Definicion differential exacta betting
The market includes at least one financial instrument that embodies a position with respect to a wager regarding a plurality of events which occur over a period of time, at least one bid, and at least one offer, wherein at least one bid is matched with at least one offer, resulting in a transfer of the financial instrument from a first owner to a second owner. Electronic platforms for trading of such instruments are also provided. Moreover, while the present invention will now be described in detail with reference to the Figures, it is done so in connection with the illustrative embodiments.
Central controller 50 is further coupled to one or more event generators In general, system 5 provides for the creation, trading, and settling of wagering-based financial instruments Financial instruments [] 76 are derived from a wager that is made with respect to the outcome of one or more probabilistic events.
The types of probabilistic events that can be used as the basis for creating financial instruments 76 are multitudinous. For example, numerous forms of traditional gambling events may be the subject of financial instruments Additionally, numerous other events may form the basis for financial instruments [] 76, including events associated with the financial markets, television shows, and even the weather.
For example, with respect to financial markets, the events might involve the movement or the value of a financial market index, security, or other instrument, referred to generally as a financial market indicator, during or at the end of a predetermined period of time or after one or more relevant transactions.
Outcomes for these events might involve, for example, whether a certain financial market index, such as the Dow Jones Industrial Average DJIA or the Financial Times Stock Exchange FTSE , will rise or decline during the upcoming seconds, minutes, hours, or other predetermined period of time, or after one or more relevant transactions. The index may be rounded to the nearest whole point e.
In particular embodiments, the movement of a financial market indicator may be graphically represented on an electronic screen associated with a buyer or seller of financial instruments [] 76 using symbols such as, for example, color coded e. Each symbol could indicate that the value of the associated financial market indicator was down during the last predetermined period of time or after the last relevant transaction or transactions e.
Any suitable number and combination of symbols could combine to represent a suitable portion of the history of the movement of the value of the financial market indicator. Financial instruments 76 may be based upon underlying wagers associated with the movements of a financial market indicator or the graphical representations associated therewith.
For example, underlying wagers could be that all symbols in a series will be one of red, green, or yellow arrows; that the symbols of a series will be a particular number, combination, or ordering of red, green, and yellow arrows; that a particular symbol in a series will be one of a red, green, or yellow arrow; that the next symbol will be one of a red, green, or yellow arrow; etc.
Other outcomes to these events might involve whether the value of the indicator will be an odd or even number at the end of a predetermined period of time or after the last relevant transaction or transactions. Further outcomes might involve whether the value of the indicator will fall within particular ranges of numbers at the end of a predetermined period of time or after the last relevant transaction or transactions.
These events and outcomes form the basis for transferable financial instruments [] Wagering on the movement of the financial markets or the value of the financial markets, and the transferable financial instruments 76 derived therefrom, could be based upon fixed odds payouts, spread betting payouts, or other forms of payouts. In another example, with respect to television shows, the events might involve whether or not a first participant of a reality-based television show will select a second participant of the show for marriage, to remain on the show, to be excluded from the show, or to otherwise be involved in the show.
In another example, the events might involve the performance of a participant with respect to voting by viewers of the show. In particular, the events might involve whether a participant will receive the most or fewest votes by the viewership during a predetermined voting period; whether a participant will receive a certain number or percentage of votes by the viewership during a predetermined voting period; whether a first participant will receive more or less votes than a second participant during a predetermined voting period; or voting on whether an incident, occurrence, or happening should take place on the show.
In other examples, the events might involve whether or not a participant of a game-show will answer a question correctly, win a prize, or otherwise succeed or fail on the show. The event s that can form the basis for financial instruments [] 76 are therefore any event or concatenation of events, the outcome of which is not certain at the time the proposition is being evaluated.
Financial instrument [] 76 may take many forms. For example, financial instrument 76 may be a paper instrument, an electronic instrument, or some other concrete, virtual, or notional embodiment that represents ownership of or an interest in the underlying wager. Over time, the value or perceived value of an instrument 76 may change based on numerous factors, including outcomes of some of the plurality of events which form the basis of the instrument 76, or outcomes of other related events that may affect the outcome of the wagered position.
Moreover, financial instruments [] 76 may be bought, sold, exchanged, or otherwise transferred using system 5. Financial instruments 76 could also be traded using paper certificates, through tokens, smart cards, tote boards, virtual wallets, or any other known system for tracking, trading, redeeming, and evidencing an account, ownership position, or other form of valuta.
