Real-time interactive wagering on event outcomes

• US 20040204232A1
• Filed: 04/10/2003
• Published: 10/14/2004
• Est. Priority Date: 04/10/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Lutnick, Howard W., Asher, Joseph M.
• Granted Patent: US 7,341,517 B2
• Time in Patent Office: Days
• US Class Current: 463/25
• 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 of real-time interactive remote wagering on live casino games, said method comprising:

qualifying a remote client to participate in wagering;

selecting a live casino game;

receiving a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game; and

notifying the remote client whether said wager has been accepted.

2. The method of claim 1 further comprising displaying said live casino game on a suitable display whereby the remote client can view the live casino game.

3. The method of claim 2, wherein the displaying said casino game comprises displaying said live casino game in a multimedia format.

4. The method of claim 2, wherein the displaying said casino game comprises displaying said live casino game in a text format.

5. The method of claim 2, wherein the suitable display comprises a workstation.

6. The method of claim 2, wherein the suitable display comprises a computer.

7. The method of claim 2, wherein the suitable display comprises a television.

8. The method of claim 2, wherein said display is located in a hotel room.

9. The method of claim 2, wherein said displaying and said receiving occur via the Internet.

10. The method of claim 2, wherein said displaying and said receiving occur via an intranet.

11. The method of claim 2, wherein said displaying and said receiving occur via an open system.

12. The method of claim 11, further comprising selecting a particular casino in which to select said live casino game.

13. The method of claim 2, wherein said displaying and said receiving occur via a closed system.

14. The method of claim 1, wherein said qualifying includes pre-authorizing a monetary limit on wagering.

15. The method of claim 1 further comprising rewarding said remote client in accordance with predetermined wagering activity criteria.

16. The method of claim 15 wherein said rewarding comprises giving said remote client an increased line of credit.

17. The method of claim 15 wherein said rewarding comprises giving said remote client free rooms or room upgrades.

18. The method of claim 15 wherein said rewarding comprises giving said remote client free wagers.

19. The method of claim 15 wherein said rewarding comprises giving credits on said remote client'"'"'s bill.

20. The method of claim 15 wherein said rewarding comprises giving said remote client free gifts.

21. The method of claim 15 wherein said rewarding comprises giving said remote client free event tickets.

22. The method of claim 15 wherein said rewarding comprises giving said remote client free transportation.

23. The method of claim 15 wherein said rewarding comprises giving said remote client free access to clubs

24. The method of claim 15 wherein said reward comprises free meals.

25. The method of claim 15 wherein said predetermined wagering activity criteria includes at least one of the following:

the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;

said remote client placing a wager on a specified event;

the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;

said remote client winning an amount in excess of a predetermined amount; and

said remote client losing an amount in excess of a predetermined amount.

26. A method of real-time interactive remote wagering on event outcomes, said method comprising:

determining a spread for a wagerable event outcome;

displaying said wagerable event outcome and said spread of said wagerable event outcome;

receiving a request to wager on said wagerable event outcome;

receiving a request to place a collar on potential losses on said wager;

calculating a cap on potential winnings based on said collar; and

notifying whether said wager has been accepted.

27. The method of claim 26, wherein the calculating is further based on the spread.

28. The method of claim 26, wherein the calculating is further based on predetermined risk criteria.

29. The method of claim 26, wherein the calculating is further based on the a measure of the volatility of the market.

30. A system for providing real-time interactive remote wagering on live casino games, said system comprising:

a server storage device;

a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to;

qualify a remote client to participate in wagering;

allow the remote client to select a live casino game;

receive a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game;

notify the remote client whether said wager has been accepted;

a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising;

a workstation storage device; and

a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor.

31. The system of claim 30 the workstation further comprising a display whereby the remote client can view the live casino game.

32. The system of claim 31, wherein the remote client can view the live casino game on the display in a multimedia format.

33. The system of claim 31, wherein the remote client can view the live casino game on the display in a text format.

34. The system of claim 30, wherein the workstation further comprises a television.

35. The system of claim 30, wherein said workstation is located in a hotel room.

36. The system of claim 30, wherein said server and said workstation are connected via the Internet.

37. The system of claim 30, wherein said server and said workstation are connected via an intranet.

38. The system of claim 30, wherein said server and said workstation are connected via an open network.

39. The system of claim 38, the server program further programmed to allow the remote client to select a particular casino in which to select said live casino game.

40. The system of claim 30, wherein said server and said workstation are connected via a closed network.

41. The system of claim 30, wherein said qualifying includes pre-authorizing a monetary limit on wagering.

42. The system of claim 30 further comprising rewarding said remote client in accordance with predetermined wagering activity criteria.

43. The system of claim 42 wherein said rewarding comprises giving said remote client an increased line of credit.

44. The system, of claim 42 wherein said rewarding comprises giving said remote client free rooms or room upgrades.

45. The system of claim 42 wherein said rewarding comprises giving said remote client free wagers.

46. The system of claim 42 wherein said rewarding comprises giving credits on said remote client'"'"'s bill.

47. The system of claim 42 wherein said rewarding comprises giving said remote client free gifts.

48. The system of claim 42 wherein said rewarding comprises giving said remote client free event tickets.

49. The system of claim 42 wherein said rewarding comprises giving said remote client free transportation.

50. The system of claim 42 wherein said rewarding comprises giving said remote client free access to clubs

51. The system of claim 42 wherein said rewarding comprises giving said remote client free meals.

52. The system of claim 42 wherein said predetermined wagering activity criteria includes at least one of the following:

the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;

said remote client placing a wager on a specified event;

the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;

said remote client winning an amount in excess of a predetermined amount; and

said remote client losing an amount in excess of a predetermined amount.

53. A system for providing real-time interactive remote wagering on event outcomes, said system comprising:

a server storage device;

a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to;

determine a spread for a wagerable event outcome;

receive a request to wager on said wagerable event outcome;

receive a request to place a collar on potential losses on said wager;

calculate a cap on potential winnings based on said collar; and

notify whether said wager has been accepted;

a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising;

a workstation storage device; and

a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor, the workstation program operative to display said wagerable event outcome and said spread of said wagerable event outcome.

54. The system of claim 53, wherein the calculating is further based on the spread.

55. The system of claim 53, wherein the calculating is further based on predetermined risk criteria.

56. The system of claim 53, wherein the calculating is further based on a measure of the volatility of the market.