A system and method for network virtualization and resource allocation, including storing one or more received network requests in a request table, and updating at least one of a flow table, a waiting list table, or a candidate group map based on the one or more received network requests. The updating includes monitoring a transmission progress of each of one or more flows in a network of interconnected computing devices and moving completed flows from the flow table to a success list, moving requests in the waiting list table which have reached an attempt threshold from the flow table to a fail list, and compiling any residual requests in the waiting list with new requests to generate a new request table. A deterministic request allocation and/or an optimizing request allocation is performed based on the new request table.