Parimutuel wagering system with opaque transactions

• US 20050096124A1
• Filed: 10/04/2004
• Published: 05/05/2005
• Est. Priority Date: 01/21/2003
• Status: Abandoned Application

• Current Assignee: ASIP Holdings Incorporated
• Original Assignee: ASIP Holdings Incorporated
• Inventors: Stronach, Andrew
• Application Number:
  US10/958,192
• Publication Number:
  US 20050096124A1
• Time in Patent Office: Days
• US Class Current: 463/25
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A seamless ledger-based wagering system is provided wherein a secure, flexible and automated database method and apparatus is used for retrieving information and accounting for wagers in an electronic wagering format. The accounting system can be a ledger wherein funds are accounted for by a financial structure (e.g., financial institution such as a bank, credit union, savings and loan, deposit account, and the like) so that funds may be transferred through an intermediate transaction (e.g., the electronic wager entered onto the account) on the ledger and committed to payment at the ultimate target of the transfer (e.g., the pari-mutuel site, and ancillary recipients of wagering monies, such as horseman'"'"'s associations, totalisator companies, automated machine lessors, track association, governmental agencies and the like). As the financial records from the financial structure never ‘sees’ the wagering facility in the transaction, transferring funds or guaranteeing funds to the intermediate transaction on a ledger, the entire transaction is in compliance with state and national regulations prohibiting or limiting or rendering illegal the availability of funds in the wagering transaction or transferring funds into a wagering account.

Claims