Create a universal pari-mutual engine

Avg Bid (USD)
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
About the employer:
Public Clarification Board
Bids are hidden by the project creator. Log in as the employer to view bids or to bid on this project.
You will not be able to bid on this project if you are not qualified in one of the job categories. To see your qualifications click here.

$ 140
in 3 days
$ 250
in 5 days
Hire steven6
$ 149
in 0 days
Hire partizan22
$ 100
in 5 days
Hire yoniasmo
$ 500
in 30 days
$ 500
in 10 days