AU2021250900A1 - System and method for generating customized odds bets for an event - Google Patents
System and method for generating customized odds bets for an event Download PDFInfo
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- AU2021250900A1 AU2021250900A1 AU2021250900A AU2021250900A AU2021250900A1 AU 2021250900 A1 AU2021250900 A1 AU 2021250900A1 AU 2021250900 A AU2021250900 A AU 2021250900A AU 2021250900 A AU2021250900 A AU 2021250900A AU 2021250900 A1 AU2021250900 A1 AU 2021250900A1
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- bet
- odds
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- customized
- bets
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- 238000000034 method Methods 0.000 title claims description 32
- 230000015654 memory Effects 0.000 claims abstract description 17
- 241000283086 Equidae Species 0.000 claims description 62
- 238000004891 communication Methods 0.000 claims 16
- 238000004364 calculation method Methods 0.000 claims 5
- 101000606504 Drosophila melanogaster Tyrosine-protein kinase-like otk Proteins 0.000 claims 4
- 230000004044 response Effects 0.000 claims 4
- 241000186549 Quinella Species 0.000 claims 3
- 238000012804 iterative process Methods 0.000 claims 2
- 230000003287 optical effect Effects 0.000 claims 2
- 238000007792 addition Methods 0.000 claims 1
- 230000004075 alteration Effects 0.000 claims 1
- 238000003491 array Methods 0.000 claims 1
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- 238000005457 optimization Methods 0.000 claims 1
- 230000003068 static effect Effects 0.000 claims 1
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- Management, Administration, Business Operations System, And Electronic Commerce (AREA)
Abstract
5 A system for managing bets comprises a memory and a processor. The
memory stores information associated with a field of participants for an event, each
participant associated with particular odds for the event. The processor receives a bet
that a lead participant from the field of participants will finish in a particular subset of
finishing positions in the event, wherein the bet is associated with customized odds.
10 The processor further select one or more additional participants from the field of
participants to add to the bet such that the odds associated with the lead participant
combined with the odds associated with the one or more selected additional
participants at least approximates the customized odds for the bet.
15
Description
CROSS REFERENCE TO RELATED APPLICATION This application is related to and claims the benefit of U.S. Provisional Application No. 60/484,316 filed July 1, 2003.
TECHNICAL FIELD OF THE INVENTION This invention relates in general to betting on events and, more particularly, to a system and method for generating customized odds bets for an event.
BACKGROUND OF THE INVENTION Wagering on sporting events, such as horse races, for example, is a large and growing industry in many parts of the world. Various types of betting products or systems are available for various types of sporting events. For example, typical horse racing bets allow bettors to bet on a single horse or on several horses in a particular race or series of races. For instance, a bettor can bet on a particular horse to finish first (win), finish in the top two (place), or finish in the top three (show). A bettor may also make various combination bets with multiple horses, such as an exacta bet (covering the top two horses in order) or a trifecta bet (covering the top three horses in order). In addition, a bettor may bet on a series of races, such as the daily double (winners of two consecutive races), the pick-three (winners of three consecutive races), and the pick-six (winners of six consecutive races), for example. In a pari-mutuel betting system, all bets regarding a particular event are aggregated, a commission (or "take-out") is taken by the track, and the remainder is distributed among the winning bettors. For example, pari-mutuel betting systems are commonly used in North America (and other various places throughout the world) for betting on horse races.
