successful outcome(s) of the event in proportion to the amount of each wager placed on a successful outcome.
27. 27. A progressive dividend wagering system according to claim 25, where the issued dividend in respect of a wager placed on a successful outcome of a match of a round of a knockout tournament is calculated as follows:

    where: D is the issued dividend. L is the total amount of wagers that have selected an unsuccessful outcome for each match of the round; N is the number of unsuccessful outcomes for all matches of the round; W is the total amount of wagers that have selected a successful outcome for the match concerned; k is a commission rate of a wagering operator (if any).
28. 28. A progressive dividend wagering system according to claim 24, where the issued dividend in respect of each match is calculated as follows:

    where: D is the dividend applicable for the relevant match; L is the total amount of wagers that have selected an unsuccessful outcome in respect of the relevant match; W is the total amount of wagers that have selected a successful outcome in respect of the relevant match; R% is the proportion (as a percentage) of the wagers placed on unsuccessful outcomes for all matches of the relevant round to be redistributed via the extra dividend process; and ED is an amount taken from the amount representing the proportion of the wagers placed on unsuccessful outcomes for all matches of the relevant round to be redistributed from the match concerned.
29. 29. A progressive dividend wagering system according to claim 28, where the extra dividend is calculated as follows:

    where: ED is the extra dividend; L is the total amount of wagers that have selected an unsuccessful outcome for any of the matches of the relevant round of the knockout tournament; T is the total amount of wagers for all matches of the relevant round of the knockout tournament; R% is a proportion (as a percentage) of L to be redistributed via the extra dividend process; and k is a commission rate of a wagering operator (if any).
30. 30. A progressive dividend wagering system comprising: at least one receiving means for receiving at least one wager on an outcome of an event; and distributing means, where, at each point in time, prior to determination of a set of successful outcomes for the event, that one or more outcomes no longer have potential to be a successful outcome for the event, the distributing means issues a dividend in respect of each wager that has selected an outcome that may still be a successful outcome for the event.
31. 31. A progressive dividend wagering system according to claim 29, where an outcome no longer has potential to be a successful outcome in one or more of the following circumstances: the outcome is no longer mathematically possible; the outcome is designated as no longer practically possible by a wagering operator.
32. 32. A progressive dividend wagering system according to claim 29 or claim 30, where the issued dividend is calculated by dividing at least a portion of an amount equal to the sum of amounts wagered on the one or more outcomes that no longer have the potential to be a successful outcome for the event by the sum of amounts wagered that have selected an outcome that may still be a successful outcome for the event.
33. 33. A progressive dividend wagering system according to claim 31, where the issued dividend is calculated as follows:

    where: D is the issued dividend; L is the total amount of wagers that have selected the outcome(s) that, at the point in time, no longer have the potential to be a successful outcome for the event; T is the total amount of wagers that have been placed on the event; C is the cumulative total amount of wagers that have selected any outcome, as at the point in time, no longer has the potential to be a successful outcome for the event. k is a commission rate of a wagering operator (if any).
34. 34. A progressive dividend wagering system according to any one of claims 1 to 29, where the set of events represent one or more of the following: the matches of a sports league; the matches of a qualifying tournament; a set of races at a race meet; a set of qualifying races; episodes of a serialised television programme in which contestants are periodically eliminated; the electoral districts of an election;
35. 35. A progressive dividend wagering system according to any one of claims 30 to 33, where the event is one of the following: a competition-based television program; an election; a tally-based or performance-based awards ceremony; an in-game event.
36. 36. A progressive dividend wagering system according to any one of claims 1 to 29, where a wagering operator specifies the order of the set of events for the purposes of determining whether an event in the set of events is previous to another event in the set of the events.
37. 37. A progressive dividend wagering system according to any preceding claim, where a multiplication factor is applied to a normal cost of the wager to reflect the status of wagering at the time of its placement.
38. 38. A progressive dividend wagering system according to any one of claims 3, 7, 13, 25, 27, 29 or 33, where the commission rate (K) varies according to the number of previous dividends that have issued.
39. 39. A progressive dividend wagering system according to any preceding claim where each wager is a pari-mutuel wager.
40. 40. A method for issuing a progressive dividend comprising: selecting an outcome of each event in a set of events to be associated with a wager; receiving the wager as selected; determining a set of successful outcomes for an event in the set of events; and issuing a dividend in respect of each wager that has correctly selected a successful outcome provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.
41. 41. A method for issuing a progressive dividend according to claim 40, further comprising the steps of: allocating a portion of the amount paid for each wager to a dividend pool associated with each event in the set of events; and calculating the dividend to be issued by dividing the amount allocated ot the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event.
42. 42. A method for issuing a progressive dividend according to claim 41, where the step of calculating the dividend to be issued does so in accordance with the following formula:

