Odds can drop to 1 or even 1, depending on how many people think the least favored horse will win. As money is pooled and more bets are placed odds continue to fluctuate. Prior to any money being wagered, estimated odds are displayed on the tote board.
If you do wait until the final minute or so to wager, make sure that you are physically in position to do so. Once the race starts, no bets are taken. In order to not be shut out from placing your wager, bettors need to be right at the betting window. Betting across the board is not always a good wager. A first-place finish will pay much more than if your bet ends up in the second or third spot.
The show spot is usually a break-even bet. The same amount of money is spent, but each first-place bet usually has more profit potential than a place or show wager. As soon as you start wagering on exotics, such as the Daily Double, Exacta or Trifecta, you undercut your chances of winning.
The fact is that these wagers are all akin to parlays and parlays, which involve wagering on numerous sequential outcomes, are extremely difficult to hit. If you do decide to wager on more than one horse per race, be sure to calculate each possible outcome. The other two will result in a profit. Pari Mutuel wagering offers additional excitement for the bettor due to the fact that the odds constantly change. This system results in a range of wagering choices that with careful monitoring can be exploited by gamblers.
We have plenty of sports betting information at madduxsports. Read up on all you can so you have the greatest advantage over the bookmaker this season! We have recently started to offer tennis, nascar, and golf wagering guides so we are currently working on writing up more articles on those small market sports and will include them to this section.
Sports Picks on basketball, football, and baseball! For years the sports handicappers at Maddux Sports have been making money for us and our clients betting the strongest sports picks on the Internet. Maddux Sports feels that in this industry the best sports handicappers can charge less for their picks than the big name scamdicappers.
Maddux Sports makes its money from repeat sports bettors that know the value of their bankroll. Featured on:. The information contained at this site is for entertainment purposes only. Any use of this information in violation of any state, federal, or local laws is prohibited.
Whenever you are in the mood to place a wager on a sporting event or sporting fixture, if you are struggling to pick one of the many sporting events that are running each day of the week, why not consider placing a bet on a sport that is often overlooked by sports bettors, that being the game of Pool. Whilst it is very true to say you are not going to be overwhelmed with the sheer number of major events that surround the game of Pool such the World Cup of Pool , one thing is guaranteed when any of these types of matches are running is that the games are very fast paced, and as such if you have chosen the winning player or team then you will soon know your fate ad will get paid your winning rapidly!
The best places for you to checkout when the next major Pool event is up and running is by taking a look at the betting schedules that all of our featured betting sites list, one of the best betting sites that we can recommend you take a look at is Paddy Power, for they always list the major Pool tournaments well in advance of them starting, and this is often where you will find the best odds on offer.
If you are wondering just how many different kinds of bets and wagers you can place on any game of Pool then allow us to tell you some of the more commonly placed ones which may be of interest to you! Probably the most popular bet whenever a Pool knockout Tournament is about to start is the Outright Winner of that tournament, simply pick the one player, before or even as the tournament is running, that you think is going to life the trophy and walk away with the Pool Tournament cash prize and if they win then so do you.
As Pool is made up of several rounds, then you will always be able to place a bet on each player in each of these many different rounds, you could also place a correct score type of wager in regards to any Pool match, and this type of wager will see you having to predict the score the game will end in, and if you pick correctly then these types of bets do often come with some very generous odds attached to them.
When it comes to betting on Pool matches, then there are only a select number of premier betting sites who actually offer a comprehensive set of betting markets and related odds on these matches, and as such we recommend you stick to betting at our rated sites listed below. You are going to come across lots of extra value betting propositions make sure that you take them up on their new customer sign up deals, many of which can be found below!
We need to point out to you that whilst all of the above free bets and special betting related bonus offers were accurate when we compiled this betting guide, they are subject to change at any time. To validate any offer is still available simply visit the respective betting site for that is where you will find full details of all current promotions along with the terms, conditions and rules of every bonus and free bet available.
This, combined with a varied betting strategy and discipline, should be enough to get you off to a smoother start. Also, try to keep in mind that always betting on the favorite is the key mark of amateur pool bettors, because each game can vary wildly due to a number of personal factors.
What are the Best Pool Bets to Make? Other profitable options are the knockout bets, where you can bet on who will get knocked out of the competition as well as match up bets. Also, pool bets are normally subject to official results from the tournament body, regardless of any later appeals.
The handicaps bets are basically bets where one player is given a specific point handicap to even out the odds. For example, Player A gets a How to Pick a Pool Winner? For example, you might have an experienced player that starts great but breaks under pressure once the match unrolls.
In such cases, you can make a good pre-match bet but also in-play, if you trust the underdog to make a comeback after being down by one-two frames. In the end, it all boils down to skill, experience, and mentality. Doug Hirdle Author Hey all! My name is Doug Hirdle, and I am the main author at Betting.
