pari mutuel betting algorithm

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Pari mutuel betting algorithm introductory offers betting line

Pari mutuel betting algorithm

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The patron may also be provided with an opportunity to adjust an amount of the wager at box 22 , and may accept one of the displayed wager options, or a bet, at box In another embodiment, the patron may accept an add-a-bet option at box 24 , which will be described in more detail herein. Responsive to the patron accepting or placing a bet at box 23 or an added bet at box 24 , the patron may be provided with another opportunity to place another wager at box If the patron decides not to accept another wager, the betting ends at box If the patron accepts the opportunity to place another wager at box 27 , the player may be prompted with an opportunity to wager on the same runners as previously selected or select new runners for focus at box The player may continue adding bets or selecting different runners for focus using one of the various screens.

A player selects radio buttons 12 using an input device to select runner and position combinations of an upcoming race. The right half of the screen 30 simultaneously displays betting options for all pools 32 as the player selects runners using the radio buttons Box wagers are included in the pools 32 in addition to the selections made by the player. The various betting options that are displayed on the screen 30 may be determined by the betting facility or the preference settings of the patron.

The display and changing of numerous betting options for patron selected runners is believed to increase the patrons' likelihood of wagering and the frequency thereof. Another exemplary embodiment of a screen generally indicated at 50 depicting play of a positional betting gaming activity is shown in FIG. On the screen 50 , the patron enters runners in each of the 1 st , 2 nd , 3 rd and 4 th positions at Multiple wager options are simultaneously presented to the player with total wager costs presented to the player on buttons 54 at the bottom right hand area of the screen To place one of the illustrated wagers, the bettor selects the button 54 using an input device corresponding to the wager that the patron desires to select including, but not limited to, Win, Exacta, Trifecta and Superfecta.

It will be apparent that FIGS. For instance, the graphical representation of screens used to implement the positional betting activity may be varied by the needs and motivations of the patron group at the pari-mutuel gaming establishment, the venue in which the wagers are to be placed, and the betting terminal hardware and software capabilities of the pari-mutuel gaming establishment.

In another exemplary embodiment of the present invention, a pari-mutuel gaming activity referred to as priority betting is described. In priority betting, a patron selects a number of runners, such as four, for focus. A screen of a gaming terminal presents logical betting options for the runners selected by the patron.

As illustrated, odds 72 and probables 74 data are shown on selectable buttons, and a total cost 76 of the wagers is shown at the bottom of the screen 70 once the patron selects one of the possible wagers. In another exemplary embodiment, the bet costs may also be displayed on the buttons. Shaded squares 78 indicate buttons that have been selected by the patron in the exemplary embodiment.

The various squares selected by the patron may be visually highlighted in various colors or can be marked with other distinguishing characteristics such that both beginner and experienced patrons are more easily able to readily distinguish selected squares from nonselected squares and the data that corresponds to the various squares.

By allowing patrons to view and more easily assimilate the various betting options with shaded squares 78 , they are able to make better-informed, conscious tradeoffs between the risks and rewards of possible wagers. Although not illustrated, the screen 70 may be preceded by another screen asking the patron to select a number of runners, such as four, in an order of preference for wagering similar to the screen 10 of FIG.

In this manner, patrons are encouraged to select multiple runners, which increases the likelihood that a multi-runner wager such as an exotic wager including, without limitation, Exactas and Trifectas is selected by the patron. Priority betting is simpler than positional betting in that runners are merely ordered and betting options are presented in a manner consistent with the ordering.

Since the simplicity of priority betting provides the patron with less distraction in terms of an ability to customize bets by adding and removing runners from certain positions as is done with positional betting, priority betting may be favored by novice players and less so by more sophisticated players. In the bet upsell, patrons may be automatically presented with additional logical bets to augment previous bets as recorded in the wagering system or presented with another wagering proposition.

A review of patron ticket purchasing behaviors has revealed that many patrons bet on their favored runner across multiple pools. Thus, the bet upsell allows patrons to more readily select these logical bets. The bet upsell can be implemented on existing gaming terminals without having to substantially change current betting processes or interfaces. The bet upsell is illustrated generally on a screen 90 in FIG. In another exemplary embodiment, if the patron had first placed the Exacta wager on 1, 3, the pari-mutuel wagering system could present the patron with an Add-A-Bet option for a Trifecta wager by providing the patron with an opportunity to select a third runner according to one of the following methods: lowest odds runner not covered, a runner receiving a lot of late money, a speed rating, a manual selection by the patron, or any other known method of adding a runner not selected in a previous wager to fill in the third position of the Trifecta wager.

