Method and system for fixed odds exotic and straight betting with pari-mutuel rules

Abstract

The system and method disclosed facilitates betting that allows the punter, bettor or wagerer to know the exact current odds and specify the minimum fixed odds and/or payout that will be received on a successful bet if the wager is accepted, while also assuring that the betting pool created is a true pari-mutuel. The disclosed system and method also guarantees that there will always be at least one winner of the betting pool regardless of the number, pattern and distribution of the bets placed. The system's features, in ensemble, make horse race wagering a much more analytic sport, where betting skills bring significant rewards. It elevates horse race wagering to a level where risk can be properly evaluated in terms of potential gain and maximizes the likelihood that a bet will be accepted at the most favorable odds possible. The present invention defines the winner of the pool as the bet that 'most correctly' selects the winning combination from among the bets entered into the pool, which might not necessarily be the actual winning combination in the race(s). Determining the most correct punter ensures there is a winner from among the bets placed.