US20120058815A1 - Dynamic betting system, method and computer program product - Google Patents

Dynamic betting system, method and computer program product Download PDF

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Publication number
US20120058815A1
US20120058815A1 US13/223,995 US201113223995A US2012058815A1 US 20120058815 A1 US20120058815 A1 US 20120058815A1 US 201113223995 A US201113223995 A US 201113223995A US 2012058815 A1 US2012058815 A1 US 2012058815A1
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Prior art keywords
user
outcome
event
stake
shares
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Aleksandar Ivanov
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ParkLabs GmbH
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ParkLabs GmbH
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Publication of US20120058815A1 publication Critical patent/US20120058815A1/en
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    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
    • G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00—Commerce
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00—Information and communication technology [ICT] specially adapted for implementation of business processes of specific business sectors, e.g. utilities or tourism
    • G06Q50/34—Betting or bookmaking, e.g. Internet betting
    • G—PHYSICS
    • G07—CHECKING-DEVICES
    • G07F—COIN-FREED OR LIKE APPARATUS
    • G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
    • G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements
    • G07F17/3286—Type of games
    • G07F17/3288—Betting, e.g. on live events, bookmaking

Definitions

  • the present invention is in the technical field of entertainment systems. More particularly, the present invention is in the technical field of systems, methods and computer program products for betting and gambling. Embodiments of the present invention are directed to a method for enabling a user to make bets on outcomes, e.g. in sports matches or races as well as other types of events such as elections, weather, news prediction, economic events, business events, political events and any other event which is acceptable for betting or gambling.
  • Betting on various events is a large and growing industry.
  • a bettor places a bet (on virtually anything, subject to legal limitations) at certain odds and waits to find out if the bet wins or loses.
  • the odds keep changing but the player cannot withdraw his bet once it has been accepted by the system/the bookkeeper etc.
  • Various types of betting systems are available for various types of events.
  • the prior art discloses several methods of betting systems. Pari-mutuel betting and fixed-odds betting are the most popular systems among sports and financial bettors.
  • Pari-mutuel betting (described for example in U.S. Patent Application Publication No. 2007/0082730) is a type of betting system in which all bets on the outcome of a particular event are placed together in a pool, and payoff odds are calculated by sharing the pool among all winning bettors. In a pari-mutuel betting system, the final payout is not determined until the pool is closed. Moreover, this system does not allow bettors to place a bet at certain odds because the odds of each and every bet in the pool keep changing as new bets are added to the pool by other bettors. Therefore, a pari-mutuel betting system does not allow for counter bets, i.e. bets which offset a previous bet such that the bettor who owns the previous bet and the counter-bets has a guaranteed zero or positive return.
  • counter bets i.e. bets which offset a previous bet such that the bettor who owns the previous bet and the
  • the most common method of addressing the problems of pari-mutuel betting is to organize markets where a huge number of bettors can exchange, i.e. buy and sell, such bets. Such markets are called betting exchanges.
  • An example betting exchange is described in detail in U.S. Patent Application Publication No. 2007/0087821.
  • a bettor can sell the bet to another bettor on the betting exchange at a certain price, which can be interpreted as the current market value of that bet, and only if the seller finds a buyer with whom he can agree on the sale price.
  • For a betting exchange to be useful it must have a large number of active members so that it is possible to find a buyer for ones bet in a reasonably short period of time, at least before the underlying outcome of the event on which the bet is contingent has occurred.
  • betting systems known from the prior art do not provide a direct, simple, safe, easy-to-use way for increasing, decreasing or completely withdrawing ones bet in order to limit losses or secure profits on changing odds. Instead, these systems require, as described above, complex operations, e.g. computing counter bets (like in financial floating or fixed binary betting), or negotiating prices on a betting exchange.
  • the present betting systems are not flexible enough to enable bettors to hold full control over placed bets in an efficient and simple manner, and there is a need for new and improved systems and methods which provide bettors with more control over their wagers.
  • Embodiments of the present invention include a system, method and computer program product for providing dynamic betting which enables bettors (also referred to as users) to make, withdraw, and increase/decrease the stake of bets.
