Finally, a solution to Bada-Bing's fixed odds system flaws?
Betting against other bettors (not against the house), i.e., it's still a pari-mutuel. Thus, the house would not get involved in setting odds.
Could also work in real time with on-line Internet viewers.
Requires sophisticated software to display instantaneous odds and lay off your bet against others.
In effect, you get a fixed odds bet, brokered in real time, just as a book would do.