System and method for betting on a subset of participants in an event according to multiple groups

Abstract

A method of managing bets is provided. The method includes receiving at least one group bet for an event having a set of participants. A first group comprises a first subset of the participants and a second group comprises a second subset of the participants. The group bet comprises a bet that one of the first subset of participants will win the event. The method continues by receiving results of the event identifying a winning participant. The method concludes by determining an amount of a group bet payout for the group bet based on whether the first subset of participants includes the winning participant.

1 . A method for managing bets, comprising: 
 receiving at least one group bet for an event having a set of participants, wherein a first group comprises a first subset of the participants and a second group comprises a second subset of the participants, the group bet comprising a bet that one of the first subset of participants will win the event;    receiving results of the event identifying a winning participant; and    determining an amount of a group bet payout for the group bet based on whether the first subset of participants includes the winning participant.    
   
   
       2 . The method of  claim 1 , wherein the at least one group bet is received in a pari-mutuel betting system.  
   
   
       3 . The method of  claim 1 , further comprising applying a commission rate to the at least one group bet.  
   
   
       4 . The method of  claim 1 , wherein at least one participant in the set of participants is not included in either the first subset of participants or the second subset of participants.  
   
   
       5 . The method of  claim 1 , wherein more than one participant in the set of participants is not included in either the first subset of participants or the second subset of participants.  
   
   
       6 . The method of  claim 1 , wherein the first subset of participants and the second subset of participants associated with each group bet is the same for the event.  
   
   
       7 . The method of  claim 1 , wherein only one participant is not included in either the first subset of participants or the second subset of participants.  
   
   
       8 . The method of  claim 1 , wherein: 
 the first subset of the participants includes the winning participant; and    the amount of the determined group bet payout is the same regardless of which particular participant in the first subset of the participants is the winning participant.    
   
   
       9 . The method of  claim 1 , further comprising: 
 receiving one or more win bets, each win bet comprising a bet that a participant selected from the set of participants will win the event; and    determining the win bets that comprise a bet on the winning participant.    
   
   
       10 . The method of  claim 9 , wherein the amount of the group bet payout is determined based at least in part on the total amount of the win bets that comprise a bet on the winning participant.  
   
   
       11 . The method of  claim 9 , wherein a particular participant in the set of participants is not included in the first subset of participants, and the method further comprises: 
 determining the odds of winning for the particular participant based at least in part on the one or more received win bets; and    wherein the amount of the group bet payout is determined based at least in part on the odds of winning for the particular participant.    
   
   
       12 . The method of  claim 9 , wherein determining the amount of the group bet payout comprises: 
 selecting a participant from the first subset of participants; and    determining the total amount of the win bets that comprise a bet on any participant in the set of participants except for the selected participant.    
   
   
       13 . The method of  claim 9 , wherein determining the amount of the group bet payout comprises allocating to each of the first subset of participants a portion of the amount of the group bet.  
   
   
       14 . The method of  claim 13 , further comprising receiving a notification that one or more of the participants in the first subset of participants will not compete in the event; and 
 wherein determining the amount of the group bet payout comprises reallocating the amount of the group bet among the remaining participants in the first subset of participants.    
   
   
       15 . The method of  claim 13 , wherein determining the amount of the group bet payout further comprises: 
 determining as a first amount the portion of the group bet allocated to the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total amount of the win bets that comprise a bet on the winning participant; and    determining the amount of the group bet payout based at least on the first amount, the second amount, the third amount, and the fourth amount.    
   
   
       16 . The method of  claim 15 , wherein determining the amount of the group bet payout comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and    adding the sixth amount and the first amount.    
   
   
       17 . The method of  claim 13 , further comprising determining, for each participant in the set of participants, the total amount of the win bets that comprise a bet on that participant; and 
 wherein the amount of the group bet is allocated to each participant in the first subset of participants in proportion to the determined total amounts of the win bets associated with that participant.    
   
   
       18 . The method of  claim 13 , wherein determining an amount of a win bet payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining as a first amount the total amount of the win bets that comprise a bet on the winning participant;    determining as a second amount the total portion of the group bet allocated among the participants in the set of participants except for the winning participant;    determining as a third amount the total amount of the win bets that comprise a bet on any of the participants in the set of participants except for the winning participant;    determining as a fourth amount the total portion of the group bet allocated to the winning participant; and    determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant based at least on the first amount, the second amount, the third amount, and the fourth amount.    
   
   
       19 . The method of  claim 18 , wherein determining the amount of the payout for at least a portion of the win bets that comprise a bet on the winning participant comprises: 
 determining a fifth amount by multiplying the sum of the second amount and the third amount by the first amount;    determining a sixth amount by dividing the fifth amount by the sum of the first amount and fourth amount; and    adding the sixth amount and the first amount.    
   
   
       20 . The method of  claim 1 , further comprising receiving at least one group bet comprising a bet that one of the second subset of participants will win the event.  
   
   
       21 . The method of  claim 1 , wherein: 
 the set of participants comprises a first participant, a second participant, a third participant, and a plurality of remaining participants;    the first participant comprises a favorite to win the event;    the second participant and the third participant each comprise a contender to win the event;    the first group comprises the second participant and the third participant; and    the second group comprises the plurality of remaining participants.    
   
   
       22 . The method of  claim 1 , wherein: 
 the set of participants comprises a first participant, a second participant, a third participant, and a plurality of remaining participants;    the first participant comprises a favorite to win the event;    the second participant and the third participant each comprise a contender to win the event;    the second group comprises the second participant and the third participant; and    the first group comprises the plurality of remaining participants.    
   
   
       23 . The method of  claim 1 , wherein the first subset of the participants is undefined at the time the at least one group bet is received, and further comprising: 
 at some time after receiving the at least one group bet, identifying particular participants for the first group.    
   
   
       24 . The method of  claim 23 , wherein the particular participants are identified for the first group based at least in part upon bets received for the event after the at least one group bet is received.  
   
   
       25 . The method of  claim 1 , further comprising for at least one of the set of participants, determining odds of that participant winning the event at the time the group bet was received, wherein the amount of the group bet payout is further based upon the odds of winning the event determined for the at least one participant at the time the group bet was received.  
   
   
       26 . A method for managing bets, comprising: 
 identifying a set of participants of an event;    identifying a first group comprising a first subset of the participants, wherein the first subset comprises a plurality of participants;    identifying a second group comprising a second subset of the participants, wherein the second subset comprises a plurality of participants;    receiving a first group bet comprising a bet that one of the first subset of participants will win the event;    receiving a second group bet comprising a bet that one of the second subset of participants will win the event;    receiving results of the event identifying a winning participant; and    determining an amount of a group bet payout for at least one of the group bets based on whether the corresponding subset of participants includes the winning participant.    
   
   
       27 . A method of managing bets, comprising: 
 identifying a set of participants of an event;    identifying a first group comprising a first subset of the participants, wherein the first subset comprises a plurality of participants;    identifying a second group comprising a second subset of the participants, wherein the second subset comprises a plurality of participants;    receiving at least one group bet comprising a bet that one of the first subset of participants will win the event;    receiving results of the event identifying a winning participant; and    determining an amount of a group bet payout for the group bet based on whether the first subset of participants includes the winning participant.