  Template-based searches for gravitational waves are often limited by the
computational cost associated with searching large parameter spaces. The study
of efficient template banks, in the sense of using the smallest number of
templates, is therefore of great practical interest. The "traditional" approach
to template-bank construction requires every point in parameter space to be
covered by at least one template, which rapidly becomes inefficient at higher
dimensions. Here we study an alternative approach, where any point in parameter
space is covered only with a given probability < 1. We find that by giving up
complete coverage in this way, large reductions in the number of templates are
possible, especially at higher dimensions. The prime examples studied here are
"random template banks", in which templates are placed randomly with uniform
probability over the parameter space. In addition to its obvious simplicity,
this method turns out to be surprisingly efficient. We analyze the statistical
properties of such random template banks, and compare their efficiency to
traditional lattice coverings. We further study "relaxed" lattice coverings
(using Zn and An* lattices), which similarly cover any signal location only
with probability < 1. The relaxed An* lattice is found to yield the most
efficient template banks at low dimensions (n < 10), while random template
banks increasingly outperform any other method at higher dimensions.
