Exchange of entries corresponding to participants in a sports competition
First Claim
Patent Images
1. An apparatus, comprising:
- a processor; and
a memory, in which the memory stores instructions, which, when executed, cause the processor 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 participant of a set of participants participating in the sports competition and in which the sports competition has one or more stages;
receive a buy order placed by a first user of a 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, in which the payout is paid to one or more users who hold the winning entry.
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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.
315 Citations
112 Claims
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1. An apparatus, comprising:
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a processor; and a memory, in which the memory stores instructions, which, when executed, cause the processor 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 participant of a set of participants participating in the sports competition and in which the sports competition has one or more stages; receive a buy order placed by a first user of a 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, in which the payout is paid 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, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
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48. A method, comprising:
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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 participant of a set of participants participating in the sports competition and in which the sports competition has one or more stages; receiving, by the processor, a buy order placed by a first user of a 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 determining, by the processor, a payout, in which the payout is paid to one or more users who hold the winning entry. - View Dependent Claims (49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96)
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97. An article of manufacture, comprising:
a non-transitory tangible memory, in which the memory stores instructions, which, when executed, cause a processor 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 participant of a set of participants participating in the sports competition and in which the sports competition has one or more stages; receive a buy order placed by a first user of a 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, in which the payout is paid to one or more users who hold the winning entry. - View Dependent Claims (98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112)
Specification
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Current AssigneeCantor Index LLC
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Original AssigneeCantor Index LLC
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InventorsCrosthwaite, Dominic, Asher, Joseph M., Lutnick, Howard W.
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Primary Examiner(s)Colbert; Ella
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Application NumberUS12/614,610Publication NumberTime in Patent Office477 DaysField of Search705/1, 705/1.1, 705/5, 705/7, 705 35- 37, 705/43, 463/25, 463/26, 463/20, 463/23, 463/29, 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...
