AU2015100595A4 - Futures Betting System - Google Patents

Abstract

Abstract The present invention relates to a new betting process relevant for a gaming event of any kind that involves a bet being placed, particularly to an improved method of betting where potential winnings of any given bet that is yet to result, can be used to re-bet on any other event, before the result of the initial bet is determined. Applicants: Mitchell Young and Thomas Body By Jogias Patent and Trade Mark Attorneys X> Place Main Bet 0 Place Yes Futue No Bet? Main Bet Main Bet Win Result? Result? w W>A Lse~y Future Bet Future Bet Man BeM "Active Void Taker Future Will Bet Lose Resut? Payout Main Payout Main Bet + Future Bet Futue Bet Winnings Bet Stake 0 Pette? Yes No O End Betting Figure 2

Description

AUSTRALIA Patents Act 1990 INNOVATION PATENT APPLICATION Futures Betting Method The invention is described in the following statement. 1 Title of the Invention Futures Betting Method Field of the Invention The invention relates to a new betting process relevant for a gaming event of any kind that involves a bet being placed, particularly to an improved method of betting where the potential winnings of any given bet that is yet to result, can be used in advance to re-bet on any other gaming event. Background of the Invention In most wagering games, a single random event may be used to determine the outcome of the game. The event may include throw of the dice and shuffling of cards as in black-jack, for example. Some games allow complementary bets, such as side bets based on the event. In sport games there is a chance of place multiple bets related to different games or events. Currently, once a bet has been placed, the potential winnings of that bet are not accessible until the bet has resulted and won. The problem which the present invention addresses is the lack of access to the potential winnings of a bet once it has been placed, prior to the result. This problem is solved by a new and improved betting method which allows the user access to the potential winnings of the bet before the bet has resulted. The utility of the system is to enable the bettor access to future winnings of a bet prior to the result. This process should increase the number of bets being accepted, and hence, increase turnover. The present invention has been developed to compliment the standard betting system that is currently implemented today. 2 Summary of the Invention The present invention provides an improved method of betting comprising: Placing an initial bet on any event by a player; and Placing a futures bet on another single or a plurality of events by the player wherein all of the events are independent of each other and potential earnings from the first event are used to place futures bets on the events, and wherein the results of the first bet may not be determined at time of placing of the futures bet. Preferably, the events may comprise but are not limited to: -Casino games (Roulette, Blackjack, Baccarat, 3 card poker etc); -Bookmakers (e.g. Sports and Racing bets); -Lotteries; -Keno; and -Poker machines. Preferably, the futures bet is declared null and void if the first bet loses. Preferably, the event is a casino game. Preferably, the event is blackjack. Preferably, the event is a sporting or racing bet. Preferably, the futures bet is placed on at least one other event. Preferably, the futures bet is placed on at least two other events. Preferably, the player is eligible to re-bet any portion of their potential winnings up to the total amount that can be potentially won. Preferably, the player is eligible to re-buy back into a losing position of a multi event bet at either an increased principal amount or reduced odds. Preferably, the player is eligible to re-buy back at any losing position of a multi event futures bet, in order to keep their subsequent bets active, for an additional principal deposit of any amount and at updated odds. Preferably, any funds used for a future bet can consist of real currency or play currency. 3 Brief Description of the drawings Figure 1 shows an embodiment of the present invention. Figure 2 shows another embodiment of the present invention. Detailed Description of the invention Figure 1 shows an embodiment of the present invention. 1. The bettor will log-in to the website with existing account. If account does not exist, bettor will sign up a new account. 2. If the bettor has funds available (either main or future), go to step 3. If no funds are available, go to step 4. 