Therefore, system 5 and methods associated therewith may not only be used to establish wagers, but may also be used to facilitate transactions involving the financial instruments 76 that embody such wagers, essentially creating a market in those wagers. For example, a financial instrument 76 may be initially established by a market making participant of system 5 and transferred to a client The financial instrument 76 may then be transferred any number of times among clients 10 or with the market making participant of system 5 before the financial instrument 76 is settled.
Clients [] 10 are various users of system 5 that may place wagers embodied in financial instruments 76, trade financial instruments 76, and settle financial instruments Clients 10 may also refer to the devices used by various users of system 5.
Examples of these devices include a computer, a personal digital assistant, a cellular phone, a kiosk or point of sale terminal, or any other device that can display information from and communicate with various elements of system 5.
An interface [] 20 provides a portal for clients 10 to access other elements of system 5. In one embodiment, interface 20 comprises a wireless network 21, a television network 22 e. Any suitable number and combination of interfaces 20 may be implemented in system 5 according to usage, traffic, architecture, and other considerations.
Communication network [] 30 may comprise any suitable number and combination of local area networks, wide area networks e. All or a portion of communication network 30 may be a proprietary network. The transfer of data on network 30 may include a two-way transfer, with data 40 communicated to network 30 and eventually to clients 10, and data 42 communicated to central controller Data 42 that is communicated from clients 10 to central controller 50 may include such information as new wager orders transmitted from clients 10, requests for status information, or trading information for financial instruments Central controller [] 50 comprises a processor 70 coupled to a memory 72 that may be implemented as a mainframe, a series of connected workstations, or in any other suitable computing environment and architecture.
Processor 70 executes software application 74 to perform various features and functions for creating, trading, and settling financial instruments 76 described herein. Memory 72 stores software application 74, various incarnations of financial instruments 76, and information 78 associated with financial instruments Central controller 50 is coupled to event generators 60 that include slot machines, roulette wheels, blackjack tables, or any other suitable casino gaming applications; stock markets, bond markets, or any other suitable financial markets; race tracks e.
Event generators 60 may be associated with various types of monitoring interfaces 62 that allow central controller 50 to capture information associated with the occurrence of events forming the basis for financial instruments Although the following example is detailed with respect to a particular type of event generator 60— slot machines—it should be understood that system 5 operates with respect to any suitable type, number, and combination of event generators Processor [] 70 may gather information from actual slot machines located in live or simulated casino facilities.
For example, the machines may be recorded via live video and the data extrapolated from the video feed through a variety of manual or automated techniques. Alternatively, and advantageously, the slot machines themselves may be mated to monitoring equipment, which transmits the outcomes of each pull event to the central controller 50 electronically. In alternative embodiments of the present invention in which the point is defined in part by outcomes of other games of skill or chance, methods for recording outcomes may include similar electronic monitoring and transmission equipment, as well as manual input of outcomes when appropriate.
In the instance of, e. The prevalence of video monitoring in casinos for security purposes, together with known optical character and shape recognition software, provides numerous opportunities for the automation of outcome-gathering steps in the present invention. For example, a portion of the slot machines may be located in one facility, and another portion of slot machines may be located in any number of other facilities that are geographically remote. Furthermore, the system and method of the present invention are not limited to any number of slot machines, and may be configured to monitor the outcomes of hundreds or thousands of slot machines located in a large number of different facilities.
The slot machines may be located in any number and combination of facilities, such as, for example, casinos, airports, racetracks, or any other suitable location. For example, memory 72 may be used to store slot machine results from a particular casino, or even for a group of casinos combined. Memory 72 also stores information 78 associated with each financial instrument Information 78, illustrated in greater detail with reference to FIG.
These fields and others may be defined in numerous ways within the scope of the present invention. For example, duration 86 may refer to a particular closing or settlement date for the financial instrument 76, or may be based on the events themselves that may be completed on some uncertain date in the future.
One embodiment of a method for creating, trading, and settling a financial instrument [] 76 is illustrated in flowchart 90 of FIG. Execution begins at step 92 where a financial instrument 76 is created based on numerous factors, such as the events which are the subject of the instrument 76, the duration of the instrument 76, and the point position embodied by the financial instrument 76 with respect to a current house position. The computer-implemented method of claim 1, wherein the price comprises a first price and wherein facilitating the transfer of the financial instrument comprises facilitating a first transfer of the financial instrument to a first party at a first time and further comprising: receiving an offer to sell the financial instrument from the first party; receiving a bid to buy the first financial instrument; and facilitating a second transfer of the financial instrument from the first party to the second party at a second time, wherein the second transfer is associated with a second price.
