A seamless ledger-based wagering
system is provided wherein a secure, flexible and
automated database method and apparatus is used for retrieving information and accounting for wagers in an electronic wagering format. The accounting
system can be a ledger wherein funds are accounted for by a financial structure (e.g., financial institution such as a
bank, credit union, savings and loan,
deposit account, and the like) so that funds may be transferred through an intermediate transaction (e.g., the electronic wager entered onto the account) on the ledger and committed to
payment at the ultimate target of the transfer (e.g., the pari-mutuel site, and ancillary recipients of wagering monies, such as horseman's associations, totalisator companies, automated
machine lessors, track association, governmental agencies and the like). As the financial records from the financial structure never ‘sees’ the wagering facility in the transaction, transferring funds or guaranteeing funds to the intermediate transaction on a ledger, the entire transaction is in compliance with state and national regulations prohibiting or limiting or rendering illegal the availability of funds in the wagering transaction or transferring funds into a wagering account.