SUMMARY OF THE INVENTION In one embodiment, a method of managing bets includes identifying a field of participants for an event, each participant associated with particular odds to finish in a particular position in the event. The method continues by identifying customized odds for a bet, and identifying a lead participant from the field of participants. The method proceeds by selecting one or more additional participants from the field of participants such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet. The method concludes by establishing the bet on a group of participants that comprises the lead participant and the additional participants. In another embodiment, a system for managing bets comprises a memory and a processor coupled to the memory. The memory stores information associated with a field of participants for an event, each participant associated with particular odds for the event. The processor receives a bet that a lead participant from the field of participants will finish in a particular subset of finishing positions in the event, wherein the bet is associated with customized odds. The processor further select one or more additional participants from the field of participants to add to the bet such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet. In yet another embodiment, a method of managing bets comprises identifying a field of participants for an event, each participant associated with particular odds to finish in a particular subset of finishing positions in the event. The method continues by identifying customized odds for a bet. The method proceeds by selecting a plurality of participants from the field of participants such that the odds associated with each of the selected participants combines to at least approximate the customized odds for the bet. The method concludes by establishing the bet on the selected participants. Various embodiments of the present invention may benefit from numerous advantages. It should be noted that one or more embodiments may benefit from some, none, or all of the advantages discussed below. The customized odds bet described herein will appeal to a bettor who prefers a participant that has more than the customized odds (e.g., more than 1-1 odds for an even money bet) to finish in a particular subset of finishing positions in an event (e.g., win, place, show, etc. for a horse race) and is willing to relinquish some of her potential winnings in order to have additional participants included in the bet. Other advantages will be readily apparent
Claims (18)
1. A method comprising: generating, by at least one processor, for a field of participants for an event, particular data representing odds for each participant to finish in a particular subset of finishing positions in the event; receiving, by the least one processor, from at least one computer interface, data representing customized odds for a bet; selecting, by the at least one processor, a lead participant from the field of participants; selecting, by the at least one processor, one or more additional participants from the field of participants such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet; representing, by the at least one processor, a bet on a group of participants that comprises the lead participant and the additional participants; communicating, by the at least one processor, the data representing a bet to at least one computer interface; and determining, by the at least one processor, whether a bet associated with the customized odds cannot be established and, in response, generating data establishing a bet on the lead participant based upon the odds of the lead participant.
2. The method of claim 1, wherein the bet is associated with a bet amount and comprises a bet that at least one of the participants from the group of participants will finish in a predetermined subset of finishing positions associated with the event.
3. The method of claim 2, further comprising generating by the at least one processor data representing a payment associated with a total return associated with the bet, wherein the total return is based at least in part upon the customized odds, and communicating said data representing a payment to at least one interface.
4. The method of claim 3, wherein: the customized odds are one-to-one odds; and the total return associated with the bet approximates twice the bet amount.
5. The method of claim 2, wherein the subset offinishing positions associated with the event comprise at least one of first place, second place, or third place in the event.
6. The method of claim 1, wherein the field of participants comprises a plurality of horses in a horse race.
7. The method of claim 1, wherein: the event comprises a pari-mutuel wagering event; and selecting one or more additional participants from the field of participants is performed at least in part while wagering on the event is ongoing.
8. The method of claim 2, further comprising by the at least one processor generating data allocating a portion of the bet amount to each of the participants in the group of participants, wherein the allocation is based at least in part upon the odds associated with each of the participants in the group of participants.
9. The method of claim 1, further comprising at least one processor determining a target percentage based at least in part upon the customized odds for the bet and a takeout associated with the bet, and wherein selecting one or more additional participants from the field of participants further comprises selecting one or more additional participants based at least in part upon the target percentage.
10. The method of claim 1, wherein: the field of participants comprises a plurality of horses in a horse race; and the bet comprises one of an exacta bet, a trifecta bet, a superfecta bet, and a quinella bet.
11. A system comprising:
at least one processor; and
a memory electronically coupled to the at least one processor and to store instructions that when executed by the at least one processor direct the at least one processor to:
determine for a field of participants for an event particular odds for each participant for the event;
receive, from at least one interface, data representing a bet that a lead participant from the field of participants will finish in a particular subset of finishing positions associated with the event, wherein the bet is associated with customized odds;
select one or more additional participants from the field of participants to add to the bet such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet;
communicate data associated with the bet to at least one interface; and
determine whether a bet associated with the customized odds cannot be established and, in response, generate data establishing a bet on the lead participant based upon the odds of the lead participant.
12. The system of claim 11, wherein if any one of the lead participant or the additional participants finishes in the particular subset of finishing positions in the event, a total return associated with the bet will be based upon the customized odds.
13. The system of claim 11, wherein: the bet is associated with a bet amount; the customized odds approximate one-to-one odds; and a total return associated with the bet approximates twice the bet amount.
14. The system of claim 11, wherein the subset of finishing positions associated with the event comprise at least one of first place, second place, or third place in the event.
