GB2180675A - A fixed odds betting system - Google Patents

A fixed odds betting system Download PDF

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Publication number
GB2180675A
GB2180675A GB08618000A GB8618000A GB2180675A GB 2180675 A GB2180675 A GB 2180675A GB 08618000 A GB08618000 A GB 08618000A GB 8618000 A GB8618000 A GB 8618000A GB 2180675 A GB2180675 A GB 2180675A
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Prior art keywords
betting
contestant
fixed price
wagers
odds
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GB08618000A
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GB2180675B (en
GB8618000D0 (en
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Michael John Bell
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ATL Pty Ltd
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ATL Pty Ltd
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Priority claimed from AU60112/86A external-priority patent/AU590777B2/en
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Publication of GB2180675A publication Critical patent/GB2180675A/en
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    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
    • G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements
    • G07F17/3286—Type of games
    • G07F17/3288—Betting, e.g. on live events, bookmaking
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00—Information and communication technology [ICT] specially adapted for implementation of business processes of specific business sectors, e.g. utilities or tourism
    • G06Q50/34—Betting or bookmaking, e.g. Internet betting
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07B—TICKET-ISSUING APPARATUS; FARE-REGISTERING APPARATUS; FRANKING APPARATUS
    • G07B5/00—Details of, or auxiliary devices for, ticket-issuing machines
    • G07B5/04—Details of, or auxiliary devices for, ticket-issuing machines for recording or registering tickets issued
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07C—TIME OR ATTENDANCE REGISTERS; REGISTERING OR INDICATING THE WORKING OF MACHINES; GENERATING RANDOM NUMBERS; VOTING OR LOTTERY APPARATUS; ARRANGEMENTS, SYSTEMS OR APPARATUS FOR CHECKING NOT PROVIDED FOR ELSEWHERE
    • G07C15/00—Generating random numbers; Lottery apparatus
    • G07C15/005—Generating random numbers; Lottery apparatus with dispensing of lottery tickets
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
    • G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements

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  • Physics & Mathematics (AREA)
  • General Physics & Mathematics (AREA)
  • Business, Economics & Management (AREA)
  • Health & Medical Sciences (AREA)
  • Economics (AREA)
  • General Health & Medical Sciences (AREA)
  • Human Resources & Organizations (AREA)
  • Marketing (AREA)
  • Primary Health Care (AREA)
  • Strategic Management (AREA)
  • Tourism & Hospitality (AREA)
  • General Business, Economics & Management (AREA)
  • Engineering & Computer Science (AREA)
  • Theoretical Computer Science (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

A betting system has a number of betting terminals and displays connected to a central control unit. The betting system allows both fixed price and expected dividend betting by continually calculating the odds and liabilities in respect of each contestant and ensuring that the total liability incurred does not exceed the total amount of money wagered. Expected dividend betting is only allowed until a threshold level of wagers received is reached either by wagers received at the terminals or by transfers of funds from another body. Once the threshold is reached both fixed price and expected dividend betting is allowed by the system. <IMAGE>