  • the invention utilizes stock and stock pricing mechanisms in a unique environment to create the dynamic betting system and method of the present invention.
  • Users of the present invention i.e., bettors
  • the system, method and computer program product of the present invention treat this placing of a bet as a purchase of a share of in that particular outcome for the particular event.
  • Each potential outcome for a given event has an associated “outcome stock.”
  • the pool of bets for each outcome has an associated stock of which players are buying shares.
  • the system converts each bet amount on a certain outcome into a number of shares of that outcome. This is accomplished by simply using the current price of the shares of this outcome's stock to calculate how many shares the bet amount could buy at that share price.
  • the number of shares which results from this calculation is a real number, not necessarily an integer.
  • a player can place a bet (on anything, subject to legal limitations) at certain odds.
  • the odds keep changing as other players bet, and the player can withdraw his bet at any time.
  • odds are expressed as probabilities. Odds and probabilities are mathematically equivalent representations of the likelihood of an event to happen.
  • Another aspect of embodiments of the present invention is the use of event likelihoods, e.g. probabilities that a wagered-on outcome will actually happen, instead of traditional odds.
  • event likelihoods e.g. probabilities that a wagered-on outcome will actually happen, instead of traditional odds.
  • Each outcome stock has a function, i.e. a price function, which determines the outcome stock's price as a function of the current demand and supply situation in the underlying stock market.
  • the demand and supply situation is a result of the players' chosen outcomes and the amounts they bet on these outcomes.
  • Each bet is transformed into demand for the underlying shares of that outcome, i.e. the demand increases. Closing a bet decreases demand, and hence price and the related probability. Increasing an existing bet increases demand, decreasing an existing bet, decreases demand.
  • a transaction fee may be charged.
  • the bet it is not only possible to withdraw ones bet completely, but to freely adjust the bet, e.g. withdraw part of it, or top-up the bet amount.
  • the options on which to bet are specified by the system at the beginning, e.g. “Celtics win”, “Celtics lose” and they remain constant during the term of the wager.
  • the only parameters that change are the probabilities, which are governed by the initial probability, set by the system in the beginning before the first player places a bet, and from that point onwards the bets of all players are used to update the probabilities via specific algorithms, as described.
  • a method for dynamic betting includes identifying one or more events, each of which has at least two possible outcomes, and setting initial odds for each possible outcome of the events.
  • the method further includes presenting a plurality of users, each of which has an account, with information indicating one or more of the events, the possible outcomes of the events, and the associated odds for each possible outcome.
  • the method also includes receiving a selection of one of the events by a user, a selection of a possible outcome of the event selected by the user, and an indication of a desired stake in the selected outcome.
  • a first value is determined, which indicates the user's desired stake in the selected outcome
  • a second value is determined, which indicates the value of the user's initial stake in the outcome of the selected event.
  • a difference between the first and second values is determined and the user's account is updated to reflect a current stake in the selected outcome based on the difference.
  • Current odds for the selected outcome of the event are then determined.
  • the method further includes identifying the actual outcome of the selected even and updating the user's account based on the current their current stake in the outcome, the current odds, and the actual outcome.
  • the desired stake, initial stake, and current stake are quantities of shares in the possible outcome of the event in a dynamic betting marketplace, where there is a total number of outstanding shares associated with the possible outcome.
  • the method further includes identifying each user that has a current stake in the outcome of the event, updating the account of each user based on their current stake, the current odds, and the actual outcome, and removing all shares of the outcome for the event from each user's account.
  • a system for providing a dynamic betting marketplace which includes a database storing accounts for a plurality of users and one or more servers.
  • the server, or servers are configured to identify one or more events, each of which have at least two possible outcomes, and set initial odds for each possible outcome of the identified events.
  • the servers are further configured to present to the users information that indicates one or more of the events, the possible outcomes of the one or more events, and the associated odds for each possible outcome.
  • the servers may then receive a selection of an event by a user along with a selection of a possible outcome of the selected event.
  • the servers also configured to receive an indication of a desired stake in the selected outcome of the event from the user, which is used to determine a first value that indicates the user's desired stake in the selected possible outcome. A second value is also determined, which indicates the value of the user's initial stake in the possible outcome of the selected event.