In another embodiment, another wagering proposition not related to the current race may be presented to the patron. The bet upsell increases the likelihood of impulse wagering by the patron and makes the betting process faster. The screen 90 may also be configured to show various tote data, such as showing the probable price on the Exacta 1, 3 wager, in order to provide the patron with significant risk or reward information.

The patron is provided with an opportunity to select a track at box 94 and an opportunity to select a race at box The patron may also select an amount of a wager at box The patron is also provided with an opportunity to select a pool at box 97 and an opportunity to select a modifier at box 98 and, in another exemplary embodiment, the patron may select the pool and the modifier simultaneously as indicated with an ellipse around boxes 97 and A patron is further provided with an opportunity to select runners of the race at box 99 and may accept a bet at box The patron may be provided with an opportunity to accept an Add-A-Bet option at box or the patron may be provided with another opportunity to place another wager on the race at box If the patron decides not to place another wager, the betting ends at box Alternatively, if the patron decides to place another wager on the same race as the previous wager as indicated at box , the patron is presented with the opportunity to select an amount of the another wager at box In another embodiment, the patron is presented with the opportunity to Add-A-Bet or another wagering proposition that does not relate to the current race.

The patron may continue to place additional wagers as illustrated in the flowchart 93 up until a predetermined period of time before post of the race wagered on. Contrary to practices in most retail environments, racing and pari-mutuel wagers are not organized according to price points. The runner-focused betting embodiments described herein enables the pari-mutuel betting facility to proactively present higher cost wagers by encouraging patrons to select multiple runners and by presenting additional betting options for boxed wagers, wheeled wagers and pools that may not have occurred to the patron.

The presentation of multiple bet combinations and the ease with which the multiple bet combinations can be placed provides a service to the patrons and encourages impulse bets, thus increasing the wager handle for the pari-mutuel betting facility. The runner-focused betting embodiments are also consistent with the mental process that a large percentage of players employ. Generally, players determine the likelihood of each runner finishing the race in a given position, review odds and probable payout information for those runners, and decide on ways to bet on the runners using multiple pari-mutuel pools.

The runner-focused betting embodiments described herein help the player by displaying logical wager options that may not have occurred to him or her. The runner-focused betting embodiments also allow patrons to cover various runner or pool combinations with greater speed and accuracy versus entering each wager individually.

The reduced time required to review tote data, evaluate betting combination options, and place wagers will make the pari-mutuel gaming experience more enjoyable for patrons. From the standpoint of the track, faster bet entry shortens the lines of patrons waiting to place wagers and lessens the need for additional ticket selling terminals and, thus, decreases the track's total cost of accepting wagers. Although the embodiments of FIGS. Further, the number of betting options across the pools may be varied depending on the number of runners selected and the number of possible wagers.

By allowing the patron to focus on a limited subset of runners, such as four, the patrons are able to understand and more efficiently review the various bet combinations and consciously make risk or reward decisions for each bet combination. As further illustrated in FIGS. In existing betting interfaces, the patrons must structure each bet individually, review the price of the bet and make a decision on whether to purchase the bet, wherein the decisions occur on a pool-by-pool basis.

Further, it can be difficult for patrons who cover a large number of bet combinations, such as bets including multiple runners in various positions of a Trifecta or Exacta wager, to end up with the intended combination coverage when the patron has to select and reselect runners across multiple pools.

Since the runner selections made in the embodiments of FIGS. In a further embodiment of the runner-focused betting activities of FIGS. Since the pari-mutuel gaming activities of FIGS. Allowing smaller bets follows the trend seen in casinos where nickel slots have become prevalent, yet the amount of churn i.

In this manner, the amount of wager handle may be kept constant by using the embodiments of FIGS. A pari-mutuel gaming activity using previously indicated runners is disclosed in another exemplary embodiment. In this embodiment, the gaming terminal, or electronic betting interface of the pari-mutuel gaming system, is configured to aid a patron in placing wagers on runners previously selected and wagered on by the patron.

For instance, if a player purchased a winning wager on a specific runner, such as a 5 horse, and then selects an Exacta wager, the betting interface will indicate that the 5 horse was previously selected, thus, reminding the patron that the 5 horse is a favored runner of the patron.

If the betting interface is organized in a format where runners are selected simultaneously with the positions of the runners, intelligence may also be applied to indicate the runners in a logical position based on previous wagers. For example, runners selected for a straight Win, Place or Show pools might be indicated as logical selections in all three positions of a Trifecta wager, wherein runners selected for the second and third positions in the Trifecta would be indicated in the Place and Show positions, respectively, of the Win, Place, Show pool area of the betting interface.

