System and method for establishing and providing access to various types of online accounts

• US 7,925,577 B2
• Filed: 04/23/2004
• Issued: 04/12/2011
• Est. Priority Date: 05/15/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Crosthwaite, Dominic, Findlay, Lewis C.
• Primary Examiner(s): Merchant; Shahid R
• Application Number:
  US10/831,616
• Publication Number:
  US 20040230517A1
• Time in Patent Office: 2,545 Days
• Field of Search: 705/38, 705/35, 705/37, 463/25
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A method of providing an account is provided. The method includes receiving identification information associated with a user during a communication session. The method further includes communicating a request for credit information. The request includes at least a portion of the identification information. The method further includes receiving the requested credit information, and for each of a plurality of different types of accounts, determining whether to approve that type of account based at least in part on the received credit information. The method further includes communicating an indication of at least a portion of the approved types of accounts, and receiving a selection of at least one of the approved types of accounts. The method further includes opening at least one of the selected types of accounts and providing access to at least one of the opened accounts during the communication session.

Claims

1. A method comprising:

receiving by at least one processor identification information submitted by a first user, in which the identification information is received from the first user via a computer system associated with the first user, the computer system being coupled to the at least one processor over a communications network;

transmitting by the at least one processor to at least one credit verification entity a request for credit information, in which the request includes at least a portion of the identification information;

receiving by the at least one processor from the at least one credit verification entity the requested credit information, in which the requested credit information includes a credit score and an identity score,

in which the credit score represents a quality of credit associated with a person identified by the identification information, and

in which the identity score represents a level of assurance that the person identified by the identification information is the same person as the first user;

based at least in part on the credit score and the identity score, approving by the at least one processor, an opening of an account for the first user,

in which the account has at least one balance associated therewith, and

in which the first user may use the account to place bets on sporting events;

receiving by the at least one processor from the first user a first order and a second order,

in which the first order comprises a bet on a sporting event and further comprises or defines an amount that the first user wishes to wager on the sporting event, and

in which the second order comprises a bet on at least one of (i) the sporting event and (ii) another sporting event, and in which the second order further comprises or defines an amount that the first user wishes to wager on the at least one of (i) the sporting event and (ii) the another sporting event;

receiving by the at least one processor from a second user an order, in which the order from the second user comprises a bet on the sporting event and further comprises or defines an amount that the second user wishes to wager on the sporting event;

approving by the at least one processor the first order;

based at least in part on approving the first order, making by the at least one processor the first order available for matching with other orders;

approving by the at least one processor the second order;

based at least in part on approving the second order, making by the at least one processor the second order available for matching with other orders;

matching by the at least one processor the first order from the first user with the order from the second user;

based at least in part on matching the first order from the first user with the order from the second user, adjusting by the at least one processor the at least one balance associated with the account; and

based at least in part on adjusting the at least one balance associated with the account and subsequent to making the second order available for matching with other orders, automatically reducing by the at least one processor the wager amount of the second order.

2. The method of claim 1, further comprising:

based at least in part on the credit score and the identity score, denying by the at least one processor an opening of another account for the first user, in which the another account is of a type different from the approved account.

3. The method of claim 1, in which the request for credit information is transmitted to at least two credit verification entities.

4. The method of claim 1, in which the account comprises at least one of:

a deposit account,

a large credit account,

a small credit account,

a stop-loss account, and

a hybrid account.

5. The method of claim 1, in which the bet of the first order comprises one of a plurality of types, including one of:

a cumulative market type bet,

an index type bet,

a match type bet,

a supremacy type bet,

a time market type bet, and

a spread type bet.

6. The method of claim 1 further comprising:

determining by the at least one processor a risk value for the second order from the first user, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order.

7. The method of claim 6,

in which the method further comprises determining by the at least one processor that the risk value does not exceed at least one of (i) the at least one balance and (ii) at least one value determined from the at least one balance;

and

in which approving the second order comprises approving the second order based at least in part on determining that the risk value does not exceed the at least one of (i) the at least one balance and (ii) the at least one value determined from the at least one balance.

8. The method of claim 1, further comprising:

receiving by the at least one processor from the first user another order, in which the another order comprises a bet;

determining by the at least one processor a risk value for the another order, in which the risk value comprises an amount that the first user could lose on the bet associated with the another order;

denying by the at least one processor the another order based at least in part on the risk value; and

transmitting by the at least one processor to the first user an indication that the another order has been denied.