  • the servers are configured to determine a difference between the two values and update the user's account to reflect their current stake in the selected possible outcome based on the difference. Additionally, the one or more servers may be configured to determine current odds for the possible outcome of the selected even, identify the actual outcome, and provide a second update to the user's account based on their current stake, the current odds, and the actual outcome.
  • the one or more servers includes a front-end server that is accessible to a user device and is configured to render information related to the event to the user device via a network, a back-end server configured for data processing, and a communications layer.
  • the communications layer may be configured to receive data from the user device, transform the data, and transmit the transformed data to the back-end server.
  • the servers are further configured to identify each user having a current stake in the outcome of the event, wherein their current stake is a quantity of shares in the possible outcome of the event associated in their account, update the account of each user based on their current stake, the current odds, and the actual outcome, and remove all the shares of the outcome for the event from each user's account.
  • FIG. 1 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 2 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 3 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 4 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 5 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 6 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 7 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 8 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 9 is an illustrative display interface in accordance with embodiments of the present invention.
  • FIG. 10 is a process flowchart for placing a bet in accordance with an embodiment of the present invention.
  • FIG. 11 is a process flowchart for a payout procedure in accordance with an embodiment of the present invention.
  • FIG. 12 is a diagram of an exemplary architecture for a system in accordance with an embodiment of the present invention.
  • FIG. 13 is a functional block diagram of the architecture for a system in accordance with an embodiment of the present invention.
  • FIG. 14 is a functional block diagram of the architecture for a system in accordance with an embodiment of the present invention.
  • FIG. 15 is a functional block diagram of the architecture for a system in accordance with an embodiment of the present invention.
  • FIG. 16 is a functional block diagram of the architecture for a system in accordance with an embodiment of the present invention.
  • FIG. 17 is a block diagram representing a front end system in accordance with an embodiment of the present invention.
  • FIG. 18 is a block diagram representing a back end system in accordance with an embodiment of the present invention.
  • systems and methods for a dynamic betting enables bettors to easily withdraw their bet and also enables bettors to increase or decrease the stake of the bet. Modifying or withdrawing bets can be done at any time, as the liquidity for such operations is provided by the provider operating the dynamic betting place in accordance with the systems and methods of the present invention.
  • a novel underlying dynamic betting is used to apply traditional stock market concepts in a unique betting context.
  • the dynamic betting utilizes a market maker algorithm which can quote a price for a bet or wager on the outcome of a particular event at any point in time, and which can guarantee a limited adjustable maximum loss or profit for the provider of the dynamic betting market place. This allows trading to take place at any point in time, regardless of how many active bettors there are on the betting market place. Bettors are provided with a plurality of views in the dynamic betting market place.
  • a user interface allows them to place bets on one of the outcomes which are offered on the dynamic betting marketplace for a given event, as well as to increase, decrease or close off completely their bets without the need for trading with other bettors or computing and placing counter bets.
  • the connection between the dynamic betting and the betting user interface is provided by a set of formulas set out below called a dynamic betting valuator.
  • the dynamic betting valuator computes the current value of a bet, the odds of an outcome before and after a bet on that outcome and the gain or loss in free cash for each operation desired by the bettor, e.g. increase, decrease, or close off completely his bet.
  • bettors place bets, i.e. amounts of money, on a certain outcome of an event.
  • each outcome has an associated “outcome stock” of which bettors are buying real-valued numbers of shares.
  • the method and system convert each bet amount on a certain outcome into the number of shares of that outcome which can be bought with the user-specified bet amount given the current share price.
  • the number of shares which results from this calculation is not necessarily an integer but any real number, which is not possible in a traditional stock trading mechanism.
  • the odds are then locked for the bet, i.e. the buy price paid for the underlying shares does not change anymore (the current price of new shares can change but the buy price is now locked).
  • the stock price in the present invention is limited between 0 and 1 so it can represent a probability, which is also always limited between 0 and 1.
  • Betting odds of an outcome can always be interpreted as the probability for that outcome to occur.
  • both betting odds as well as the bounded stock price of the present invention are equivalent representations of the probability of an outcome to occur.
