System and method for betting on an event using an auction

摘要

A method of managing bets comprises auctioning a first bet to one of a plurality of clients for a first bet amount, wherein the first bet comprises a bet that a first participant will finish in a particular finishing position associated with an event. The method further comprises auctioning a second bet to one of a plurality of clients for a second bet amount, wherein the second bet comprises a bet that a second participant will finish in the particular finishing position associated with the event. The method continues by adding the first bet amount and the second bet amount to form a betting pool, and determining an amount of a payout based at least in part on the betting pool.