15. A non-transitory computer-readable medium to store instructions, in which the instructions, when executed by a processor, direct the processor to:
determine for a field of participants for an event particular odds for each participant for the event; receive, from at least one interface, data representing a bet that a lead participant from the field of participants will finish in a particular subset offinishing positions associated with the event, wherein the bet is associated with customized odds;
select one or more additional participants from the field of participants to add to the bet such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet;
communicate data associated with the bet to at least one interface; and
determine whether a bet associated with the customized odds cannot be established and, in response, generate data establishing a bet on the lead participant based upon the odds of the lead participant.
16. The non-transitory computer-readable medium of claim 15, wherein if any one of the lead participant or the additional participants finishes in the particular subset of finishing positions in the event, a total return associated with the bet will be based upon the customized odds.
17. The non-transitory computer-readable medium of claim 15, wherein: the bet is associated with a bet amount; the customized odds approximate one-to-one odds; and a total return associated with the bet approximates twice the bet amount.
18. The non-transitory computer-readable medium of claim 15, wherein the subset of finishing positions associated with the event comprise at least one offirst place, second place, or third place in the event.
Priority Applications (1)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
AU2021250900A AU2021250900A1 (en) | 2003-07-01 | 2021-10-13 | System and method for generating customized odds bets for an event |
Applications Claiming Priority (6)
Application Number | Priority Date | Filing Date | Title |
---|---|---|---|
US60/484316 | 2003-07-01 | ||
AU2012211341A AU2012211341A1 (en) | 2003-07-01 | 2012-08-06 | System and method for generating customized odds bets for an event |
AU2016200410A AU2016200410A1 (en) | 2003-07-01 | 2016-01-25 | System and method for generating customized odds bets for an event |
AU2017251866A AU2017251866A1 (en) | 2003-07-01 | 2017-10-30 | System and method for generating customized odds bets for an event |
AU2019271920A AU2019271920A1 (en) | 2003-07-01 | 2019-11-26 | System and method for generating customized odds bets for an event |
AU2021250900A AU2021250900A1 (en) | 2003-07-01 | 2021-10-13 | System and method for generating customized odds bets for an event |
Related Parent Applications (1)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
AU2019271920A Division AU2019271920A1 (en) | 2003-07-01 | 2019-11-26 | System and method for generating customized odds bets for an event |
Publications (1)
Publication Number | Publication Date |
---|---|
AU2021250900A1 true AU2021250900A1 (en) | 2021-11-11 |
Family
ID=55307025
Family Applications (4)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
AU2016200410A Abandoned AU2016200410A1 (en) | 2003-07-01 | 2016-01-25 | System and method for generating customized odds bets for an event |
AU2017251866A Abandoned AU2017251866A1 (en) | 2003-07-01 | 2017-10-30 | System and method for generating customized odds bets for an event |
AU2019271920A Abandoned AU2019271920A1 (en) | 2003-07-01 | 2019-11-26 | System and method for generating customized odds bets for an event |
AU2021250900A Abandoned AU2021250900A1 (en) | 2003-07-01 | 2021-10-13 | System and method for generating customized odds bets for an event |
Family Applications Before (3)
Application Number | Title | Priority Date | Filing Date |
---|---|---|---|
AU2016200410A Abandoned AU2016200410A1 (en) | 2003-07-01 | 2016-01-25 | System and method for generating customized odds bets for an event |
AU2017251866A Abandoned AU2017251866A1 (en) | 2003-07-01 | 2017-10-30 | System and method for generating customized odds bets for an event |
AU2019271920A Abandoned AU2019271920A1 (en) | 2003-07-01 | 2019-11-26 | System and method for generating customized odds bets for an event |
Country Status (1)
Country | Link |
---|---|
AU (4) | AU2016200410A1 (en) |
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2016
- 2016-01-25 AU AU2016200410A patent/AU2016200410A1/en not_active Abandoned
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2017
- 2017-10-30 AU AU2017251866A patent/AU2017251866A1/en not_active Abandoned
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2019
- 2019-11-26 AU AU2019271920A patent/AU2019271920A1/en not_active Abandoned
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2021
- 2021-10-13 AU AU2021250900A patent/AU2021250900A1/en not_active Abandoned
Also Published As
Publication number | Publication date |
---|---|
AU2017251866A1 (en) | 2017-11-16 |
AU2016200410A1 (en) | 2016-02-18 |
AU2019271920A1 (en) | 2019-12-19 |
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Legal Events
Date | Code | Title | Description |
---|---|---|---|
MK4 | Application lapsed section 142(2)(d) - no continuation fee paid for the application |