AU2022207356A1 - System and method for enabling exchange of online bets - Google Patents

Abstract

The present invention provides a computer-implemented method of exchanging online bets, the method including: receiving, by one or more processors, bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; causing, by the one or more processors, a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receiving, by the one or more processors, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; causing, by the one or more processors, a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receiving, by the one or more processors, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; causing, by the one or more processors, the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, performing, by the one or more processors, one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

Description

SYSTEM AND METHOD FOR ENABLING EXCHANGE OF ONLINE BETS

FIELD OF THE INVENTION

[0001] The present invention relates to a system and method for enabling the exchange, i.e. transfer of ownership, of online bets, or portions thereof, between two entities, e.g. between a gambler who has placed the bet, and another entity such as another gambler or agency.

BACKGROUND OF THE INVENTION

[0002] Gamblers regularly engage in the practice of placing wagers or bets on gambling events for entertainment, and in an effort to make a profit in respect of funds advanced to a bookmaker (or similar betting service provider) if the bet is ultimately successful. Various different types of bets are possible, including single-leg bets and multi-leg bets.

[0003] In the case of single-leg bets, there is typically a single gambling event having associated therewith betting odds, and a bet is made in relation to the outcome of the single gambling event. Multiple single-leg bets may be made where the gambler seeks to bet on more than one gambling event. For example, if there are three gambling events having associated odds of $1.80, $3.50 and $12 respectively, the gambler may place an individual single-leg bet in respect of each event, and the overall profit will be calculated based upon a sum of the profits associated with each outcome, i.e. if a $10 bet is placed on each event, and all three bets are successful, the overall profit will be $8 profit + $25 profit + $1 10 profit = $143 overall profit.

[0004] In contrast, a multi-leg bet allows gamblers to link the three gambling events such that the individual odds are multiplied together to produce overall odds, and the winnings from each event are effectively rolled into the next to boost the overall potential profit. For example, based upon the same three events/odds described above, and assuming an equivalent $30 bet is placed, the overall odds in a multi-bet would be $1 .80 x $3.50 x $12 = $75.60, and hence the overall profit if all three bets are successful would be ($30 x $75.60) - $30 = $2,238.

[0005] A gambling event such as a horse race may attract bets, including single-leg and multi-leg bets, from multiple gamblers at different locations. Once a gambler has transferred relevant funds to place a bet with a particular bookmaker, the bet has a value and the gambler becomes the “owner” of the bet. For example, a gambler may place a $100 single-leg bet on Thursday at $5 odds for a horse race that is scheduled to occur on Saturday, and therefore from Thursday through to race day on Saturday, the gambler is the owner of a $100 bet which has the potential to result in winnings of $500 (i.e. $400 profit).

[0006] The value of the bet may change (i.e. increase or decrease) depending on the extent to which the odds fluctuate leading up to race day. In particular, the value of the bet will increase if the odds decrease closer to the event, and will decrease if the odds increase closer to the event. For example, in the scenario above, if the odds decrease to $1.80 on race day, the value of the bet as compared with its value on the date of placement has increased significantly, and is worth more than the original placement price of $100.

[0007] Instances may arise where a gambler prefers to “cash out” prior to the gambling event, e.g. to reduce their risk exposure, or for any other reason. However, the cash out amount that is offered by bookmakers is typically well below “market value”. For example, in the scenario above, the bookmaker with whom the gambler placed the $100 bet is likely to offer a cash out sum of no more than $150 on race day (where market value is more likely to be $225 or more). As a result of the restricted options for effecting a sale of the bet position, more often than not, gamblers will lose out when they elect to cash out prior to a gambling event. Accordingly, there is a need for a platform that allows gamblers to exchange any type of bet with an entity other than the bookmaker with whom the bet was placed, such as another gambler or another bookmaker, on mutually beneficial terms.

[0008] There is currently no platform known to the present Applicant which allows a bet that is owned by a gambler to be placed on the open market to allow the gambler to receive market value purchase of for their bet prior to a gambling event or the completion of a series of gambling events. Similarly, there is currently no platform known to the present Applicant which allows a purchaser, such as another gambler or another bookmaker, to purchase bets at a value representative of an open market value (as compared with an inflated value if the same bet was purchased from a bookmaker).

[0009] There exist various software applications operable on portable user devices such as mobile phones that enable gamblers to place bets, including single-leg and multi-leg bets, with bookmakers of their choosing. However, these are not capable of offering a secondary market for the purchase/sale of online bets, i.e. the ability of a device to be used by gamblers to engage in a live exchange that enables bets to be exchanged in substantially real-time.

