Lottery and auction based tournament entry exchange platform
First Claim
Patent Images
1. A method comprising:
- determining, by a processor of a computer, a first set of entries in a 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;
at least one entry to be determined a winning entry based on an occurrence of an event associated with the activity;
of distributing, by the processor, the first set of entries to a plurality of users;
to at leastone buyer; and
receiving, by the processor, 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;
receiving, by the processor, 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;
matching, by the processor, the buy order with the sell order thereby creating a short sale of the at least one entry to the first user;
settling, by the processor, 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;
determining, by the processor, a winning entry of the first set of entries based on at least one first outcome of the sports competition; and
paying, by the processor, a payout to one or more users who hold the winning entry.
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Abstract
A method of distributing, managing, and exchange entries in one or more activities is provided. The entries may be distributed by any suitable process including, without limitation an auction or lottery process. The distributed entries may be exchanged in a market environment. The exchange may operate on an electronic platform. Revenues may be collected from distributions and/or exchanges of entries. A portion of the revenues may be paid to one or more users who hold an one or more particular winning entries determined by any number of parameters and at the occurrence of any number of events.
248 Citations
46 Claims
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1. A method comprising:
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determining, by a processor of a computer, a first set of entries in a 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;
at least one entry to be determined a winning entry based on an occurrence of an event associated with the activity;of distributing, by the processor, the first set of entries to a plurality of users;
to at leastone buyer; and receiving, by the processor, 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; receiving, by the processor, 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; matching, by the processor, the buy order with the sell order thereby creating a short sale of the at least one entry to the first user; settling, by the processor, 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; determining, by the processor, a winning entry of the first set of entries based on at least one first outcome of the sports competition; and paying, by the processor, a payout to one or more users who hold the winning entry. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42)
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21. The method of 1, 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, sled.
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43. A method, comprising:
- determining, by a processor of a computer, 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;
distributing, by the processor, the first set of entries to a plurality of users;receiving, by the processor, 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; receiving, by the processor, 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; matching, by the processor, the buy order with the sell order thereby creating a short sale of the at least one entry to the first user; settling, by the processor, 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; determining, by the processor, a winning entry of the first set of entries based on at least one first outcome of the sports competition; and paying, by the processor, a payout to one or more users who hold the winning entry. - View Dependent Claims (44, 45, 46)
- determining, by a processor of a computer, 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;
Specification
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Current AssigneeCantor Index LLC
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Original AssigneeCantor Index LLC
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InventorsCrosthwaite, Dominic, Lutnick, Howard W., Asher, Joseph M.
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Primary Examiner(s)Colbert; Ella
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Application NumberUS10/822,484Publication NumberTime in Patent Office2,094 DaysField of Search705 35- 37, 705/43, 705/1, 705/5, 705/7, 463/20, 463/23, 463/26, 463/29, 463/25, 463/40US Class Current463/26CPC Class CodesA63F 2300/8052 Ball team managementG06Q 20/1085 involving automatic teller ...G06Q 30/0601 Electronic shopping [e-shop...G06Q 30/0611 Request for offers or quotesG06Q 30/08 AuctionsG06Q 40/04 Trading; Exchange, e.g. sto...G07F 17/3288 Betting, e.g. on live event...