An apparatus for providing at least one financial instrument, comprising: a memory operable to store the at least one financial instrument, wherein the at least one financial instrument embodies at least a first wagering position regarding a point count associated with a plurality of probabilistic events; and one or more processors that are coupled to the memory and that are collectively or individually operable to: receive information identifying a plurality of predefined probabilistic events, wherein each event is associated with a plurality of outcomes; maintain the point count in the memory by updating the point count according to the outcomes of the plurality of events; determine a price based at least in part upon the point count; and facilitate transfer of the financial instrument for the price.
The apparatus of claim 14, wherein: the at least one bid is associated with a first client; the at least one offer is associated with a second client; and the processor further matches the at least one bid with the at least one offer resulting in a transfer of the at least one financial instrument from the first client to the second client.
The apparatus of claim 14, wherein the processor assigns a first point value to a first outcome of the portion of events, and assigns a second point value to a second outcome of the portion of events, wherein the point count is based upon a mathematical relation between the first point value and the second point value.
The apparatus of claim 14, wherein the processor further settles the financial instrument by determining a relation between a final point count and the price, and by facilitating transfer of payment from or to a client based at least in part upon the determined relation. The apparatus of claim 14, wherein the predefined plurality of probabilistic events comprises at least one chance-based event selected from the group comprising: horse races; sporting events; financial market events; casino-type gambling events; and bingo events.
The apparatus of claim 18, wherein the casino-type gambling events comprise at least one of a spin of a slot machine and a spin of a roulette wheel. The apparatus of claim 14, wherein the plurality of probabilistic events are associated with a financial market and the associated plurality of outcomes comprise: a rise of a financial market indicator during a predetermined period of time; and a fall of a financial market indicator during the predetermined period of time.
The apparatus of claim 14, wherein the processor facilitates the transfer of the financial instrument from a first client to a second client. More particularly, the invention relates to providing systems and methods for transforming propositions or positions in games of chance or skill or mixed games of chance and skill into tradable financial instruments that can be tracked over time and valued by a plurality of players or investors.
The invention thus provides a system and method for creating wagering-based transferable financial instruments, and further provides a system and method for the exchange of those instruments and settling of all claims associated with those instruments. Various types of betting products and systems exist that facilitate betting on the outcome of a particular game. For example, a patron in a casino may bet on a single hand of blackjack, a pull on a slot machine, a roll of the dice, etc.
Typical horse racing bets allow bettors to wager on a single horse or on several horses in a particular race or series of races. For instance, a bettor can wager on a particular horse to finish first win , finish in the top two place , or finish in the top three show. A bettor may also make various combination bets with multiple horses, such as an exacta bet covering the top two horses in order or a trifecta bet covering the top three horses in order.
In addition, a bettor may bet on a series of races, such as the daily double winners of two consecutive races , the pick-three winners of three consecutive races , and the pick-six winners of six consecutive races. Those betting on other sports may wager, for instance, on various aspects of the outcome of a particular game, including the winning team, the point margin by which that team wins, the combined final score of both teams, and so on.
Wagers of this kind are generally well-known and unexceptional. All these games and events are believed to be at least somewhat probabilistic in nature. That is, there is more than one possible outcome that is not preordained. Even in games that are perceived as games of pure skill, it is believed that an effectively random element based on, e.
Slot machines or other machines for player-initiated games of skill or chance sometimes referred to as, or including video lottery terminals or video poker games are becoming increasingly common fixtures in numerous jurisdictions across North America and elsewhere throughout the world. With each spin, different symbols appear on three or more reels such as cherries, oranges, bells, or sevens. Preset combinations of symbols on the pay line return predetermined amounts to the player e.
Each spin of the reels generally represents one separate wager. The financial instrument may be traded, purchased, or sold during the lifetime of the underlying wager s. The system and method further provide for the settling of all transactions and arbitration of all disputes associated with the exchange of any wagering-based transferable financial instruments. More specifically, the invention may be used to facilitate betting on the combined outcomes of a plurality of predefined probabilistic events including events previously viewed as one-off events.
This is accomplished by first establishing a market for the wagering-based financial instruments. The value of each financial instrument will initially be represented by its initial purchase price. Over time, this value will change and be subsequently represented by a position which reflects the outcomes of the plurality of probabilistic events which underlie each financial instrument. The probabilistic events may generally be some traditional gambling or sporting events e.