    where: PD is the dividend; T is the total amount of wagers allocated to the event; C is the total amount of correct wagers allocated to the first match that have selected a successful outcome and who have corrected selected a successful outcome in relation to all previous events in the set of events; and k is a commission rate of a wagering operator (if any).
43. 43. A method for issuing a progressive dividend according to claim 40, where the step of calculating the dividend to be issued factors in the amount allocated to the dividend pool for the single event by the amount of the wagers and single event wagers that have selected a successful outcome for the event.
44. 44. A method for issuing a progressive dividend according to claim 43, further including the step of distributing an extra dividend in respect of wagers that have correctly selected a successful outcome for the single event provided that the wager has also correctly selected a successful outcome in relation to all previous events in the set of events.
45. 45. A method for issuing a progressive dividend according to claim 44, where the extra dividend is calculated by dividing the sum of dividends that would have been issued in respect of wagers that have selected a successful outcome for the event had the wager not selected an incorrect outcome for an earlier event in the set of events by the amount of wagers that have selected a successful outcome for the event as well as having correctly selected a successful outcome in relation to all previous events in the set of events.
46. 46. A method for issuing a progressive dividend according to claim 45, where the dividend and extra dividend is calculated according to the following formula:

    where: PD is the dividend; BD is a base dividend representing the amount allocated to the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event; I is the total amount of wagers that have selected a successful outcome for the event but have not selected a successful outcome for at least one previous event in the set of events. M is the total amount of wagers that have selected a successful outcome for the event and who have selected a successful outcome for all previous events in the set of events; and k is a commission rate of a wagering operator (if any).
47. 47. A method for issuing a progressive dividend according to any one of claims 40 to 46, where the step of selecting an outcome of each event in a set of events comprises the repeating step of selecting an outcome for an event in the set of events.
48. 48. A method for issuing a progressive dividend according to claim 47, further including the step of assigning a default selection for an event if an outcome has not been selected for the event prior to its commencement.
49. 49. A method for issuing a progressive dividend according to any one of claims 40 to 48, where the step of issuing a dividend comprises the substeps of issuing a base dividend and issuing an extra dividend.
50. 50. A method for issuing a progressive dividend according to claim 49, further comprising the step of receiving at least one additional wager on outcomes selected in respect of a subset of events in the set of events.
51. 51. A method for issuing a progressive dividend according to claim 50, where the base dividend represents the amount allocated to the dividend pool for the event under consideration divided by the amount of wagers that have selected a successful outcome for the event.
52. 52. A method for issuing a progressive dividend according to claim 50 or claim 51, where the extra dividend issued to wagers placed in relation to the full set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the set of events is calculated as follows:

    where: ED is the extra dividend; BD is a base dividend representing the amount allocated to the dividend pool for the event by the amount of wagers that have selected a successful outcome for the event; I is the total amount of wagers that have selected a successful outcome for the event but have not selected a successful outcome for at least one previous event in the set of events or subset of events (as appropriate). EF is an extra dividend factor representing the difference in risk between wagers placed in relation to the full set of events and wagers placed in relation to a subset of the full set of events. k is a commission rate of a wagering operator (if any).
53. 53. A method for issuing a progressive dividend according to claim 52, where the extra dividend issued to wagers that have selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events is calculated by multiplying the extra dividend calculated according to claim 13 by the extra dividend factor.
54. 54. A method for issuing a progressive dividend according to claim 52 or claim 53 where the extra dividend factor is calculated as follows:

    where: EF is the extra dividend factor; Emo is the total amount of wagers placed in relation to the full set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the set of events; and Emn is the total amount of wagers placed in relation to a subset of the set of events, where the wager has selected a successful outcome for the event and selected a successful outcome for all previous events in the subset of the set of events; P is the total amount of wagers placed in relation to the full set of events, where the wager has selected a successful outcome for all previous events in the set of events divided by the total amount of wagers placed in relation to the full set of events.
55. 55. A method for issuing a progressive dividend according to claim 50, further comprising the step of levying a premium on each additional wager placed in relation to a subset of the events relative to the cost of wagers placed in relation to the full set of events.
56. 56. A method for issuing a progressive dividend according to claim 55, further comprising the step of calculating the premium in accordance with the following formula:

    where: P is the premium to be applied to the wager placed in relation to a subset of events calculated on a per event basis; FI is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which at least one unsuccessful outcome has been selected in relation to any event in the set of events that has already been determined; and FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined.
57. 57. A method for issuing a progressive dividend according to claim 56, further comprising the step of calculating the total amount to be paid for the additional wager in accordance with the following formula:

    where: TC is the total cost of the wager calculated on a per event basis; Tl is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined; and FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined.
58. 58. A method for issuing a progressive dividend according to claim 50, further comprising the step of determining a fractional entitlement of each extra dividend for each additional wager compared to the entitlement of each wager placed in relation to the full set of events.
59. 59. A method for issuing a progressive dividend according to claim 58, further comprising the step of calculating the fractional entitlement in accordance with the following formula:

    where: FPD is the fractional entitlement to the extra dividend. FE is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined for which a successful outcome has been selected for all events in the set of events that have already been determined; and Tl is the amount of the total amount of wagers that forms part of the potential dividend pool for all events in the set of events still to be determined.
60. 60. A method for issuing a progressive dividend according to claim 58 or claim 59, where the extra dividend is calculated in accordance with the following formula:

