1. A method of determining liability for a plurality of multiple bets placed via a computerized betting system, each multiple bet being a bet on a plurality of selected outcomes occurring in a plurality of respective different events, with each outcome of the plurality of outcomes within the multiple bet corresponding to a different event, wherein a multiple bet is a winning multiple bet if and only if all the selected outcomes within the multiple bet occur, the method comprising:
receiving a plurality of multiple bets from a plurality of users;
determining from said received plurality of multiple bets, a group of event-outcome selections selected in the plurality of received multiple bets;
determining for each event-outcome selection in said determined group of event-outcome selections, the number of received multiple bets in which that event-outcome selection is selected;
selecting, using the computerized betting system, a most popular event-outcome selection from the group of possible event-outcome selections, the most popular event-outcome selection being the event-outcome selection selected in the highest number of received multiple bets;
evaluating, using the computerized betting system, all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is a winning outcome to produce a first result, the first result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being winning multiple bets;
evaluating, using the computerized betting system, all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is not a winning outcome to produce a second result, the second result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being losing multiple bets; and
selecting, using the computerized betting system, one of the first and second results that indicates the worst case liability.
2. A method according to claim 1, further comprising determining, using the computerized betting system, if the worst case liability exceeds a predetermined value and, if so, refusing a submitted bet.
3. A method according to claim 1, further comprising:
selecting, using the computerized betting system, a next most popular event-outcome selection from the group of possible event-outcome selections, the next most popular event-outcome selection being the event-outcome selection selected in a second highest number of the multiple bets from within all the event-outcome selections in the plurality of multiple bets;
evaluating, using the computerized betting system, all event-outcome selections other than the next most popular event-outcome selection within the group of possible event-outcome selections on the basis that the next most popular event-outcome selection is a winning outcome to produce a third result, the third result representing a liability associated with at least one of the multiple bets that include the next popular event-outcome selection being a winning multiple bet; and
evaluating, using the computerized betting system, all event-outcome selections other than the next most popular event-outcome selection within the group of possible event-outcome selections on the basis that the next most popular event-outcome selection is not a winning outcome to produce a fourth result, the fourth result representing a liability associated with at least one of the multiple bets that include the next most popular event-outcome selection being a losing multiple bet.
4. A method according to claim 3, further comprising determining, using the computerized betting system, the worst case liability as being the worst case liability among the third and fourth results, and the one of the first and second results that does not comprise the worst case liability.
5. A method according to claim 1, further comprising receiving, using the computerized betting system, a new bet for which a worst case liability has previously been calculated, and recalculating the worst case liability to take the new bet into account.
6. A method according to claim 5, wherein the new bet comprises at least one of a bet placed by a user and a hedging bet placed by an operator of the management system.
7. A liability management system for determining liability for a plurality of multiple bets placed via a computerized betting system, each multiple bet being a bet on a plurality of selected outcomes occurring in a plurality of respective different events, with each outcome of the plurality of outcomes within the multiple bet corresponding to a different event, wherein a multiple bet is a winning multiple bet if and only if all the selected outcomes within the multiple bet occur, the system comprising:
means for receiving a plurality of multiple bets from a plurality of users;
means for determining from said received plurality of multiple bets, a group of event-outcome selections selected in the plurality of received multiple bets;
means for determining for each event-outcome selection in said determined group of event-outcome selections, the number of received multiple bets in which that event-outcome selection is selected;
means for selecting a most popular event-outcome selection from the group of possible event-outcome selections, the most popular event-outcome selection being the event-outcome selection selected in the highest number of received multiple bets;
means for evaluating all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is a winning outcome to produce a first result, the first result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being winning multiple bets;
means for evaluating all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is not a winning outcome to produce a second result, the second result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being losing multiple bets; and
means for selecting one of the first and second results that indicates the worst case liability.
8. A system according to claim 7, further comprising:
means for selecting a next most popular event-outcome selection from the group of possible event-outcome selections, the next most popular event-outcome selection being the event-outcome selection selected in a second highest number of the multiple bets from within all the event-outcome selections in the plurality of multiple bets;
means for evaluating all event-outcome selections other than the next most popular event-outcome selection within the group on the basis that the next most popular event-outcome selection is a winning outcome to produce a third result, the third result representing a liability associated with at least one of the multiple bets that include the next popular event-outcome selection being a winning multiple bet; and
means for evaluating all event-outcome selections other than the next most popular event-outcome selection within the group on the basis that the next most popular event-outcome selection is not a winning outcome to produce a fourth result, the fourth result representing a liability associated with at least one of the multiple bet that include the next most popular event-outcome selection being a losing multiple bet.