[0010] It is an object of the present invention to overcome at least some of the aforementioned problems or to provide the public with a useful alternative.

[0011] The reference to any prior art in this specification is not, and should not be taken as, an acknowledgement or any suggestion, that the prior art forms part of the common general knowledge.

SUMMARY OF THE INVENTION

[0012] In a first aspect, the present invention provides a computer-implemented method of exchanging online bets, the method including: receiving, by one or more processors, bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; causing, by the one or more processors, a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receiving, by the one or more processors, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; causing, by the one or more processors, a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receiving, by the one or more processors, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; causing, by the one or more processors, the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, performing, by the one or more processors, one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

[0013] In an embodiment, the method further includes: based upon the gambler’s acceptance of the purchase proposal, ceasing the display of a purchase prompt on the data communication devices associated with the one or more other entities.

[0014] In an embodiment, the method further includes: based upon the gambler rejecting the purchase proposal, continuing to cause the data communication devices associated with the one or more other entities to display the purchase prompt.

[0015] In an embodiment, the purchase prompt includes an empty data field which allows another entity to enter a purchase price based upon their estimate of the current value of the online bet, the purchase price included in the purchase proposal.

[0016] In an embodiment, the cash out prompt may also enable the gambler to enter a sale price reflective of their estimate of the current value of the online bet, the sale price included in the gambler’s response to the cash out prompt and displayed to the one or more other entities along with the bet data, the current odds, and the purchase prompt. In this embodiment, the purchase proposal may indicate acceptance of the sale price or an adjustment thereto by the one or more other entities.

[0017] In an embodiment, the method further includes: monitoring, by the one or more processors, purchase proposals received from the one or more other entities; dynamically updating, by the one or more processors, the purchase proposal displayed to the gambler such that the purchase proposal displayed represents the highest purchase offer from the one or more other entities.

[0018] In this embodiment, the gambler may be alerted to new purchase proposals posted by the one or more entities, e.g. by an in-app notification, or by email or text message when the gambler is not using the application.

[0019] In this embodiment, the purchase proposal displayed to the gambler as representing the highest purchase offer from the one or more other entities is also displayed to the one or more other entities such that each of the other entities are aware of the highest purchase offer currently under consideration by the gambler.

[0020] In an embodiment, the method further includes splitting, by the one or more processors, the bet into two or more units that are individually available for purchase by the one or more entities. In this embodiment, causing the data communication devices associated with the one or more other entities to display the bet data further includes displaying each individual unit associated with the bet and, in addition to a purchase prompt relating to the bet, a purchase prompt in respect of each individual unit. In this way, the one or more other entities are provided with an option to either purchase the bet or one or more individual units thereof. This may be useful in circumstances where it is difficult for the gambler to locate an entity willing to purchase the entirety of the bet at the current value, and where multiple entities may be willing to purchase a smaller share of the bet at a reduced rate.

[0021] In an embodiment, the gambler may select the extent to which individual units are displayed for purchase, i.e. the gambler may elect to retain a percentage of the bet as compared with relinquishing the entire bet. In this regard, displaying the bet data may include displaying only those bet units that have been selected by the gambler as units the gambler is prepared to offer for sale.

[0022] In an embodiment, bets that exceed a predetermined threshold are selected for splitting into two or more units. For example, if the predetermined threshold is $1 ,000, any bet that is received that exceeds $1 ,000 is split into individual units displayed to the one or more entities as an additional purchase option.

[0023] In an embodiment, the one or more actions to initiate a substantially real-time transfer of ownership of the bet from the gambler to the purchasing entity may include one or more actions to transfer ownership of one or more individual units of the bet.

[0024] In an embodiment, the one or more actions to initiate a substantially real-time transfer of ownership of the bet, or a unit thereof, from the gambler to the purchasing entity includes initiating a transfer of funds reflective of the agreed purchase price from an account associated with the purchasing entity to an account associated with the gambler.

[0025] In an embodiment, the method further includes: based upon initiating a transfer of ownership of the bet, or a unit thereof, from the gambler to the purchasing entity, causing, by the one or more processors, the data communication devices associated with each of the gambler and the purchasing entity to confirm the transfer of ownership and provide a transfer receipt.

[0026] In an embodiment, various prompts are displayed to each of the gambler and one or more entities using a software application operating on each respective data communication device. The transfer of funds that takes place when ownership of a bet, or unit thereof, is transferred, includes a transfer of funds from a virtual account associated with the purchaser to a virtual account associated with the gambler. The virtual accounts created using the software application operating on the respective data communication devices, and may be linked to bank accounts associated with the gambler and purchasing entity. The transfer of funds may further include an automatic percentage transfer to an account associated with a software application administrator. Alternatively, the gambler and the one or more entities may be required to pay a subscription fee for use of the application software.

