Image Number 4 for United States Patent #7942735.
Methods and systems for conducting wagers, such as pari-mutuel wagers. In one exemplary embodiment a series of events, such as horse races, dog races, etc., is identified for which a plurality of bettors may each place at least one wager, and a wagering activity thereon is structured as a contest. Bettors may each be provided with a "play money" bankroll for use in wagering, and play against one another competitively to achieve one or more winning outcomes for the contest as defined by the operator. Alternatively, bettors may have their conventional, live wagers entered into the contest. The prize pool for the contest, which may be multi-tiered, is fixed based on the number of participants and allocated to winners independent of the live wager prize pool, thus not affecting odds for the live wager. The contest wagering activity may be run in parallel with live wagering, and utilizing the same wagering system for administration of both. Wagering systems and a wagering network are also disclosed.