EXCHANGE OF ENTRIES CORRESPONDING TO PARTICIPANTS IN A SPORTS COMPETITION

• US 20100113135A1
• Filed: 11/09/2009
• Published: 05/06/2010
• Est. Priority Date: 04/11/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Crosthwaite, Dominic, Lutnick, Howard W., Asher, Joseph M.
• Granted Patent: US 7,896,740 B2
• Time in Patent Office: Days
• US Class Current: 463/20
• CPC Class Codes: A63F 2300/8052 Ball team management
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Entries in one or more sports competitions are determined and distributed to a plurality of users. The one or more sports competitions have one or more stages. In some implementations relating to a first sports competition, the entries include entries in which each of the entries corresponds to a respective team of a set of teams participating in the first sports competition. In some implementations relating to a second sports competition, the entries include entries in which each of the entries corresponds to a respective individual of a set of individuals participating in the second sports competition.

Claims

1-54. -54. (canceled)

55. An apparatus, comprising:

a processor; and

a memory, in which the processor is coupled to the memory, and in which the memory stores instructions that are executable by the processor such that the processor is operable to;

determine a first set of entries in a sports competition, in which each entry of the first set of entries corresponds to a respective team of a set of teams participating in the sports competition and in which the sports competition has one or more stages;

distribute the first set of entries to a plurality of users;

receive a buy order placed by a first user of the plurality of users, in which the buy order is associated with at least one entry of the first set of entries;

receive a sell order placed by a second user of the plurality of users associated with the at least one entry of the first set of entries, in which the second user does not own the at least one entry at a time the sell order is placed;

match the buy order with the sell order thereby creating a short sale of the at least one entry to the first user;

settle with the second user, at a predetermined time, any differential between a first price of the at least one entry at the time the sell order is placed and a second price of the at least one entry at the predetermined time;

determine a winning entry of the first set of entries based on at least one first outcome of the sports competition; and

determine a payout to be paid to one or more users who hold the winning entry.

56. The apparatus of claim 55, in which distributing the first set of entries comprises conducting a lottery for the first set of entries.

57. The apparatus of claim 55, in which distributing the first set of entries comprises conducting an auction for the first set of entries.

58. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

distribute a second set of entries for the sports competition; and

conduct trading of at least one entry of the second set of entries.

59. The apparatus of claim 58, in which any trading of entries of the first set of entries is discrete from the trading of entries of the second set of entries.

60. The apparatus of claim 58, in which any trading of entries of the first set of entries is commingled with the trading of entries of the second set of entries.

61. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

distribute a second set of entries for an activity; and

conduct trading of at least one entry of the second set of entries.

62. The apparatus of claim 61, in which the activity comprises a second sports competition.

63. The apparatus of claim 61, in which the activity comprises a financial market activity.

64. The apparatus of claim 61, in which any trading of entries of the first set of entries is discrete from the trading of entries of the second set of entries.

65. The apparatus of claim 61, in which any trading of entries of the first set of entries is commingled with the trading of entries of the second set of entries.

66. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

receive from the first user a request to auction the at least one entry; and

receive from a third user of the plurality of users a first bid request for the at least one entry.

67. The apparatus of claim 66, in which the instructions are executable by the processor such that the processor is further operable to:

receive from a fourth user of the plurality of users a second bid request higher than the first bid request; and

transfer the at least one entry to the fourth user.

68. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

accept payment for the at least one entry from the first user.

69. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

accept confirmation of payment for the at least one entry by the first user.

70. The apparatus of claim 55, in which distributing the first set of entries comprises distributing all or a portion of the first set of entries in a single bundle to one or more users of the plurality of users.

71. The apparatus of claim 70, in which the single bundle is distributed prior to conducting any trading of entries of the first set of entries.

72. The apparatus of claim 70, in which the single bundle is distributed after commencement of any trading of entries of the first set of entries.

73. The apparatus of claim 55, in which the payout comprises money.

74. The apparatus of claim 55, in which the payout comprises a non-cash prize.

75. The apparatus of claim 55, in which the payout comprises at least a portion of fees paid for the first set of entries during the distributing of the first set of entries.

76. The apparatus of claim 55, in which the payout is at least partially based on an amount of revenues generated by the distributing of the first set of entries.

77. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

receive a commission for transfer of one or more entries of the first set of entries.

78. The apparatus of claim 55, in which any trading of the first set of entries begins as soon as one or more entries of the first set of entries are distributed.

79. The apparatus of claim 55, in which any trading of the first set of entries begins after all of the first set of entries is distributed.

80. The apparatus of claim 55, in which any trading of the first set of entries begins after a predetermined number of entries of the first set of entries are distributed.

81. The apparatus of claim 55, in which any trading of the first set of entries is closed at a predetermined time.

82. The apparatus of claim 55, in which any trading of the first set of entries is closed before a start of the sports competition.

83. The apparatus of claim 55, in which any trading of the first set of entries is closed at an end of the sports competition.

84. The apparatus of claim 55, in which the sports competition comprises a sports tournament.

85. The apparatus of claim 84, in which the sports tournament comprises a basketball tournament.

86. The apparatus of claim 85, in which the one or more stages comprise one or more basketball games and the set of teams comprises a set of basketball teams.