[0027] In an embodiment, the application functionality described above may be integrated into third party application software operated by gambling service providers such that the same or similar functionality is available to users when using the third party application software.

[0028] In an embodiment, the one or more actions to initiate a substantially real-time transfer of ownership of the bet, or a unit thereof, from the gambler to the purchasing entity further includes communicating, by the one or more processors, details regarding the new owner(s) to an external database and/or device associated with a gambling service provider responsible for paying winnings in respect of the bet.

[0029] In an embodiment, the method further includes: collecting, by the one or more processors, data including the bet data, data input by the gambler and one or more other entities including the agreed purchase price for bets, and/or units thereof; and teaching a machine learning model using the collected data to enable the machine learning model, based upon receiving, as input, new bet data relating to placement of a new online bet, to output suggestions and/or recommendations regarding gambler responses to cash out prompts and purchasing entity responses to purchase prompts that are most likely to result in the transfer of ownership in respect of the new online bet and/or units thereof for the achievement of mutually beneficial outcomes.

[0030] In an embodiment, the one or more other entities includes other gamblers and/or bookmakers.

[0031] In an embodiment, the online bet is a single-leg bet.

[0032] In an alternate embodiment, the online bet is a multi-leg bet. [0033] In a second aspect, the present invention provides a system for exchange of online bets, the system including: one or more memories, and one or more processors operable to: receive bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; cause a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receive, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; cause a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receive, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; cause the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, perform one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

[0034] In a third aspect, the present invention provides a computer-readable medium having a plurality of instructions executable by one or more processors to: receive bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; cause a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receive, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; cause a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receive, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; cause the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, perform one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

BRIEF DESCRIPTION OF THE DRAWINGS

[0035] Features of the present disclosure are illustrated by way of example but not limited by the following Figure(s), in which like numerals indicate like elements, in which:

[0036] Figure 1 illustrates an exemplary computer-implemented system for enabling exchange of online bets in accordance with one particular embodiment of the present invention;

[0037] Figure 2 illustrates an exemplary flow diagram of a process in which a gambler places a single bet or multi-bet with a gambling service provider and elects to cash out the bet prior to a gambling event;

[0038] Figure 3 illustrates an exemplary flow diagram associated with the server component of the system illustrated in Figure 1 ;

[0039] Figure 4 illustrates an exemplary flow diagram of a process that enables users to download and install a software application using either a computer or mobile device and subsequently log in, or register, to use software applications for interacting with the system illustrated in Figure 1 ;

[0040] Figure 5 illustrates an exemplary flow diagram of a process that enables a gambler to list their bet and/or units thereof for purchase, with a view to cashing out the online bet and/or units prior to the gambling event according to a current market value of the online bet; and

[0041] Figure 6 illustrates an exemplary flow diagram of a process that enables a purchasing entity such as another gambler to enter a purchase proposal in relation to the listed bet and/or unit thereof, with a view to purchasing the online bet.

DETAILED DESCRIPTION OF EMBODIMENT(S) OF THE INVENTION

[0042] For simplicity and illustrative purposes, the present disclosure is described by referring to an embodiment thereof. In the following description, numerous specific details are set forth in order to provide a thorough understanding of the present disclosure. However, it will be readily apparent that the present disclosure may be practiced without limitation to these specific details. In other instances, some methods and structures have not been described in detail to avoid obscuring the present disclosure.

[0043] As used herein, the terms “a” and “an” are intended to denote at least one of a particular element, the term “includes” means includes but not limited to, the term “including” means including but not limited to, and the term “based on” means based at least in part on.

[0044] An embodiment of the present invention includes at least a computer- implemented system and method for enabling the exchange of online bets (30). The system and method utilise a central server (80) in communication with a gambling device (160) associated with a gambler (10A) as well as a device (170) associated with a purchasing entity (also referred to herein as “purchaser”) (10B), who can be any entity with an interest in purchasing the bet such as another gambler or a bookmaker.

