System and method for generating and placing combination bets

1. A method for generating and receiving a combination bet, the method implemented on one or more computer including one or more processors, the method comprising:

establishing a plurality of betting events;

receiving, via a user interface operatively coupled to the one or more computers, a total wager amount;

randomly selecting a subset of said plurality of betting events;

verifying, via at least one of said processors, that each event in said subset has not occurred;

accepting said combination bet; and

determining, via at least one of said processors, whether said combination bet is a winner.

2. A method according to claim 1 , further comprising:

displaying said subset to a user as entries in a plurality of slot machine-type reels.

3. A method according to claim 1 , wherein said determining step comprises:

determining whether each event in said subset is a winner.

4. A method according to claim 1 , wherein said establishing step comprises:

receiving a user-defined list of betting event categories;

cross-checking available betting events with said categories; and

selecting available betting events matching said categories.

5. A method according to claim 1 , wherein said establishing step comprises:

receiving a user-defined range of acceptable odds for each event;

cross-checking odds for each available betting event with said range; and

selecting available betting events falling within said range.

6. A method according to claim 5 , further comprising:

updating odds for each available betting event;

cross-checking said updated odds for each available betting event with said range; and

updating said plurality of betting events to include events with updated odds falling within said range and to remove events with update odds falling outside said range.

7. A method according to claim 1 , further comprising:

indicating a status of each event in said subset; and

displaying an update to said status when said status changes.

8. A method operable on one or more computers, each computer including a processor, for generating and receiving a combination bet, comprising:

establishing a plurality of betting events;

randomly selecting, via a processor, a first subset of events from said plurality of betting events;

displaying said first subset of events to a user on a screen operatively coupled to a computer;

processing, via a processor, a request from said user to keep or discard one or more events within said subset;

randomly selecting, via a processor, a second subset of events from said plurality of betting events;

replacing discarded events with said second subset of events;

establishing a combination bet comprising kept events from said first subset and said second subset; and

receiving a wager for said combination bet.

9. A method according to claim 8 , wherein said displaying step comprises:

displaying a plurality of slot-machine-like reels; and

inserting a separate event from said first subset in each of said reels.

10. A method according to claim 9 , wherein said selecting steps comprise:

cycling between potential betting events to imitate spinning slot machine reels.

11. A method according to claim 8 , further comprising:

calculating odds for said combination bet;

calculating a possible payout for said combination bet; and

displaying said wager, said odds, and said possible payout.

12. A method according to claim 8 , wherein said selecting steps comprise:

verifying that each event in said subsets does not conflict with any other event in said subsets.

13. A method according to claim 8 , wherein said selecting steps comprise:

verifying that each event in said subsets is not a duplicate of any other event in said subsets.

14. A method according to claim 8 , further comprising:

displaying odds for each event in said first subset and said second subset; and

updating said odds substantially in real time.

15. A method according to claim 8 , wherein said plurality of betting events are ongoing sporting events.

16. A system for generating and receiving a combination bet, comprising:

a user interface for displaying a plurality of betting events, wherein said events are arranged to resemble a plurality of slot machine reels, and a combination bet comprises combining a bet from each reel such that the system is configured for a combination bet to be successful if each bet for each of said events is successful;

said user interface further comprising: a toggle for adjusting a bet amount and status indicators for each displayed betting event; and

a database for storing information relating to said plurality of betting events.

17. A system according to claim 16 , wherein, for each event, said information comprises:

an event identifier, an event-type identifier, event participants, and odds for said event.

18. A system according to claim 17 , wherein said system is configured to update said odds substantially in real time.

19. A system according to claim 16 , said user interface further comprising:

a user-selectable list of event types, wherein said displayed plurality of betting events have an event type matching a user-selected event type.

20. A system according to claim 16 , wherein said system is configured to update said status identifiers to reflect a win or a loss as each betting event is resolved.