System and method for establishing and providing access to an online account

• US 8,001,039 B2
• Filed: 04/23/2004
• Issued: 08/16/2011
• 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): Kazimi; Hani
• Assistant Examiner(s): ALI, HATEM M
• Application Number:
  US10/831,613
• Publication Number:
  US 20040230516A1
• Time in Patent Office: 2,671 Days
• Field of Search: 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• 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 15/00 Coin-freed apparatus with meter-controlled dispensing of liquid, gas or electricity
• 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, wherein the request includes at least a portion of the identification information. The requested credit information is received and an account is approved based at least in part on the received credit information. The account is opened and access is provided to the opened account during the communication session.

Claims

1. A method comprising:

receiving by at least one server 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 server over a communications network;

transmitting by the at least one server 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 server 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 server an opening of an account for the first user,

in which the account has a plurality of balances associated therewith, including (i) a margin balance and (ii) a credit balance, and

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

based at least in part on approving the opening of the account for the first user, establishing by the at least one server the account, in which establishing the account includes;

determining, based at least in part on the requested credit information, initial values for the margin balance and the credit balance;

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

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

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

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

determining by the at least one server that the risk value does not exceed at least one of (i) at least one of the plurality of balances and (ii) at least one value determined from the at least one balance;

approving by the at least one server the first order based at least in part on determining that the risk value does not exceed the at least one (i) the at least one balance and (ii) the at least one value determined from the at least one balance;

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

matching by the at least one server the first order with the second order.

2. The method of claim 1, in which the identification information is submitted via a web page that is associated with a trading platform.

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, further comprising:

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

5. The method of claim 1, further comprising:

assigning by the at least one server the identity score to one of a first plurality of categories,

in which each of the first plurality of categories covers a respective range of values, and in which the range of the assigned first category covers the value of the identity score; and

assigning by the at least one server the credit score to one of a second plurality of categories,

in which each of the second plurality of categories covers a respective range of values, and in which the range of the assigned second category covers the value of the credit score.

6. The method of claim 5, in which approving the opening of the account for the first user comprises approving the opening of the account based at least in part on the assigned first category and the assigned second category.

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

a credit account,

and

a hybrid account.

8. The method of claim 1, in which the bet of the first order comprises one of a plurality of types, including at least 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.

9. The method of claim 1, further comprising:

transmitting by the at least one server to the first user an indication that the first user is approved for the account; and

receiving by the at least one server from the first user an indication to open the account; and

in which establishing the account comprises establishing the account based at least in part on receiving the indication from the first user.

10. The method of claim 1,

in which the method further comprises determining by the at least one server 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 associated with the sporting event by the wager amount of the first order.

11. The method of claim 1, in which matching the first order received from the first user with the second order received from the second user comprises establishing a bet between the first user and the second user on the sporting event.

12. The method of claim 1, in which the at least one balance comprises the margin balance.

13. The method of claim 12, further comprising decreasing by the at least one server the margin balance based at least in part on matching the first order with the second order.

14. The method of claim 1, in which the at least one balance comprises the credit balance.

15. The method of claim 1, further comprising:

receiving by the at least one server from the first user another order that is separate from the first order, in which the another order comprises a request to place a bet, and further comprises or defines an amount the first user wishes to wager; and

based at least in part on matching the first order received from the first user with the second order received from the second user, automatically reducing by the at least one server the wager amount of the another order.

16. The method of claim 15,

in which the method further comprises:

based at least in part on matching the first order with the second order, updating by the at least one server at least one of the plurality of balances associated with the account of the first user, the updating resulting in at least one updated balance;

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

comparing by the at least one server the risk value for the another order to at least one of (i) the at least one updated balance and (ii) at least one value determined from the at least one updated balance; and

based at least in part on comparing the risk value for the another order to the at least one of (i) the at least one updated balance and (ii) the at least one value determined from the at least one updated balance,

determining by the at least one server that the risk value for the another order exceeds the at least one of (i) the at least one updated balance and (ii) the at least one value determined from the at least one updated balance; and

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

17. The method of claim 16,

in which the method further comprises:

based at least in part on matching the first order with the second order, determining by the at least one server an updated risk value for the first order; and

in which updating the at least one balance comprises reducing the at least one balance by an amount that is based at least in part on the updated risk value for the first order.

