Receiving one or more bets is part of the approach. Each bet consists of a selection of five horse races from a number of horse races scheduled to be held at a track on a given day, a selection of a horse for each of the five horse races, and a wager amount. The process also entails aggregating each bet amount to build a betting pool and calculating the amount of a total payout for the day based in part on the betting pool. Also, you can use a couple of well-know horse racing selection methods.

In many parts of the world, horse racing betting is a major and expanding industry. Horseracing tracks offer a variety of horse race betting options. Many tracks, for example, offer one or more "Daily Double" bets, in which a bettor can wager on the winners of two consecutive races selected by the track (e. g. , the first two or last two races of the day). Some tracks also offer a "Pick Three" option, in which bettors choose the winners of three consecutive races chosen by the track, a "Pick Four" option, in which bettors choose the winners of four consecutive races chosen by the track, and/or a "Pick Six" option, in which bettors choose the winners of six consecutive races chosen by the track.

A technique for handling horseracing bets is described in one embodiment. Receiving one or more bets is part of the approach. Each bet consists of a selection of five horse races from a number of horse races scheduled to be held at a track on a given day, a selection of a horse for each of the five horse races, and a wager amount. The process also entails aggregating each bet amount to build a betting pool and calculating the amount of a total payout for the day based in part on the betting pool.

Receiving the results of a number of horse races that are scheduled to be run may be part of the method. The findings could point to a winning horse in each of the numerous horse races set to take place. Based on the outcomes, the technique may also include determining one or more winning bets of the one or more bets. Determining one or more successful bets may entail determining if each selected respective horse corresponds to the winning horse for each of the five horse races picked in the bet for each of the one or more bets. The approach may also include calculating the amount to be paid for each winning bet depending on the number of winning bets, the total payment, and the winning bet amount. Applying a commission rate to the betting pool may be used to determine the amount of a total payout based at least in part on the betting pool. Adding a carryover amount from a prior racing day to the betting pool may also be used to determine the amount of a total payout based at least in part on the betting pool. The method may also include determining whether any winning bets exist by determining whether each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet, and determining a carryover amount to carry over to a total payout of a future racing day if no winning bets exist.

A system for handling horseracing bets is provided in another embodiment. A memory is included in the system, which can hold one or more bets. Each bet consists of a selection of five horse races from a number of horse races scheduled to be held at a track on a given day, a selection of a horse for each of the five horse races, and a wager amount. A processor is also included in the system, which is linked to the memory. The processor can combine each bet amount to build a betting pool and, at least in part, use the betting pool to determine the amount of a total payout for the day.

The processor may also be able to receive results from the many horse races that are planned to take place. The findings could point to a winning horse in each of the numerous horse races set to take place. Based on the outcomes, the processor may also be able to determine one or more winning bets of the one or more bets. A processor capable of determining one or more winning bets may include a processor capable of determining whether each selected respective horse corresponds to the winning horse for each of the five horse races selected in the bet for each of the one or more bets. The processor may also be able to calculate an amount to be paid for each winning bet depending on the number of winning bets, the total payout, and the amount of each winning bet's stake. The processor may also be able to cancel at least one of the plurality of horse races scheduled to take place at the track that day and receive results from the plurality of horse races scheduled to take place, with the results identifying a winning horse for at least one of the plurality of horse races scheduled to take place. The processor may also be able to identify one or more successful bets by determining whether at least one of the selected respective horses corresponds to the winning horse for at least one of the five horse races specified in the bet for each of the one or more bets.

Numerous advantages may be derived from various embodiments of the present invention. It should be noted that some, none, or all of the advantages stated below may apply to one or more embodiments.