    where: SED is the extra dividend . TED is the sum of all dividends that would have been issued in relation to wagers having selected a successful outcome for the event had an unsuccessful outcome not been selected in relation to an earlier event in the set of events; and TEFE is the relevant customer’s fractional entitlement.
61. 61. A method for issuing a progressive dividend according to claim 60, where the total extra dividend pool is calculated according to the following formula:

    where: TED is the total extra dividend pool; IBD is the sum of all dividends that would have been issued in relation to wagers having selected a successful outcome for the event had an unsuccessful outcome not been selected in relation to an earlier event in the set of events; BD represents the base dividend issued in respect of each wager on a successful outcome for the event. j represents the number of wagers placed in respect of a subset of the set of events who have selected a successful outcome for the event; and FPD is the fractional entitlement to the extra dividend for the relevant wager.
62. 62. A method for issuing a progressive dividend according to claim 40, where the set of events is itself a subset of a knock-out tournament set of events and each event in the set of events represents a match in a round of a knockout tournament.
63. 63. A method for issuing a progressive dividend according to claim 62, where the issued dividend is calculated according to the following formula:

    where: D is the issued dividend. L is the total amount of wagers that have selected an unsuccessful outcome for any of the matches of the relevant round of the knockout tournament; W is the total amount of wagers that have selected a successful outcome in respect of any of the matches of the relevant round of the knockout tournament; and k is a commission rate of a wagering operator (if any).
64. 64. A method for issuing a progressive dividend according to claim 63, where the amount wagered on unsuccessful outcome(s) of the event is distributed to wagers placed on the successful outcome(s) of the event in proportion to the amount of each wager placed on a successful outcome.
65. 65. A method for issuing a progressive dividend according to claim 62, where the issued dividend in respect of a wager placed on a successful outcome of a match of a round of a knockout tournament is calculated as follows:

    where: D is the issued dividend. L is the total amount of wagers that have selected an unsuccessful outcome for each match of the round; N is the number of unsuccessful outcomes for all matches of the round; W is the total amount of wagers that have selected a successful outcome for the match concerned; k is a commission rate of a wagering operator (if any).
66. 66. A method for issuing a progressive dividend according to claim 62, where where the issued dividend in respect of each match is calculated as follows:

    where: D is the dividend applicable for the relevant match; L is the total amount of wagers that have selected an unsuccessful outcome in respect of the relevant match; W is the total amount of wagers that have selected a successful outcome in respect of the relevant match; R% is the proportion (as a percentage) of the wagers placed on unsuccessful outcomes for all matches of the relevant round to be redistributed via the extra dividend process; and ED is an amount taken from the amount representing the proportion of the wagers placed on unsuccessful outcomes for all matches of the relevant round to be redistributed from the match concerned.
67. 67. A method for issuing a progressive dividend according to claim 66, where the extra dividend is calculated as follows:

    where: ED is the extra dividend; L is the total amount of wagers that have selected an unsuccessful outcome for any of the matches of the relevant round of the knockout tournament; T is the total amount of wagers for all matches of the relevant round of the knockout tournament; Ro/o is a proportion (as a percentage) of L to be redistributed via the extra dividend process; and k is a commission rate of a wagering operator (if any).
68. 68. A method for issuing a progressive dividend comprising the steps of: receiving at least one wager on an outcome of an event; and prior to determination of a set of successful outcomes for the event, at each point in time that one or more outcomes no longer have potential to be a successful outcome for the event, issuing a dividend in respect of each wager that has selected an outcome that may still be a successful outcome for the event.
69. 69. A method for issuing a progressive dividend according to claim 68, further comprising the step of calculating the issued dividend by dividing at least a portion of an amount equal to the sum of amounts wagered on the one or more outcomes that no longer have the potential to be a successful outcome for the event by the sum of amounts wagered that have selected an outcome that may still be a successful outcome for the event.
70. 70. A method for issuing a progressive dividend according to claim 69, where the step of calculating the issued dividend utilises the following formula:

    where: D is the issued dividend; L is the total amount of wagers that have selected the outcome(s) that, at the point in time, no longer have the potential to be a successful outcome for the event; T is the total amount of wagers that have been placed on the event; C is the cumulative total amount of wagers that have selected any outcome, as at the point in time, no longer has the potential to be a successful outcome for the event. k is a commission rate of a wagering operator (if any).
71. 71. A method for issuing a progressive dividend according to any one of claims 40 to 67 further comprising the step of specifying the order of the set of events for the purposes of determining whether an event in the set of events is previous to another event in the set of the events.
72. 72. A method for issuing a progressive dividend according to any one of claims 40 to 71, further comprising the step of varying the the commission rate (K) according to the number of previous dividends that have issued.
73. 73. A computer readable medium having software recorded thereon that, when executed by an appropriate processing device, performs the method of claim 40.
74. 74. A computer readable medium having software recorded thereon that, when executed by an appropriate processing device, performs the method of claim 68.