Create a universal pari-mutual engine

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

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$30 - $250 USD
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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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