9. The method of claim 1,

in which the method further comprises determining by the at least one processor a risk value for the first order from the first user, in which the risk value comprises an amount that the first user could lose on the bet associated with the first order;

and

in which approving the first order comprises approving the first order based at least in part on the risk value.

10. The method of claim 9,

in which the method further comprises determining by the at least one processor at least one risk factor associated with the sporting event, the risk factor comprising an amount that a user could lose by wagering one unit of currency on the sporting event;

and

in which determining the risk value for the first order comprises multiplying the risk factor by the wager amount of the first order.

11. The method of claim 9, in which the method further comprises:

based at least in part on event results of the sporting event that occur during an overall duration of the sporting event, updating by the at least one processor the risk value for the first order, in which the updating occurs during the overall duration of the at least one sporting event;

based at least in part on updating the risk value for the first order, further adjusting by the at least one processor the at least one balance associated with the account; and

based at least in part on further adjusting the at least one balance, automatically adjusting by the at least one processor the reduced wager amount of the second order.

12. The method of claim 11,

in which the method further comprises:

based at least in part on the reduced wager amount of the second order, determining by the at least one processor a risk value for the second order, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order; and

comparing by the at least one processor the risk value for the second order to at least one of (i) the further adjusted at least one balance and (ii) at least one value determined from the further adjusted at least one balance; and

in which adjusting the reduced wager amount comprises adjusting the reduced wager amount based at least in part on the comparison.

13. The method of claim 12,

in which the sporting event has at least one associated risk factor, the risk factor comprising an amount that a user could lose by wagering one unit of currency on the sporting event;

in which the risk value for first order is based at least in part on the risk factor;

in which the method further comprises;

based at least in part on the event results, updating by the at least one processor the risk factor during the overall duration of the sporting event; and

in which updating the risk value for the first order comprises updating the risk value based at least in part on updating the risk factor.

14. The method of claim 11, in which adjusting the reduced wager amount of the second order comprises one of:

increasing the reduced wager amount, and

reducing the reduced wager amount.

15. The method of claim 1,

in which the method further comprises:

based at least in part on the wager amount of the second order, determining by the at least one processor a risk value for the second order, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on the risk value and the adjusted at least one balance.

16. The method of claim 15,

in which the method further comprises:

comparing by the at least one processor the risk value to at least one of (i) the adjusted at least one balance and (ii) at least one value determined from the adjusted at least one balance; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on the comparison.

17. The method of claim 16,

in which the method further comprises:

based at least in part on comparing the risk value to the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance, determining by the at least one processor that the risk value exceeds the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on determining that the risk value exceeds the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance.

18. The method of claim 17,

in which the method further comprises:

based at least in part on matching the first order from the first user with the order from the second user, determining by the at least one processor a risk value for the first order, in which the risk value for the first order comprises an amount that the first user could lose on the bet associated with the first order; and

in which adjusting the at least one balance associated with the account comprises adjusting the at least one balance by an amount that is based at least in part on the risk value for the first order.

19. The method of claim 1,

in which the method further comprises:

based at least in part on matching the first order from the first user with the order from the second user, determining by the at least one processor a risk value for the first order, in which the risk value for the first order comprises an amount that the first user could lose on the bet associated with the first order; and

in which adjusting the at least one balance associated with the account comprises adjusting the at least one balance by an amount that is based at least in part on the risk value for the first order.

20. An apparatus comprising:

at least one processor; and

a memory electronically coupled to the at least one processor, in which the memory stores instructions which, when executed by the at least one processor, direct the at least one processor to;

receive identification information submitted by a first user, in which the apparatus is operable to receive the identification information from the first user via a computer system associated with the first user, the apparatus being further operable to communicate with the computer system over a communications network;

transmit to at least one credit verification entity a request for credit information, in which the request includes at least a portion of the identification information;

receive from the at least one credit verification entity the requested credit information, in which the requested credit information includes a credit score and an identity score,

in which the credit score represents a quality of credit associated with a person identified by the identification information, and

in which the identity score represents a level of assurance that the person identified by the identification information is the same person as the first user;

based at least in part on the credit score and the identity score, approve an opening of an account for the first user,

in which the account has at least one balance associated therewith, and

in which the first user may use the account to place bets on sporting events;

receive from the first user a first order and a second order,

in which the first order comprises a bet on a sporting event and further comprises or defines an amount that the first user wishes to wager on the sporting event, and