3. The bettor chooses which wallet they would like to place a bet with. The two wallets that are available are: Main Wallet and Futures Wallet. The Main Wallet will comprise of real money. All bets placed from the Main Wallet will immediately become "active" to be paid or taken depending on the result, and can be withdrawn. The Futures Wallet will comprise of potential winnings that are generated from bets made which are yet to result. All bets placed from the Futures Wallet will remain "inactive" until the initial bet comprising of real money from the Main Wallet results. 4. The bettor will deposit funds into main account as no funds are available. 5. The bettor selects event. 6. The bettor selects desired amount of funds to bet with. 7. The bettor now confirms wallet, event and amount. The bet is then placed and locked in. 8. If the bettor does not want to wait for result, go to step 11. If bettor wants to wait for result, go to step 9. 9. If event wins, go to step 10. If event loses, go to step 11. 4 10. If bet is active, go to step 12. If bet is not active, go to step 11. 11. If funds are available (either main or future), go to step 12. If no funds are available, go to step 13. 12. If the bettor decides to re-bet, go to step 3. If the bettor does not want to re-bet, go to step 14. 13. If the bettor wants to deposit, go to step 4. If the bettor does not wish to deposit, go to step 14. 14. Once the bettor does not wish to continue betting, the betting session has ended. Figure 2 shows another embodiment of the present invention. 1. Bet is placed for main game. 2. If bettor wants to place a future bet, go to step 3. If bettor does not want to place a futures bet, go to step 4. 3. If the main bet wins, go to step 5. If the main bet loses, go to step 6. 4. If the main bet wins, go to step 8. If the main bet loses, go to step 7. 5. Once the main bet has resulted and won, all future bets have now become active. 6. Once the main bet has resulted and lost, all future bets are now void. 7. Once the main bet has resulted and lost, the main bet is taken 8. Once the main bet has resulted and won, the main bet is paid. 9. If the future bet has resulted and won, go to step 10. If the future bet has resulted and lost, go to step 11. 10. Once the main and future bets have resulted and won, the main and future bets are paid. 5 11. Once the main and future bets have resulted, where the main bet has won and the future bet has lost, the main bet is paid minus the stake of the future bet. 12. If the bettor wants to re-bet, go to step 1. If the bettor does not want to re-bet, go to step 13. 13. Once the bettor does not wish to continue betting, the betting session has ended. The present invention attempts to eliminate the waiting time from a bet being placed, to its result and allows access to all potential winnings of a bet, before the bet has resulted. The present invention has the advantages of opening up more event markets to the consumer to bet on. As a general rule, the more events open to a bettor, the higher the number of bets that can be accepted, and likely, resulting in higher overall turnover. The innovative aspect of this betting system is the ability to bet with the potential future winnings, prior to result, as opposed to the current situation where it is not possible to do as you are forced to wait for the bet to result. This invention may be used in any area which involves money being wagered on any event where the winnings can be re-wagered on any other independent event. These areas include: -Casino games (Roulette, Blackjack, Baccarat, 3 card poker etc) -Bookmakers (i.e. sports and racing bets) -Lotteries -Keno -Poker machines, etc. Future funds are calculated in the same way as the winnings of a normal bet. Where "W' is the initial money staked, "0" is odds of the bet and "F' are the amount of future funds, then; F=WxO Any commission to be paid to the bookie or any other body is to be deducted from the amount "F" before any of the future dollars can be wagered. i.e. A bet of $100 AUD is placed at odds of 1.7 for team A to beat team B outright. Therefore, W= 100 and 0 = 1.7. Therefore; 6 F= 100 x 1.7 F= 170 Any commission is to be deducted from this amount before being forwarded to the player's future dollar allowance. Note that the initial bet Wcan be made in real of future funds if available. Future Bet Examples Example 1: Peter places a bet of $100 on Man Utd to win the premiership. (Initial Bet Placed: January 2016) (Which will result: December 2016) The odds for Man Utd to win the premiership are 7.0. That bet will generate $700 of Future Funds. With that $700, Peter the: Bets $300 on Roger Federer to win a tennis match @ the odds of 2.0 (Which will result: March 2016); and Bets $400 on Broncos to win a football match @ the odds of 3.0 (Which will result: April 2016) Both the Broncos and Roger Federer events result much earlier than Man Utd winning the premiership. A) All 3 events win As both Roger Federer and the Bronco's won, they have accumulated a potential of $600 dollars and $1200 respectively. However, these bets will still remain "inactive", until the bet which the future dollars were derived from results. As Man Utd's Bet has resulted and won, the $700 of winnings which was used to place the other two future bets now become "active" and can be paid or taken. As both events won, the total amount that Peter Won has increased from $700 to a total of $1800 ($600 + $1200 as the $700 was used to generate the subsequent bets). Peter Wins $1800 (+$1700 profit). 