Running a golf tournament with paramutuel betting for multiple places

Traditional Win (top 1), Place (top 2), and Show (top 3) wager types are available, however many different formats of play lend well to pari-mutuel style. Each group competes within itself in a series of play sequences, such as a series of golf holes. Each play sequence comprises at least one competitive play. As an ambassador for Homestretch Golf, I can help you get up and running with it for your tournament. Just send me a note! Or you can contact David at. It is not uncommon to see win odds increase or decrease by multiple points inside the final two minutes of betting. This can work to the running a golf tournament with paramutuel betting for multiple places or.

PARI-MUTUEL WAGERING SYSTEM AND METHOD

Super easy result entry defining the top finishers via drop-down selection. Pay the checkout fee and enjoy automatic payout results. All payouts for winning wagers are calculated for you and congratulatory winning wager notifications are automatically delivered to the winners. Sign up for free. Add wagering excitement to your golf trip Homestretch Golf fees are funded by the wagering pot, no required out-of-pocket expenses to use the platform.

Want to get the latest news. First name. Last name. Email address. However, before the official race, drivers and teams undergo qualifying to determine which drivers and cars are entered into the field, as well as determining the order of the cars to start the race, with the fastest car earning the pole position. Qualifying is typically conducted on Fridays. Drivers and teams then use Saturday to test the car's performance and make any adjustments they feel are necessary prior to Sunday's race.

The present invention extends pari-mutuel wagering beyond merely picking the winner of the race. The pari-mutuel wagering system of the present invention promotes propositional wagering on each of the three days of a typical NASCAR weekend. Thus, during Friday qualifications, bettors can wager on predicting whether a driver will crash during qualification, break a course record during qualification, fail to finish qualifying, which driver wins the pole position, whether a driver will be within or without the top ten finishers in qualifying, or whether a driver will be within a specific range of qualifiers i.

Similar wagers can be extended to the Happy Hour sessions, such as which driver will crash during happy hour, which driver had the fastest lap, which driver had the slowest car. Race day wagers can also be extended to include wagers on whether there will be a crash on the first lap, a crash within the first 5 laps or ten laps, which lap the first yellow or first red flags will come out, how many drivers are involved in the first crash, whether two specific drivers crash into each other, how many drivers are in the largest crash, whether the entire race will run without a crash, most laps led, most laps led and win, most laps led and not win, how many pits a driver makes, the number of tires a driver changes, who changes the most or least number of tires, whether a driver will crash and still win, which driver was in the most crashes and still finishes the race, first time winners in the series e.

Although described as individual drivers, the above wagers can also be made based upon teams or stables of cars, e. In step , software resident on the wagering server retrieves and updates participant rankings within sports book database The software contains code which directs the server to access the official rankings of event participants i.

The software also generates a number of action-specific wager outcomes based upon the event and the retrieved rankings step Typically, these action-specific outcomes are duplicative from event-to-event within the same Tour or Series for instance, all PGA Tour events or NASCAR races will have the same actions on which bettors can wager, as described above. Running a golf tournament with paramutuel betting for multiple places An authorized line maker then accesses sports book database via the sports book application , to view the updated rankings.

The line maker then establishes pre-event odds for the immediately upcoming event i. As shown in Step , once the pre-event odds are established, the sports book then inputs this data into the wagering database Bettors then access the wagering database either through a bettor terminal running wagering application , or through a sports book employee at the brick-and-mortar facility, or online via an internet-capable device running wagering application Bettors can then place wagers on the action-specific outcomes for which pre-event odds have been determined step In one embodiment of the present invention, odds are continually updated in real-time reflecting the change in odds due to bettor wagers as described above step Bettors continue to wager based upon these updated odds step Step closes the wagering window meaning that no new wagers will be accepted for the closed action.

Wagering typically ends at the start of the particular action. For instance, wagers predicting the winner of a tournament or race closes at the start of the event. Similarly, wagers regarding specific days of a golf tournament close prior to the start of golf on the respective day. Once a wagering window is closed, all wagers made regarding that action are pooled into an action-specific pool step The house deducts all administrative fees and taxes for the pool step and calculates the final odds and the winnings for that action step Finally, in step , once the action has been completed i.

Depending upon the action, outcomes from one day of action are used to generate new action-specific outcomes indicated by arrow Thus, wagers regarding the second round of a golf tournament are established based upon the results of the first round. The line makers generate pre-event odds for the second round within the sports book database which are then uploaded and stored to wagering server Bettors then access the server through the wagering database and wagering application and commence wagering on second round actions.

Thus, the pari-mutuel wagering system and method of the present invention extends wagering from merely predicting winners of an event and promotes wagering throughout the course of the event while also promoting wagering on not just predicting winners, but also predicting a number of additional actions.

As such, wagering action is no longer simply placing a futures bet and waiting three or four days for an outcome. Wagering action is now immediate and accessible on a day-by-day or action-by-action basis. This immediate action will stimulate wagering leading to larger pools and payouts, as well as larger fees for the house and taxes for regulating agencies.

Although the present invention has been described in considerable detail with reference to certain aspects thereof, other versions are possible. Therefore, the spirit and scope of the appended claims should not be limited to the description of the aspects contained herein. Each feature disclosed in the specification, including the claims, abstract, and drawings, can be replaced by alternative features serving the same, equivalent or similar purpose, unless expressly stated otherwise.

