System and method for permutation betting
First Claim
1. A computer system for permutation betting, comprising:
- a permutation betting engine for providing services to support betting on an outcome resulting in an ordinal ranking of the objects, the services using a linear programming model to determine quantities of orders to accept; and
a storage operably coupled to the permutation betting engine for storing a plurality of orders, each specifying a property of an ordering of one or more positions of at least one object in the ordinal ranking of the objects.
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Abstract
An improved system and method is provided for permutation betting. To do so, a permutation betting engine may be provided for providing services to support betting on an outcome resulting in an ordinal ranking of objects. Orders specifying a property of an ordering of one or more positions of an object in an ordinal ranking of objects may be received. The quantities for orders to accept may be determined, a response may be sent to traders indicating the quantities of orders for payment, and the amount owed for accepted orders may be collected. Winning accepted orders may be identified and payout may be made for winning accepted orders. Advantageously, the present invention may provide a framework for efficiently optimizing an auctioneer'"'"'s objective using linear programming for a prediction market where the outcomes of interested events are ordered statistics.
40 Citations
20 Claims
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1. A computer system for permutation betting, comprising:
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a permutation betting engine for providing services to support betting on an outcome resulting in an ordinal ranking of the objects, the services using a linear programming model to determine quantities of orders to accept; and a storage operably coupled to the permutation betting engine for storing a plurality of orders, each specifying a property of an ordering of one or more positions of at least one object in the ordinal ranking of the objects. - View Dependent Claims (2, 3, 4)
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5. A computer-implemented method for permutation betting, comprising:
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receiving from a plurality of traders a plurality of orders specifying a property of an ordering of one or more positions of at least one object in an ordinal ranking of a plurality of objects; determining to accept at least one order of the plurality of orders specifying the property of the ordering of the one or more positions of the at least one object in the ordinal ranking of the plurality of objects; collecting an amount for the at least one order of the plurality of orders accepted from at least one trader of the plurality of traders; identifying at least one winning accepted order; and paying out a winning amount for the at least one winning accepted order. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer system for permutation betting, comprising:
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means for receiving from a plurality of traders a plurality of orders specifying a property of an ordering of one or more positions of at least one object in an ordinal ranking of a plurality of objects; means for determining to accept at least one order of the plurality of orders specifying the property of the ordering of the one or more positions of the at least one object in the ordinal ranking of the plurality of objects; means for collecting an amount for the at least one order of the plurality of orders accepted from at least one trader of the plurality of traders; and means for paying out a winning amount for the at least one winning accepted order. - View Dependent Claims (17, 18, 19, 20)
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Specification