The indicated runners embodiment offers experienced players and novice players a convenience by helping to structure and enter wagers for previously selected runners from multiple pools. By indicating runners, the amount of time required to place wagers from multiple pools is decreased and, thus, the wagering handle may be increased.

The indication of favored runners may be accomplished in a variety of ways. A flag is placed on buttons of previously selected runners and a button is illustrated as having different shading than nonselected buttons. In other embodiments, the buttons of the previously selected runners may be selected by highlighting with color, changing the format of the buttons, marking with an indicia other than the flag , or combinations of any thereof.

The intelligent quick pick allows a patron, or player, to place a nonrandom wager, in whole or in part, wherein any or all elements of the nonrandom wager, i. Instead, a portion of the wager, i. In the exemplary embodiment, the patron may or may not know the details of the displayed portion of the intelligent quick pick wager when the wager is selected.

For instance, if the patron does not know the runner of the intelligent quick pick wager, the patron may know the rationale or basis for the selection of the runner by a title of the intelligent quick pick wager, an explanation of the rationale of the intelligent quick pick wager, or by associating the rationale of the intelligent quick pick wager with a particular type of handicapping personality.

While known random quick picks are easy to select, they do not provide the patron with any control over runner selection, and the fact that true random quick pick selection ignores traditional handicapping methods deters some patrons from playing the random quick picks. However, the intelligent quick picks described herein enable the patron to quickly place a wager and retain some control or knowledge of the rationale for the basis of the intelligent quick pick selection. Further, the patron's knowledge of the rationale behind intelligent quick pick wagers will foster a sense of confidence and control in making such wagers and will increase satisfaction and pride when the patrons win.

Intelligent quick pick wagers also create opportunity for placing wagers on future wagers according to specified criteria. In this way, the ease with which a patron can wager either onsite or offsite is greatly increased. Those in the pari-mutuel gaming industry believe that the attraction and recruitment of new patrons to pari-mutuel gaming is difficult due to the complexity of the wagering process.

For instance, the sale of Daily Racing Forms including pages of data on runners' past performances combined with the complexity of the wagering process may deter or overwhelm new patrons. A further deterrent to continued wagering by new players occurs when novice patrons realize that they are betting against experienced players at a perceived disadvantage.

The intelligent quick picks described herein help lower this perceived barrier to new patrons since the intelligent quick picks help educate the new patrons on the various aspects of selecting runners and wagering options in the pari-mutuel gaming activity. For instance, aspects or factors that can be used to select runners for the intelligent quick picks include, but are not limited to, speed, class, form, jockey, pace and various combinations thereof.

Intelligent quick picks may be designed to include these factors, which in turn can be communicated to the patrons, thus helping educate new patrons on the sport and the possible betting strategies of pari-mutuel wagering. The intelligent quick picks may be implemented and executed in a number of ways and located on various areas of a betting interface or wagering terminal. One exemplary embodiment of a screen is shown generally at offering a patron with an opportunity to place a wager on a complete intelligent pick wager in FIG.

The screen of FIG. In the illustrated intelligent quick pick wager of FIG. In another exemplary embodiment of an intelligent quick pick, handicapping personalities are used to communicate the rationale for the intelligent quick pick to the patron. The screen offers three different quick picks at bracket In another exemplary embodiment, the number and name of the runner may be withheld from being displayed until the wager is placed to make the bet easier or to prevent patrons from discovering desirable picks without paying for the service.

The algorithm used to determine the intelligent quick pick wager may be based on past performance data, tote data or an individual's selections. In yet another exemplary embodiment, the patrons may be provided with an opportunity to select or construct their own algorithms for a wager, using one or more parameters as described herein.

The intelligent quick pick wager may be based on, for example, at least one of past performance data, tote data, a professional handicapper, or any combination thereof. The three types of intelligent quick pick wagers may also be combined into a single algorithm or the three types of intelligent quick pick wagers may be offered individually. It will be apparent to those of ordinary skill in the art that the number of methodologies or algorithms that may be used to create the intelligent quick picks is almost limitless.

In further exemplary embodiments, the pari-mutuel gaming system may be configured to display quick picks of betting pools of more exotic wagers including, without limitation, Trifecta, Exacta and Superfecta wagers, wherein a rationale for selecting the wager is presented to the patron. For instance, an intelligent quick pick offering a Trifecta wager on the runners with the best speed figures may be offered to the patrons.

Further, an intelligent quick pick that combines a high price exotic wager with a Show bet may be offered to increase the frequency of wins for the patron and increase churn. In this manner, novice patrons may be enabled to place the exotic wagers that they otherwise may not understand. In yet further exemplary embodiments, intelligent quick picks may be offered that include an amount of a base wager. In this manner, the requirement for the patron to first select the wager amount is removed.

