# 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.

( 18 reviews ) United Kingdom

Project ID: #4359470

## 6 freelancers are bidding on average \$273 for this job

urcoder

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sveralex

Hello, here is my bid

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steven6

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

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partizan22

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

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yoniasmo

Nice Project

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HongNenYu

I can do it. Thanks.

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