[0045] The central server (80) maintains one or more processors and/or databases for performing functions including receiving bet data relating to an online bet (30), which may be a single-leg bet or a multi-leg bet placed by the gambler (10A) in relation to a gambling event (an example of a multi-leg bet shown in Figure 2 involving events 35A, 35B, and 35C). The bet data includes a purchase price and initial odds associated with the bet (30) at the time the bet (30) was purchased, and the bet (30) thereby includes an initial value according to the purchase price and initial odds. The device (160) associated with the gambler (10A) is caused to display a cash out prompt (50) in relation to the bet (30) which enables the gambler (10A) to respond to the cash out prompt (50), confirming that the gambler (10A) prefers to consider a cash out of the online bet value according to a current value of the bet (30), i.e. based on the current odds as compared with the initial odds.

[0046] This response is received and subsequently causes the device (170) associated with the one or more other purchasing entities (10B) to display the bet data, the current odds, and a purchase prompt (250) to enable the potential purchaser(s) (10B) to respond to the purchase prompt (250) with a purchase proposal (255A, 255B). When the purchase proposal is subsequently displayed on the gambler device (160), the gambler (10A) may accept (280) or reject the purchase proposal (255A), (255B). Acceptance of the proposal causes one or more computer-implemented actions to be performed to initiate a transfer (290) of ownership of the bet (30) from the gambler (10A) to the purchaser (10B) whose proposal was accepted, substantially in real-time.

[0047] Accordingly, the presently described embodiment of the system and method of the present invention provides a peer to peer online exchange for bets (30). Rather than cashing out live bets with betting agencies, gamblers (10A) can sell live bets via the platform described herein to other gamblers or any other entity such as a betting agency or corporate bookmaker. By placing bets on the open market as described herein, gamblers (10A) are more likely to receive market value for their bets prior to, or during, a gambling event. Further, purchasers may purchase bets at a fairer market value as compared with inflated values if the same bet was purchased from a bookmaker or similar entity. The skilled reader will also appreciate that by providing hardware devices configured in the particular way described to provide a live exchange enabling bets to be exchanged in substantially real-time, network and memory resources that would otherwise be consumed attempting to achieve a similar outcome using conventional systems will be conserved.

[0048] Figure 1 is divided into segments which are further expanded in the subsequent Figures 2 to 6.

[0049] Segment 200 of Figure 1 shows an exemplary process of a gambler (10A) engaging in placing an online bet (30) whilst utilising an application (20) associated with a third party gambling service provider. In the embodiment shown in Figure 2, the gambler (10A) places a bet (30) using the betting agency software application (20) which, through use of an application programming interface (API), displays a cash out interface (40) including a cash out prompt (50). Accordingly, the embodiment of the present invention which enables a gambler (10A) to cash out a bet, may be incorporated into any third party gambling application through API synchronisation. The third party software application (20) is provided and managed by the third party agency computer system (60), also shown in Figure 2. [0050] In the particular embodiment shown, the bet (30) includes multiple legs (35A, 35B and 35C) (i.e. a multi-leg bet), although it will become apparent that the present invention is not limited to the sale of multi-leg bets. For example, the present invention could equally apply to single-leg bets.

[0051] It is to be understood that Figure 2 represents one example of how an online bet may be placed prior to listing the bet for purchase noting that online bets may be placed utilising a number of different techniques not necessarily depicted in Figure 2.

[0052] Segment 300 of Figure 1 shows the server component (80) with which a software application (180) operating on the gambler device (160), as well as a software application (210) operating on the purchaser device (170), is configured to communicate. This is expanded in Figure 3, and the skilled person would appreciate that the steps described herein as performed by either one of the devices may be facilitated by the respective software applications that operate on the devices. The software applications (180, 210) could also operate on a computer such as a desktop computer or laptop and not necessarily solely portable devices, as demonstrated by use of a laptop by the purchaser (10B) in Figure 4.

[0053] As an alternative or in addition to steps performed by the server (80), steps may also be performed by one or more processors associated with the user devices (160, 170). Different arrangements are possible in this regard. In a particular implementation, the server (80) is programmed to provide all of the functions described herein that cannot be provided locally on the devices (160) or (170).

[0054] Segment 400 of Figure 1 shows a gambler (10A) as well as a purchaser (10B) downloading and installing the respective applications (180) and (210), which is expanded in Figure 4. Segment 500 of Figure 1 illustrates a process that enables the gambler (10A) to cash out a live bet (30) subsequent to selecting the cash out prompt (50), which is expanded in Figure 5. Finally segment 600 of Figure 1 illustrates the purchase of the live bet (30) by purchaser (10B), as expanded in Figure 6.