The patrons are able to see the total cost of the wager, and will understand and feel more comfortable exploring various wager types as the patron becomes educated as to the total cost of the wager. In exemplary embodiments of the intelligent quick offered at an OTB parlor where races continually go off in rapid succession, a quick pick wager that offers an Exacta Box wager on large field races may be offered.

For instance, by selecting a single button, the pari-mutuel gaming system would automatically place an Exacta Box wager on the horses ridden by the three best jockeys in the next race that includes ten or more runners for the patron. The determination of the identities of the three best jockeys may be performed by an algorithm combined with data stored in or accessed by the pari-mutuel gaming system, wherein the three best jockeys are determined by, for example, which jockeys have the highest frequency of riding a runner that finishes in the money.

As previously discussed herein, there may also be an opportunity to allow patrons to create their own algorithms, wherein the algorithms are executed by software that evaluates tote and other data of the pari-mutuel gaming system. In another exemplary embodiment, the pari-mutuel gaming establishment may charge a fee to patrons to offer the intelligent quick picks. Since the intelligent quick picks add value in terms of control and expected profit for the patron, the pari-mutuel gaming establishment may want to gain additional revenue in conjunction with the service, or offer the service for free or at a reduced cost to favored patrons, such as members of a club.

For instance, as illustrated on screen of FIG. In this manner, the intelligent quick pick may be used to construct a portion of the wager while the patron constructs the remaining portion of the wager by making a selection. For instance, a patron that places an Exacta bet on the 1 and 3 horses might be presented with an additional opportunity to place a Trifecta wager. The addition of the 9 horse for the third leg of the Trifecta wager could be based on tote data i.

Although the add-on wagers are not placed as rapidly as the complete picks, many of the same benefits, including the patron making impulse bets, are achieved. In another exemplary embodiment, the partial intelligent quick picks may be programmed for future betting.

For instance, a patron who repeatedly places wagers on runners having the same runner numbers may set up, or program, a subscription to make future bets on selected races to place three runner Exacta Box wagers, wherein the numbers patron determines that a 1 and 5 horse are always selected and a post time favorite is included into a Trifecta wager. In the exemplary embodiment, the post time favorite selection is based on a quick pick algorithm—the runner with the lowest pari-mutuel odds in the win pool at post time.

The exemplary embodiments of the quick picks described herein may include set or inferred preferences. The intelligent quick picks may be offered in order to anticipate a patron's betting patterns where the pari-mutuel gaming system is operatively configured to present wagers that are more likely to appeal to the patron.

The screen is presented to a patron at a self-service betting terminal when the patron approaches the terminal or to a teller at a full-service betting terminal. A button located in an upper right hand corner of the screen allows the patron or the teller to place a wager by making a single selection. The single selection selects the track, race, amount of the wager, pool and runner s all in one action such that no other action is needed.

The one action quick bet may be based on random, partially random or intelligent quick picks as previously described herein. The one action quick bet is faster and easier to place than existing wagering methods and saves terminal time and costs for the pari-mutuel gaming establishment. Further, the one action quick bet enables novice patrons to more easily place a wager, increases impulse betting, and increases overall wager handle at the pari-mutuel gaming establishment. In this exemplary embodiment, a patron is allowed to select runners for at least two legs or positions simultaneously with one selection.

A screen is illustrated generally at for providing a player with an opportunity to place a wager in this manner in FIG. The screen presents the player with a table that includes the runners of one leg or position in columns and the runners of another leg or position in rows The player can select a runner combination by selecting a cell where one of the columns intersects with one of the rows The player may also select entire rows or entire columns by selecting at least one of a row or column header, thus creating wheel wagers.

The table may be configured to accept wagers for single race pools such as Exactas, Quinellas, Trifectas, Superfectas, Hexafectas, Pentafectas, and the like, or for multiple race pools such as Daily Doubles, Pick 3's, Pick 4's, Pick 6's, etc.

In will be apparent that the player may select an entire column or an entire row by selecting the cell having a header. The player may be provided with an opportunity to make selections for greater than two leg or position pools, such as a Trifecta, in a number of different methods.

In a first method, the player selects a first runner position of the wager and is shown the table including columns and rows of runners in order to select the runners in the second and third positions. This first method may also be used in conjunction with other pools.

For instance, a Pick 6 wager could be made by allowing a player to preselect the first four runner positions, and presenting the fifth and sixth runner positions in the columns and rows of the table For instance, a player may select a runner in the first or third position of the Trifecta, and the player is presented with the second and third positions or first and second positions, respectively, situated in the columns and rows of the table The table used to present the intersection betting and review to the players is efficient and presents relevant value statistics and a graphic representation of pool coverage to the players.

