1. A computer-implemented wagering method, comprising: for each of at least two placed bets of different type on at least one race, allocating, by a processor, portions of a premium specified for the respective placed bet to a respective subset of a plurality of predefined fundamental bets determined to be equivalent to the respective placed bet, the plurality of fundamental bets corresponding to a plurality of predefined mutually exclusive fundamental outcomes; and executing the respective subsets of bets.