Description

SPECIFICATION Afixed odds betting system Field of the invention This invention concerns apparatus for receiving and registering betting wagers at displayed odds whether fixed price or expected dividend and for automatically adjusting such odds in accordance with liabilities already incurred. Wagers may be placed at one or more betting locations on one or more participants in an intended contest.
This invention applies to wagers on single or multiple contestants winning or completing in a specified sequence or specified sequences a single contest or multiple contests.
Background of the invention Operators of gambling systems such as those used on racecourses are traditionally divided into two groups.
Thefirst group is that which accepts wagers with a payout which is agreed at the time thewager is made.
These are 'bookmakers' and offer'fixed price bets'. There are normally a numberofbookmakers at a racecourse in a competitive market and the average oftheir offered fixed prices or 'odds' at the time the race starts is the 'starting price'.
The second group accepts wagers on the basis that all monies which have been bet will be shared amongst the winners after the deduction of a commission to coverthe overheads of the operator. These are 'tote operators' and pay a 'dividend' to winners. There is normally only one such operator at a racecourse and its activities are normally defined by government regulation.
The operatees of gambling systems are 'punters'.
Fixed price betting is inherently more attractive to the avid punter as he knows at the time of making the wager what his winnings will be. With tote betting, the actual dividend paid may be considerably less than that expected at the time the wager was made. To satisfy this demand, tote operators would like to provide a fixed price betting service for punters.
This invention provides a fixed price betting service in conjunction with the provision oftotalisator betting.
One problem in providing afixed price betting service on its own is that it is essentially gambling on the part ofthe operator. Having accepted some wagers and their incurred liabilities, the fixed price betting operator has no guarantee that other wagers will be made to cover the liability. Tote operators, being govenment legislated bodies, are not empowered to gamble in this way. The embodiments of the invention overcomethisproblem and allows tote operators to gain income merely from the commission deducted from total turnover.
A second problem is that of deciding what prices are to be offered at the commencement of betting. If these are not representative of the true merits of the contestants, either intentionally or unintentionally on the part of the individual deciding them, then the operator could be liable for losses as outlined above. The embodiments of the invention overcome this problem by automatically determining what these offered prices should be.
Athird problem is that of maintaining a distribution of wagers in such awaythatthe liability of any one contestant does not exeed the total amount wagered. The embodiments ofthe invention overcome this problem by automatically adjusting the prices being offered to accountforthetotal amountwagered and the liability already incurred forthatcontestant.
A number of other problems related to immunity from price-rigging, stability of offered odds and the maintenance of a minimum totalisator dividend are also addressed by embodiments of this invention.
According to one aspect, the present invention comprises a fixed odds betting system providing fixed price and expected dividend betting including; a control unit, a plurality of betting terminals coupled to said control unitforinputting details of a punter's wager, a plurality ofdisplay meansfordisplaying odds and expected dividends, coupled to said control unit, a control terminal for inputting control instructions to the system, coupled to said control unit, said control unit comprising:: liability calculation means for calculating from the information received from each betting terminal the liability incurred for each contestant, first accumulation means for calculating the total amount of money wagered; second accumulation means for calculating the total amount of uncancellable expected dividend wagers; fixed price calculation means for calculating the fixed price payable in respect of each contestant; expected dividend calculation means for calculating the expected dividend payable in respect of each contestant;; said control unit adapted to operate such that the liability incurred for any one contestant cannot exceed the total amount of money wagered, and, said betting terminals are adapted to issue a record of each betting transaction indicating details of wager, and the fixed price payable in respect of said wagerfollowing completion of the calculations by said control unit in respect of said transaction, said system adapted to intially only provide expected dividend betting until the total amount of uncancellable expect dividend wagers is equal to a predetermined figure after which both expected dividend and fixed price betting are provided.
Embodiments of the invention will no#v be described, by way of example only, with reference to the accompanying drawing in which: Figure 1 shows a block schematic of the betting system according to the invention.