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|Wertheim bettingen pension dynamics||298|
|Wertheim bettingen pension dynamics||Companies in several jurisdictions, both domestic and foreign, accept wagers on sporting events. Games can be created based on professional baseball leagues in the Parimutuel betting games for basketball States major league and minor leagueJapan, Korea and Mexico as well as college baseball in the United States. The first horse has bets, while the second is carrying bets. Contestants predict the outcome of sporting events that take place at a later time. WOA1 en. The account database 30 stores information regarding individual bettor accounts. Retrieved 18 December|
|Afc playoff betting odds||116|
|Parimutuel betting games for basketball||Best sports betting bonuses|
|Benfica vs monaco betting tips||Ufc betting sites paypal phone|
|Trade360 bitcoins||The parimutuel betting games for basketball invention provides a method for a wagering system that accepts bets on sporting events. Download as PDF Printable version. These days when you go to a track the odds for each competitor are instantaneously calculated and continuously updated. The present invention provides a pari-mutuel sports wagering system and method. The pari-mutuel wagering method of claim 1wherein the human sporting event is basketball. One of the few services that actually wins for their clients. Categories : Sports betting Gambling games.|
Active players will always have some frozen assets, but they must be careful to keep some assets liquid, or they will not be able to place any new bets. When a line terminates, winners are paid off and tokens won become liquid. All the tokens bet on a line the frozen assets are forfeited when the line terminates, however players with winning bets recoup the tokens bet on that choice as part of their payoff.
The lengths of the betting events differ for each betting event in the PBG of the present invention. However, many betting lines will open and close in a typical WINNER betting event since the odds are in a constant state of change. Due to the liquid-frozen asset dynamics just described, players must be clever about how they split their wagering between short term bets which will become liquid again soon if they win and long term bets which will stay frozen, but may pay off very well if they win.
In the PBG of the present invention, the players are free to bet any amount as long as they have enough liquid assets to cover the bet on any choice on any open betting line during the game. Due to the parimutuel-style wagering, the players in the present invention are in direct competition with each other, i.
Two or three players could compete in a PBG, or so could ten million. The game itself remains basically the same regardless of the number of players. As mentioned above, the game requires sports knowledge and money management skills. Skillful players will also monitor the assets of their opponents so that they can chose between risky and safe strategies. The PBG of the present invention utilizes the services of an administrator. The administrator's primary duties are to open, close and terminate betting lines at appropriate times and declare the winning outcome when the line terminates.
The administrator could be confined to rigid rules specifying when lines open, close, and terminate, but the game is more interesting when the administrator is an integral part of the game. In particular the administrator can be allowed quite a bit of room for judgment with respect to the times that new lines open the termination times and winning choice should be unambiguous.
As mentioned, new lines preferably open whenever the game situation changes enough so that the odds on the choices are significantly different than they were for the previous line. Lines can open at other times as well, for example, if the action on a line is heavy. All of these choices require judgment calls by the administrator.
As far as the inventor can determine, no efforts have been made to apply the concepts of a PBG to a determinate sporting event, such as a trivia or quiz game, in which contestants answer multiple choice trivia questions and are rewarded under a PBG format.
In most quiz games, players are rewarded with points for correct answers. Points may be deducted for incorrect answers. As far as the inventor can determine, there are no quiz games which have any of the attributes of a PBG, including: parimutuel wagering on the answer choices; multiple answers permitted; hierarchical choice sets; O-C-T sequence for each question.
As far as the inventor can determine, the game with the most in common with the PBG of the present invention is QB1. Examples of QB1 can be viewed at www. Based on information and belief, QB1 was first used in public during the summer of QB1 consists of a series of opportunities to guess the next play in a football game. In a baseball version of QB1, players would guess what a batter will do in a baseball game.
There is an element of tree-like structure to the choice set in QB1. For example a player can guess that the next play will be a pass, or be more specific and guess pass-long-right. QB1 is not a betting game. The PBG of the present invention is a betting game.
Players choose how much to wager on their choices and they can bet on more than one choice. The payoffs are parimutuel style, so the amount a player wins depends on what other players do. In QB1, players simply accumulate points. There is no analog of liquid and frozen assets since there is no betting. Although QB1 is a multi-person game, it lacks the direct competition between the players that the PBG of the present invention has.
In QB1, each player is essentially playing against the house. The activity of other players, or even their existence, is irrelevant to the player's score. Thus QB1 is best described as N the number of players player vs. There is no money management aspect to QB1, so it is not a game of skill to the extent that the PBG is. There is very little, if any, room for him or her to exhibit any style, or to make decisions effecting the game. Other methods of conducting sports games over computer networks are known.
For example, U. A weekly or other regularly scheduled game of chance is conducted in conjunction with a series of seasonal sporting events, such as baseball, football, hockey, U. Data related to predicted scores and the fee paid are entered into a programmed central computer system for eventual processing and matching with data entered for the actual scores when the identified games are completed to identify the winners.
The participant receives a receipt and unique transaction code. Participant data entry and payment means can include third-party ATMs and cash machines, and third-party vendors and participants' PCs connected to the central computer via the Internet, with payment made through the participants' credit or debit accounts. In an alternative embodiment, predictions can include the actual number of points scored during subsets of the contests. A processor randomly selects a second group of occurrences from the first group of occurrences and randomly arranges each of the second group of possible occurrences into individual locations on a patterned layout on a scorecard for a verified user of the game.
The game system enables a user to chose members of a football team and play a game of football against an opponent at a remote location. A copy of all game parameters are stored in two different media-a RAM and a disk memory. The user's graphical and keyboard inputs are fed into the RAM as events initiated by the user.
The opponent's inputs are fed into the user's disk memory as write statements. A microprocessor is used periodically and systematically to compare the parameters in the user's RAM to the parameters stored in the user's disk memory. If there is a discrepancy between the RAM parameters and the disk memory parameters, the microprocessor will update any of the parameters on the user's RAM or send write signals to update the opponent's disk memory based upon the type of discrepancy detected.