  • Buying a positive or negative amount of shares of type i, k i changes the total amount of shares outstanding on outcome i from v i to v i +k.
  • the cost function is the definite integral of the price function from v i to v i +k.
  • the bettor does not have to deal with stock trading and buying or selling shares to control his or her staked bet amount S i on outcome i. Instead only simple operations such as increasing the staked bet amount (buying additional shares) or decreasing (selling some or all of one's shares) the staked bet amount are required from the bettor.
  • the quantity S i,g,t-1 is the amount which bettor g wants to have at stake in outcome i right now. His current stake has a value now, which is denoted as CV i,g,t-1 .
  • the quantity D i,g is difference between what bettor g wants to have at stake now, S i,g,t-1 , and the current value of the existing stake, CV i,g,t-1 . If bettor g wants to increase his stake now D i,g will be positive, if he wants to reduce his stake D i,g will be negative.
  • the current value of u i,g,t-1 i.e. the shares on outcome i which bettor g owns before the transaction, is CV i,g,t-1 and is given by Eq. 4 with CV i,g,t-1 substituted for CV i,g .
  • the bettor has exactly achieved the new bet amount S i,g,t-1 which he intended to have on outcome i.
  • the condition D i,g ⁇ CV i,g,t-1 means that the bettor cannot take out more from the bet than part or all of the current value of the bet and has to be met at all times.
  • the same condition guarantees that ⁇ k i,g ⁇ u i,g,t-1 , i.e. the bettor will never be able to sell more shares than he owned before the transaction.
  • This in turn means that ⁇ k i,g ⁇ u i,g,t-1 , i.e. all shares owned by g on i will be sold in the underlying stock trading mechanism.
  • FC i,g,t FC i,g,t-1 ⁇ D i,g Eq. 6
  • each share of the winning outcome i receives a final payout w i
  • w i is usually 1 but the present invention can handle any real value, even negative ones which do not make sense from a business point of view.
  • the value x i can also be set individually for each winning option, if necessary.
  • the shares associated with loosing outcomes are also removed from the portfolios of all bettors who own such shares but these shares each receive a payout of 0.
  • the odds of outcome i in terms of a winning probability are given by Eq. 1, i.e. the price of stock i, p i , with v i,t substituted for v i .
  • the lower the winning probability and hence the price the more shares any given stake S i,g,t-1 will buy.
  • the payout rule discussed above the more shares one owns the more one can win. Therefore, when the odds are against outcome i and hence the price of outcome i is low any given stake S i,g,t-1 will buy more shares and hence secure a higher possible payout, than a stake on an outcome with unattractive odds, hence high price per share.
  • the present invention offers the advantages of fixed-odds betting, i.e. knowing the possible winnings and having fixed-odds, while it gives for the first time full control over the betting process to the bettor. Losses can be curbed by completely withdrawing a bet and profits can be secured in the same manner without the need for having to wait for the final outcome to become known.
  • conventional systems and methods require placing complex counter bets or selling a bet on a betting exchange. Counter bets are difficult to compute, especially for the lay person, and require additional investment into counter bets. Betting exchanges are time-consuming and one is not always successful in finding a suitable buyer for ones bet.
  • the invention presented executes each transaction immediately using the specialized cost and price equations in an underlying dynamic betting valuator.
  • FIG. 1 illustrates an exemplary screen a logged on user would see which allows the user to select from various events on which the user may place a bet/wager.
  • FIG. 2 illustrates an exemplary screen for placing a wager on a particular event.
  • FIGS. 3-9 are exemplary display interface screens demonstrating an example of a user placing a bet using the system in accordance with embodiments of the present invention.
  • a bettor g utilizing a system which embodies the present invention is presented with several events on which he or she can place a bet.
  • the user is accessing the system utilizing an internet browser, such as Microsoft Internet Explorer or Mozilla Firefox, through, for example, a desktop computer, laptop computer or like device.
  • these displays could be presented in forms utilizing other browsers or interface software on other devices including smartphones, tablet computers, Apple iPad, or any number of other devices.
