Create a universal pari-mutual engine

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Bids
6
Avg Bid (USD)
$273
Project Budget (USD)
$30 - $250

Project Description:
To create a application that can be used to take bets on various events the application function is similar to the Parimutuel betting system.

For example:

Consider a hypothetical event which has eight possible outcomes. Each outcome has a certain amount of money wagered:

1 $30.00
2 $70.00
3 $12.00
4 $55.00
5 $110.00
6 $47.00
7 $150.00
8 $40.00
Thus the total pool of money on the event is $514.00. Following the start of the event, no more wagers are accepted. The event is decided and the winning outcome is determined to be Outcome 4 with $55.00 wagered. The payout is now calculated. First the commission or take for the wagering company is deducted from the pool; for example with a commission rate of 14.25% the calculation is: $514 × (1 - 0.1425) = $440.76. The remaining amount in the pool is now distributed to those who wagered on Outcome 4: $440.76 / $55 ≈ $8 per $1 wagered. This payout includes the $1 wagered plus an additional $7 profit.

The program will need to be flexible from 2 participants up to any defined number of participants.

An algebraic summary is in the attachment.

Skills required:
Anything Goes, Engineering, PHP, Software Architecture, Software Testing
Additional Files: Algebraic+summary.rtf
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