This is done by the present invention with considerably less hardware setup cost at each location, and with a lower operating cost, than is found in the prior art. Access to the present invention is more easily controlled than under the video broadcast prior art, and unauthorized participants may be more easily excluded from participation. A wagering game played by a player includes a set of game participants, an identification number assigned to each of the game participants, and a game number.
The player places a wager based on the game number, and a ranking order of the game participants is determined, such as by a race. The sum of the identification numbers of a subset of the game participants is calculated, the subset of game participants having a predetermined number of game participants selected on the basis of the ranking order of the game participants. Whether the player's wager is a winning wager is determined by comparing the sum to the game number.
The wagering game may be implemented as an electronic game. A wagering game for play by a player includes a set of game participants, an identification number assigned to each of the game participants, and a game number. The player places a wager relating to the game number, and a ranking order of the game participants is determined, such as by a race to a finishing point.
The sum of the identification numbers of a subset of the game participants may be calculated. The number of lengths by which a first ordered game participant beats another ordered game participant to the finishing point may also be calculated. Whether the player's wager is a winning wager is determined by comparing the sum or the number of lengths to the game number. Each sporting event involves two teams, each team having associated therewith a point spread used in determining whether a wager made on the team is won.
The bettor selects a team from each of two or more events upon which to place a wager. The point spreads associated with the selected teams are summed to define a combined point spread wager, and the bettor wagers on the combined point spread. The bettor wins the wager if a sum of point differentials associated with the selected teams as determined from the results of the sporting events covers the combined point spread.
Combination betting allows bettors to place an interest on a number of different games while maintaining that interest until all games are completed. There remains a need for a game that accomplishes the following objects and achieves the following benefits over the prior art. It is an object of the invention to provide a PBG that can be played between a plurality of players via a computer network.
It is another object of the invention to provide a PBG based on events unfolding during a determinate sporting event, such as a trivia game, a principal objective of the game being to acquire the largest number of betting tokens by the end of the sporting event, and wherein the players are in direct competition because payoffs are parimutuel style. It is another object of the invention to provide a PBG that incorporates a hierarchical parimutuel style payoff structure. It is another object of the invention to provide a PBG that can be used to calculate the odds on a plurality of betting choices in terms of the PBG players' betting activities.
It is another object of the invention to provide a PBG that incorporates bonuses to encourage players to place bets early on the betting lines, thereby keeping every line active. It is another object of the invention to provide a PBG in which numerous O-C-T betting events are being conducted simultaneously. It is another object of the invention to provide a PBG which incorporates liquid-frozen asset dynamics. It is another object of the invention to provide a PBG that includes both long term and short term betting events.
It is another object of the invention to provide a PBG that can be played by a plurality of players all competing directly against each other for shares of the winning pot. It is yet another object of the invention to provide a PBG that utilizes the services of an administrator and in which the administrator exercises responsibility and exercises judgment in administering the game.
These and other objects and advantages of the invention shall become apparent from the following general and preferred description of the invention. Accordingly, a PBG is provided for playing by a plurality of players, typically over the Internet. The parimutuel betting game is based on events unfolding during a determinate sporting event, such as a trivia game or a replay of a sporting event. A principle objective of the game is to acquire the largest number of betting tokens by the end of the sporting event.
The players are in direct competition because payoffs are made in parimutuel style. Tokens are preferably allocated to the players prior to commencement of the determinate sporting event. A plurality of betting events are conducted during the sporting event.
Each of the betting events is based on a bettable event occurring during the determinate sporting event. Each step of conducting a betting event comprises selecting a betting event from the bettable events and administering at least one betting line for the betting event. Each step of administering a betting line comprises: opening a betting line for the betting event, the betting line based on a finite set of possible outcomes of the betting event; allowing the players an amount of time within which to selectively bet tokens on the possible outcomes of the betting event; freezing tokens bet on the open line such that the frozen tokens are not available for further betting until a payoff has been made on the betting event; closing the betting line after a selected interval such that no further tokens may be bet on the line; monitoring the sporting event until a termination event occurs with regard to the betting event; and terminating the betting event upon occurrence of the termination event for the betting event.
Upon termination of the betting event, winners of each of the betting lines are paid off in parimutuel style. The process of selectively conducting betting events is repeated until the sporting event has concluded.
In a preferred embodiment, the PBG is played in a computerized format, such as over the Internet, and is administered by an administrator. The administrator can be a computer processor. A host processor is provided, the host processor being programmed for analyzing and processing input data and outputting data and information relevant to the parimutuel betting game.
A plurality of player processors are interactively connected to the host processor. The player processors are programmed for playing the PBG. Each player processor has a display means operatively associated therewith for displaying data received from the host processor and for entering data and sending data to the host processor.
An administrative processor is interactively connected to the player processors via the host processor. The administrative processor is programmed for administering the parimutuel betting game. The administrative processor has a display means operatively associated therewith for displaying data received from the host processor and for entering data and sending data to the host processor.
An administrator browser page is displayed on the display means of the administrative processor. A player browser page is displayed on the display means of each player processor. The processors are used to allocate betting tokens to each of the players prior to commencement of the determinate sporting event.
