Patent ID: 8690667

Claim:
A wagering system, comprising: a first wagering facility operable to communicate with a network and operable to: receive a bet on a wagering event hosted by a second wagering facility; and transmit the bet to the second wagering facility via the network, wherein the first wagering facility comprises at least one of a facility that hosts wagering events and a simulcast facility operable to simulcast the wagering event hosted by the second wagering facility; and a clearinghouse operable to communicate with the network and operable to: capture audit information associated with the bet from the network; receive a result of the wagering event; determine a settlement between the first and second wagering facilities based at least in part upon the result, and at least a portion of the audit information associated with the bet; and based at least in part upon the settlement determination, transfer funds between a first account of the first wagering facility and a second account of the second wagering facility.