in which the second order comprises a bet on at least one of (i) the sporting event and (ii) another sporting event, and in which the second order further comprises or defines an amount that the first user wishes to wager on the at least one of (i) the sporting event and (ii) the another sporting event;

receive from a second user an order, in which the order from the second user comprises a bet on the sporting event and further comprises or defines an amount that the second user wishes to wager on the sporting event;

approve the first order;

based at least in part on approving the first order, make the first order available for matching with other orders;

approve the second order;

based at least in part on approving the second order, make the second order available for matching with other orders;

match the first order from the first user with the order from the second user;

based at least in part on matching the first order from the first user with the order from the second user, adjust the at least one balance associated with the account; and

based at least in part on adjusting the at least one balance associated with the account and subsequent to making the second order available for matching with other orders, automatically reduce the wager amount of the second order.

21. The apparatus of claim 20, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on the credit score and the identity score, deny an opening of another account for the first user, in which the another account is of a type different from the approved account.

22. The apparatus of claim 20, in which the request for credit information is transmitted to at least two credit verification entities.

23. The apparatus of claim 20, in which the a account comprises at least one of:

a deposit account,

a large credit account,

a small credit account,

a stop-loss account, and

a hybrid account.

24. The apparatus of claim 20, in which the bet of the first order comprises one of a plurality of types, including one of:

a cumulative market type bet,

an index type bet,

a match type bet,

a supremacy type bet,

a time market type bet, and

a spread type bet

25. The apparatus of claim 20, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

determine a risk value for the second order from the first user, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order.

26. The apparatus of claim 25,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to determine that the risk value does not exceed at least one of (i) the at least one balance and (ii) at least one value determined from the at least one balance;

and

in which approving the second order comprises approving the second order based at least in part on determining that the risk value does not exceed the at least one of (i) the at least one balance and (ii) the at least one value determined from the at least one balance.

27. The apparatus of claim 20, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

transmit to the first user an indication that the first user is approved for the account; and

in response to transmitting the indication to the first user, receive from the first user a request to open the account.

28. The apparatus of claim 20,

in which approving the opening of the account for the first user includes approving the opening of the account and at least one other account for the first user based at least in part on the credit score and the identity score, in which the account and the at least one other account are different types of accounts;

and

in which the instructions, when executed by the at least one processor, further direct the at least one processor to;

transmit to the first user an indication that the first user is approved for the account and the at least one other account; and

in response to transmitting the indication to the first user, receive from the user a request to open the account.

29. The apparatus of claim 20,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to determine a risk value for the first order from the first user, in which the risk value comprises an amount that the first user could lose on the bet associated with the first order;

and

in which approving the first order comprises approving the first order based at least in part on the risk value.

30. The apparatus of claim 29, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on event results of the sporting event that occur during an overall duration of the sporting event, update the risk value for the first order, in which the updating occurs during the overall duration of the at least one sporting event;

based at least in part on updating the risk value for the first order, further adjust the at least one balance associated with the account; and

based at least in part on further adjusting the at least one balance, automatically adjust the reduced wager amount of the second order.

31. The apparatus of claim 30,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on the reduced wager amount of the second order, determine a risk value for the second order, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order; and

compare the risk value for the second order to at least one of (i) the further adjusted at least one balance and (ii) at least one value determined from the further adjusted at least one balance; and

in which adjusting the reduced wager amount comprises adjusting the reduced wager amount based at least in part on the comparison.

32. The apparatus of claim 31,

in which the sporting event has at least one associated risk factor, the risk factor comprising an amount that a user could lose by wagering one unit of currency on the sporting event;

in which the risk value for first order is based at least in part on the risk factor;

in which the instructions, when executed by the at least one processor, further direct the at least one processor to;

based at least in part on the event results, update the risk factor during the overall duration of the sporting event; and

in which updating the risk value for the first order comprises updating the risk value based at least in part on updating the risk factor.

33. The apparatus of claim 29,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to determine at least one risk factor associated with the sporting event, the risk factor comprising an amount that a user could lose by wagering one unit of currency on the sporting event;

and

in which determining the risk value for the first order comprises multiplying the risk factor by the wager amount of the first order.

34. The apparatus of claim 30, in which adjusting the reduced wager amount of the second order comprises one of:

increasing the reduced wager amount, and

reducing the reduced wager amount.

35. The apparatus of claim 20,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on the wager amount of the second order, determine a risk value for the second order, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on the risk value and the adjusted at least one balance.