The administrator monitors the determinate sporting event for situations giving rise to bettable events. The players and the administrator use the browser pages and the processors to conduct the plurality of betting events. The administrator selects the betting events. The administrator uses the administrative browser page to open a betting line for the betting event. When the administrator opens a new betting line, the administrative processor sends a betting line identifier and a bonus amount for the new line to the host processor.
Upon receiving the betting line identifier for the new line, the host processor opens a new betting line. Betting event information for the open betting line is displayed on the display means of the player processors. The players are allowed an amount of time within which to use the player browser pages to selectively bet tokens on the possible outcomes of the betting event. For each bet placed by a player on a betting line, data concerning the bet is sent to the host computer for processing.
The data includes a player identification, a betting line identification, a betting choice identification, and an amount bet. Tokens bet on the open betting line are frozen such that the frozen tokens are not available for further betting until a payoff has been made on the betting event. Updated betting information for each betting line is displayed on the player browser pages. After a selected interval, the administrator closes the betting line such that no further tokens may be bet on the line.
When the administrator closes the line, the administrative processor sends the line identifier for the new line to the host processor. Upon receiving the betting line identifier, the host closes the new betting line such that no further bets can be placed on the line. The administrator monitors the sporting event until a termination event occurs with regard to the betting event.
The administrator terminates the betting event upon occurrence of the termination event for the betting event. When the administrator terminates the betting event, the administrative processor sends the line identifier and a winning choice identification to the host processor for calculating the parimutuel payoff on the betting lines. Upon termination of the betting event, winners of each betting line in the betting event are paid off in parimutuel style, with the payoffs being determined and processed by the host processor.
Updates are performed on a periodic basis wherein the host processor sends data to all the player processors and the administrative processor reflecting changes to the browser pages. The process of selectively conducting betting events is repeated until the conclusion of the determinate sporting event. Bonus tokens are preferably allocated to the betting lines in order to encourage players to bet on the open line. The bonus tokens are paid to winners of the betting line in parimutuel style.
In a preferred embodiment, only one betting line is open at any given time in a given betting event, to thereby encourage the players to bet on the betting line before the betting line closes. A new betting line is preferably opened substantially whenever a prior betting line closes, to thereby constantly challenge the players to evaluate an open betting line within the betting event.
Players are preferably allowed to place multiple bets on any open betting line. Additional tokens may be allocated to the players at selected intervals during the game, preferably in equal amounts. In a preferred embodiment, at least one of the betting events has a hierarchal parimutuel style payoff tree structure.
The hierarchical parimutuel style payoff tree structure has at least two primary outcomes. At least one of the primary outcomes in the hierarchical betting event has at least two secondary outcomes, such that whenever one of the secondary outcomes is a winning bet, one of the primary outcomes is also a winning bet. Winning bets placed on the secondary outcomes receive a higher parimutuel style payoff than winning bets placed on the primary outcomes.
Winning bets placed on the tertiary outcomes receive a higher parimutuel style payoff than winning bets placed on the secondary outcomes. At least one of the tertiary outcomes in the hierarchical betting event can have at least two quaternary outcomes, such that whenever one of the quaternary outcomes is a winning bet, one of the tertiary outcomes, one of the secondary outcomes, and one of the primary outcomes are also a winning bet.
Winning bets placed on the quaternary outcomes receive a higher parimutuel style payoff than winning bets placed on the tertiary outcomes. A means for determining payoffs for hierarchical choice sets that retains the flavor of a parimutuel style is provided. The tokens may have no monetary basis, and can simply be electronic units maintained by the processors. Alternatively, the players can pay money to a gambling establishment in exchange for the allocation of tokens, in which case the gambling establishment can retain a percentage of tokens bet on the betting lines.
In the following detailed description of the preferred embodiments, reference is made to the accompanying drawings which form a part hereof, and in which are shown by way of illustration specific embodiments in which the invention may be practiced. It is to be understood that other embodiments may be utilized and structural changes may be made without departing from the scope of the present invention.
The invention is multi-person parimutuel sports betting game based on determinate sporting events, including particularly trivia or quiz games. The game is adapted for play over networks, including primarily the Internet. The present invention is a variation on the inventors' previously filed application for a multi-person parimutuel sports betting game based on live i. The text of applicants' original multi-person parimutuel sports betting game is set forth herein below. In order to preserve the structure of the original application, the unique aspects of the present invention will be discussed primarily in Section 3.
The aspects discussed in Section 3. An example of a determinate sporting event is a trivia or quiz game in which players answer questions posed to them. The correct answers are unambiguous and are known to the game administrator. Another example of a determinate sporting event is a replay of an event that has already occurred, such as a replay of a football game or a rerun of a movie or television program that has already been broadcast to the public.
In replays, the outcome of each betting event is known to the administrator of the game. In watching the replay, players who have already seen the event are likely to remember the outcome of some but not all of the selected betting events, just as some players in a trivia game will know the answer to a particular trivia question. The PBG involves a series of opportunities to wager on events associated with a live or determinate sporting event, such as a baseball or football game.
The players 10 will typically watch or listen to a live broadcast of the game, but the game may also be played in the sporting arena where the sporting event is taking place. In the foregoing examples, the outcomes of each betting event within the sporting event are unknown. As far as the inventor can determine, the prior art does not provide a means for extending parimutuel wagering from a simple line with no branching such as the lines used in prior art horse racing and other sports books to a hierarchical parimutuel payoff structure.
