The present invention provides a method of speculating on a future event or the value of an asset in a market. The speculating may take the form of trading, hedging or wagering. A plurality of speculations on the outcome of the future event is received. For each one of the speculations in the market, the status of the speculations at the time that the speculation was received in the market is recorded. After a time period for receiving speculations in the market has closed, the pari-mutuel payoff for each correct speculation is calculated using a computer. The pari-mutuel payoff depends at least in part on the status of speculations at the time that the speculation was received in the market.
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