  • the pages are shown as stand-alone web pages, these features could be implemented within other websites, including social networking websites such as Facebook.
  • bettor g wants to place a bet on tomorrow's basketball game, the L.A. Lakers vs. Boston Celtics. Bettor g selects this event by clicking the “read more” link, which corresponds to this basketball game on the screen shown in FIG. 3 , which causes his browser to load the screen shown in FIG. 4 .
  • This game is an event and the possible outcomes are “Lakers win”, “Celtics win”, “Draw”.
  • g after entering the information for the desired bet, g receives a confirmation of his bet and the current value of his bet. At first, the current value will exactly equal his desired stake of 50 CU until the odds change, which will cause the current value of g's stake to be adjusted by the system.
  • FIG. 6 shows an example screen which might be seen when bettor g returns to the site to check the value of his stake prior to the event taking place.
  • bettor g returns to the site to check the value of his stake prior to the event taking place.
  • the method not only adjusts the odds after each bet but also the current value of all existing bets. And therefore the stake of g has increased in value from 50 CU to 55 CU since the odds have also moved in favor of outcome “Lakers win”.
  • bettor g decides to decrease his stake and secure some of the winnings which he made. Utilizing the controls on the page, he inputs his new stake at 30 CU and submits the revised bet.
  • the system confirms that he has decreased his stake from 55 CU to 30 CU and that he receives the difference of 25 CU on his free cash account.
  • the bettor would have had to wait until the actual result of the event is known before being able to secure all or, as in this example, part of his winnings.
  • the current state of the art would not have allowed him to limit his losses by taking out the remaining current value of the stake.
  • the method again adjusts the odds for all outcomes since now the total amount placed on outcome “Lakers win” has decreased from 55 CU to 30 CU, which also lets the odds for that outcome decrease while the odds of the other outcomes have increased.
  • bettor g wants to hedge his position and places a bet of 10 CU on “Draw” at odds 19%. If that outcome actually happens, the 10 CU will be worth approximately 5 times the stake, i.e. approximately 50 CU. This bet has of course impacted the odds of all outcomes in this event, hence the current value of all bets previous to that last bet of 10 CU. As can be seen, the bet of g on “Lakers win” has also been impacted and decreased because the method adjusted the odds for the additional trust placed on the outcome of “Draw” by g himself.
  • bettor g now holds bets with current values 28 CU on “Lakers win” with a chance for winning 60 CU if that outcome actually happens, and a bet of 10 CU on “Draw” with a chance of winning approximately 50 CU if that outcome actually happens. If the outcome “Celtics win” happens, bettor g will lose all of his staked money.
  • the bettor can observe how the odds keep changing until the closure of the bet and at any point in time change or completely withdraw his bet at their then current values or put additional money on any of the outcomes at the then current odds of that outcome.
  • the system, method and computer program product of the present invention supports all of these activities and computes the correct odds, winning chances and money transfers at all times.
  • FIG. 10 is a flowchart illustrating a method for placing a bet in accordance with an embodiment of the present invention.
  • method 1000 includes the bettor selecting the event on which he wishes to place a wager (step 1002 ).
  • the bettor is presented with a user interface which allows the bettor to select the particular outcome on which to place his wager and specify the desired stake S (step 1004 ).
  • the system uses the information regarding the bettor's selected outcome and specified stake S to compute amount D.
  • the system loads the amount of free cash (FC) in the bettor's account and the current value of the stake on the selected outcome (CV) into memory for further operations (step 1008 ).
  • FC free cash
  • CV current value of the stake on the selected outcome
  • the system checks if the value of the bet amount D is greater than the amount of free cash FC in the bettor's account (step 1010 ). If the bet amount D is greater than free cash FC, then the value of D is set to the amount of FC available in the bettor's account (step 1012 ). If the bet amount D is not greater than free cash FC, then the value of bet amount D is compared to the negative current value of the selected outcome ( ⁇ CV) (step 1014 ). If the value of bet amount D is less than or equal to the negative current value of the selected outcome ( ⁇ CV), then the value of D is set to the negative current value of the selected outcome ( ⁇ CV) (step 1016 ).