18. The method of claim 17,

in which the sporting event has a duration;

and

in which the method further comprises;

during the duration of the sporting event and after reducing the wager amount of the another order, automatically increasing by the at least one server the wager amount of the another order.

19. The method of claim 17,

in which the sporting event has a duration;

and

in which the method further comprises;

during the duration of the sporting event and after reducing the wager amount of the another order, automatically further reducing by the at least one server the wager amount of the another order.

20. The method of claim 1, further comprising:

receiving by the at least one server from the first user another order that is separate from the first order, in which the another order comprises a request to place a bet;

based at least in part on;

(a) having matched the first order received from the first user with the second order received from the second user, and

(b) event results of the sporting event that occur during a duration of the sporting event,

adjusting by the at least one server at least one of the plurality of balances associated with the account of the first user, in which the adjusting results in at least one adjusted balance, and in which the adjusting occurs during the duration of the sporting event; and

based at least in part on adjusting the at least one balance, automatically adjusting by the at least one server a wager amount associated with the another order.

21. The method of claim 20,

in which the method further comprises:

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

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

based at least in part on comparing the risk value for the another order to the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance,

determining by the at least one server that the risk value for the another order exceeds the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance; and

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

22. The method of claim 21,

in which the method further comprises:

based at least in part on;

(a) the event results of the sporting event that occur during the duration of the sporting event, and

(b) having matched the first order with the second order,

determining an updated risk value for the first order; and

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

23. The method of claim 22,

in which the another order, when received from the first user, comprises or defines an initial amount the first user wishes to wager;

in which the method further comprises;

based at least in part on matching the first order with the second order, automatically reducing by the at least one server the initial wager amount, resulting in a reduced wager amount; and

in which adjusting the wager amount associated with the another order comprises reducing the reduced wager amount.

24. The method of claim 20,

in which the method further comprises:

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

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

based at least in part on comparing the risk value for the another order to the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance,

determining by the at least one server that the risk value for the another order does not exceed the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance; and

in which adjusting the wager amount associated with the another order comprises increasing the wager amount associated with the another order based at least in part on determining that the risk value for the another order does not exceed the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance.

25. The method of claim 24,

in which the method further comprises:

based at least in part on;

(a) the event results of the sporting event that occur during the duration of the sporting event, and

(b) having matched the first order with the second order,

determining by the at least one server an updated risk value for the first order; and

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

26. The method of claim 25,

in which the another order, when received from the first user, comprises or defines an initial amount the first user wishes to wager;

in which the method further comprises;

based at least in part on matching the first order with the second order, automatically reducing by the at least one server the initial wager amount, resulting in a reduced wager amount; and

in which adjusting the wager amount associated with the another order comprises increasing the reduced wager amount.

27. The method of claim 1, in which the method further comprises:

based at least in part on (i) event results of the sporting event that occur during a duration of the sporting event and (ii) having matched the first order with the second order, updating by the at least one server the risk value for the first order, in which the updating occurs during the duration of the sporting event.

28. 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 a plurality of balances associated therewith, including (i) a margin balance and (ii) a credit balance, and

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

based at least in part on approving the opening of the account for the first user, establish the account, in which establishing the account includes;

determining, based at least in part on the requested credit information, initial values for the margin balance and the credit balance;

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

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

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

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

determine that the risk value does not exceed at least one of (i) at least one of the plurality of balances and (ii) at least one value determined from the at least one balance;

approve the first order based at least in part on determining that the risk value does not exceed the at least one (i) the at least one balance and (ii) the at least one value determined from the at least one balance;

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

match the first order with the second order.

29. The apparatus of claim 28, in which the identification information is submitted via a web page that is associated with a trading platform.

30. The apparatus of claim 28, in which the request for credit information is transmitted to at least two credit verification entities.

31. The apparatus of claim 28, 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.

32. The apparatus of claim 28, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

assign the identity score to one of a first plurality of categories,

in which each of the first plurality of categories covers a respective range of values, and in which the range of the assigned first category covers the value of the identity score; and

assign the credit score to one of a second plurality of categories,

in which each of the second plurality of categories covers a respective range of values, and in which the range of the assigned second category covers the value of the credit score.