Thus, unless expressly stated otherwise, each feature disclosed is one example only of a generic series of equivalent or similar features. The method of claim 1 wherein said multi-action event is selected from the list consisting of: automobile races, bicycle races, golf, tennis, track-and-field competition, Olympic Games, and motorcycles races. The method of claim 3 wherein said plurality of individual actions comprises a first round leader; a second round leader; participants who qualify for later rounds; participants who fail to qualify for later rounds; a third round leader; a tournament winner.

The method of claim 1 wherein said multi-action event is an automobile race wherein said automobiles complete at least one lap of a course. The method of claim 9 wherein said plurality of individual actions comprises a pole position winner; fastest car in Happy Hour; winner of official NASCAR race; driver to lead the most laps; driver to lead the most laps and win; driver to lead the most laps and not win.

The pari-mutuel wagering system of claim 14 wherein said wagering database further stores wager-related information accessible to bettors through said web-based interface. The pari-mutuel wagering system of claim 15 wherein said wager-related information is one or more of the following: weather conditions during said event; participant performance history regarding said event; participant performance over a bettor-selected period of time before said event; and event venue information.

The pari-mutuel wagering system of claim 14 further comprising a video feed of said event and a telestrator added for highlighting wager-specific information on said video. The pari-mutuel wagering system of claim 17 wherein said event is golf and said wager-specific information is driving yards from a tee or closest drive to a hole. Aug 2, A method for conducting pari-mutuel wagering on a multi-action event, comprising: a.

The method of claim 1 wherein said multi-action event is golf. The method of claim 3 wherein said rankings are tabulated by Official World Golf Ranking. The method of claim 1 wherein said multi-action event is a bicycle race. The method of claim 6 wherein said rankings are tabulated by Union Cycliste Internationale. The method of claim 1 further comprising the steps of: g. The method of claim 12 wherein said highlighting is by a telestrator.

Players are eliminated when they can no longer meet a minimum ante on the next play sequence. A round of the tournament is completed when only a single player remains in each group. The survivors are divided into new groups for another round. This continues until a last round that has only one group. A single winner survives, and is awarded most of the pot.

This invention relates to sport tournament formats with wagering, especially for golf tournaments. Thus a wide range of players can compete fairly head-to-head from different courses. Wagering is provided via member accounts and electronic funds transfers, using member log-in identification and verification.

McClain's system could not be used to manage the present sports tournament format. The present format is a type of single elimination, but McClain lacks a single-elimination model entirely, and lacks the grouping and rounds structure of the present format. A network as used in McClain is not needed by the present format, although such a network would be useful. However, McClain would need major unsuggested modifications to support the present format.

McClain is designed for head-to-head competition. This has nothing to do with golfing skill, and could not be used to conduct a real golf tournament. It only requires a basic understanding of probability. Wagers can optionally be placed on the winner of a given hole, the winner of the game, or on a specific result of a dice throw.

In contrast, the present format is mainly a game of golf skill, with a little luck in the order of play, and the order of betting, and much luck in the partners assigned. No wagering is mentioned, although methods of portioning prize money are provided. In contrast, the present invention is a type of single-elimination format, and wagering is a major element. The participants are not themselves the contestants, but simply predict, and optionally bet on the outcome of the predictions.

In contrast, in the present format, the participants are also the contestants, and the outcome of each hole of golf, and therefore of each wager, is determined by golfing skill. Also in contrast, in the present format, participant-contestants are eliminated from participation as each round is completed.

An object of the invention is provision of a format and method for conducting large sport tournaments with wagering, in which the participants are both the contestants and the wagerers, requiring skill in a given sport and in wagering. Euro tour leaderboard Another object is flexibility in accommodating different numbers of players, different facilities and time frames, and in adjusting for last-minute cancellations without a significant delay in the tournament start time.

Another object is usefulness for both real and virtual competitions. These objects are achieved in a multi-level single elimination sports tournament with wagering for a field of players divided into groups of generally equal size. The number of players in each group in round 1. The number of players in each group in round 2. The number of players in each group in round 3.

A physical button, such as a pin or clip for a player's shirt may be used, or a mark on a score sheet may be used. A chance selection means is used to determine the order of play per group per round. The button starts with the first player in the group, and rotates in sequence among the other players in the group after each hole according to their order of play.

Group—A group is a subset of players in a round of the tournament. A group is a separate competitive entity within itself during a round, until all players but one are eliminated from each group. The winners from each group are then regrouped for the next round. Group sizes can be different in different rounds, but are preferably all the same in a given round.

Field—The total players starting a given round of the tournament. The first round starts with all players who have entered the tournament. Subsequent rounds start with increasingly reduced fields. Play Sequence—A series of one or more competitive play actions by a player toward a goal.

For example, a hole of golf is a play sequence, and a stroke is a competitive play action toward the goal of holing the ball. Round—A level of eliminations. Each round eliminates a known number of players after they lose their money in wagering within groups of competing players.

The first round starts with all players. Each subsequent round starts with the surviving players from the previous round in newly arranged groups. Survivor—The winner in a group during a round of competition after the other players in the group have been eliminated by losing their wagering money to the survivor.

The invention is a multi-level elimination sports tournament format with a method of wagering by the players on their own results during competition. The tournament starts with a field of players.