  • the system checks if the value of the bet amount D is equal to the amount of the negative current value of the selected outcome ( ⁇ CV) (step 1018 ). If the value of bet amount D is equal to the negative current value of the selected outcome ( ⁇ CV), then the system sets the number of shares k equal to ⁇ u, which is the number of shares owned by the bettor on that outcome stock (step 1022 ). If the value of bet amount D is not equal to the negative current value of the selected outcome ( ⁇ CV), then the system sets the number of shares k utilizing equation 3 as described above (step 1024 ). Next, the system updates the bettor's account to reflect the new values for free cash FC and the number of shares purchased in the particular outcome stock (step 1026 ). The system then updates the total number of shares in the particular outcome stock for all users and the odds of all outcomes in the selected event (step 1028 ).
  • FIG. 11 is a flowchart illustrating the payout procedure in accordance with an embodiment of the present invention.
  • method 1100 begins with a system administrator selecting an event on which the outcome has been determined for payout (step 1102 ).
  • the system administrator specifies final payout value per share for each outcome i (step 1104 ).
  • a list with all bettors with open bets on the selected event is compiled (step 1106 ).
  • the corresponding amount free cash in each account is updated according to each bettor's shares and the final payout value per share (step 1108 ).
  • all shares of the selected event from each bettor's account are removed (step 1110 ).
  • FIG. 12 a diagram of an exemplary architecture for a system in accordance with an embodiment of the present invention.
  • Laptop 1202 and workstation 1204 are personal computers (PC) connected to network 1210 through networks 1206 and 1208 , respectively.
  • Networks 1206 and 1208 may be wired or wireless networks, private or public networks, local or wide area networks, virtual networks, etc., or any combination thereof.
  • Network 1210 is, generally, a wide area public network, such as, for example, the Internet.
  • ISPs Internet Service Providers
  • Other embodiments of network 1210 include wired or wireless networks, private or public networks, local or wide area networks, virtual networks, etc.
  • Front end server 1218 is connected to network 1210 directly (not shown) or through firewall 1214 , and to database server 1220 through network 1222 .
  • Front end server 1218 and database server 1220 may be custom-built servers, industry standard servers, such as, for example, HP ProLiant servers, etc.
  • Front end server 1218 executes software implementing various features of the present invention, while database server 1220 can store and manage information relating to the display of the application as well as information relating to users and the dynamic betting valuator. For example, Microsoft's NET, Windows Server and SQL Server software packages may be deployed on these machines.
  • front end server 1218 also functions as database server 1220 , i.e., a single server may be employed.
  • Embodiments of networks 1212 , 1216 and 1222 include wired or wireless networks, local or wide area networks, virtual networks, etc., or any combination thereof.
  • Network 1212 is a public network, connecting firewall 1214 to network 1210
  • networks 1216 and 1222 are private networks.
  • database server 1220 is depicted as being connected to front end server 1218 via network 1222
  • networks 1216 and 1222 may also be a single network. Accordingly, one embodiment of the present invention includes a single server connected directly to the Internet.
  • the computer program and software modules of the system, method, and computer program product of the present invention can be implemented using any operating system, and associated hardware including, but not limited to, Unix, Linux, VMS, IBM, Microsoft Windows NT, 95, 98, 2000, ME, and XP, Mac OS, Palm OS, Android, Microsoft Windows CE, Microsoft Windows Mobile, Symbian OS and the like.
  • the systems, processes, and components set forth in the present description may be implemented using one or more general purpose computers, microprocessors, or the like programmed according to the teachings of the present specification, as will be appreciated by those skilled in the relevant art(s).
  • Appropriate software coding can readily be prepared by skilled programmers based on the teachings of the present disclosure, as will be apparent to those skilled in the relevant art(s).
  • the present invention thus also includes a computer-based product which may be hosted on a storage medium and include instructions that can be used to program a computer to perform a process in accordance with the present invention.
  • the storage medium can include, but is not limited to, any type of disk including a floppy disk, optical disk, CDROM, magneto-optical disk, ROMs, RAMS, EPROMs, EEPROMs, flash memory, magnetic or optical cards, or any type of media suitable for storing electronic instructions, either locally or remotely.