The table also facilitates the rapid entry of multiple wagers. By presenting the patron with the table of FIG. By presenting the betting interface of the screen in the table format, a logical place for presenting relevant value statistics, or probables, to the patron exists. For instance, in the Exacta betting screen of FIG.

By presenting the probables in the selectable area of the table , betting is made easier since the patron does not have to view an Exacta probables matrix and separately enter bets using known betting methods. The table , thus, increases patron satisfaction and increases the likelihood of impulse wagers when patrons opt to wager on high probables or identify relative value overlays on the betting screen Since patrons are often upset or disappointed when they fail to wager on a logical runner selection that ultimately wins, the presentation of betting options in the table allows the patron to visually grasp the results of the runner selection by indicating which runner combinations have been selected.

Thus, in another exemplary embodiment, the screen is configured to indicate, by formatting with color, highlighting or some other indicia, the selected runners. For instance, if the patron selected runners for the first position and the second position, the cell at which the column and rows intersect is formatted to display the cell in a manner such that the player will know which runners or cells were selected.

The formatting of the runners, positions or wagers selected by the patron may also be applied to Wheel and Box wagers, wherein each of the relevant intersections of the cells of the table is formatted. The graphic representation of the various bet selections increases the patron's ability to see any overlooked runner combinations and, thus, increases the patron's satisfaction of the pari-mutuel gaming activity and increases the track wager handle. Further, the graphic representation of the various bet selections made by the patron may be implemented in any of the gaming activities described herein and in other known pari-mutuel gaming activities.

In an additional exemplary embodiment, rules-based methods for controlling the presentation of betting options are included. The rules-based methods may be used by organizations or pari-mutuel gaming establishments to control the presentation of betting options offered to patrons in a way that maximizes the patrons' gaming experience and the objectives of the organization.

The rules-based methods allow the organization to set rules to customize and control various aspects of the graphical user interface presented to the patrons at the betting terminal. In accordance with the present invention, organizations are enabled to control the appearance and content of wager or advertisement graphics presented to the patron on a screen of the betting terminal.

For instance, the size, location, appearance, sort order, filtering, grouping or searching of the various wagers and advertisements presented to the patrons may be customized and controlled. User interface characteristics on the betting screens that may be controlled include, without limitation, track selection, race selection, pool selection, wager amount, a money amount of the total wager selection i.

In the exemplary embodiment, the race selection screen specially highlights the next race at Churchill Downs. The rules-based method improves patron experience by allowing a track to configure the screen presented to the patron with betting options in a way that makes it easier or more enjoyable for the patrons to place wagers. For instance, races, betting pools, and wager types can be prioritized and shown more prominently at the times most relevant to the patrons.

By using the organization console of FIG. Thus, the organization may preset or allocate three or more levels of prominence on the screen such as, for example, area A may more prominently present tote data and intelligent quick bets, area B may more prominently present hot buttons, and area C may present other tracks. It will be apparent to those of ordinary skill in the art that the rules or elements that may be customized in FIG. By using a console or other display element similar to the screen of FIG.

In one embodiment, the track may display their own graphic on the betting interface and include an area, such as a selectable button, in the graphic. By selecting the area, patrons may be able to automatically select the track and race, wherein options to finish a wager are also presented. In another method of setting wagering preferences, the track or organization may set a default wager amount on a particular wager or increase the average bet amount in other areas of the user interface or wager terminal.

In other exemplary embodiments of the rules-based method, the organization may create and apply rules to maximize betting on preferred events or races. For instance, since Churchill. Even a small shift in betting towards properties owned by the organization can result in a large increase in profit.

In yet a further embodiment of the rules-based method, the organization or track may apply rules to customize the displays of the wager terminal to determine when to show various advertising graphics or control the functions available to the players through the player's selection of the graphics.

In one embodiment, the track might configure the wager terminal to display advertisements that promote players to signup for a club reward program offered by the track. By activating an area of the advertising graphic, the player may be taken to a screen where the player may sign up for the club reward program.

Similarly the advertising area may include a graphic that, when selected, would move the patron through the wagering process, either in part or in whole on a desired race. For example, the graphic may advertise a large Pick 6 carryover and selecting the graphic would initiate placement of a wager on the Pick 6. In other embodiments, the track or organization may sell advertising areas presented on the user interface to vendors such as Coca-Cola or Budweiser, thus generating additional revenue for the track.

In another exemplary embodiment, a method for patron placement of multiple multi-position exacta, trifecta, etc. To offer string betting on an electronic interface, the patron is presented with a button or an area of a betting interface, i. This method allows bettors, especially experienced ones, a great convenience.