In a preferred form the apparatus of the invention is applied and utilised for betting transactions occurring in a number of betting positions around a racecourse. In such a case there will be several races each possibly containing between ten and twenty-four contestants in respect of which a large variety of odds, both fixed price and expected dividend, may be displayed in accordance with their degree of favouritism, and wagers may be made at stakes which vary in value between verywide limits.
Referring to the drawing, the betting system is comprised of a central control unit 1 with computational facilities, multiple betting terminals 2, multiple displays 3 for fixed prices, multiple displays for expected dividends 4 and multiple control terminals 5. These components may be dependently or independently powered but function as a cohesive system due to the exchange of data. In the preferred embodiment, such exchange of data occurs over communications cables but any other responsive communications method is acceptable.
In the preferred embodiment, the betting terminals use keyboards and pre-marked slip and ticket readers as input means to receive the details ofthe punter's wager. Other input devices such as touch TV screens are acceptable. Such wagers may be at the currentfixed price or they may be totalisator bets.
The details ofthe punter's wager are transmitted to the control unit where they are recorded for use in the computation ofthe liability incurred on each contestant and its resultant fixed price and expected dividend.
Notification thatthe wager is accepted and recorded at the control unit is transmitted to the originating terminal where a receipt is printed as the punter's record of the wager. This receipt also bears a code which uniquely identifies the corresponding record at the control unit.
Simultaneously, the current fixed price being offered and dividend expected are computed by the control unit and displayed on the relevant displays. These displays may be television monitors, multi-segment panels, dot-matrix panels orvideo-matrices.
To overcome operator and punter mistakes, a facility is provided to cancel awagerafter it has been recorded. This is achieved at the betting terminal by entering the wager's unique identification code together with a function code for cancellation. This information is transmitted to the control unit where the wager is removed from the accumulated totals of wagers and liabilities.A response is transmitted to the originating terminal where a printed receipt of the cancellation is produced. The expected dividends and fixed prices are recalculated to accountforthecancelledwagerand the newvalues are displayed.
In the preferred embodiment, cancellation is inhibited forfixed price wagers to prevent price rigging.
The system needs a pool of tote bets which cannot be cancelled. This can be constituted bythetransfers from the government legislated body controlling tote betting or it can be provided from the race course in the following way: Allow the system to cancel a punter's tote bets while the punter is still at the betting terminal, but prevent cancellation of these bets after some other punter has placed a bet at that betting terminal. This is accomplished by having the betting terminal operator or the punter indicate when he has completed his bets by pressing a button on the terminal. This is communicated to the control unit which thereafter inhibits cancellation of all bets made at that terminal before the notification.
Two sets of collations are maintained for tote bets.
One set includes all uncancelled tote bets made so far including those which may yet be cancelled. This is used for calculating the expected dividends.
The other includes only those tote bets which cannot be cancelled. In the preferred embodiment this second set ofcollations consists of only the transfers from the government legislated body controlling tote betting but it could include uncancellable on-course tote bets as described above.
A proportion of the uncancellable tote bets is used in the calculation of the expected dividends and the remainder is used in the calculation offixed prices. This proportion is a system parameter between 1% and 99% and in the preferred embodiment is 50%.
In the beginning, only tote betting is allowed. Expected dividends based on the first set of collations are displayed.
The expected dividend for a contestant is calculated as follows (Equation 1.): ED(C) =(( TFPW + P*TUTW)*( 1 -T & )- FPL(C) ) (FPW(C)+ P*UTW(C)) where ED(C) is the expected dividend for this contestant, TFPW is the total of all fixed price wagers, P is the proportion supplied as a system parameter, TUTW is the total of all uncancellable tote wagers, T & is the proportion deducted from taxation and commission, FPL(C) is the fixed price liability already incurred on this contestant, FPW(C) is the sum of fixed price wagers on this contestant, and UTW(C) is the sum of uncancellable tote wagers on this contestant.
Note that the expected dividend for a contestant is undefined if the denominator is zero.
It will be seen that, priorto the commencement offixed price betting, there will be no fixed price liability on any contestant and that, forthe preferred implementation in which the uncancellable tote wagers are in fact the transfers from a government legislated body controlling tote betting, this equation reduces to the traditional expected dividends based on tote betting.
In many places, tote regulations require that a minimum dividend be paid in return for a wager and that the deficit be made up firstly from other dividends and, ultimately, from the tote operator's revenues.
