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Create a universal pari-mutual engine

This project received 6 bids from talented freelancers with an average bid price of \$273 USD.

\$30 - \$250 USD
6
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 \$[url removed, login to view]
2 \$[url removed, login to view]
3 \$[url removed, login to view]
4 \$[url removed, login to view]
5 \$[url removed, login to view]
6 \$[url removed, login to view]
7 \$[url removed, login to view]
8 \$[url removed, login to view]
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 \$[url removed, login to view] 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 [url removed, login to view]% the calculation is: \$514 × (1 - [url removed, login to view]) = \$440.76. The remaining amount in the pool is now distributed to those who wagered on Outcome 4: \$[url removed, login to view] / \$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.

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