[0055] As mentioned above, Figure 3 shows in greater detail segment 300 from Figure 1. In particular, Figure 3 shows the server component (80) and infrastructure (70) upon which the platform of the presently described embodiment operates. The infrastructure (70) may be local or cloud-based. The central server (80) may operate one or more computer processors and maintain one or more databases that enable the following functionality and/or storage:

• User account register (90) which stores profiles of gamblers (10A) as well as purchasers (10B) (which may include other gamblers as well as representatives of betting agencies, bookmakers, and the like who may also have an interest in purchasing live bets). This register may include user profiles with key information about each user such as name, age, address, contact details, and any additional details that may be required to satisfy identity requirements for gambling in a particular jurisdiction;

• Virtual account functionality (95) which is functionality that enables users listed in register (90) to operate a virtual bank account that is managed through the abovementioned software applications to buy and sell live bets;

• Bet register (100) storing details of bet data including details of bets placed, the relevant betting agency with whom the bet was placed, a purchase price of the bet and initial odds, and may also store details regarding current odds (hence this register may represent a dynamic rather than a static register);

• Search functionality (105) which enables potential purchasers (10B) to search bets that are available for purchase, wherein search criteria can include details such as an original value of the bet, a current value of the bet according to responses to purchase prompts, potential payout figures, the time remaining to a particular event in respect of which the bet has been placed, details regarding purchase proposals received to date, the age of the exchange listing, and any other details that may be relevant and considered useful to a potential purchaser;

• Transaction register (110) which stores details of relevant transactions relating to the transfer of ownership of a listed bet from one user (10A) to another (10B), including for example the accepted purchase proposal and time of transfer;

• Payment register (120) which stores details regarding payments made by purchasers (10B) in respect of transactions stored in register (110); • Ownership transfer functionality (130) responsible for performing the one or more actions required to initiate the transfer (290) of ownership of bets (30) from a gambler (10A) to a purchasing entity (10B).

[0056] Whilst various different registers are listed above and described as storing different types of data and information, it is to be understood that the server (80) could be configured in an alternate configuration. For example, the server (80) may include a single repository of data suitably indexed to differentiate alternate categories of data.

[0057] Figure 3 also shows the server (80) configured to enable communication (140) between the gambler software application (180) and the central server (80), as well as communication (150) between the purchasing entity software application (210) and the central server (80).

[0058] Figure 4 shows in greater detail segment 400 of Figure 1 and, in particular, the steps of a gambler (10A) as well as a potential purchaser (10B) installing the respective applications (180) and (210), which may be achieved by downloading the applications from an Application store. Each user may create an account using their respective application and the account information may be stored in the user account register (90). The user account register (90) may capture information sufficient to enable the user to be correctly identified. The process of installing each application is indicated by arrow (190) which enables each user to subsequently log in and/or register to access the functionality thereof, as described previously.

[0059] After registering to use the software application (180), and after performing the steps described in respect of Figure 2 in relation to placing a bet (30) and selecting to cash out in respect of the bet (30), relevant data associated with the bet (30) is received (220) by the server (80) and/or the software application (180). The gambler (10A) may then be presented with an interface (230) that summarises the bet data including, for example, the purchase price and initial odds associated with the bet (30) at the time the bet (30) was purchased, as well as current odds (if applicable). This enables the gambler (10A) to confirm that the gambler (10A) prefers to consider a cash out of the bet value according to a current value of the bet (30) (i.e. according to the current odds as compared with the initial odds, and a current market value for the bet). The interface (230) may also include a field (235) which enables the gambler (10A) to enter a “sale price” reflective of their estimate of the current value of the online bet (30). [0060] The interface (230) may also present additional queries or prompts to the gambler (10A) to facilitate the sale of their online bet (30). For example, the gambler (10A) may be prompted to indicate if they would consider offers lower than the price they have set. Once all information has been entered using interface (230), the gambler’s response to the cash out prompt may be uploaded to the server (80) (i.e. added to the list of available bets (100).

[0061] As shown in Figure 6, a purchaser (10B), which may include any other gambler or any other entity having an interest in purchasing live bets, such as a corporate bookmaker, may be presented with an interface (240) that lists all current available bets including bet (30). As described earlier, the listing of available bets may also be filtered according to the requirements of the purchaser (10B). In addition to bet data, the interface (240) may also display additional information such as the initial odds and the current odds. Once the purchaser (10B) selects a particular listing, the potential purchaser (10B) may be presented with a purchase prompt which is shown in further interface (250).

[0062] The interface (250) enables the potential purchaser (10B) to provide, in response to the purchase prompt, a purchase proposal. For example, the purchase proposal could be in the form of an acceptance (255A) of the purchase price (235) proposed by the gambler (10A), or a further offer (255B) to purchase the bet (30) at a lower price as compared with the price (235) proposed by the gambler (10A), or an outright rejection of the gambler’s offer.