The algorithm and methods discussed in section 4 provide such an extension. As shown in FIG. The hierarchical parimutuel style payoff tree structure has at least two primary outcomes At least one of the primary outcomes in the hierarchical betting event has at least two secondary outcomes , such that whenever one of the secondary outcomes is a winning bet, one of the primary outcomes is also a winning bet.
At least one of the secondary outcomes in the hierarchical betting event may also have at least two tertiary outcomes , such that whenever one of the tertiary outcomes is a winning bet, one of the secondary outcomes and one of the primary outcomes are also a winning bet. Winning bets placed on the tertiary outcomes receive a higher parimutuel style payoff than winning bets placed on the secondary outcomes At least one of the tertiary outcomes in the hierarchical betting event can have at least two quaternary outcomes not shown , such that whenever one of the quaternary outcomes is a winning bet, one of the tertiary outcomes , one of the secondary outcomes , and one of the primary outcomes are also a winning bet.
Winning bets placed on the quaternary outcomes receive a higher parimutuel style payoff than winning bets placed on the tertiary outcomes The wagering is parimutuel style, which is an extension of the standard race track system in which the players choosing the winning bet on a betting line share the pot in proportion to their individual wagers.
The players 10 place bets with electronic tokens 40 that may or may not have any real value. The pot is all the tokens 40 bet on a given line 20 by the players 10 plus a bonus 30 supplied by the house. Betting lines open 22 and close 24 at well defined epochs during the game, and involve depending on the type of betting event a well defined choice of bets The players 10 decide which choices 80 , if any, they want on each betting line 20 , as well as the amount of the bets 86 See e.
Players 10 place bets by clicking on the appropriate boxes on their betting screens Players 10 are free to bet on any open betting line Betting lines 20 are terminated 26 as soon as the outcome of the betting event 18 is known, at which time winners are paid off. Tokens 40 invested in betting lines 20 that have not yet terminated i.
As soon as a line 20 is terminated 26 , any tokens won on that line are immediately available for placing new bets. A simple way to play the PBG is to start each player 10 with a certain number of tokens 40 and declare the winner to be the player 10 with the most tokens 40 when the sporting event is over.
For most sporting events, a human administrator is necessary to open, close, and terminate betting lines, although a fully automated version may be possible in the future. However, for determinate sporting events such as quiz games, a human administrator is not required. In a trivia version of a PBG, the answer is known in advance i. Because the lines open and close at selected intervals or according to a random clock 27 discussed below , the game can be completely automatic.
A mathematical description of the game, using the language of stochastic processes, makes it possible to describe precisely when a betting game is a PBG. In a preferred embodiment, the invention is a class of betting games specified by five mathematical properties.
The players' terminals are connected typically via the Internet to a host computer typically at a PBG web-site The PBG of the invention takes place during a live sporting event, such as a quiz game. Typically the players 10 watch the sporting event on television, but other scenarios are also possible.
For example, at the time of filing of this patent application, wireless communications make it possible to receive information from and send information to the Internet, such as via a cellular telephone, a palm pilot, or a stand alone lap top computer. With wireless communication such as via a cellular telephone, a palm pilot, or laptop, players 10 can play the PBG from virtually any location, including the stadium or other facility where the live sporting event is taking place.
There is no theoretical limit to the number of players 10 that can participate in a PBG. The PBG of the invention can also provide an interesting contest between a small number of players 10 even two or three. These opportunities take the form of betting lines 20 that open and close at various epochs during the game. When the outcome of a betting line 20 is determined, the line 20 is terminated 26 , and the winners are paid off.
The losers lose their bets, which are paid to the winners. All non-terminated lines 20 in a given betting event 18 , whether open 22 or closed 24 , terminate at the same time. A well administered PBG will follow the action in the sporting event very closely, with betting lines associated with all the pivotal events in the game, and preferably some of the more mundane as well.
As shown in FIGS. The currency is in the form of electronic tokens 40 that may or may not have any monetary value. For example, the players 10 might receive an allocation of one hundred tokens each at the beginning of the game. The winner is the player 10 who has acquired the most tokens at the end of the game.
The winner is preferably rewarded with a prize. In that case the tokens need not have any monetary value. However, it is possible to play a PBG with real money. Players 10 can bet on any open betting line When a line closes 24 , the players 10 can no longer place bets there. Only the most current line 20 is open 22 , but there may be many closed lines that have not yet terminated.
The bet is accepted into the line 20 that was open 22 when the bet was time stamped, unless it arrives to the host after the line terminates Players 10 can place as many bets as they wish, including multiple bets on the same line As shown for example in FIG. Some betting events 18 terminate numerous times during a game.
In either case there may be numerous betting lines 20 that terminate 26 simultaneously at termination time s. The idea is to open 22 new lines 20 at semi-regular intervals and whenever the odds on the eventual outcome of an event change abruptly. When a new line 20 opens 22 , the previously open line 20 preferably closes. The exception to this rule is just after a betting event 18 terminates When a betting event 20 terminates 26 the currently active line 20 closes 24 , so that when a new line 20 opens 22 , the previous line 20 is already closed Occasionally it might be wise to close 24 a line 20 without opening a new line 20 immediately.