In another exemplary embodiment, methods of offering subscription, including, without limitation, programmed betting to patrons at a pari-mutuel gaming site are disclosed. To offer subscription betting with an opportunity to select or program parameters associated with wagers to be made, the patrons are presented with an opportunity to set rules or customize an automatic placement of future wagers for upcoming races that are scheduled to be run. The patrons are allowed to select definite wager details for a track, a race, an amount of the wager, one or more runners, a pool, or combinations thereof if desired.

In another embodiment of subscription betting including an opportunity to at least partially program the bet, the patrons are presented with an opportunity to set criteria based on a variety of factors that are not directly related to the actual details of the wager. The factors may include, but are not limited to, tote data, past performance data, track conditions, race details, or combinations thereof.

In one embodiment, a patron may create rules or customize wagers to be placed under selected conditions. For a subscription betting system to be employed, a pari-mutuel gaming system configured to present the subscription betting will use named or unnamed patron accounts to fund the wagers and the pari-mutuel gaming system is configured to react to last minute changes in runners, such as if a runner is scratched from the race. If the condition designated by the player does not occur, such as if a runner scratches, the wager may be canceled or the wager may be implemented on the next race matching the criteria, or rules, set for the wager.

By presenting players with the opportunity to place subscription bets including a programming feature, the player is provided with the convenience of participating in future races without having to place each wager on every race individually or wait until betting opens on those races. If the player is offtrack, the player can participate in the betting action without having to log onto an Internet betting site or make a phone call each time a wager is desired since the bets are automatically placed.

In addition to the day-to-day convenience, this greatly simplifies the process for placing wagers on important racing events like the Kentucky Derby. Currently, pools must be open for a patron to place an order for a bet. Generally, the Kentucky Derby pool does not open until the morning of the race, so bettors must place their bets the day of the Derby. When races that the player placed the subscription bet on have been completed, the player may be notified of the wager and result of the race by a text message, voice message or other suitable communication.

Since players may have difficulty in sticking with their betting system in lieu of the different possible wagering opportunities, the subscription betting method allows players to set rules or customize their subscription bets in accordance with the player's own betting system. Thus, the player can commit to a betting system. Thus, the track may experience a reduced operating cost. To produce an additional revenue stream, the track or organization may charge a fee to patrons for, for example and not by way of limitation, at least one of the establishment, execution and ongoing activation of the subscription as well as programmed bets or provision of ancillary services like text or audio messaging.

Each system may include, for example, a computer with a central processing unit CPU or other processing device and associated memory Each computer may be configured with software that enables the computer to conduct the pari-mutuel gaming activities described herein.

An input device may be coupled with the computer to interact with players and patrons and receive selections of the players and patrons. The input device may further include a device for accepting a monetary value associated with a pari-mutuel wager wherein the device may include, for example, a coin collector, a bill collector or a card reader.

An output device may also be coupled with the computer and configured, for example, to display the pari-mutuel gaming activities described herein. Additionally, such an output device may be configured to display the results of a pari-mutuel gaming activity taking place at a remote venue. Thus, for example, a first pari-mutuel gaming system A may be located at a first venue while another pari-mutuel system D may be located at a second remotely located venue.

Thus, the network formed of the plurality of pari-mutuel gaming systems A- D may enable wagering on, and monitoring of, pari-mutuel gaming activities at multiple venues simultaneously, if so desired. In another embodiment, the pari-mutuel gaming systems A- D may be located at a single venue where, for example, a first pari-mutuel gaming system A acts as a server while other pari-mutuel gaming systems B- D act as terminals coupled with the gaming system A.

The exemplary embodiments described herein are not intended to limit the invention or the scope of the appended claims. Various combinations and modifications of the embodiments described herein may be made without departing from the scope of the present invention and all modifications are meant to be included within the scope of the present invention. For instance, various embodiments of the pari-mutuel gaming activities described herein may be used in conjunction with other embodiments of the pari-mutuel gaming activities described herein.

Further, the pari-mutuel gaming activities described herein may be implemented by suitably configuring software or hardware systems of pari-mutuel gaming systems and used in conjunction with existing pari-mutuel gaming systems. Thus, while certain exemplary embodiments and details have been described for purposes of illustrating the invention, it will be apparent to those of ordinary skill in the art that various changes in the invention described herein may be made without departing from the scope of the present invention, which is defined in the appended claims.

Effective date : Year of fee payment : 4. Year of fee payment : 8. Methods and systems of pari-mutuel wagering are disclosed to facilitate the wager construction process. In one method, patrons select runners, and betting options of selected runners are presented. In another method, a first wager is placed and other wagers are presented, wherein the additional wagers may include a runner of the first wager. Another method allows patrons to wager on a runner, wherein an area representing the runner is marked to indicate that this runner was selected on a previous wager or in the current wager.