[0063] The gambler (10A) may be alerted to acceptance of their proposed sale price (235), or to any new offers (255B) received, by receiving one or more notifications (260). The notifications (260) may be in the form of an in-app notification, email or text message. Once a notification has been noticed by the gambler (10A), the gambler (10A) may access an offer interface (270) through their software application (180) which lists the acceptances and/or additional offers received, and further enable the gambler (10A) to accept, reject or make counter-offers (275) in response.

[0064] In the event the gambler (10A) ultimately accepts (280) the purchase proposal by the entity (10B), a transfer (290) of ownership of the bet (30) from the gambler (10A) to the purchasing entity (10B) may be initiated in substantially real-time. As described in greater detail below, the gambler (10A) who listed the bet (30) may then be paid the agreed amount, and the purchaser (10B) will obtain ownership of the bets and any corresponding future payout if the bet is a winning bet.

[0065] The relevant betting service provider, and in particular any computer system (60) associated therewith, may be notified (310) regarding the change of ownership, which will ensure that any future payout is made to the correct entity (i.e. the entity (10B) that purchased the bet (30) from the original purchaser (10A)).

[0066] Based upon the gambler’s acceptance of the purchase proposal, the relevant bet listing may then be removed from the list shown in interface (240). In the event that agreement is not reached, the bet will remain listed in interface (240) until such time that a purchase proposal is accepted by the gambler or until the actual gambling event commences. The offer interface (270) displayed to the gambler (10A) may be updated dynamically such that a single purchase proposal may be displayed that is representative of the highest purchase offer from one or more potential purchaser (10B) at any one time. Such information may also be displayed in the listing (240) which is displayed to potential purchasers (10B).

[0067] As part of initiating the transfer of ownership of the bet (30) from the gambler (10A) to the purchaser (10B), a transfer of funds may be automatically initiated from an account associated with the purchaser (10B) to an account associated with the gambler (10A). The funds may be reflective of the agreed purchase price. In this regard, each user may be requested to enter their banking details at the time of signing up to use the respective software applications (180) and (210). Alternatively, and as described earlier, the software applications (180) and (210) may operate virtual bank accounts which are linked to physical bank accounts associated with each user such that funds are freely transferrable between the virtual and actual bank accounts.

[0068] In other words, the transfer of funds that takes place when ownership of a bet is transferred may include transfer of funds from a virtual account associated with the purchaser (10B) to a virtual account associated with the gambler (10A). The transfer of funds may further include an automatic percentage transfer to an account associated with a software application administrator. Alternatively, or additionally, the gambler (10A) and the one or more other entities (10B) may be required to pay a subscription fee for the use of the respective software applications. [0069] Once funds have been transferred, confirmation regarding the transfer of ownership may be generated and transmitted to each of the gambler (10A) and purchaser (10B) and may include a transfer receipt (not shown).

[0070] It is to be understood that a bet (30) may be split into two or more units that are individually available for purchase by the purchasing entities (10B). In this regard, the bet listing associated with interface (240) may include each individual unit associated with a bet to enable a potential purchaser (10B) to submit a purchase proposal in respect of a single unit rather than an entire bet. In this way, the purchaser (10B) is provided with an option to either purchase the entire bet or one or more individual units thereof, which may be useful in circumstances where it is difficult for the gambler (10A) to locate an entity willing to purchase the entirety of the bet at the current value, and where multiple entities may be willing to purchase a smaller share of the bet at a reduced rate.

[0071] A bet may be split in any number of ways. For example, in the case of a multi-leg bet, each leg (e.g. legs 35A, 35B, and 35C) may represent an individual unit upon which bets may be placed individually. In this regard, a purchaser (10B) may enter a purchase proposal in respect of leg (35A) whilst legs (35B) and (35C) remain available for purchase. In another embodiment, the bet may be split according to a percentage defined by the gambler (10A) utilising interface (230), e.g. splitting a bet by 50% such that the two resulting units represent 50% each of the original bet. The gambler (10A) may further select the extent to which individual units are displayed for purchase, i.e. the gambler may elect to retain a percentage of the bet, or a particular leg or legs, as compared with relinquishing the entire bet. In this regard, the listing displayed in interface (240) may include those bet units that have been selected by the gambler (10A) as units the gambler is prepared to offer for sale.

