A parimutuel betting game featuring in-game wagers and payoffs, and real time parimutuel style odds, based on events unfolding during a live event, a principal objective being to acquire the largest number of betting tokens by the end of the event. An administrator oversees a plurality of betting lines associated with betting events. Players are allowed to bet tokens on an open betting line until it is closed by the administrator. The line will close at or before the time the situation in the live event changes appreciably, so the posted odds on the betting lines are in synch with the live event. When a line is closed, a new line may open. When a termination event occurs for a given betting event, the betting event is terminated and all lines that opened since the previous termination are paid off simultaneously in parimutuel style. The betting lines preferably have a hierarchical structure. The game may be played over the Internet.