36. The apparatus of claim 35,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

compare the risk value to at least one of (i) the adjusted at least one balance and (ii) at least one value determined from the adjusted at least one balance; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on the comparison.

37. The apparatus of claim 36,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on comparing the risk value to the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance, determine that the risk value exceeds the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance; and

in which reducing the wager amount of the second order comprises reducing the wager amount based at least in part on determining that the risk value exceeds the at least one of (i) the adjusted at least one balance and (ii) the at least one value determined from the adjusted at least one balance.

38. The apparatus of claim 37,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on matching the first order from the first user with the order from the second user, determine a risk value for the first order, in which the risk value for the first order comprises an amount that the first user could lose on the bet associated with the first order; and

in which adjusting the at least one balance associated with the account comprises adjusting the at least one balance by an amount that is based at least in part on the risk value for the first order.

39. The apparatus of claim 20,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on matching the first order from the first user with the order from the second user, determine a risk value for the first order, in which the risk value for the first order comprises an amount that the first user could lose on the bet associated with the first order; and

in which adjusting the at least one balance associated with the account comprises adjusting the at least one balance by an amount that is based at least in part on the risk value for the first order.

40. An article of manufacture comprising:

a storage medium, in which the storage medium stores instructions which, when executed by at least one processor, direct the at least one processor to;

receive over a communications network identification information submitted by a first user via a computer system associated with the first user;

transmit to at least one credit verification entity a request for credit information, in which the request includes at least a portion of the identification information;

receive from the at least one credit verification entity the requested credit information, in which the requested credit information includes a credit score and an identity score,

in which the credit score represents a quality of credit associated with a person identified by the identification information, and

in which the identity score represents a level of assurance that the person identified by the identification information is the first user;

based at least in part on the credit score and the identity score, approve an opening of an account for the first user,

in which the account has at least one balance associated therewith, and

in which the first user may use the account to place bets on sporting events;

receive from the first user a first order and a second order,

in which the first order comprises a bet on a sporting event and further comprises or defines an amount that the first user wishes to wager on the sporting event, and

in which the second order comprises a bet on at least one of (i) the sporting event and (ii) another sporting event, and in which the second order further comprises or defines an amount that the first user wishes to wager on the at least one of (i) the sporting event and (ii) the another sporting event;

receive from a second user an order, in which the order from the second user comprises a bet on the sporting event and further comprises or defines an amount that the second user wishes to wager on the sporting event;

approve the first order;

based at least in part on approving the first order, make the first order available for matching with other orders;

approve the second order;

based at least in part on approving the second order, make the second order available for matching with other orders;

match the first order from the first user with the order from the second user;

based at least in part on matching the first order from the first user with the order from the second user, adjust the at least one balance associated with the account; and

based at least in part on adjusting the at least one balance associated with the account and subsequent to making the second order available for matching with other orders, automatically reduce the wager amount of the second order.

41. The article of manufacture of claim 40, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

based at least in part on the credit score and the identity score, deny an opening of another account for the first user, in which the another account is of a type different from the approved account.

42. The article of manufacture of claim 40, in which the request for credit information is transmitted to at least two credit verification entities.

43. The article of manufacture of claim 40, in which the account comprises at least one of:

a deposit account,

a large credit account,

a small credit account,

a stop-loss account, and

a hybrid account.

44. The article of manufacture of claim 40, in which the bet of the first order comprises one of a plurality of types, including one of:

a cumulative market type bet,

an index type bet,

a match type bet,

a supremacy type bet,

a time market type bet, and

a spread type bet.

45. The article of manufacture of claim 40, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

determine a risk value for the second order from the first user, in which the risk value comprises an amount that the first user could lose on the bet associated with the second order.

46. The article of manufacture of claim 45,

in which the instructions, when executed by the at least one processor, further direct the at least one processor to determine that the risk value does not exceed at least one of (i) the at least one balance and (ii) at least one value determined from the at least one balance;

and

in which approving the second order comprises approving the second order based at least in part on determining that the risk value does not exceed the at least one of (i) the at least one balance and (ii) the at least one value determined from the at least one balance.

47. The article of manufacture of claim 40, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive from the first user another order, in which the another order comprises a bet;

determine a risk value for the another order, in which the risk value comprises an amount that the first user could lose on the bet associated with the another order;

deny the another order based at least in part on the risk value; and

transmit to the first user an indication that the another order has been denied.