SYSTEMS AND METHODS FOR MANAGING SUBJECTIVE PROBABILITY BETTING INCLUDING USER-PROVIDED HANDICAPS AND PAYOUT RATES

• US 20200134770A1
• Filed: 12/23/2019
• Published: 04/30/2020
• Est. Priority Date: 07/10/2015
• Status: Abandoned Application

• Current Assignee: Sak Mahasuverachai
• Original Assignee: Sak Mahasuverachai
• Inventors: Mahasuverachai, Sak
• Application Number:
  US16/725,814
• Publication Number:
  US 20200134770A1
• Time in Patent Office: Days
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/326 Game play aspects of gaming systems
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Systems and methods are provided for managing subjective probability bets, the method comprising: receiving a set of bets; calculating one or more possible outcomes of a competition; for each possible outcome, determining whether each of the bets would be a winning bet or a losing bet; performing an iterative bet analysis procedure comprising: calculating a payable amount, calculating a payout amount, and determining whether the sum of the payable amount and a system threshold (indicating a maximum amount allowed to be paid out beyond the payable amount for the possible outcome) is greater than or equal to the payout amount; if it is determined that said sum is greater than or equal to the payout amount, assigning the outcome a pass value, and if it is determined that said sum is not greater than or equal to the payout amount, assigning the outcome a fail value.

Claims

1. A method for managing subjective probability bets, the method comprising:

receiving, by a processor of a computing device, a first set of bets comprising one or more bets associated with a competition, each of the one or more bets in the first set of bets comprising at least a winner, a payout rate, and a bet amount;

calculating, by the processor, one or more possible outcomes of the competition;

for each of the possible outcomes of the competition, determining whether each of the one or more bets in the first set of bets would be a winning bet or a losing bet;

removing, by the processor, duplicate outcomes from the one or more possible outcomes to arrive at a set of remaining possible outcomes;

for each of the remaining possible outcomes, performing, by the processor, a first iteration of a bet analysis procedure using the one or more bets in the first set of bets, the bet analysis procedure comprising;

calculating, by the processor, a payable amount, the payable amount indicating incoming money from losing bets;

calculating, by the processor, a payout amount, the payout amount indicating outgoing money from winning bets;

determining, by the processor, whether the sum of the payable amount and a system threshold is greater than or equal to the payout amount, the system threshold indicating a maximum amount allowed to be paid out beyond the payable amount for the possible outcome;

in the event that it is determined that the sum of the payable amount and the system threshold is greater than or equal to the payout amount, assigning, by the processor, the possible outcome a pass value, indicating that the one or more bets in the first set of bets are acceptable for the possible outcome;

in the event that it is determined that the sum of the payable amount and the system threshold is not greater than or equal to the payout amount;

(i) assigning, by the processor, the possible outcome a fail value indicating that the one or more bets in the first set of bets are not acceptable for the possible outcome; and

(ii) appending, by the processor, at least a portion of one or more of the one or more bets in the first set of bets to a rejected list of bets;

determining, by the processor, whether any of the possible outcomes comprise a fail value; and

in the event that it is determined, by the processor, that at least one of the possible outcomes comprises a fail value;

sorting, by the processor, the winning bets for the possible outcome in accordance with a predetermined algorithm, wherein the first of the sorted winning bets is the first bet to be processed in the bet analysis procedure, wherein, in the bet analysis procedure, the sorted winning bets are processed sequentially, starting with the first of the sorted winning bets, to determine if the winning bet is accepted or rejected; and

performing, for each of the remaining possible outcomes, by the processor, one or more additional iterations of the bet analysis procedure,

wherein each of the one or more additional iterations of the bet analysis procedure is performed using the first set of bets and excluding the at least a portion of the one or more of the one or more bets in the rejected list.

4. The method of claim 1,

wherein the bet analysis procedure has a pass condition if each of the remaining possible outcomes is assigned a pass value, and

wherein, if the bet analysis procedure has the pass condition:

(i) the bets in the rejected list are moved to a second set of bets; and

(ii) the bets in the first set of bets that are not in the rejected list are processed.

5. The method of claim 4,

wherein bets in the first set of bets, originated from corresponding bettor computing devices, are received, via a network, from one or more operator computing devices, and

wherein the bets in the second set of bets are transmitted, via the network, to the one or more operator computing devices for further processing.

6. The method of claim 1, wherein a portion of a rejected bet is placed in the rejected list and the other portion of the rejected bet is accepted.

7. The method of claim 1, wherein the predetermined algorithm is a heuristic algorithm for determining risk based on one or more of the payout ratio, bet amount and bet time of each bet.

