Methods and apparatus for fairly placing players in bet positions

• US 20050003878A1
• Filed: 07/31/2002
• Published: 01/06/2005
• Est. Priority Date: 08/01/2001
• Status: Abandoned Application

• Current Assignee: Kim Updike
• Original Assignee: Kim Updike
• Inventors: Updike, Kim
• Application Number:
  US10/491,840
• Publication Number:
  US 20050003878A1
• Time in Patent Office: Days
• US Class Current: 463/16
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

The apparatus and methods described herein facilitate fair peer-to-peer gambling. Generally, the system receives bet statement(s) from authorized player(s) and/or game administrator(s). Authorized players(s) then enter whole number percentages representing their beliefs that the outcome of the bet statement will be true. The players entering the risk percentages are encouraged to be as fair as possible, because players may be forced into undesirable bet positions. The amount of points or money wagered are then automatically determined based on the risk percentage(s). Once the actual outcome is determined, the winning player is rewarded in inverse proportion to his risk percentage.

Claims

1. A method of determining a bet position comprising:

receiving a first odds assessment from a first player;

receiving a second odds assessment from a second player,

determining a fair odds assessment based on the first odds assessment;

comparing the second odds assessment to the fair odds assessment; and

determining a forced bet position for the second player based on the comparison.

2. A method as defined in claim 1, wherein determining a forced bet position for the second player comprises forcing the second player into one side of a bet if the second odds assessment is greater than the fair odds assessment and forcing the second player into another side of the bet if the second odds assessment is less than the fair odds assessment.

3. A method as defined in claim 1, wherein receiving the first odds assessment comprises receiving a whole number percentage.

4. A method as defined in claim 1, wherein receiving the first odds assessment comprises receiving a whole number percentage via the Internet.

5. A method as defined in claim 1, further comprising:

displaying the first odds assessment after receiving the first odds assessment from a first player; and

hiding the first odds assessment before receiving the second odds assessment from the second player.

6. A method as defined in claim 1, wherein determining a fair odds assessment based on the first odds assessment comprises computing the average of the first odds assessment and the second odds assessment.

7. A method as defined in claim 1, wherein determining a fair odds assessment based on the first odds assessment comprises determining the fair odds assessment to be equal to the first odds assessment.

8. A method as defined in claim 1, further comprising receiving a third odds assessment from a third player, wherein determining a fair odds assessment based on the first odds assessment comprises computing the average of the first odds assessment, the second odds assessment, and the third odds assessment.

9. A method as defined in claim 1, further comprising determining payout amounts for the second player based on the fair odds assessment and the second odds assessment.

10. A method as defined in claim 1, further comprising:

receiving a bet amount from the second player; and

scaling the bet amount based on the fair odds assessment.

11. A method as defined in claim 10, wherein scaling the stake comprises scaling the stake based on the second odds assessment.

12. A method as defined in claim 10, wherein scaling the stake comprises increasing the stake in proportion the difference between the second odds assessment and the fair odds assessment.

13. A method as defined in claim 10, wherein determining a fair odds assessment based on the first odds assessment comprises computing the average of the first odds assessment and the second odds assessment.

14. A method as defined in claim 1, further comprising awarding a bonus to the second player if the second odds assessment is within a predetermined threshold of the fair odds assessment.

15. A method as defined in claim 1, further comprising:

displaying a plurality of bet statements; and

receiving a selection identifying a particular bet statement from the plurality of bet statements.

16. A method as defined in claim 1, further comprising the step of receiving a text based bet statement.

17. A wagering apparatus comprising:

a keyboard;

a display;

a memory storing a software program; and

a processor operatively coupled to the keyboard, display, and memory, the processor being structured to execute the software program, the software program being structured to cause the processor to;

receive a first odds assessment from a first player;

receive a second odds assessment from a second player;

determine a fair odds assessment based on the first odds assessment;

compare the second odds assessment to the fair odds assessment; and

determining a forced bet position for the second player based on the fair odds assessment.

18. A computer readable medium storing a software program structured to cause a computing device to:

receive a first odds assessment from a first player;

receive a second odds assessment from a second player;

determine a fair odds assessment based on the first odds assessment;

compare the second odds assessment to the fair odds assessment; and

determining a forced bet position for the second player based on the fair odds assessment.

19. A method of determining a first bet position and a second bet position comprising:

receiving a first odds assessment from a first player;

receiving a second odds assessment from a second player;

receiving a third odds assessment from a third player;

determining a first fair odds assessment based on the first odds assessment and the third odds assessment;

determining a second fair odds assessment based on the second odds assessment and the third odds assessment;

comparing the first odds assessment to the first fair odds assessment;

determining a forced bet position for the first player based on the comparison of the first odds assessment to the first fair odds assessment;

comparing the second odds assessment to the second fair odds assessment; and

determining a forced bet position for the second player based on the comparison of the second odds assessment to the second fair odds assessment.

20. A method as defined in claim 19 wherein the third player is known to the first player and the second player as a celebrity.