System and Method for Distributing Risk Associated with Event Costs

• US 20160350679A1
• Filed: 05/26/2016
• Published: 12/01/2016
• Est. Priority Date: 10/13/2014
• Status: Abandoned Application

• Current Assignee: Milson Todd Armstrong
• Original Assignee: Milson Todd Armstrong
• Inventors: Armstrong, Milson Todd
• Application Number:
  US15/165,619
• Publication Number:
  US 20160350679A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 30/01 Customer relationship services
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system and method for distributing the risk associated with the cost of event ticket prices. A risk distribution system (RDS) is configured to receive information concerning a user'"'"'s preferences associated with a sporting event, including the name of the event, the user'"'"'s desired sports team, and the user'"'"'s seating preferences. The RDS calculates a premium fee, utilizing statistical data associated with the probability that the user'"'"'s selected team will participate in the event, as well as statistical in:fon:nation concerning the cost of any such payout to said user. Upon receipt of payment from the user, the RDS authorizes the issuance of a certificate of coverage setting forth terms and conditions upon which the user will be paid monetary funds towards the purchase of event tickets, or provided the event tickets. The RDS is further configured to evaluate claims and make payouts to users.

Claims

1. A method for an enterprise to distribute risk associated with the cost of event tickets, said method at least partially executed on a tangible non-transitory computer usable medium having computer readable program code means embodied therein for causing a computer device to execute one or more steps of said method, the method comprising the steps of:

(a) receiving from a user and storing, with the computer device, information regarding at least one contingent event participant, said user establishing a communication link with the computer device using a communication device;

(b) receiving and storing, with the computer device, information hearing on a probability that said contingent event participant will participate in a future event;

(c) processing, with the computer device, at least said information bearing on the probability that said contingent event participant will participate in a future event, to calculate a premium fee;

(d) processing a transaction involving the payment of said premium fee; and

(e) authorizing the issuance of a certificate of coverage regarding the distribution of risk associated with the probability that said contingent event participant will participate in a future event, wherein said method occurs on Sports Participation Program.