[0072] According to an embodiment, bets may be automatically split, e.g. where bets exceed a predetermined threshold. For example, if a predetermined threshold is set at $1 ,000.00, any bet that is received that exceeds $1 ,000.00 is automatically split into individual units. The particular percentage split may be predefined according to predefined preferences of the gambler (10A).

[0073] It is to be understood that the server (80) may be further configured such that potential purchasers (10B) are provided with suggestions and/or recommendations regarding purchase proposals that are most likely to result in a gambler (10A) accepting the purchase proposal. Similarly, suggestions and/or recommendations may be generated to assist a gambler (10A) in relation to the purchase price (235) most likely to result in a purchase of their bet based upon agreement by a purchaser (10B) to the purchase price. In this regard, data may be collected by the server (80), including bet data, data input by the gambler in relation to the bet (e.g. sell price (235)), and data received by potential purchasers (10B) including agreed purchase prices. Over time, the collection and utilisation of such data may give rise to more accurate suggestions and/or recommendations, for example, through the use of a machine learning model that is taught using the collected data. The skilled addressee will appreciate that when data relating to a new bet is received, and such data is provided as input into the machine learning model, the trained machine learning model may provide, as output, relevant suggestions and/or recommendations.

[0074] It is to be understood that each user device (180, 210) could be a tablet computer, a smartphone, a laptop computer, a desktop computer, or another type of computing device. Each user device (180, 210) may include a display that provides an interface for the user to input and/or view information. For example, a user could interact with the device using a program executed on a laptop computer, such as a text-based chat program, a voice-based communication program, and/or a video-based communication program. Alternatively, in some cases, each user device (180, 210) could be a telephone (e.g., a landline, cell phone, etc.).

[0075] The central server (80) may be a single computer, the partial computing resources of a single computer, a plurality of computers communicating with one another, or a network of remote servers (e.g., cloud). The one or more servers (80) can house local databases and/or communicate with one or more external databases.

[0076] Each user device (180, 210) may communicate with the server (80) over a network. In some embodiments, the network may be a wide area network ("WAN"), e.g., the Internet. In other embodiments, the network may be a local area network ("LAN"). For example, in a more remote location far from a metropolitan area, the Internet may not be available. In yet other embodiments, the network may be a combination of a WAN and a LAN. In embodiments where each user device (180, 210) is a phone (e.g., a landline or a cell phone), the communication may pass through a telecommunications network and/or a wide area network. [0077] Throughout this specification and claims which follow, unless the context requires otherwise, the word “comprise”, and variations such as “comprises” and “comprising”, will be understood to mean the inclusion of a stated feature or step, or group of features or steps, but not the exclusion of any other feature or step, or group of features or steps.

[0078] The reference to any prior art in this specification is not, and should not be taken as, an acknowledgement or any suggestion that the prior art forms part of the common general knowledge.

Claims (20)

The claims defining the invention are as follows:

1. A computer-implemented method of exchanging online bets, the method including: receiving, by one or more processors, bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; causing, by the one or more processors, a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receiving, by the one or more processors, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; causing, by the one or more processors, a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receiving, by the one or more processors, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; causing, by the one or more processors, the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, performing, by the one or more processors, one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

2. A computer-implemented method according to claim 1 , wherein the purchase prompt includes an empty field which allows another entity to enter a purchase price based upon their estimate of the current value of the online bet, wherein the purchase price is included in the purchase proposal.

3. A computer-implemented method according to either claim 1 or claim 2, wherein the cash out prompt further enables the gambler to enter a sale price reflective of their estimate of the current value of the online bet.

4. A computer-implemented method according to any one of the preceding claims, wherein the sale price is included in the gambler’s response to the cash out prompt and displayed on the data communication device associated with the one or more other entities, together with the bet data, the current odds, and the purchase prompt.

5. A computer-implemented method according to any one of the preceding claims, further including: monitoring, by the one or more processors, purchase proposals received from the one or more other entities; and dynamically updating, by the one or more processors, the purchase proposal displayed to the gambler such that the purchase proposal displayed represents the highest purchase offer from the one or more other entities.

6. A computer-implemented method according to claim 5, wherein the purchase proposal displayed to the gambler as representing the highest purchase offer from the one or more other entities is also displayed to the one or more other entities such that each of the other entities are aware of the highest purchase offer currently under consideration by the gambler.

7. A computer-implemented method according to any one of the preceding claims, further including splitting, by the one or more processors, the bet into two or more units that are individually available for purchase by the one or more entities.

8. A computer-implemented method according to claim 7, wherein causing the data communication devices associated with the one or more other entities to display the bet data further includes displaying the two or more units that are individually available for purchase in addition to displaying the purchase prompt relating to the bet.