The value of the instrument will necessarily fluctuate over time in accordance with the outcomes of those various events in a manner analogous to that observed for the market fluctuations commonly associated with derivatives trading. The instrument may be transferred, purchased, and sold, in much the same way that common stock may be transferred.
That is, the individual wagerers as to the one-off events could be non-participants in, and may even be unaware of, the market generated in instruments based upon their particular one-off outcomes. Alternatively, the players could be partially or fully involved or invested in the financial instrument derived from the combination of their one-off wagers.
One possibility that flows from this arrangement is that sophisticated participants would be able to continually adjust their overall risk participation or exposure—for instance, by betting one way in an individual one-off transaction and taking the opposite position with respect to the outcomes of the plurality of otherwise one-off events. However, this same participant may attempt to mitigate the risk associated with his wager by actually attempting to play against the House in an individual game of blackjack during the six hour period at the given blackjack table, or perhaps by placing a second wager that the next player to play against the House during the six hour period will win at the given blackjack table.
The present invention's system for structuring and facilitating the exchange of all such wagering-based financial instruments may also provide background and statistical information that individuals will find helpful not only in originally formulating their positions as to various betting-based financial instruments, but in any attempts to value their individual financial instruments or hedge their complete betting portfolios.
While the return to a trader of a traditional derivative product is, in many cases, largely determined by the value of the underlying security, asset, liability, or claim on which the derivative is based, the return to an investor in the financial instruments of the present invention can be made more dependent on functions of chance, which can be insulated from the occasional and rare systematic fluctuations which can be attributable to specific market participants.
Thus, the system creates a semi-autonomous pecuniary market where none is believed to have previously existed, producing novel financial instruments that are subject to both principles of market demand and the whims of man. Moreover, the system facilitates the exchange of these hitherto-unknown financial instruments between and among clients and the system itself.
Other embodiments include additional steps for matching a bid and offer to facilitate the transfer of the financial instruments, and for transmitting and displaying data related to valuations for the financial instruments. In another exemplary embodiment of a method according to the present invention, a system for creating a transferable financial instrument based on a position regarding the outcomes of a plurality of events is provided, and includes a data storage, a monitoring device for monitoring the outcomes of at least one of a plurality of events, and a processor coupled to a memory.
The processor is operable to receive order data from a client regarding a wager, establish a position for the client based on the received order data, record information related to the plurality of events, identify fluctuations in the value of the position based on the information related to the plurality of events, and transmit data regarding the value of the position. In yet another exemplary embodiment of a method according to the present invention, a system and market for trading wagering-based financial instruments is provided.
The market includes at least one financial instrument that embodies a position with respect to a wager regarding a plurality of events which occur over a period of time, at least one bid, and at least one offer, wherein at least one bid is matched with at least one offer, resulting in a transfer of the financial instrument from a first owner to a second owner. Electronic platforms for trading of such instruments are also provided.
Throughout the FIGURES, the same reference numerals and characters, unless otherwise stated, are used to denote like features, elements, components, or portions of the illustrated embodiments. Moreover, while the present invention will now be described in detail with reference to the Figures, it is done so in connection with the illustrative embodiments.
Central controller 50 is further coupled to one or more event generators In general, system 5 provides for the creation, trading, and settling of wagering-based financial instruments Financial instruments 76 are derived from a wager that is made with respect to the outcome of one or more probabilistic events.
The types of probabilistic events that can be used as the basis for creating financial instruments 76 are multitudinous. For example, numerous forms of traditional gambling events may be the subject of financial instruments Additionally, numerous other events may form the basis for financial instruments 76, including events associated with the financial markets, television shows, and even the weather. For example, with respect to financial markets, the events might involve the movement or the value of a financial market index, security, or other instrument, referred to generally as a financial market indicator, during or at the end of a predetermined period of time or after one or more relevant transactions.
Outcomes for these events might involve, for example, whether a certain financial market index, such as the Dow Jones Industrial Average DJIA or the Financial Times Stock Exchange FTSE , will rise or decline during the upcoming seconds, minutes, hours, or other predetermined period of time, or after one or more relevant transactions. The index may be rounded to the nearest whole point e.
