Patent ID: 8177635

Claim:
A wagering system, comprising: at least one server associated with a clearinghouse, at least one server associated with a first wagering facility, and at least one server associated with a second wagering facility, wherein the server associated with the clearinghouse, the server associated with the first wagering facility, and the server associated with the second wagering facility are operable to communicate via a communications network, wherein the first wagering facility comprises a first race track that hosts a first wagering event, wherein the first wagering facility is operable to simulcast the first wagering event to the second wagering facility, and wherein the server associated with the clearinghouse is further operable to store in a memory contract parameters between the first wagering facility and the second wagering facility, the contract parameters comprising: at least one first parameter for determining fees charged by the first wagering facility to the second wagering facility in association with the second wagering facility simulcasting the first wagering event; wherein the server associated with the second wagering facility is further operable to: receive a first plurality of bets on the first wagering event; and transmit the first plurality of bets to the server associated with the first wagering facility via the communications network; and wherein the server associated with the clearinghouse is further operable to: capture first audit information associated with the first plurality of bets, wherein the first audit information comprises for each of the first plurality of bets an amount wagered; receive from the server associated with the first wagering facility results of the first wagering event; and based at least in part on the results of the first wagering event, the first audit information associated with the first plurality of bets, and the contract parameters, determine a first settlement amount between the first wagering facility and the second wagering facility, wherein to determine the first settlement amount includes to: for each of the first plurality of bets that is a winning bet, determine an amount owed by the first wagering facility to the second wagering facility; for each of the first plurality of bets that is a losing bet, determine an amount owed by the second wagering facility to the first wagering facility; and determine, in association with the second wagering facility simulcasting the first wagering event, a simulcast fee owed by the second wagering facility to the first wagering facility.