When the expected dividend for a contestant (as calculated by Equation 1) is less than the minimum dividend then the deficit is calculated as follows (Equation 2): MDD(C) = ( FPW(C) + P*UTW(C)) * ( GMD- ED(C)) where MDD(C) istheminimum dividend deficiton the contestant, GMD is the guaranteed minimum dividend, and the otherterms are as in Equation 1 The expected dividend is then set equal to the minimum dividend (Equation 3): ED(C) = GMD Note that if the expected dividend for a contestant from Equation 1 is greaterthan the minimum, then the deficitforthatcontestantiszero.
Prior to display, the expected dividends are rounded down or upto the nearest payment increment as defined in the legislation pertaining to the installation. In the preferred embodiment they are rounded down to the nearest 5 cents.
When a certain preset condition is satisfied, the system automatically enables fixed price betting and commences displaying fixed prices as well as expected dividends. This condition could be that the amount wagered as uncancellable tote bets has reached a presetfigure or, as in the preferred embodiment, thatthe initial transfers from the government legislated body controlling tote betting have been received. Manual overridefortheenable is provided via the control terminals.
The fixed price for each contestant is calculated as follows (Equation 4): ((1-P)*TUTW+ MFPW)*(1-T & ) i = ((1-P)*UTW(C) + MFPW) where FP(C) isthefixed price forthe contestant, MFPW is the maximum allowed fixed price wager and all other symbols are as defined previously.
The maximum allowed fixed price wager is a system parameter, the effect of which isto control the growth offixed price liability. It may be a fixed value or dynamic. In the preferred embodiment it is set to 1% ofthe currenttotal of uncancellable tote wagers.
In effect, the fixed price for a contestant is what the expected dividend would be if a fixed price wager equal to the maximum allowed had been placed on that contestant.
Note that the fixed prices offered in Equation 4 cannot result in the system operator having a fixed price liability in excess of the amount available to cover it. As fixed price betting proceeds, the system must respond to changes in the distribution of betting so asto maintain this situation. It does this by adjusting the fixed prices offered for each contestant in accordance with the betting trends.
If fixed price wagers are made, resulting in a liability for a particular contestant, then this liability must be deducted from the amount available to coverfuture liabilities otherwise the total incurred liability may grow, through excessively high fixed odds, to exceed the monies available to cover the liability.
Notethatthe greater the offered fixed price, the greaterthe incurred liability ifthe wager is made. When computing the fixed odd to be offered, therefore, the system should respond not only to previously incurred liability but also to the price at which it was incurred.
Forthis reason the system exaggerates the previously incurred liability by a responsiveness factor which is proportional to the average fixed price for previously incurred liability as follows (EquationS): RF(C)=FPL(C) *SRP FPW(C) where RF(C) is the responsiveness factorforthe contestant, SRP is the system responsiveness parameter and all other symbols are as defined previously.
Note that if FPW(C) equals zero, then RF(C) is set equal to one. Note also that the system responsiveness parameter may be changed to suit the implementation and in the preferred embodiment is set equal to 4%.
In this way the system is especially responsive to liabilities incurred at high prices.
With these considerations, the calculation of fixed price for a contestant may be defined as follows (Equation 6): ((1-P)*TUTW+MFPW)*(1-T & )- MDD(C)- FPL(C)*RF(C)) FP(C)= ((1-P)*UTW(C) + MFPW) where all symbols are as defined previously.
Note that it is possibleforthefixed price so calculated to actually offer less than money wagered back.
However, this situation would not arise realistically as punters would not make wagers on a contestant for little or no return.
Analysis ofthe equation aboveshowsthat it is impossibleto incur a liability in excess ofthe monies available to cover it. In this way, the invention provides a system whereby its operator mayfu nction on the basis of a commission deducted from total turnover and not from a profit/loss gambling mechanism.
It is essential to the maintenance ofthe system that the fixed prices offered be recalculated each time afixed price wager is made. As the frequency of fixed price wagers increases approaching the running of the race, this could result in marked fluctuations in the fixed prices being offered. If this becomes excessive, punters may be unable to follow betting trends and may decide not to use the system.
To provide apparent stability of fixed prices being offered the system does not display the exact fixed prices as calculated above in Equation 6, but uses those valuesto select from a range ofpricesfordisplay and use in later computations.
For the preferred embodiment the range is as follows: from $1.00 to $1.95 in increments of $0.05, from $2.00to $2.90 in increments of$0.10, from $3.00 to $4.75 in increments of $0.25, from $5.00 to $9.50 in increments of $0.50, from $10.00 to $19.00 in increments of $1.00, from $20.00 to $45.00 in increments of $5.00, from $50.00 to $100.00 in increments of $10.00.
It will be understood by those skilled in the art that other embodiments and modifications of the invention described are possible without departing from the scope or spirit of the invention.