33. The apparatus of claim 32, in which approving the opening of the account for the first user comprises approving the opening of the account based at least in part on the assigned first category and the assigned second category.

34. The apparatus of claim 28, in which the account comprises at least one of:

a credit account, and

a hybrid account.

35. The apparatus of claim 28, in which the bet of the first order comprises one of a plurality of types, including at least 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.

36. The apparatus of claim 28, 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

receive from the first user an indication to open the account; and

in which establishing the account comprises establishing the account based at least in part on receiving the indication from the first user.

37. The apparatus of claim 28,

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 associated with the sporting event by the wager amount of the first order.

38. The apparatus of claim 28, in which matching the first order received from the first user with the second order received from the second user comprises establishing a bet between the first user and the second user on the sporting event.

39. The apparatus of claim 28, in which the at least one balance comprises the margin balance.

40. The apparatus of claim 39, in which the instructions, when executed by the at least one processor, further direct the at least one processor to decrease the margin balance based at least in part on matching the first order with the second order.

41. The apparatus of claim 28, in which the at least one balance comprises the credit balance.

42. The apparatus of claim 28, 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 that is separate from the first order, in which the another order comprises a request to place a bet, and further comprises or defines an amount the first user wishes to wager; and

based at least in part on matching the first order received from the first user with the second order received from the second user, automatically reduce the wager amount of the another order.

43. The apparatus of claim 42,

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 with the second order, update at least one of the plurality of balances associated with the account of the first user, the updating resulting in at least one updated balance;

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

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

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

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

44. The apparatus of claim 43,

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 with the second order, determine an updated risk value for the first order; and

in which to update the at least one balance comprises to reduce the at least one balance by an amount that is based at least in part on the updated risk value for the first order.

45. The apparatus of claim 44,

in which the sporting event has a duration;

and

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

during the duration of the sporting event and after reducing the wager amount of the another order, automatically increase the wager amount of the another order.

46. The apparatus of claim 44,

in which the sporting event has a duration;

and

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

during the duration of the sporting event and after reducing the wager amount of the another order, automatically further reduce the wager amount of the another order.

47. The apparatus of claim 28, 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 that is separate from the first order, in which the another order comprises a request to place a bet;

based at least in part on;

(a) having matched the first order received from the first user with the second order received from the second user, and

(b) event results of the sporting event that occur during a duration of the sporting event,

adjust at least one of the plurality of balances associated with the account of the first user, in which the adjusting results in at least one adjusted balance, and in which the adjusting occurs during the duration of the sporting event; and

based at least in part on adjusting the at least one balance, automatically adjust a wager amount associated with the another order.

48. The apparatus of claim 47,

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

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

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

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

49. The apparatus of claim 48,

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;

(a) the event results of the sporting event that occur during the duration of the sporting event, and

(b) having matched the first order with the second order,

determine an updated risk value for the first order; and

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

50. The apparatus of claim 49,

in which the another order, when received from the first user, comprises or defines an initial amount the first user wishes to wager;

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 with the second order, automatically reduce the initial wager amount, resulting in a reduced wager amount; and

in which adjusting the wager amount associated with the another order comprises reducing the reduced wager amount.

51. The apparatus of claim 47,

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

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

based at least in part on comparing the risk value for the another order to the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance, determine that the risk value for the another order does not exceed the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance; and

in which adjusting the wager amount associated with the another order comprises increasing the wager amount associated with the another order based at least in part on determining that the risk value for the another order does not exceed the at least one of (i) the at least one adjusted balance and (ii) the at least one value determined from the at least one adjusted balance.

52. The apparatus of claim 51,

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;

(a) the event results of the sporting event that occur during the duration of the sporting event, and

(b) having matched the first order with the second order,

determine an updated risk value for the first order; and

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

53. The apparatus of claim 52,

in which the another order, when received from the first user, comprises or defines an initial amount the first user wishes to wager;

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 with the second order, automatically reduce the initial wager amount, resulting in a reduced wager amount; and

in which adjusting the wager amount associated with the another order comprises increasing the reduced wager amount.

54. The apparatus of claim 28, 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 (i) event results of the sporting event that occur during a duration of the sporting event and (ii) having matched the first order with the second order, update the risk value for the first order, in which the updating occurs during the duration of the sporting event.