9. A computer-implemented method according to any one of the preceding claims, wherein the gambler data communication device is configured to enable a gamble to select the individual units for display and offer for purchase.

10. A computer-implemented method according to any one of the preceding claims, wherein any bets that exceed a predetermined threshold are automatically selected for splitting into two or more units and displayed to the one or more entities as an additional purchase option.

1 1. A computer-implemented method according to any one of the preceding claims, further including: collecting, by the one or more processors, data including the bet data, data input by the gambler and one or more other entities including the agreed purchase price for bets, and/or units thereof; and teaching a machine learning model using the collected data to enable the machine learning model, based upon receiving, as input, new bet data relating to placement of a new online bet, to output suggestions and/or recommendations regarding gambler responses to cash out prompts and purchasing entity responses to purchase prompts that are most likely to result in the transfer of ownership in respect of the new online bet and/or units thereof for the achievement of mutually beneficial outcomes.

12. A system for exchange of online bets, the system including: one or more memories, and one or more processors operable to: receive bet data relating to an online bet placed by a gambler in relation to a gambling event; the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; cause a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receive, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; cause a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receive, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; cause the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, perform one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

13. A system according to claim 12, wherein the one or more processors are further operable to: monitor purchase proposals received from the one or more other entities; and dynamically update the purchase proposal displayed to the gambler such that the purchase proposal displayed represents the highest purchase offer from the one or more other entities.

14. A system according to claim 13, wherein the one or more processors are further operable to display the purchase proposal displayed to the gambler as representing the highest purchase offer from the one or more other entities to the one or more other entities such that each of the other entities are aware of the highest purchase offer currently under consideration by the gambler.

15. A system according to any one of claims 12 to 14, wherein the one or more processors are further operable to: automatically select any bets that exceed a predetermined threshold for splitting into two or more units and display the two or more units to the one or more entities as an additional purchase option.

16. A system according to any one claims 12 to 15, wherein the one or more processors are further operable to: collect data including the bet data, data input by the gambler and one or more other entities including the agreed purchase price for bets, and/or units thereof; teach a machine learning model using the collected data to enable the machine learning model, based upon receiving, as input, new bet data relating to placement of a new online bet; and output suggestions and/or recommendations regarding gambler responses to cash out prompts and purchasing entity responses to purchase prompts that are most likely to result in the transfer of ownership in respect of the new online bet and/or units thereof for the achievement of mutually beneficial outcomes.

17. A computer-readable medium having a plurality of instructions executable by one or more processors to: receive bet data relating to an online bet placed by a gambler in relation to a gambling event, the bet data including a purchase price and initial odds associated with the bet at the time the bet was purchased, the bet including an initial value according to the purchase price and initial odds; cause a data communication device associated with the gambler to display a cash out prompt in relation to the bet; receive, from the gambler data communication device, a response to the cash out prompt confirming that the gambler prefers to consider a cash out of the online bet value according to a current value of the bet according to the current odds as compared with the initial odds; cause a data communication device associated with one or more other entities to display the bet data, the current odds, and a purchase prompt; receive, from a data communication device associated with the one or more other entities, a response to the purchase prompt, the response including a purchase proposal; cause the data communication device associated with the gambler to display the purchase proposal; and in the event the gambler accepts the purchase proposal, perform one or more actions to initiate a transfer of ownership of the bet from the gambler to the purchasing entity substantially in real-time.

18. A computer-readable medium according to claim 17, having a plurality of instructions executable by one or more processors to further: monitor purchase proposals received from the one or more other entities; and dynamically update the purchase proposal displayed to the gambler such that the purchase proposal displayed represents the highest purchase offer from the one or more other entities.

19. A computer-readable medium according to either claim 17 or claim 18, having a plurality of instructions executable by one or more processors to further: automatically select any bets that exceed a predetermined threshold for splitting into two or more units and display the two or more units to the one or more entities as an additional purchase option.

20. A computer-readable medium according to any one of claims 17 to 19, having a plurality of instructions executable by one or more processors to further: collect data including the bet data, data input by the gambler and one or more other entities including the agreed purchase price for bets, and/or units thereof; teach a machine learning model using the collected data to enable the machine learning model, based upon receiving, as input, new bet data relating to placement of a new online bet; and output suggestions and/or recommendations regarding gambler responses to cash out prompts and purchasing entity responses to purchase prompts that are most likely to result in the transfer of ownership in respect of the new online bet and/or units thereof for the achievement of mutually beneficial outcomes.