8. The method of claim 1, wherein the competition is a subjective probability type of competition comprising one or more of sports, events, and elections.

9. The method of claim 1, wherein the bets comprise a bet option selected from the group comprising standard, over-under, handicap, and money line.

10. The method of claim 9, further comprising:

calculating, by the processor, a standard payout rate based on payout rates and/or handicaps comprised in each of the bets,

wherein the standard payout rate indicates the risk associated with each of the bets.

11. The method of claim 1, wherein the bet analysis procedure is performed using one or more bets received during a predetermined amount of time or continuously as each bet is received.

2-3. -3. (canceled)

12. A system for managing subjective probability bets, comprising:

at least one memory having instructions stored thereon; and

a processor coupled to the at least one memory, wherein the instructions, when executed by the processor, cause the processor to;

receive a first set of bets including one or more bets associated with a competition, each of the bets in the first set of bets including at least a winner, a payout rate, and a bet amount;

calculate one or more possible outcomes of the competition;

for each of the possible outcomes of the competition, determine whether each of the bets in the first set of bets would be a winning bet or a losing bet;

remove duplicate outcomes from the possible outcomes to arrive at a set of remaining possible outcomes;

for each of the remaining possible outcomes, perform a first iteration of a bet analysis procedure using the bets in the first set of bets, the bet analysis procedure comprising;

calculating a payable amount, the payable amount indicating incoming money from losing bets;

calculating a payout amount, the payout amount indicating outgoing money from winning bets;

determine whether the sum of the payable amount and a system threshold is greater than or equal to the payout amount, the system threshold indicating a maximum amount allowed to be paid out beyond the payable amount for the possible outcome;

in the event that it is determined that the sum of the payable amount and the system threshold is greater than or equal to the payout amount, assigning the outcome a pass value, indicating that the bets in the first set of bets are acceptable for the possible outcome; and

in the event that it is determined that the sum of the payable amount and the system threshold is not greater than or equal to the payout amount;

(i) assigning the outcome a fail value, indicating that the bets in the first set of bets are not acceptable for the possible outcome; and

(ii) appending at least a portion of one or more of the one or more bets in the first set of bets to a rejected list of bets, wherein the rejected list maintains the order previously determined by the predetermined algorithm;

determine whether any of the possible outcomes comprise a fail value;

in the event that it is determined that at least one of the possible outcomes comprises a fail value;

sort the winning bets for the possible outcome in accordance with a predetermined algorithm, wherein the first of the sorted winning bets is the first bet to be processed in the bet analysis procedure, wherein, in the bet analysis procedure, the sorted winning bets are processed sequentially, starting with the first of the sorted winning bets, to determine if the winning bet is accepted or rejected,

determine whether any of the possible outcomes comprise a fail value, and

perform, for each of the remaining possible outcomes, one or more additional iterations of the bet analysis procedure,

wherein each of the one or more additional iterations of the bet analysis procedure is performed using the first set of bets and excluding the at least a portion of the one or more of the one or more bets in the rejected list.

15. The system of claim 12, wherein the bet analysis procedure has a pass condition if each of the remaining possible outcomes is assigned a pass value, and

wherein, if the bet analysis procedure has the pass condition:

(i) the bets in the rejected list are moved to a second set of bets; and

(ii) the bets in the first set of bets that are not in the rejected list are processed.

16. The system of claim 15,

wherein bets in the first set of bets, originated from corresponding bettor computing devices, are received, via a network, from one or more operator computing devices, and

wherein the bets in the second set of bets are transmitted, via the network, to the one or more operator computing devices for further processing.

17. The system of claim 12, wherein a portion of a rejected bet is placed in the rejected list and the other portion of the rejected bet is accepted.

18. The system of claim 12, wherein the predetermined algorithm is a heuristic algorithm for determining risk based on one or more of the payout ratio, bet amount and bet time of each bet.

19. The system of claim 12, wherein the competition is a subjective probability type of competition comprising one or more of sports, events, and elections.

20. The system of claim 12, wherein the bets comprise a bet option selected from the group comprising standard, over-under, handicap, and money line.

21. The system of claim 20, wherein the instructions, when executed, further cause the processor:

calculate a standard payout rate based on payout rates and/or handicaps comprised in each of the bets, wherein the standard payout rate indicates the risk associated with each of the bets.

22. The system of claim 12, wherein the bet analysis procedure is performed using one or more bets received during a predetermined amount of time or continuously as each bet is received.

13-14. -14. (canceled)