  • the platform is advantageously implemented as a distributed web application, with functionality and processing load distributing between one or more application tiers.
  • the platform is divided into two parts (i) a system for rendering the output to the users (hereafter Frontend 1304 ), and (ii) a system for processing of data (hereafter Backend 1308 ). Both parts communicate via a communication layer 1306 which manages the traffic and optimally distributes all requests. All data is being stored in a database 1310 .
  • a plurality of client devices 1302 e.g., personal computers, smartphones, etc.
  • Common variations include a system with multiple instances of the backend 1404 which allows for parallel processing of incoming requests from a large amount of users.
  • the management of multiple instances of backend 1404 are managed using a load balancer implemented in the communication layer 1402 .
  • Each backend instance 1404 may connect to one or more databases. All bets on any outcome of one event can only be processed by one backend 1404 and one database 1502 only. The bets of one event cannot be distributed across different backends or different databases.
  • a common architecture is to have a group of events, with their respective outcomes, on one database 1504 and having all bets related to outcomes from this group of events directed by the communication layer to the one backend 1404 which will connect to the database 1502 which stores them.
  • FIG. 16 is a flow diagram which shows the functionality and flow of information between the various components of the system according to an embodiment of the invention.
  • the various system components i.e. frontend 1304 , backend 1308 , communication layer 1306 , perform specific functions.
  • the frontend 1304 is rendering a presentation of the event information, bet information and other relevant information to the client device 1302 of a user. It also delivers the visual style and layout for this information. Moreover, it delivers the user input controls, e.g. fields to enter a stake, as well as information output areas, e.g. numbers about current value, stake, odds etc.
  • the frontend also performs validation of user inputs to prevent wrong or malicious results.
  • the communication layer 1306 receives user data which the user entered into the user input controls of the frontend. It transforms this data for transmission to the other parts of the system, i.e. the backend and the database 1310 . It can also perform the required management functions for distributing requests optimally across various instances of the backend 1308 . When the communication layer 1306 receives data from the backend it prepares it for transmission to the frontend 1304 where it is further processed for display in the presentation layout.
  • the backend 1308 consists of various components, i.e. a queue of bets for each event, a validator with validator logic, and a bet valuator. These components work together as well as connect with the database to process incoming bets. Moreover, the backend 1308 also handles other services, e.g. requests for displaying information about current odds, authentication services etc. Components data flows handling other services are marked with dashed lines.
  • the core function of the backend 1308 is the processing of bets whose components and data flows are marked with solid lines. Each incoming bet is put into the queue of the associated event. Each queue contains bets from one event only and they are sorted by the first in first out principle. Simultaneous bets are processed by a random order. The queue guarantees that one and one bet only is processed on each event at a time.
  • a bet which is next in the queue is send to the validator which checks and adjusts the parameters of the bet such that the conditions outlined above in the description of the method are always met. If this fails, the validator returns a corresponding message to the database which is then send to the user as a result of his bet.
  • the adjusted bet parameters are sent to the bet valuator, which computes the resulting values for the variables outlined above in the description of the method. The result of these computations are sent to the database 1310 where they are stored and to the user via the communication layer 1306 and the frontend 1304 .
  • FIG. 17 shows an example implementation of a frontend according to an embodiment of a system according to the present invention.
  • the Frontend 1304 consists of a complete website with its re-usable components, e.g. buttons, list controls etc, having been implemented as modules using UserControls.
  • the users' betting is done via dynamic asynchronous website elements, e.g. AJAX, which communicate with the transaction logic in the Backend via a web service, e.g. SOAP protocol.
  • the Frontend consists of:
  • the Backend 1308 can consist of (i) a web service for communication with the Frontend as well as two call libraries, i.e. (ii) the EpmLogic module for the computation of the transaction logic, e.g. price function, inverse cost function, as well as (iii) the DBAccess module, which provides uniform access to the database.
  • the EpmLogic module for the computation of the transaction logic, e.g. price function, inverse cost function, as well as (iii) the DBAccess module, which provides uniform access to the database.
  • the user interface can have many different embodiments, e.g. using various sliders and knobs to allow bettors to input their stake.