Claims (15)

1. A fixed odds betting system providing fixed price and expected dividend betting including: a control unit, a plurality of betting terminals coupled to said control unitfor inputting details of a punter'swager, a plurality of display meansfordisplaying odds and expected dividends, coupled to said control unit, a control terminal for inputting control instructions to the system, coupled to said control unit, said control unit comprising:: liability calculation means for calculating from the information received from each betting terminal the liability incurred for each contestant, first accumulation meansforcalculating the total amount of moneywagered; second accumulation means for calculating the total amount of uncancellable expected dividend wagers; fixed price calculation means for calculating the fixed price payable in respect of each contestant; expected dividend calculation means for calculating the expected dividend payable in respect of each contestant;; said control unit adapted to operate such that the liability incurred for any one contestant cannot exceed the total amount of money wagered, and, said betting terminals are adapted to issue a record of each betting transaction indicating details of a wager, andthefixed price payable in respect of said wagerfollowing completion ofthe calculations bysaid control unit in respect of said transaction, said system adapted to initially only provide expected dividend betting until the total amount of uncancellable expect dividend wagers is equal to a predetermined figure after which both expected dividend and fixed price betting are provided.
2. Afixed odds betting system according to claim 1 wherein each betting terminal includes input means for receiving details of a punter's wager.
3. Afixed odds betting system according to claim 2 wherein said input means comprises a keyboard and reader means adapted to read information from a premarked slip orticket.
4. Afixed odds betting system according to claim 3 wherein each betting terminal includes printer means adapted to print a receipt including said record of each betting transaction and a code uniquely identifying said record.
5. Afixed odds betting system according claim 1 wherein said control unit further includeswager cancellation means adapted to remove a wager from the system by adjusting said total amount of money wagered and said liability incurred for each contestant and recalculating the fixed price and the expected dividend payable on each contestant.
6. Afixed odds betting system according to claim 5 wherein said betting terminal originating a requestfor a wager cancellation issues a receipt including details of said cancellation following cancellation by said wager cancellation means.
7. Afixed odds betting system according to claim 6wherein wagers made using fixed price betting are not cancellable by said wager cancellation means unless said request is made before a furthertransaction is processed by said betting terminal originating said request.
8. Afixed odds betting system according to claim 7 wherein said total amountofuncancellablewagers includes transfers of funds from a government legislated body controlling tote betting.
9. A fixed odds betting system according to claim 1 wherein said first accumulation means includes means for calculating the total of all fixed price wagers, said second accumulation means includes means for calculating the total of uncancellable expected dividend wagers on each contestant, and said liability calculation means includes means for calculating a fixed price liability incurred in respect of each contestant.
10. Afixed odds betting system according to claim 9 wherein said control unitincludesathird accumulation means for calculating the total amount of fixed priced wagers on each contestant.
11. A fixed odds betting system according to claim 10 wherein the expected dividend for any one contestant is calculated by said expected dividend calculation means in accordance with thefollowing equation: ED(C) =((TFPW + P*TUTW)*( 1-T & )-FPL(C)) ED(C) = ( FPW(C) +P*UTW(C)) where ED(C) is the expected dividend for said contestant, TFPW is the total of all fixed price wagers, P is a constant proportion supplied as a system parameter, TUTW is the total of all uncancellable expected dividend wagers, T & is a proportion deducted fortaxation and commission, FPL(C) is the fixed price liability already incurred on said contestant, FPW(C) is the sum offixed price wagers on said contestant, and UTw(C) is the total of uncancellable expected dividend wagers on said contestant, and C is an integer representative of said contestant.
12. Afixed odds betting system according to claim 11 wherein fixed price for any one contestant is calculated by said fixed price calculation means in accordance with the following equation: FP(C)=((l#P)*TUTW+ MPFW)*(1-T & ) ( (1-P)*UTW(C) + MFPW) where FP(C) is the fixed price for said contestant, MFPW is a maximum allowed fixed price wager.
13. Afixed odds betting system according to claim 11 wherein afixed priceforany one contestant is calculated by said fixed price calculation means in accordance with the following equations: (((1-P)*TUTW+MFPW)*(1-T & )- MDD(C)- FPL(C)*RF(C)) FP(C)= ((1-P)*UTW(C) + MFPW) where, RF(C) =FPL(C) *SRP FPW(C) MDD(C)= (FPW(C) + P*UTW(C)) * (GMD- ED(C)) SRP is a system responsiveness parameter, and GMD is a guaranteed minimum dividend.
14. Afixed odds betting system according to claim 11 wherein said control unitcomprjses computer means.
15. A fixed odds betting system substantially as herein before described with reference to, and as illustrated in, the accompanying drawings.
GB08618000A 1985-09-20 1986-07-23 A fixed odds betting apparatus Expired GB2180675B (en)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
AUPH253685 1985-09-20
AU60112/86A AU590777B2 (en) 1985-09-20 1986-07-11 A fixed odds betting system

