Patent ID: 8616964

Claim:
A computer implemented method for allowing a betting pool leader to host a betting pool, comprising: establishing and managing the betting pool with a processor and associated computer storage medium of the betting pool leader; registering a group of bidders who are known and/or unknown to the pool leader hosting the betting pool for access by the processor; programming the processor and associated computer storage medium to allow the betting pool leader to set up an event to subsequently associate with the betting pool by setting up an event with finite outcome, unknown outcome and/or multiple possible outcomes; enabling the pool leader to establish whether the event is open to the group of bidders who are known to the betting pool leader, or whether the event is open to the group of bidders that are known and/or unknown to the betting pool leader; and accepting wagers from the group of bidders having access to the event based on whether the event is open to only the group of bidders that are known to the pool leader or to the group of bidders that are known and/or unknown to the betting pool leader.