A parimutuel betting game based on events unfolding during a determinate sporting event, such as a trivia game, a principal objective being to acquire the largest number of betting tokens by the end of the sporting event. Participants are asked a plurality of questions, each question being a betting event. One or more betting lines are opened in each betting event. Players are allowed to bet tokens on an open betting line until it is closed by the administrator. Once a line is closed, a new line opens within the betting event. When a termination event occurs for a given betting event, the betting event is terminated and all lines are paid off in parimutuel style. Payoffs may be made in a hierarchical manner, such that players placing riskier bets in a betting line receive a higher parimutuel style payoff. The game may be played over the Internet.