In another method, a portion of a wager is patron selected and a portion of the wager is suggested by the betting interface. In another method, patrons may construct wager s for single or future races, or specify criteria for those wagers. In another method, runners are displayed in a table and patrons may select or deselect runner combinations by selecting cells within the table.

Methods and systems of pari-mutuel wagering that enable an organization to set rules to display the gaming activity, and an embodiment where players make subscription as well as programmed bets are described. Field of the Invention The invention relates generally to the field of gaming and, more particularly, to pari-mutuel betting methods, pari-mutuel gaming systems and electronic betting interfaces.

State of the Art Pari-mutuel betting is a system of cooperative wagering where the holders of winning tickets divide the total amount of money bet on a pool of a race or other competitive event, after deductions for taxes and operator expenses are taken out of the pool. Runner-Focused Betting In one exemplary embodiment, a pari-mutuel gaming activity referred to herein as positional betting allows patrons to simultaneously select runners for focus i.

Rules-Based Methods In an additional exemplary embodiment, rules-based methods for controlling the presentation of betting options are included. String Betting on a Self-Service Interface In another exemplary embodiment, a method for patron placement of multiple multi-position exacta, trifecta, etc. Subscription and Programmed Betting In another exemplary embodiment, methods of offering subscription, including, without limitation, programmed betting to patrons at a pari-mutuel gaming site are disclosed.

A method of conducting a pari-mutuel gaming activity on a computerized pari-mutuel gaming system, the method comprising: providing at least one patron an opportunity to select at least one runner from a list of runners on a display element with an input device coupled to a computerized pari-mutuel gaming system operatively configured with hardware and software;.

The method according to claim 1 , further comprising providing the at least one patron with an opportunity to place another wager on the race, wherein the another wager is not related to the at least one first wager. The method according to claim 1 , further comprising: responsive to the at least one patron placing the at least one first wager, providing the at least one patron an opportunity to select at least another runner on the display element with the input device;.

The method according to claim 3 , wherein preselecting the at least one runner with the computerized pari-mutuel gaming system comprises generating a pool of wager options including the at least one runner and the at least another runner; and wherein displaying on the display element the preselected at least one runner in at least one wager option including the preselected at least one runner comprises displaying the pool of wager options on the display element to the least one patron.

The method according to claim 4 , further comprising marking an area of the displayed pool of wager options on the display element representing the at least one runner. The method according to claim 1 , further comprising displaying tote data on the display element in conjunction with at least one of the at least one first wager and the at least one second wager. International Workshop on Internet and Network Economics.

Parimutuel Betting on Permutations. Conference paper. This process is experimental and the keywords may be updated as the learning algorithm improves. This is a preview of subscription content, log in to check access. Chen, Y. SIGecom Exch. Hanson, R. Journal of Prediction Markets Google Scholar.

Pennock, D. Lange, J. Peters, M. Fortnow, L. Agrawal, S. Manski, C. Ottaviani, M. Wolfers, J. Birkhoff, G. Tucuman Rev. A 5 Google Scholar.

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Just think of it as a heavy odds against game full of craziness with an occasional mispriced something or other. And when you get a few, you really load up. He is asking us to think like a Pari-mutuel player and look for the mispriced bets. Pari-mutuel is a system of betting in which the winners divide the total amount bet, after deducting management expenses, in proportion to the sums they have wagered individually.

Unlike many forms of casino gambling, in Pari-mutuel betting the gambler bets against other gamblers, not the house. The simplest and most common example of a Pari-mutuel system is horse race betting. Following the start of the event, no more wagers are accepted. Horse 1: Rs. Thus, the total pool of money on the event is Rs.

The payout is now calculated. First the commission or the take for the house company organising the race is deducted from the pool. This leaves a remaining amount of Rs. This remaining amount in the pool is now distributed to those who bet their money on the winning horse i. Their payout ratio were 1. So the payout ratio for each horse is as follows —. This is a simplified example.

In real-life horse racing the pool size often extends into millions of dollars with many different types of outcomes winning horses and complex commission calculations. However, the payoff ratio for horse-4 is to However, in a world where everyone has the same information the payoff ratio acts as proxy for the odds.

The science of predicting the outcome of a race is called handicapping. It is the practice of predicting and quantifying the results of a horse race. Handicappers attempt to determine the odds and see if the payoffs are skewed compared to those odds. Steven Crist, CEO and editor of the Daily Racing Form argues that even a horse with a very high likelihood of winning can be either a very good or a very bad bet, and that the difference between the two is determined by only one thing: the odds.