7 B) Bronco's and Federer Win, but original bet Man Utd Loses. As both Roger Federer and the Broncos win, they will accumulate a potential of $600 dollars and $1200 respectively. However, these bets will still remain "inactive", until the bet which the future dollars were derived from results. As Man Utd's bet has resulted and lost, all subsequent bets made (Bronco's and Federer) will become void as the Future funds used to bet on Federer and the Broncos were not ever generated, and those bets were never "active". Peter only lost his original bet of $100 on Man Utd. C) Man Utd Wins, but both Bronco's and Federer Lose As Man Utd's Bet has resulted and won, the $700 of winnings which was used to place the other two future bets now become "active" and can be paid or taken. As both events lost, the total amount that Peter would receive is $700 (Man Utd Win) - $300 Federer Bet - $400 Bronco's Bet = $0. Peter only lost his original bet of $100. D) Man Utd and Federer Win, and Bronco's Lose As Man Utd's Bet has resulted and won, the $700 of winnings which was used to place the other two future bets now become "active" and can be paid or taken. As Federer won, but the Bronco's lost, the total amount that Peter would receive is $600 ($600 Federer Bet) as the Man Utd Winnings were spent on both Federer and the Broncos, and only one bet won. Peter won $600 (+$500 profit) Example 2: David places a bet of $50 on Chelsea to win @ odds of 3.0 $150 of Future funds are generated from this bet. Before Chelsea have played (bet results), David decides to bet $75 of his future dollars on Lance Armstrong to win the Tour De France @ odds of 11.0. 8 Chelsea play in December, where as Lance Armstrong will race in May, thus resulting earlier than Chelsea. A) Both bets win As Chelsea's bet has resulted and won ($150) and Lance Armstrong's bet has also resulted and won ($825), David will win $900 overall ($825 + $75) as $75 dollars of the initial winnings were spent to bet on Lance Armstrong @ 11.0. David wins $900 (+$850 Profit) B) Armstrong Wins, but Chelsea Lose As Armstrong's bet has resulted and won, David stands to win an extra $825. This bet is currently "inactive" as the original bet (Chelsea) where the potential winnings that were used to place this bet has yet to result. As Chelsea's bet has now resulted and lost, the bet on Lance Armstrong is now void, as the bet was placed with the potential winnings of Chelsea's bet. David only loses his original $50. C) Chelsea wins, but Armstrong Loses As Chelsea's bet has resulted and won ($150), Lance Armstrong's bet now becomes "active" and can be paid or taken. As Lance Armstrong's bet lost, $75 of potential winnings that were used to bet are deducted from the winnings of the original bet. David wins $75 (+$25 profit). Example 3 Ryan places a bet of $100 on Black Caviar to win Melbourne Cup @ odds of 10.0. He then places a $1000 bet with the future funds of that bet on Brisbane Roar to win @ the odds of 2.0. The Melbourne cup runs in November 2016, where as QLD ROAR play this weekend in April 2016. 9 A) Both Win As Black Caviar's bet has resulted and won ($1000) and that money was used to bet on QLD ROAR's bet which has also resulted and won ($2000). Ryan wins $2000 overall ($1900 profit) B) OLD Win, Black Caviar Ties (Dead-heat) As QLD ROAR's bet has resulted and won($2000), but Black Caviar has not raced yes, that bet remains "inactive" until Black Caviar's bet has resulted and won. In the case of a two way dead-heat, the winnings of the bet will be paid at half odds. Black Caviar's bet has resulted and tied ($500 [$100 @ 5.0 half odds]). Although, originally $1000 of the potential winnings from this race were re-bet on QLD ROAR, only $500 of this $1000 will become "active", as only $500 of funds were generated from the initial bet, as the result was a tie. Ryan wins $1000 (+$900 profit) Example 4 Vladimir places a bet of $100 on Phar Lap to win @ odds of 10.0. He then places a two $500 bets with the future funds of that bet