If the Betting Pools 54 are still open, the tactic may return to steps 200 by 212 to receive and retailer extra on-the-board bets 22 and/or off-the-board bets 24, and to recalculate the payouts 160 and 162. In this manner, betting system platform 16 could update the payouts 160 and 162 associated with the various bets 12 upon an event. Memory 40 is generally operable to store varied information that could be used by processor 38 in figuring out odds and/or payouts. Bet parameters 60 might comprise various parameters of one or more acquired bets 12, such as the id of the shopper 20 who placed the guess 12, the style in which the bet 12 was placed (equivalent to via telephone, the Web, or in person at a track or OTB institution, for example), the kind of guess 12 (equivalent to whether or not the guess 12 is an on-the-board wager 22 or an off-the-board guess 24, for instance), the fee fee on the wager 12, the participant or members lined by the wager 12 and/or the quantity of the guess 12, for example. A number of shoppers 20 may make these bets 22 or 24 in various wager quantities 52. In the instance depicted in row 152a, the overall On-the-Board Guess Quantities 154 made by purchasers 20 on wager 22 is $500.
At step 206, the amounts wager on specific on-the-board bets 22 may be added to the quantities wager on corresponding off-the-board bets 24 to type betting swimming pools 54. For instance, as described above with regard to FIG. 3, amounts 154 could also be added to amounts 156 for each set of bets 22 and 24 depicted in rows 152 of table one hundred fifty to find out separately structured betting pools 54. Therefore, a Betting Pool 54 of $1,500 could also be determined for the bets 22 and 24 depicted in row 152a of table one hundred fifty whereas a separate Betting Pool fifty four of $2,250 may be determined for the bets 22 and 24 depicted in row 152c of table 150. In some embodiments, a Take-Out 158 is determined at step 208. For instance, a commission charge of 15% may be utilized to the every Betting Pool fifty four decided at step 206 to find out a Take-Out 158. Due to this fact, the Take-Out 158 decided for the Betting Pool 54 associated with row 152a is $225, while the Take-Out 158 determined for the Betting Pool fifty four related to row 152c is $337.50. At step 210, the On-the-Board Payout Per Greenback 160 may be decided for each separate betting pool fifty four using equations 104 or 108. Subsequently, the On-the-Board Payout Per Dollar 160 for bets 22 depicted in row 152a of desk 150 is set to be $2.55, while the On-the-Board Payout Per Greenback 160 for bets 22 depicted in row 152c of table one hundred fifty is decided to be $7.65.
Subsequently, the Betting Pool fifty four for this specific On-the-Board guess 22 and corresponding Off-the-Board guess 24 is set to be $1,500 using equation 100. If the Take-Out 158 is figured at a fee price of 15%, for example, then the Take-Out 158 for this set of bets 12 is set to be $225 utilizing equation 102. Based mostly on the Wager Quantities 52, the Betting Pool 54 and the Take-Out 158, the payout knowledge fifty six could also be decided. At step 200, on-the-board bets 22 are acquired from one or more shoppers 20 through one or more betting system interfaces 14, similar to described above with reference to FIG. 1. For example, in the example horse race mentioned above with reference to FIG. 3, assume varied on-the-board bets 22 are obtained which create the entries for rows 152 of desk one hundred fifty depicted in FIG. 3. At step 202, off-the-board bets 24 corresponding to the on-the-board bets 22 acquired at step 200 are acquired from a number of shoppers 20 by way of one or more betting system interfaces 14, comparable to described above with reference to FIG. 1. In some situations, steps 200 and 202 could also be occur concurrently, or might no less than partially overlap.
Every on-the-board wager 22 or off-the-board guess 24 obtained at steps 200 and/or 202 could also be saved at step 204, comparable to within reminiscence 40, for example. 3 completed in first place in the race, On-the-Board Payout Per Dollar 160 could also be paid to clients 20 who made the on-the-board bets 22 depicted in rows 152a and 152b. In some embodiments, On-the-Board Payout Per Dollar 160 may be paid in accordance with the final determination made at step 210. In various embodiments, On-the-Board Payout Per Dollar 160 could also be distributed in line with a last determination made after the betting closed or even after the event was completed. FIG. Four is a flowchart illustrating an instance technique of receiving, managing, and paying on-the-board bets 22 and off-the-board bets 24 in accordance with an embodiment of the current invention. FIGS. 2A and 2B illustrate examples of such algorithms or equations in accordance with one embodiment of the current invention. One fallacious resolution can nullify your sports betting for the remainder of the season. A lot continues to be undecided though, together with a choice on how many spectators will probably be allowed — if any.