Create a universal pari-mutual engine

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: Anything Goes, Engineering, PHP, Software Architecture, Software Testing

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About the Employer:
( 18 reviews ) United Kingdom

Project ID: #4359470

6 freelancers are bidding on average $273 for this job


i am interested in your project please contact me thanks

$140 USD in 3 days
(100 Reviews)

Hello, here is my bid

$250 USD in 5 days
(30 Reviews)

Hello, we are a group of programmers based in Sheffield, UK offering 7 years experience in php, .net, c#, jquery, css, python and c++. I am proposing to carry out tasks required for this project and deliver it within 8 More

$149 USD in 0 days
(25 Reviews)

Hello! I'm interested in this project, but it's not clear, what exactly you need: the aplication that will just calculate payouts based on wareged amounts, web application to accept bets and calculate payouts than, More

$100 USD in 5 days
(17 Reviews)

Nice Project

$500 USD in 30 days
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I can do it. Thanks.

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