By opening 22 and closing 24 lines 20 this way, the odds on the currently open lines 22 always reflect the current estimates by the players 10 about the relative likelihoods of the choices on the betting lines The odds may change many times before termination 26 of the betting event All accounting for the PBG is done by the host computer The tasks of opening 22 , closing 24 and terminating 26 betting lines cannot be done automatically at the present time, so for sporting events with unknown outcomes, a human administrator , watching the game along with the players 10 , is needed.
Typically the administrator s will be associated with the PBG web-site , but other scenarios are possible e. The administrator may also send messages to players 10 advice, kibitzing, humor, etc. In a PBG, the house will typically do the reverse; it adds a bonus 30 to the amount wagered on the line The amounts of the bonuses on the betting lines are known to the players 10 , and their presence alters the betting strategies used by skilled players Other players 10 alert to this opportunity will jump in as well, reducing the payoff odds in the process.
The proper size of the bonuses depends on the number of players 10 and the typical size of their bets. The administrator may have the duty of assigning bonuses 30 to the betting lines, and possibly revising them in certain cases. The players 10 use the betting screens to see the betting lines 20 for the various betting events 18 and to place bets. Player personal information , consisting of statistics like the number of tokens available 42 to the player 10 for placing bets, a list of frozen bets 44 , outstanding bets 50 , and highest opponent scores 52 , can also be displayed on the betting screens The choices on each betting line 20 are preferably distinct and inclusive, meaning that exactly one of the leaves of the betting tree structure will prevail.
If, somehow, more than one choice prevails then players 10 betting on any of the winning choices are winners. If, somehow, none of the choices prevail then the line 20 is voided and the players' 10 tokens are returned. The administrator's judgment is final in these unusual cases.
Each betting line 20 also has a bonus 30 associated with it that is paid off to the winners along with the rest of the pot. For each choice 80 on the betting line 20 the crucial statistics for the players 10 are the total number of tokens 82 that have been bet so far on that choice 80 and the payoff odds As with horse racing, the odds 84 on the choices 80 change every time a player 10 makes a bet, so the odds 84 are only a guide to the eventual payoffs.
When a line is terminated 26 , the players 10 with winning bets are paid off, increasing their stash of tokens 40 available for placing bets, and the losers lose their bets. The winners split all the tokens 40 bet on that line 20 , plus the bonus 30 , in parimutuel style as described in section 4. It is preferable but not necessary to restrict bets to whole numbers of tokens 40 , and round up payoffs to the nearest whole number of tokens In order to play a PBG there must be some mechanism for opening 22 , closing 24 , and terminating 26 betting lines.
The easiest way to do this, particularly for indeterminate sporting events, is to have a human administrator who watches the sporting event along with the players 10 typically at some remote location and has the responsibility of opening 22 , closing 24 and terminating 26 betting lines The administrator also may have the responsibility for allocating tokens 40 to the players 10 at the beginning of the game, for example , choosing the size of the bonuses 30 , and perhaps sending messages to the players The administrator could be one of the players 10 , although the typical PBG will have an impartial administrator that is not one of the players The administrator is preferably given broad responsibility for conducting the game 1 and particularly for making decisions such as when to terminate a betting line However, the game 1 can also be played under strict rules where the administrator has no or very little discretion.
A strict embodiment of the PBG 1 might be favored in casinos or other professional betting environments that are typically subject to strict government regulation, so that there is no question that the administrator is administering the game 1 in an impartial manner. Probably the best way to administer a PBG is to have a web-site provide the service. An administrator 's primary duties are independent of the location, quantity, and activities of the players 10 , so an administrator associated with a PBG web-site can simultaneously administer many separate PBG's as long as they are all associated with the same sporting event.
For example, a PBG administrator could simultaneously administer the following contests:. The administrator would only be needed to open 22 , close 24 and terminate betting lines Section 6. Players 10 that do not request a private room would by default play in the open PBG.
If the object of the game is to have the most tokens 40 at the end of the game, experienced players 10 are likely to make a lot of bets since the bonuses 30 ensure that on average players 10 are winning more than they are losing. Players 10 are especially on the lookout for inactive or lightly active betting lines 20 since the bonus 30 significantly increases the payoff odds. Experienced players 10 will not use all their tokens on lines 20 that terminate at the end of the game e.
The PBG is fast paced, but not frantic. New lines appear every minute or so on average, depending on the sport and the number of betting events. Players 10 want to wait as long as possible before wagering tokens on a betting line 20 so as to maximize their information , but if they wait too long the line 20 might close Therefore, a little randomness in the administrator's closing times will tend to spread the times that players 10 place bets more evenly. Since the highest scores 52 are public information, players 10 are aware of how much they need to make up as the game draws to a close.
Of course, with parimutuel betting, if lots of players 10 bet on a long shot, it ceases to pay off like a long shot. The basic software architecture of a PBG web-site is described in sections 6. In a sports bar, terminals at individual tables could be connected to a host computer behind the bar in, for example, an Ethernet configuration, and a bartender could serve as the PBG administrator The most obvious reason why a group of players 10 might choose to play a PBG without using a PBG web-site is that the sporting event the players 10 are watching is not among the games being administered by any PBG web-site Even if one ignores differences in the way PBG's are administered, there are still countless logical versions of the PBG.