In particular embodiments, the movement of a financial market indicator may be graphically represented on an electronic screen associated with a buyer or seller of financial instruments 76 using symbols such as, for example, color coded e. Each symbol could indicate that the value of the associated financial market indicator was down during the last predetermined period of time or after the last relevant transaction or transactions e. Any suitable number and combination of symbols could combine to represent a suitable portion of the history of the movement of the value of the financial market indicator.
Financial instruments 76 may be based upon underlying wagers associated with the movements of a financial market indicator or the graphical representations associated therewith. For example, underlying wagers could be that all symbols in a series will be one of red, green, or yellow arrows; that the symbols of a series will be a particular number, combination, or ordering of red, green, and yellow arrows; that a particular symbol in a series will be one of a red, green, or yellow arrow; that the next symbol will be one of a red, green, or yellow arrow; etc.
Other outcomes to these events might involve whether the value of the indicator will be an odd or even number at the end of a predetermined period of time or after the last relevant transaction or transactions. Further outcomes might involve whether the value of the indicator will fall within particular ranges of numbers at the end of a predetermined period of time or after the last relevant transaction or transactions. These events and outcomes form the basis for transferable financial instruments Wagering on the movement of the financial markets or the value of the financial markets, and the transferable financial instruments 76 derived therefrom, could be based upon fixed odds payouts, spread betting payouts, or other forms of payouts.
In another example, with respect to television shows, the events might involve whether or not a first participant of a reality-based television show will select a second participant of the show for marriage, to remain on the show, to be excluded from the show, or to otherwise be involved in the show. In another example, the events might involve the performance of a participant with respect to voting by viewers of the show. In particular, the events might involve whether a participant will receive the most or fewest votes by the viewership during a predetermined voting period; whether a participant will receive a certain number or percentage of votes by the viewership during a predetermined voting period; whether a first participant will receive more or less votes than a second participant during a predetermined voting period; or voting on whether an incident, occurrence, or happening should take place on the show.
In other examples, the events might involve whether or not a participant of a game-show will answer a question correctly, win a prize, or otherwise succeed or fail on the show. The event s that can form the basis for financial instruments 76 are therefore any event or concatenation of events, the outcome of which is not certain at the time the proposition is being evaluated.
Financial instrument 76 may take many forms. For example, financial instrument 76 may be a paper instrument, an electronic instrument, or some other concrete, virtual, or notional embodiment that represents ownership of or an interest in the underlying wager. Over time, the value or perceived value of an instrument 76 may change based on numerous factors, including outcomes of some of the plurality of events which form the basis of the instrument 76, or outcomes of other related events that may affect the outcome of the wagered position.
Moreover, financial instruments 76 may be bought, sold, exchanged, or otherwise transferred using system 5. Financial instruments 76 could also be traded using paper certificates, through tokens, smart cards, tote boards, virtual wallets, or any other known system for tracking, trading, redeeming, and evidencing an account, ownership position, or other form of valuta. Therefore, system 5 and methods associated therewith may not only be used to establish wagers, but may also be used to facilitate transactions involving the financial instruments 76 that embody such wagers, essentially creating a market in those wagers.
For example, a financial instrument 76 may be initially established by a market making participant of system 5 and transferred to a client
DAILY FOREX SIGNAL MQ442A
Your exacta box bet wins if any of your horses finish in the top 2 in any order. The exacta box costs more than a straight exacta because you must pay for each possible finishing combination. Tip Racebooks will calculate exacta box cost for you. See also this calculator. Horses will be listed on the left. Select 3 or more horses to finish first and second. This indicates the bet is an Exacta Box. Notes: Sportsbook will calculate box cost automatically. Quinella An exacta box and quinella payout after the same race result.
Two horses must finish first and second in any order. The mechanics of each bet differ. Quinella The quinella is one bet on 2 horses. Exacta Box The 2 horse exacta box is 2 different bets on A and B. Horses finish A-B. Horses finish B-A. This happens when a favorite is paired with a longshot. A winning longshot followed by a heavy favorite would pay more than the reverse result. Online Exacta bets have the same minimum stake as betting Exactas at the track.
In fact you don't need to be at a race track at all Betting online on horse racing is legal in most states, but please ensure you make your online and mobile bets with a legal, safe and regulated website like BetAmerica. How Much Can I Win With Exacta Bets Winnings on Exacta bets are unlimited and are determined by the pari-mutuel system where all the winning tickets share the pool of money collected.
What is an Exacta Box Bet? You still need to select the first and second horse in the correct order, but by boxing your selections, the two horses can finish in any order. This also allows you to choose more than two runners. What is an Exacta Key Box Bet?
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