A system for enabling betting during the course of an event such as an automotive or horse race. The system includes a physical arena having a track and devices that move in a pattern around the track, a cinematic display corresponding to the physical arena for displaying events and for displaying odds during the course of a particular event, a computer in operative communication with the physical arena and the cinematic display for generating basic outcome probabilities of event outcomes for the set of events. The computer initially, and during the course of an event, determines a win bet probability for a particular event, transforms the win bet probability based on a transformation function to enable real-time betting during the course of the particular event.