In one aspect of the invention there is a system for establishing a parimutuel fund (30) comprising a first mobile phone (14) and a second mobile phone (18) and a parimutuel administrator (22). Each mobile phone (14, 18) has an associated credit balance (16, 20). In this manner, a person (26) in possession of the first mobile phone (14) instructs the parimutuel administrator (22) to transfer a first predetermined amount from their credit balance (16) associated with the first mobile phone (14) to the credit balance (20) associated with the second mobile phone (18) and to contribute a second predetermined amount to a parimutuel fund (30), the person (26) further operable to indicate to the parimutuel administrator (22) the selected outcome of the event associated with the parimutuel fund (30) such that, if the outcome of the event associated with the parimutuel fund (30) is the same as the selected outcome, the parimutuel administrator (22) is operable to credit the credit balance (16) associated with the first mobile phone (14) with an amount equal to the total of the parimutuel fund (30) divided by the total amount of contributions made in respect of the selected outcome then multiplied by the second predetermined amount.