1. A system for enabling betting during the course of an event, comprising: 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 determines a first win bet probability for a particular event, transforms the first win bet probability based on a transformation function to enable initial betting on the particular event; during the course of the particular event, the computer determines a second win bet probability and transforms the second win bet probability based on the transformation function, and delivers the transformed second win bet probability to a user to enable the user to execute a bet in real time during the course of the event.