9. A system according to claim 7, further comprising means for recalculating the worst case liability for a new bet to be placed on an outcome.
10. A system according to claim 9 that is arranged to compare the worst case liability with a predetermined liability limit, and to reject the bet if the worst case liability exceeds the liability limit.
11. A liability management system for determining liability for a plurality of multiple bets placed via a computerized betting system, each multiple bet being a bet on a plurality of selected outcomes occurring in a plurality of respective different events, with each outcome of the plurality of outcomes within the multiple bet corresponding to a different event, wherein a multiple bet is a winning multiple bet if and only if all the selected outcomes within the multiple bet are winning occur, the system comprising:
a processor arranged to receive a plurality of multiple bets from a plurality of users, determine from said received plurality of multiple bets, a group of event-outcome selections selected in the plurality of received multiple bets, determine for each event-outcome selection in said determined group of event-outcome selections, the number of received multiple bets in which that event-outcome selection is selected, select a most popular event-outcome selection from the group of possible event-outcome selections, the most popular event-outcome selection being the event-outcome selection selected in the highest number of received multiple bets; to evaluate all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is a winning outcome to produce a first result, the first result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being winning multiple bets; to evaluate all other event-outcome selections within the group of possible event-outcome selections on the basis that the most popular event-outcome selection is not a winning outcome to produce a second result, the second result representing a liability associated with all the multiple bets that include the most popular event-outcome selection being losing multiple bets; and to select one of the first and second results that indicates the worst case liability.
12. A system according to claim 11, wherein the liability engine is arranged to reject the multiple bet in the event that the determined worst case liability exceeds a predetermined threshold.
13. A system according to claim 11, arranged to provide information relating to the placement of a hedging bet to reduce the worst case liability.
The claims below are in addition to those above.
All refrences to claim(s) which appear below refer to the numbering after this setence.
1. A computer readable recording medium recorded with a graphics editing program for realizing, in a computer the steps of:
arranging an element interactively in cooperation with an input device and a display device;
fixing said arranged element from said arranging step by a right click of a mouse or a selection from menus;
determining, when said arranged element is fixed by said fixing step, whether or not at least a part of the arranged element is overlapped with an already arranged element;
associating, when it is determined by said overlap determining step that the arranged element is overlapped with the already arranged element, the element arranged by said element arranging step through inheriting of relation of the already arranged element; and
displaying on said display device the relation between the elements which are associated with one another by said associating step,
wherein said fixing step is different from said arranging step;
wherein said associating step, when the element arranged by said element arranging step is overlapped with a plurality of the already arranged elements, inherits the relation of the element whose overlapped region is the largest, to associate the elements with one another to provide a relation therebetween.
2. A graphics editing apparatus comprising:
element arranging means for interactively arranging an element;
element fixing means for fixing said arranged element from said arranging step by a right click of a mouse or a selection from menus;
overlap determining means for, when the arranged element is fixed by said element fixing means, determining whether or not at least a part of the arranged and fixed element is overlapped with an already arranged element;
associating means for, when it is determined by said overlap determining means that the arranged and fixed element is overlapped with the already arranged element, associating the arranged and fixed element through inheriting of relation of the already arranged element; and
relation display means for displaying the relation between the elements which are associated with each other by said associating means,
wherein a fixing operation performed on said element arrangement is different from an arranging operation of the element;
wherein said associating means, when the element arranged by said element arranging means is overlapped with a plurality of the already arranged elements, inherits the relation of the element whose overlapped region is the largest, to associate the elements with one another to provide a relation therebetween.
3. The computer readable medium according to claim 1, wherein in said step of arranging elements interactively if said already arranged element is erroneously overlapped with another element when said already arranged element is moved, a relation inheriting said relation is not provided.
4. The graphics editing apparatus of claim 2, wherein in said element arranging means, if said already arranged element is erroneously overlapped with another element when said already arranged element is moved, a relation inheriting said relation is not provided.