Real-time interactive wagering on event outcomes

• US 10,559,164 B2
• Filed: 10/26/2017
• Issued: 02/11/2020
• Est. Priority Date: 04/10/2003
• Status: Expired due to Term

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Asher, Joseph M., Lutnick, Howard W.
• Primary Examiner(s): Shah, Milap
• Application Number:
  US15/795,217
• Publication Number:
  US 20180047250A1
• Time in Patent Office: 838 Days
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino games, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.

Claims

1. A method comprising:

receiving, by a computing device over a communication network, from a plurality of remote data sources, a plurality of real-time electronic data feeds, in which each of the real-time electronic data feeds indicates a real-time wager price for an underlying market on which a wagerable event is based;

synchronizing, by the computing device, the real-time wager prices;

determining, by the computing device, a spread for a variable associated with the wagerable event, the spread defining at least one of a first value above the variable and a second value below the variable, in which the spread is determined based on a determination whether there is a disagreement in the synchronized real-time wager prices;

causing, by the computing device, an interface screen to be displayed, over the communication network, at a remote client device, the interface screen identifying;

the wagerable event,

the spread, and

at least one element for a user to submit at least one of i) a first wager that the variable will be at least one of greater than and equal to the first value and ii) a second wager that the variable will at least one of less than and equal to the second value,

wherein the first wager has a payout and a loss determined based on a difference between a value of the variable at a maturity of the first wager and the first value,

wherein the second wager has a payout and a loss determined based on a difference between the value of the variable at a maturity of the second wager and the second value, and

wherein each of the first wager and the second wager has a respective collar on potential losses;

receiving, by the computing device, over the communication network, from the remote client device, a request for at least one of the first wager and the second wager having a stake;

determining, by the computing device, a cap on potential winnings of the at least one of the first wager and the second wager based on the stake and the respective collar; and

transmitting, by the computing device, over the communication network, to the client device, a notification of whether the at least one of the first wager and the second wager has been accepted.

2. The method of claim 1, wherein the cap is further based on the spread.

3. The method of claim 1, wherein the cap is further based on a measure of the volatility of the wagerable event.

4. The method of claim 1, wherein the variable associated with the wagerable event comprises a level associated with an index.

5. The method of claim 1, wherein the variable associated with the wagerable event comprises a price associated with a security.

6. The method of claim 1, wherein the variable associated with the wagerable event comprises a payout associated with a casino gaming device.

7. The method of claim 1, wherein the first wager and second wager have an hourly maturity from placement.

8. The method of claim 1, wherein the first wager and second wager have a daily maturity from placement.

9. The method of claim 1, wherein the first wager and second wager have a weekly maturity from placement.

10. The method of claim 1, comprising determining that the variable associated with the wagerable event is unavailable and wherein the spread is determined based on information available for a related wagerable event.

11. The method of claim 10, wherein the variable associated with the wagerable event comprise a level of an index and wherein the related wagerable event comprises a related index.

12. The method of claim 10, wherein the variable associated with the wagerable event comprise a price of a security and wherein the related wagerable event comprises a related security.

13. The method of claim 1, comprising:

determining at the maturity of the at least one first wager and the second wager, a value of the variable associated with the wagerable event and one of the potential loss and the potential winnings associated with the wager based at least on the value of the variable at the maturity of the wager; and

one of;

debiting a user account an amount based on the collar when the potential loss exceeds the amount based on the collar, and

crediting the user account an amount based on the cap when the potential winnings exceed the amount based on the cap.

14. The method of claim 1, in which the variable associated with the wagerable event is based on at least one score in a sporting event.

15. An apparatus comprising:

a computing device; and

a non-transitory medium having stored thereon instructions that when executed by the computing device cause the apparatus to;

receive, over a communication network, from a plurality of remote data sources, a plurality of real-time electronic data feeds, in which each of the real-time electronic data feeds indicates a real-time wager price for an underlying market on which a wagerable event is based;

synchronize the real-time wager prices;

determine a spread for a variable associated with the wagerable event, the spread defining at least one of a first value above the variable and a second value below the variable, in which the spread is determined based on a determination whether there is a disagreement in the synchronized real-time wager prices;

transmit, over the communication network, to a remote client device, information identifying;

the wagerable event,

the spread, and

at least one element for a user to submit at least one of i) a first wager that the variable will be at least one of greater than and equal to the first value and ii) a second wager that the variable will at least one of less than and equal to the second value,

wherein the first wager has a payout and a loss determined based on a difference between a value of the variable at a maturity of the first wager and the first value,

wherein the second wager has a payout and a loss determined based on a difference between the value of the variable at a maturity of the second wager and the second value, and

wherein each of the first wager and the second wager has a respective collar on potential losses;

receive, over the communication network, from the remote client device, a request for at least one of the first wager and the second wager having a stake;

determine a cap on potential winnings of the at least one of the first wager and the second wager based on the stake and the respective collar; and

transmit, over the communication network, to the client device, a notification of whether the at least one of the first wager and the second wager has been accepted.