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GB8618000D0 GB8618000D0 (en) 1986-08-28
GB2180675A true GB2180675A (en) 1987-04-01
GB2180675B GB2180675B (en) 1989-02-15

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EP0749605A4 (en) * 1994-02-24 1997-01-15 Hall Grantley Thomas Aubrey
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EP0702313A3 (en) * 1994-09-13 1996-04-03 Totalizator Agency Board
US5672106A (en) * 1994-09-13 1997-09-30 Totalizator Agency Board Combined totalizer and fixed odds betting system and method
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US8585490B2 (en) 2004-03-05 2013-11-19 Cantor Index, Llc Computer graphics processing methods and systems for presentation of graphic objects
US8473393B2 (en) 2004-03-05 2013-06-25 Cantor Index, Llc Financial market wagering
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US8147313B2 (en) 2004-03-05 2012-04-03 Cantor Index Llc Computer graphics processing and system for displaying wagering information for dynamic financial market indicators
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US11308762B2 (en) 2004-04-29 2022-04-19 Cfph, Llc System and method for mapping results from sporting events to game inputs
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US7458891B2 (en) 2004-04-29 2008-12-02 Cfph, Llc System and method for pari-mutuel gaming based on sporting event results
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AU2005318970B2 (en) * 2004-12-22 2012-04-05 Cfph, Llc System and method for betting on a subset of participants in an event wherein betting parameters may change over time
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US10332332B2 (en) 2007-12-21 2019-06-25 Cfph, Llc System and method for slot machine game associated with financial market indicators
US9799171B2 (en) 2007-12-21 2017-10-24 Cfph, Llc Techniques for providing a roulette game
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US11257330B2 (en) 2008-02-15 2022-02-22 Cfph, Llc System and method for providing a baccarat game based on financial market indicators
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US10262502B2 (en) 2012-01-30 2019-04-16 Cfph, Llc Event wagering with group and/or in run options
US11263872B2 (en) 2012-01-30 2022-03-01 Cfph, Llc Event wagering with group and/or in run options
US11055967B2 (en) 2014-03-26 2021-07-06 Cfph, Llc Event wagering with group and/or in run options
US11315181B2 (en) 2014-12-31 2022-04-26 Chicago Mercantile Exchange Inc. Compression of price data
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GB2180675B (en) 1989-02-15
GB8618000D0 (en) 1986-08-28
CY1493A (en) 1990-02-16

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