Method and system for parimutuel wagering on outcomes

Abstract

A method for determining an award for at least one winner includes establishing at least a first outcome predicated on a common output produced by a plurality of entities working in conjunction, and establishing at least three scenarios associated with the first outcome, each scenario associated with a condition of the first outcome, and receiving a plurality of wagers associated with each scenario and at least one of the entities. The method further includes awarding at least a first award in a parimutuel basis based on the received wagers.

Description

RELATED APPLICATIONS[0001]This application claims the benefit of, and priority to, U.S. patent application Ser. No. 12 / 124,702 filed May 21, 2008 as a continuation-in-part application. Additionally, this application claims the benefit of, and priority to, U.S. Provisional Patent Application 61 / 384,386 filed Sep. 20, 2010.FIELD OF THE INVENTION[0002]The present invention relates to parimutuel wagering on outcomes.BACKGROUND OF THE INVENTION[0003]It is difficult to accurately and profitably manage large scale projects. Aside from issues of scale, the persons with the most knowledge of what is needed to accomplish project goals are often implementation workers with limited ability to affect project operations, particularly at a scale beyond their own implementation efforts. While implementation workers may express their concerns or needs to immediate supervisors, it is common that as project difficulties mount, supervisors may become reticent to accurately report to their supervisors, ...

AI Technical Summary

Problems solved by technology

It is difficult to accurately and profitably manage large scale projects.

Aside from issues of scale, the persons with the most knowledge of what is needed to accomplish project goals are often implementation workers with limited ability to affect project operations, particularly at a scale beyond their own implementation efforts.

While implementation workers may express their concerns or needs to immediate supervisors, it is common that as project difficulties mount, supervisors may become reticent to accurately report to their supervisors, and senior management may have limited knowledge of the problems faced by those ‘in the field’.

Thus, senior management has a pressing need to know and understand project difficulties, but is often ill-sited to receive the information that is needed.

However, prediction markets are less effective if first-hand participation in the predicted outcome is unrewarded.

Additionally, prediction markets function wherein the predictors have limited effects on the activity subject to prediction.

For example, political events are often the subject of prediction markets, but each participant in the market has a somewhat limited effect on the outcome of the election.

In contrast, a prediction market for project management could be severely compromised by internal saboteurs seeking to adversely affect the project for their own gain.

In general people tend to under-estimate extreme outcomes (risks).

However, parimutuel wagering is at a disadvantage when a participant in the outcome can affect the outcome.

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