  • a bettor may change the current value, CV i,g,t-1 , of a stake on an outcome.
  • Eq. 5 must be replaced with:
  • CV i,g,t-1 being the desired current value the bettor would like to have after the transaction. It is evident that CV i,g,t-1 is analogous to and obeys the same laws, definition, and restrictions as S i,g,t-1 .

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Cited By (9)

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US8282471B1 (en) * 2011-03-09 2012-10-09 Peter Eli Korner Computer-implemented sports wagering system and method
EP3049165A4 (fr) * 2013-09-23 2017-03-15 Metric Gaming LLC Plate-forme de pari ayant des options
US20170076547A1 (en) * 2012-04-25 2017-03-16 Gamblit Gaming, Llc Game object gambling hybrid games
US10445649B2 (en) 2013-12-16 2019-10-15 Tencent Technology (Shenzhen) Company Limited Network application participation control system
US10490028B1 (en) 2018-11-26 2019-11-26 Grids Of Skill Llc Event box pool marketplace systems
CN113869836A (zh) * 2021-10-26 2021-12-31 北京邮电大学 一种快件物流仓运转配环节中多主体动态博弈定价方法
WO2022150877A1 (fr) * 2021-01-12 2022-07-21 Bet Stream Pty Ltd Système et procédé permettant l'échange de mises en ligne
US11488442B1 (en) * 2021-07-08 2022-11-01 Nasdaq Technology Ab Pari-mutuel pool calculation engine across multiple processors
US11580822B2 (en) * 2019-10-03 2023-02-14 Scoretrade Inc. System and method for sports wagering using dynamic real-time pricing and trading

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AUPM811094A0 (en) 1994-09-13 1994-10-06 Totalizator Agency Board A combined totalizer and fixed odds betting system and method
US5830068A (en) * 1995-09-08 1998-11-03 Ods Technologies, L.P. Interactive wagering systems and processes
US7302412B1 (en) * 2000-01-18 2007-11-27 Speck Dimitri P M Method for reiterative betting based on supply and demand of betting shares
AU2002231875A1 (en) * 2002-01-14 2003-09-04 Laurent Tapie System for sporting betting based on the market principle and using a telecommunication network and computer for operation of said system
US7341517B2 (en) * 2003-04-10 2008-03-11 Cantor Index, Llc Real-time interactive wagering on event outcomes
US20070082730A1 (en) 2005-10-08 2007-04-12 Brown Patrick L Pari-mutuel betting kiosk
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Cited By (12)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US8282471B1 (en) * 2011-03-09 2012-10-09 Peter Eli Korner Computer-implemented sports wagering system and method
US20170076547A1 (en) * 2012-04-25 2017-03-16 Gamblit Gaming, Llc Game object gambling hybrid games
EP3049165A4 (fr) * 2013-09-23 2017-03-15 Metric Gaming LLC Plate-forme de pari ayant des options
US10445649B2 (en) 2013-12-16 2019-10-15 Tencent Technology (Shenzhen) Company Limited Network application participation control system
US10490028B1 (en) 2018-11-26 2019-11-26 Grids Of Skill Llc Event box pool marketplace systems
US20220005323A1 (en) * 2018-11-26 2022-01-06 Grids Of Skill Llc Event box pool marketplace systems
US20230230455A1 (en) * 2018-11-26 2023-07-20 Grids Of Skill Llc Event box pool marketplace systems
US20240233492A1 (en) * 2018-11-26 2024-07-11 Grids Of Skill Llc Event box pool marketplace systems
US11580822B2 (en) * 2019-10-03 2023-02-14 Scoretrade Inc. System and method for sports wagering using dynamic real-time pricing and trading
WO2022150877A1 (fr) * 2021-01-12 2022-07-21 Bet Stream Pty Ltd Système et procédé permettant l'échange de mises en ligne
US11488442B1 (en) * 2021-07-08 2022-11-01 Nasdaq Technology Ab Pari-mutuel pool calculation engine across multiple processors
CN113869836A (zh) * 2021-10-26 2021-12-31 北京邮电大学 一种快件物流仓运转配环节中多主体动态博弈定价方法

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