Virtually any sport broadcast on television can be the basis of a PBG, and in fact there are numerous versions of the PBG for every sport. The class of betting games that are instances of the basic PBG can be described precisely using the mathematical language developed to study stochastic processes.
The abstract description of a PBG using mathematical notation is detailed in section 5; however, it is perhaps best to begin by describing a specific example. Imagine a football game broadcast on television, and a few dozen people watching the game at a sports bar. Each table at the bar has a terminal screen and mouse In this example, the people at a table will act as a single player The bartender chooses the betting events 18 the players 10 will bet on from a menu on the Captain's screen See FIG.
In this example, the bartender selects the following house rules for the private. The players 10 are given tokens at the beginning of each quarter this allows players 10 to jump in after the football game begins. Bonuses on the drive lines are 50 tokens and all other lines have token bonuses. The winner of the PBG is the player 10 table with the most tokens 40 at the end of the football game.
The winning table gets a free round of beers. The administrator , who is associated with the PBG web-site , will open 22 , close 24 and terminate 26 the betting lines 20 for the bar's PBG, but has no further role in their game. A line 20 opens 22 as soon as it is official that a drive will begin, and again at each point when it becomes official that there will be a new set of downs. Each line 20 closes 24 when the next one opens, or when the drive terminates The drive terminates 26 when the outcome is known.
To be precise, if the driving team punts and the other team fumbles the punt, then the drive is over, ending in a punt, and a new drive begins. Also, safeties and missed fourth down attempts are considered to be turnovers. The administrator might choose to close a line before the current set of downs is over if the very likely outcome of the drive becomes apparent, e. In these cases there may be a short stretch of time with no open betting line.
Next Score. A line 20 opens 22 at the beginning of the game, at the beginning of the second half, and after each drive ends. Lines 20 close 24 when the next one opens 22 and terminate 26 when a team scores and at the end of the game. The administrator may choose to close 24 a line prematurely if the likely outcome becomes apparent, e. The choices are: 1 Team 1 touchdown; 2 Team 2 touchdown; 3 Team 1 field goal; 4 Team 2 field goal; 5 Team 1 safety; 6 Team 2 safety; 7 No more scoring.
Quarter TD's. A line 20 opens 22 at the end of the previous quarter or the beginning of the PBG in the case of the first quarter, and the end of regulation in the case of an overtime game. Subsequent lines open approximately at the , , and marks game clock time of the quarter. Lines 20 close 24 when the next line opens The final line 20 in each quarter closes at , but in some cases the administrator can choose to improvise. The lines 20 terminate 24 at the end of the quarter.
The players 10 bet on how many touchdowns will be scored in the quarter both teams combined. The choices are preferably: 1 none; 2 one; 3 two; 4 three; 4 four; and 5 more than four. A line 20 opens 22 at the beginning of each quarter, each time the lead changes, and at the , , and marks in the fourth quarter. Each line 20 closes 24 when the next one opens The line closes at The lines 20 terminate 26 when the game ends. If the game goes into overtime a line 20 opens 22 at the beginning of the overtime period, and new lines 20 open 22 at , , and so on until the game ends.
The choices on the betting lines are simply: 1 Team 1 and 2 Team 2. In general, a PBG can be described by listing the betting events 18 and betting lines 20 that will be used, and specifying when the lines terminate There should be guidelines for when the lines 20 open 22 and close 24 , but the administrator's judgment on when to open 22 and close 24 lines 20 keeps the PBG running smoothly. Baseball is similar to football in the sense that the action is broken up into easily identifiable pieces.
Examples of bettable events 18 include batter's turn at bat, inning, winner, next score, winning pitcher, losing pitcher, winning margin, and number of home runs. The players 10 bet on the outcome of each batter's turn at bat. A line 20 opens 22 when the batter is about to step to the plate. A new line 20 can open 22 after each pitch, at which time the previous line closes The basic choices are: 1 out and 2 not out.
The choices could be elaborated e. The lines 20 terminate 26 , when the player's at-bat is over. The players 10 bet on the outcome of the half inning. A line 20 opens 22 at the end of the previous half inning, and subsequent lines 20 open 22 after the first and second outs are made. Lines 20 close 24 when the next line 20 opens The basic choices are: 1 no runs; 2 one run; 3 two runs; and 4 more than two runs.
Again, the choices could be elaborated significantly. The lines 20 terminate 26 at the end of the half inning. The players 10 bet on the winner of the game. A line 20 opens 22 at the beginning of the game and at the end of each half inning. Lines 20 close 24 when the next one opens The basic choices are: 1 team 1 and 2 team 2. There are countless other betting events 18 for baseball, including: 1 next score; 2 winning pitcher; 3 losing pitcher; 4 winning margin; 5 number of home runs, and so on.
Tennis is a natural choice for a PBG. Examples of betting events include winner of game, winner of set, and winner of match. The players 10 bet on who will win each game. A line 20 opens 22 at the end of the previous game or at the beginning of the match in the case of the first game and after each point. The basic choices are: 1 player 1 ; or 2 player 2. The choices could be expanded to include the game score. The lines 20 terminate 24 when the game is over. The players 10 bet on who will win the set.
A line 20 opens 22 at the beginning of each game in the set. The lines 20 close 24 at the end of the games, unless the game could be the last one of the set. In that case the line 20 closes 24 after the third point of the game or tie breaker. The basic choices are: 1 player 1 ; 2 player 2. The choices could be expanded to include the score of the set. The players 10 bet on the winner of the match. A line 20 opens 22 at the beginning of each game and closes 24 at the end of the game, unless the game could be the last one of a set.