firstly on Newcastle @ odds of 2.0, and secondly on Tasmania @ 3.0. Tasmania and Newcastle events both take place this week, Phar Lap races later in three weeks. Phar Lap ties (dead-heat) and both Newcastle and Tasmania Win As Newcastle's bet has resulted and won ($1000), and Tasmania's bet has resulted and won ($1500) but Phar Lap has not raced yes, those bets will remain "inactive" until Phar Lap's bet has resulted and won. In the case of a two way dead-heat, the winnings of the bet will be paid at half odds. Phar Lap's bet has resulted and tied ($500 [$100 @ 5.0 half odds]). Originally $1000 of the potential winnings from this race were re-bet on two separate bets, firstly $500 on Newcastle to win ($1000) and secondly $500 on Tasmania to win 10 ($1500). Only the first $500 bet of the $1000 will become "active", as only $500 of funds were generated from the initial bet, as the result was a tie. This means, as Newcastle's bet was placed first, this bet will become "active" and the bet on Tasmania will be "void". Ryan will win $1000 overall (+900 profit). It will be up to each individual bookmaker whether they would void bets where insufficient future funds are available due to a dead heat or any possible reduction factor either: A) Chronologically; or B) A fair spread of the reduced winnings across all futures bets derived from the form bet where the initial future funds were derived. Example 5 Tim places a $100 bet on blackjack with possible odds of 1.5-1 (for a blackjack) or 1 -1 for a regular winning bet. He then places $20 of his potential future winnings on perfect pairs (a side bet for blackjack, which is a completely independent event), which pays 30-1 in this example. A) Tim Gets Blackjack and a perfect pair (Both win) As the blackjack bet has resulted and won (blackjack 1.5-1) Tim will receive $250 from the black jack. As the perfect pairs bet has also resulted and won, the $20 from the winnings of the blackjack was used to place the bet. Tim receives $600 profit from the pairs bet. Tim will receive $850 (+$750 profit overall). This is the $250 for blackjack - $20 for pairs bet + Winning pairs bet (30-1) $600 + $20 Winning Stake returned = $850. B) Tim gets regular win, but no perfect pair As the blackjack bet resulted and won (regular 1-1) Tim will receive $200 from the blackjack hand. As the perfect pairs bet has resulted and lost, the $20 used from the future winnings of the blackjack hand will be deducted from the winnings. Tim will receive $180 overall (+$80 profit) 11 C) Tim gets perfect pair, but loses blackjack hand As the perfect pair bet has resulted and won, but the blackjack hand is yet to result, the perfect pair bet remains "inactive" and will only become "active" once the original blackjack bet has resulted and won, which could potentially add $600 in profit to the bet. As the blackjack had has resulted and lost, all future bets made with this bet are now 15 void. Tim only loses his initial $100. Example 6 Rob places a $200 bet on blackjack with the possible odds of 1.5-1 for blackjack or 20 1-1 for regular win. He also places a Future bet of $500 dollars on perfect pairs @ the odds of 30-1. Rob can place $500 of the future dollars as the maximum amount won could be $500 if he gets a blackjack and wins. A) Both bets win (with blackjack) As the blackjack bet has resulted and won (with blackjack 1.5-1) Rob will receive $500 dollars ($300 profit). As the perfect pairs bet has also resulted and won, the $500 from the winnings of the blackjack bet were used to place the pairs bet. Rob will receive a further $15,000 in profit winnings (30-1 on $500). Rob will receive $15,500 overall ($15,300 profit). B) Both bets win (without blackjack) As the blackjack bet has resulted and won (regular win 1 -1) Rob will receive $400 dollars. As the perfect pairs bet has also resulted and won, only $400 of the $500 will become "active" as the bet only generated that amount in winnings. Therefore $400 from the winnings of the blackjack bet was used to place the pairs bet. Rob will receive a further $12,000 in winnings (30-1 on $400). 