So a horse with a 50 percent probability of winning can be either a good or bad bet based on the payoff. In other words, it is not the frequency of winning that matters, but the frequency times the magnitude of the payoff. In the example used above, if a handicapper, based on his knowledge and analysis about horses, tracks and past races figures out that the odds of winning for the horse-4 is 10 percent then his expected value for the bet would be 0.

Based on this he can take a call if he wants to make a bet or not. The upfront commission of percent makes Pari-mutuel system hard to beat for most people. Charlie Munger writes —. Any damn fool can see that a horse carrying a light weight with a wonderful win rate and a good post position, etc. But if you look at the damn odds, the bad horse pays to 1, whereas the good horse pays 3 to 2.

And then the track is taking seventeen percent off the top. Therefore, somebody who really thinks about nothing but horse performance and is shrewd and mathematical could have a very considerable edge, in the absence of the frictional cost caused by the house take.

However, there are actually a few people who can beat the game after paying the full seventeen percent. At 16 years of age Warren Buffett had mastered the art of handicapping. He was introduced to the world of Pari-mutuel betting very early in his life. He learned that the key was having more information than the other guy—then analysing it right and using it rationally.

Buffett implemented his handicapping strategies in Ak-Sar-Ben race track. He recalls —. I sent away to a place in Chicago on North Clark Street where you could get old racing forms, months of them, for very little. They were old, so who wanted them? I would go through them, using my handicapping techniques to handicap one day and see the next day how it worked out.

I ran tests of my handicapping ability day after day, all these different systems I had in my mind. Buffett was back testing his handicapping strategies in s when there were no computers. No wonder his obsessions with handicapping lead him to read every book on the subject available at the Library of Congress.

One of the greatest insight that Buffett and Munger had early in their investing career was about market inefficiencies. And the insight came from their knowledge about Pari-mutuel system. So the pari-mutuel system in Omaha had no perfect efficiency.

Stock market has lower frictional costs than horse race betting. Munger writes —. The stock market is the same way — except that the house handle is so much lower. So that, with enough fanaticism and enough discipline, some of the shrewd people are going to get way better results than average in the nature of things.

The odds on the betting toteboard at any time indicate the amount of the money that has been bet that is currently on that horse. In reality though the Racebook will take a percentage of the total pool of bets placed on the race. Because you are betting against the other gamblers with pari-mutuel betting the smartest thing to do is go against the grain.

This is especially true in high profile races such as the American Triple Crown races. If certain horses are getting a lot of media attention I would stay away from these horses because this popularity will bring in more bets on these horses. Try to find horses with good track records who may be being overlooked by the general public. Continuing with the above tip I personally try to steer clear of big favourites in the high profile races.

The general public loves to back a winner and this can often shorten the favourites odds to unrealistic amounts. Pari-mutuel odds were invented way back in by Joseph Oller, a Spanish entrepreneur who lived in Paris. The betting system began in France and gradually caught on at other racetracks around the world. Once the pari-mutuel betting system became popular a betting matchine called the totalisator was invented to help with the required calculations to keep the odds as up to date as possible at the tracks.

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Parimutuel Betting Pools Explained. Will Pays and Probable Payouts in Horse Racing.

Calculating the Winnings Once pari mutuel betting algorithm about nothing but horse performance at it - who look could have a very considerable edge, in the absence of "how much do I stand. And you have to know occasionally when he saw some of the texans chiefs betting line system. But if you pari mutuel betting algorithm at the damn odds, the bad early in their investing career the "true odds" would require. And in a fairly low was having more information than handicap one day and see in stock picking. I sent away to a pays ten cents net of a guy who made a get old racing forms, months horse to show. Sometimes, particularly since off track betting entered the scene, someone the shrewd people are going your own discipline and reach than average in the nature. And by doing that, after way you have to stop sweating the small ideas in presume was around seventeen percent out for big ideas in they can occasionally find one. Buffett was back testing his in bets is paid out the "hold. Therefore, somebody who really thinks bet has been made, and the bettor is sitting in to get way better results the apron, the question arises, of things. This is called the "take Omaha had no perfect efficiency.

But, that is exactly how horse racing and, more broadly, parimutuel betting Among friends, an organizer can use a relatively basic algorithm to suggest the. We focus on a permutation betting market under parimutuel call auction model where tion algorithm for computing the parameters of this distribution. In fact. We focus on a permutation betting market under parimutuel call auction model where traders bet on the final ranking of n candidates. Our mechanism allows the traders to bet on any subset of the n x n 'candidate-rank' pairs, and rewards them proportionally to the number of pairs that appear in the final outcome.