Contingency-based options and futures for contingent travel accommodations
DCFirst Claim
1. A system for allowing a user to bid on an option to purchase a ticket to a playoff game for which a plurality of participants could qualify to participate but have not yet been selected to qualify for said playoff game, comprising:
- a database having stored therein an option or futures record having a team field representative of one of said plurality of participants being a candidate for participation in the playoff game, an event field representative of the playoff game, and a value field representative of a value of a minimum winning bid to purchase an option or future for a ticket for the playoff game on occurrence of a specified participant qualifying to participate in the contingent game;
a server, in connection with said database, and for processing a bid representative of a request to purchase the option or future, and for processing said bid and said option or futures record to adjust the minimum winning bid value and to allocate an option or futures contract to the winning bid; and
an order processing module to trigger the exerciseability of a subset of options or futures contracts associated with one of said specified participants in response to said one specified participant qualifying to participate in the contingent game.
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Accused Products
Abstract
Disclosed herein is a system for allowing a remote user to purchase, over a distributed computer network (e.g., the Internet), an option for a ticket and/or accommodations for a “contingent event”, e.g., an event which is certain to occur but for which the participants, content and/or location(s) are not predetermined. For instance, the subject system can be used to sell options for the purchase of tickets to such contingent events such as playoff games on the basis of what teams qualify, or all-star game.
162 Citations
11 Claims
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1. A system for allowing a user to bid on an option to purchase a ticket to a playoff game for which a plurality of participants could qualify to participate but have not yet been selected to qualify for said playoff game, comprising:
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a database having stored therein an option or futures record having a team field representative of one of said plurality of participants being a candidate for participation in the playoff game, an event field representative of the playoff game, and a value field representative of a value of a minimum winning bid to purchase an option or future for a ticket for the playoff game on occurrence of a specified participant qualifying to participate in the contingent game; a server, in connection with said database, and for processing a bid representative of a request to purchase the option or future, and for processing said bid and said option or futures record to adjust the minimum winning bid value and to allocate an option or futures contract to the winning bid; and an order processing module to trigger the exerciseability of a subset of options or futures contracts associated with one of said specified participants in response to said one specified participant qualifying to participate in the contingent game.
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2. A system for allowing a remote user to purchase, over a distributed computer network, an option or futures contract for a ticket to a playoff sporting game for which a plurality of teams could qualify, which system comprises a host server operative with a program including
(i) a game database connected in communication with said host server, said database including ticket identifiers each representative of a ticket for a contingent participant-game, (ii) an option or futures bid database in communication with said host server, said option or futures bid database including allocation fields representative of an option or futures bid for each of said plurality of teams for each of said tickets, and (iii) an interface manager implemented on said server and in communications with said databases; -
wherein said interface manager processes option or futures bids from remote users to determine whether to accept the option or futures bid and to update the allocation field; and (iv) an order processing module to trigger the exerciseability of an option or futures contract associated with one of said plurality of teams in response to said one team qualifying for said playoff sporting game. - View Dependent Claims (3)
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4. A method of electronic commerce, comprising
identifying a plurality of teams who could qualify for a playoff game; -
providing a plurality of tickets for said playoff game; establishing a network-based on-line system for sale of futures contracts to acquire said tickets for the playoff game, wherein each futures contract is exercisable upon occurrence of a designated one of said plurality of teams qualifying for the playoff game, wherein each of said plurality of teams could qualify for said playoff game yet which of said plurality of teams is to appear at the playoff game is unknown at the sale of said futures contract; offering said futures contracts for sale for each of said tickets for each of said plurality of teams that could, at the time of the offer for sale, qualify to appear at the playoff game; and triggering the exercisability of said futures contracts associated with each of said teams that qualify for said playoff game.
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5. A system for allowing a user to bid on an option to purchase a ticket to a playoff game for which a plurality of participants could qualify to participate but have not qualified for said playoff game, comprising:
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a database having stored therein an option record having a team field representative of one of said plurality of participants being a candidate for participation in the playoff game, an event field representative of the playoff game, and a value field representative of a value of a minimum winning bid to purchase an option, the option being an option to purchase a ticket for the playoff game on occurrence of a specified participant qualifying to participate in the contingent game; a server, in connection with said database, processing a bid representative of a request to purchase the option, and processing said bid and said option record to allocate an option contract to a winning bid; and an order processing module to exercise said option associated with a selected participant in response to said selected participant qualifying for said playoff game.
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6. A method of electronic commerce, comprising:
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identifying a plurality of teams each of whom could qualify for participation in a playoff game; providing a futures contract to acquire tickets to a playoff game should a designated team qualify for said playoff game, wherein said plurality of teams could qualify for said playoff game, which futures contract is exercisable upon occurrence of the designated team qualifying for the playoff game; establishing a network-based on-line system for sale of said futures contracts to acquire tickets for a playoff game should a designated team qualify for the playoff game, wherein which team is to appear at the playoff game is unknown at the sale of said futures contract, and futures contracts are offered for sale for each of said tickets for each of said plurality of teams that could, at the time of the offer for sale, qualify appearance at the playoff game; and exercising said futures contracts associated with a selected team in response to said selected team qualifying for the playoff game.
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7. A system for allowing a user to purchase an option or futures contract for a ticket to a contingent game, comprising:
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(a) means for identifying a plurality of teams who could qualify for a playoff game; (b) means for identifying a plurality of tickets for said playoff game for which said plurality of teams could qualify but have not yet qualified for said playoff game at the time of identifying said tickets, each said ticket having associated therewith a designated team selected from among said plurality of identified teams; (c) a database having stored therein a record associating each of said plurality of tickets with a futures contract to purchase said ticket, each said futures contract being exercisable upon occurrence of the designated team for that ticket qualifying for the playoff game; (d) a server associated with said database and having means for entering bids to purchase each said futures contract and means for executing a sale of said futures contract based on a winning bid; and (e) an order processing module to exercise selected futures contracts associated with each said designated team that qualifies for said playoff game. - View Dependent Claims (8, 9, 10)
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11. A system for allowing a user to purchase an option or futures contract for a ticket to a contingent game, comprising:
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a database, having stored therein; (a) a first record for recording an identity of a ticket for a playoff game for which a plurality of eligible teams have not yet qualified at the time of said recording; and (c) a second record for recording the identity of a designated team selected from the plurality of eligible teams; the database associating the ticket with a plurality of futures contracts to purchase said ticket, each said futures contract being exercisable to acquire the associated ticket upon occurrence of the designated team qualifying for the playoff game; a server associated with said database and having an interface for entering bids to purchase a said futures contract and a program for executing a sale of said futures contract and an order processing module to exercise said futures contracts associated with said designated teams that qualify for said playoff game.
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Specification