87. The apparatus of claim 84, in which the sports tournament comprises a soccer tournament.

88. The apparatus of claim 55, in which the sports competition comprises a single game competition.

89. The apparatus of claim 88, in which the single game competition comprises a baseball game.

90. The apparatus of claim 88, in which the single game competition comprises a basketball game.

91. The apparatus of claim 88, in which the single game competition comprises a hockey game.

92. The apparatus of claim 88, in which the single game competition comprises a soccer game.

93. The apparatus of claim 88, in which the single game competition comprises a football game.

94. The apparatus of claim 93, in which the stages comprise quarters of the football game.

95. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

artificially set prices of the first set of entries based on a performance of the set of teams.

96. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

determine prices of the first set of entries according to market exchanges of the set of entries between at least the plurality of users.

97. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

pay the payout to the one or more users who hold the winning entry.

98. The apparatus of claim 55, in which the instructions are executable by the processor such that the processor is further operable to:

store the buy order in the memory; and

store the sell order in the memory.

99. An apparatus, comprising:

a processor; and

a memory, in which the processor is coupled to the memory, and in which the memory stores instructions that are executable by the processor such that the processor is operable to;

determine a first set of entries in a sports competition, in which each entry of the first set of entries corresponds to a respective individual of a set of individuals participating in the sports competition and in which the sports competition has one or more stages;

distribute the first set of entries to a plurality of users;

receive a buy order placed by a first user of the plurality of users, in which the buy order is associated with at least one entry of the first set of entries;

receive a sell order placed by a second user of the plurality of users associated with the at least one entry of the first set of entries, in which the second user does not own the at least one entry at a time the sell order is placed;

match the buy order with the sell order thereby creating a short sale of the at least one entry to the first user;

settle with the second user, at a predetermined time, any differential between a first price of the at least one entry at the time the sell order is placed and a second price of the at least one entry at the predetermined time;

determine a winning entry of the first set of entries based on at least one first outcome of the sports competition; and

determine a payout to be paid to one or more users who hold the winning entry.

100. The apparatus of claim 99, in which distributing the first set of entries comprises conducting a lottery for the first set of entries.

101. The apparatus of claim 99, in which distributing the first set of entries comprises conducting an auction for the first set of entries.

102. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

distribute a second set of entries for the sports competition; and

conduct trading of at least one entry of the second set of entries.

103. The apparatus of claim 102, in which any trading of entries of the first set of entries is discrete from the trading of entries of the second set of entries.

104. The apparatus of claim 102, in which any trading of entries of the first set of entries is commingled with the trading of entries of the second set of entries.

105. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

distribute a second set of entries for an activity; and

conduct trading of at least one entry of the second set of entries.

106. The apparatus of claim 105, in which the activity comprises a second sports competition.

107. The apparatus of claim 105, in which the activity comprises a financial market activity.

108. The apparatus of claim 105, in which any trading of entries of the first set of entries is discrete from the trading of entries of the second set of entries.

109. The apparatus of claim 105, in which any trading of entries of the first set of entries is commingled with the trading of entries of the second set of entries.

110. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

receive from the first user a request to auction the at least one entry; and

receive from a third user of the plurality of users a first bid request for the at least one entry.

111. The apparatus of claim 110, in which the instructions are executable by the processor such that the processor is further operable to:

receive from a fourth user of the plurality of users a second bid request higher than the first bid request; and

transfer the at least one entry to the fourth user.

112. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

accept payment for the at least one entry from the first user.

113. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

accept confirmation of payment for the at least one entry by the first user.

114. The apparatus of claim 99, in which distributing the first set of entries comprises distributing all or a portion of the first set of entries in a single bundle to one or more users of the plurality of users.

115. The apparatus of claim 114, in which the single bundle is distributed prior to conducting any trading of entries of the first set of entries.

116. The apparatus of claim 114, in which the single bundle is distributed after commencement of any trading of entries of the first set of entries.

117. The apparatus of claim 99, in which the payout comprises money.

118. The apparatus of claim 99, in which the payout comprises a non-cash prize.

119. The apparatus of claim 99, in which the payout comprises at least a portion of fees paid for the first set of entries during the distributing of the first set of entries.

120. The apparatus of claim 99, in which the payout is at least partially based on an amount of revenues generated by the distributing of the first set of entries.

121. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

receive a commission for transfer of one or more entries of the first set of entries.

122. The apparatus of claim 99, in which any trading of the first set of entries begins as soon as one or more entries of the first set of entries are distributed.

123. The apparatus of claim 99, in which any trading of the first set of entries begins after all of the first set of entries is distributed.

124. The apparatus of claim 99, in which any trading of the first set of entries begins after a predetermined number of entries of the first set of entries are distributed.

125. The apparatus of claim 99, in which any trading of the first set of entries is closed at a predetermined time.

126. The apparatus of claim 99, in which any trading of the first set of entries is closed before a start of the sports competition.

127. The apparatus of claim 99, in which any trading of the first set of entries is closed at an end of the sports competition.

128. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

artificially set prices of the first set of entries based on a performance of the set of individuals.

129. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

determine prices of the first set of entries according to market exchanges of the set of entries between at least the plurality of users.

130. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

pay the payout to the one or more users who hold the winning entry.

131. The apparatus of claim 99, in which the instructions are executable by the processor such that the processor is further operable to:

store the buy order in the memory; and

store the sell order in the memory.