In that case the line closes 24 after the third point of the game or tie breaker. Here it is probably appropriate to bet on the winner and the number of sets needed. For example in a best of three sets match the choices would be: 1 player 1 in straight sets; 2 player 2 in straight sets; 3 player 1 in three sets; 4 player 2 in three sets.
Sports like basketball, hockey and soccer do not have as many natural break points for opening 22 and closing 24 lines 20 as football, baseball and tennis do. Nevertheless, an interesting PBG can be designed for these sports too. Possible betting events for basketball include: 1 next score; 2 lead change; 3 quarter scoring; 4 high scorer; 5 high rebounder; 6 next foul; 7 point spread; 8 over-under. It is interesting to consider how new technology can change an old pastime. Typically, all betting on horse races is done prior to the beginning of the race.
However, if the crowd at a horse race has Internet access e. Betting events 18 may include: 1 win; 2 place; 3 show. The betting choices 80 for each event 18 is the list of horses i. For each event 18 the first line 20 opens 22 before the race and closes 24 when the race begins. After the race begins, however, new lines 20 can open 22 as the race proceeds, for e.
Lines 20 close 24 as soon as a new one opens The bonus 30 for the conventional line 20 should be the largest one, and the size of the bonuses 30 preferably decreases as the race progresses. This way players 10 that guessed correctly early in the race have an advantage. The foregoing principles can be applied to other racing events, such as human track and road running events, automobile races, and dog races. In a pure trivia game version of a PBG, players are presented with questions.
Each question is a betting event Players bet on the outcome or choice 80 of the event, i. Similarly to, for example, a drive in a football game, players do not necessarily know whether the correct outcome 18 of the Trivia Event Betting Line will be answer A, B, C or D. However, a trivia game or another form of a determinate sporting event differs from a live sporting event in that the answers are known in advance to at least the administrator and, in most cases, to at least some of the players.
In the preferred embodiment, the quiz game version of the PBG consists of players with terminals PC, laptop, palm pilot, cell phone, or special purpose device viewing betting lines 20 corresponding to the quiz questions. Each question has its own betting line. Players wager on the choices. The current odds 84 on each choice are displayed on the players' terminals. As with all PBG's, players can bet as much as they want, whenever they want, on as many choices as they want as long as they have the liquid assets to cover their bets while the betting line 20 is open.
The choice sets can have a hierarchical structure hierarchical PBG structures are described in Section 4, below. For example, in the example above there could be two primary choices: A Less than or B More than , with items i , ii , and iii as subchoices of A , and items iv , v and vi as subchoices of B.
An example of a hierarchal structure for a trivia question is shown in FIG. Multiple lines 20 can open and close before terminating a betting event 18 , as with a sports PBG. One difference between a PBG game based on a determinate sporting event and a PBG game based on a live or indeterminate sporting event is that in a determinate PBG, the correct outcome is known in advance by at least the administrator.
Additionally, one or more of the players may know the correct answer. In live sporting events, jury trials and elections, the outcome is not known in advance. This difference has little or no bearing on the rules of the game, but it dramatically alters the players' strategies. In a determinate PBG, players who know the correct answer to a question are in an interesting contest with the players who do not know the answer.
Players who know the correct answer would prefer that everybody else bets on wrong answers so as to increase their payoff, so they may bluff or try other tactics. When a player knows the answer, the ideal tactic would be to wait until the last possible moment to place a bet on the correct answer.
However, the use of a random clock 27 discussed in further detail below prevents this strategy from working very well; if the player waits too long to bet, the random clock 27 may shut off the betting line before the player places a bet. On the other hand, Players who do not know the correct answer can attempt to gain information about the correct answer by watching the betting activity of the other players via the posted odds.
Trivia buffs will have an advantage in playing the game, but careful betters can find ways to profit from the knowledge of others. As with a live sports PBG, a determinate PBG game is more interesting if the house supplies a bonus 30 to the pot, so as to entice all players to place a bet on each betting event.
If a player knows the correct answer but waits too long to place a bet, he or she will effectively lose at least a portion of the bonus. In a determinate version of the PBG game, the sporting event is preferably the trivia game itself. One of the nuances of this invention is that the trivia based PBG game can be played as an accompaniment to another event in order to generate interest and participation in the event. For example, during a football game, the viewers could participate in a PBG game based on football trivia.
During the broadcast of a television show e. In an alternative embodiment of the determinate PBG game, the sporting event is a replay of a previously held event, such as a rerun of a football game, movie, or television show. Having said that, having a strategy-based approach to gambling is usually better than just trying to wing it.
The Parimutuel method is more common in sports betting than it is in casino games. The way it works is that all bets are placed in one large betting pool. Instead, you take your pick, just as always, and then wait for the betting to be closed. When this happens, the house determines odds for every single selection based on the number of people betting on that selection.
The house or the bookmaker only play the role of an intermediary in this case. Once their fee is deducted, all remaining funds are added to the pool and distributed as described in the previous paragraph. Of course, with experience, you can become better at reading these predictions and figuring out how likely they are to be close to the final odds. As mentioned, this is more of a strategy for betting fans but you could still use it in a casino in certain circumstances.