12 Rob will receive $12,400 overall (+$12,200 profit). C) Blackjack bet stands-off, and pairs bet wins As the blackjack bet has resulted and drawn (original bet is paid back), Rob will receive his $200 back (his original stake back as his bet neither won nor lost). As the perfect pairs bet has also resulted and won, only $200 of the $500 initially selected will become "active" as the bet has only generated that amount in winnings. Therefore $200 from the drawn blackjack hand was used to place the pairs bet. Rob will receive a further $6000 in winnings (30-1 on $200). Rob will receive $6200 overall (+$6000 profit). D) Blackjack bet stands-off and pairs bet loses As the blackjack bet has resulted and drawn (original bet is paid back), Rob will receive his $200 back (his original stake back as his bet neither won nor lost). As the perfect pairs bet has also resulted and lost, only $200 of the $500 initially selected will become "active" as the bet has only generated that amount in winnings. Therefore $200 from the drawn blackjack hand was used to place the pairs bet. Rob will only lose his initial $200. Glossary Active - When the bet has become "active", the result of the bet will be paid or taken. All bets made from real money are automatically "active". Bets made with potential money only become "active" once the bet where the potential money has derived from has resulted and won. Bet: An agreed amount of funds placed on any event at any given odds, where the result of the event determines whether profit is to be paid or bet stake taken by the bookmaker honoring the bet. Bettor: A person who places a bet. 13 Dead Heat: A dead heat is a scenario where the results draws but no draw been offered. A two way dead heat is offered at half odds, whereas a three way dead heat will be offered at third odds. Inactive: A Futures Bet will remain "inactive" until the Future funds used to place the Future bet become "active" by the initial bet placed with real money from the Main Wallet has resulted and won. Futures Bet: A bet placed with the potential winnings of bet that is yet to result, by funds taken from the futures wallet. Future Funds: Funds that are generated from the potential winnings of a bet which is yet to result. Future funds cannot be withdrawn. Futures Wallet: An account which holds Future funds. Main Funds/Real Money: Funds that are generated through an active bet winning, or the user depositing. Main funds can be withdrawn. Note that real money does not imply that the funds are of real currency, as they can be play money. Main Wallet: An account that holds real money that can be withdrawn. Potential Winnings: Funds that are derived from a bet if the bet were to win. Re-buy bet: The ability for a user to re-deposit or use main funds if available, to buy back into a futures multi-event betting position which has resulted in a loss prior to the final leg of the event being completed. Resulted: When the event has concluded, and the outcome has been determined. Void Bet: Where the funds derived from a bet are used to place Future bet/s, and the initial bet loses, the subsequent Future bet/s is "Void". While considerable emphasis has been placed herein on the components and component parts of the preferred embodiments, it will be appreciated that many embodiments can be made and that many changes can be made in the preferred embodiments without departing from the principles of the invention. These and other changes in the preferred embodiment as well as other embodiments of the invention will be apparent to those skilled in the art from the 14 disclosure herein, whereby it is to be distinctly understood that the foregoing descriptive matter is to be interpreted merely as illustrative of the invention and not as a limitation. Accordingly, it is to be understood that the embodiments of the invention herein described are merely illustrative of the application of the principles of the invention. Applicants: Mitchell Young and Thomas Body By Jogias Patent and Trade Mark Attorneys 15

Claims (5)

1. An improved method of betting comprising: Placing a bet on a first event by a player; and Placing a futures bet on another single or a plurality of events by the player wherein all of the events are independent of each other and potential earnings from the first event are used to place futures bets on the events, and wherein the results of the first bet may not be determined at time of placing of the futures bet.

2. The method according to claim 1 wherein the events comprise of but are not limited to: Casino games (Roulette, Blackjack, Baccarat, 3 card poker etc); Bookmakers (e.g. Sports and Racing bets); Lotteries; Keno; and Poker machines.

3. The method according to claim 1 or 2 wherein the futures bet is declared null and void if the initial bet, where the potential winnings were derived, loses.

4. The method according to any one of claims 1 to 3 wherein the futures bet is placed on any number of other events.

5. The method according to claims 1 to 4 wherein the player has the option to re-deposit or re-buy back into a Futures bet that had lost, by a placing another wager with real money at amended odds. The invention is hereinbefore described. Applicants: Mitchell Young and Thomas Body By Jogias Patent and Trade Mark Attorneys 1