Wager market creation and management
First Claim
1. A method, comprising:
- receiving by a processor state information of a live event in real time;
determining by the processor an initial state and a plurality of possible future states of a performance parameter of the live event based on the state information;
creating by the processor a first betting market for betting on at least one of the plurality of possible future states, in which the plurality of users comprises a first user, a second user, and a third user, and in which the act of creating a first betting market comprises;
determining by the processor probabilities for the plurality of possible future states; and
based on the probabilities, determining by the processor odds for betting on at least one of the plurality of possible future states;
after creating the first betting market, receiving by the processor from the first user a first bet comprising a selection of one of the plurality of possible future states;
after receiving the first bet, closing by the processor the first betting market prior to an end time of the initial state;
sending from the processor an instruction signal to close the first betting market;
determining by the processor an actual future state of the performance parameter;
determining by the processor that the possible future state selected by the first user is the actual future state;
automatically paying a payout to the first user based on the first bet and the act of determining that the possible future state selected by the first user is the actual future state;
receiving, by the processor, from the second user a first request to make a bet mutually exclusive to a bet of the third user, the first request comprising a proposal for the second user and the third user to bet against one another, the request comprising a possible future state selected by the second user in a proposed bet of the second user;
based on the first request to bet against the third user, transmitting, by the processor, to the third user a second request to make a bet mutually exclusive to a bet of the second user, the second request comprising the possible future state selected by the second user in the proposed bet of the second user; and
receiving, by the processor, from the third user an acceptance of the second request to make a bet mutually exclusive to a bet of the second user, in which the acceptance comprises a selection by the third user of a possible future state that is mutually exclusive to the possible future state selected by the second user.
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Accused Products
Abstract
Methods and systems are provided herewith for managing a wagering system. In one exemplary embodiment, a stream of state information of a live sporting event is received in real time. A computer processor determines an initial state and a plurality of possible future states of a first performance parameter of the live sporting event based on the stream of state information. After a beginning of the game and before the start of the event, a probability of occurrence is calculated for at least one of the plurality of possible future states of the first performance parameter based on historical data related to the first performance parameter. The plurality of possible future states are mutually exclusive from one another. During an initial state of the first performance parameter, a signal operative to open a first market for betting on the at least one of the plurality of possible future states is transmitted. The first market comprises betting odds based on the calculated probability of occurrence. After transmitting the signal operative to open the first market, an end of the initial state is determined. Before the end of the initial state, a signal operative to close the first market is transmitted. After transmitting the signal operative to close the first market, an outcome of the first performance parameter is determined based on the received stream of state information. A signal operative to resolve one or more payouts of the first market is transmitted, in which the signal indicates the outcome of the first performance parameter.
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Citations
56 Claims
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1. A method, comprising:
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receiving by a processor state information of a live event in real time; determining by the processor an initial state and a plurality of possible future states of a performance parameter of the live event based on the state information; creating by the processor a first betting market for betting on at least one of the plurality of possible future states, in which the plurality of users comprises a first user, a second user, and a third user, and in which the act of creating a first betting market comprises; determining by the processor probabilities for the plurality of possible future states; and based on the probabilities, determining by the processor odds for betting on at least one of the plurality of possible future states; after creating the first betting market, receiving by the processor from the first user a first bet comprising a selection of one of the plurality of possible future states; after receiving the first bet, closing by the processor the first betting market prior to an end time of the initial state; sending from the processor an instruction signal to close the first betting market; determining by the processor an actual future state of the performance parameter; determining by the processor that the possible future state selected by the first user is the actual future state; automatically paying a payout to the first user based on the first bet and the act of determining that the possible future state selected by the first user is the actual future state; receiving, by the processor, from the second user a first request to make a bet mutually exclusive to a bet of the third user, the first request comprising a proposal for the second user and the third user to bet against one another, the request comprising a possible future state selected by the second user in a proposed bet of the second user; based on the first request to bet against the third user, transmitting, by the processor, to the third user a second request to make a bet mutually exclusive to a bet of the second user, the second request comprising the possible future state selected by the second user in the proposed bet of the second user; and receiving, by the processor, from the third user an acceptance of the second request to make a bet mutually exclusive to a bet of the second user, in which the acceptance comprises a selection by the third user of a possible future state that is mutually exclusive to the possible future state selected by the second user. - 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, 48, 49, 50, 51, 52, 53, 54)
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55. An apparatus comprising:
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a processor; and a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to; receive by the processor state information of a live event in real time; determine by the processor an initial state and a plurality of possible future states of a performance parameter of the live event based on the state information; create by the processor a first betting market for betting on at least one of the plurality of possible future states, in which the plurality of users comprises a first user, a second user, and a third user, in which the act of creating a first betting market comprises; determining by the processor probabilities for the plurality of possible future states; and based on the probabilities, determining by the processor odds for betting on at least one of the plurality of possible future states; after creating the first betting market, receive by the processor from the first user a first bet comprising a selection of one of the plurality of possible future states; after receiving the first bet, close by the processor the first betting market prior to an end time of the initial state; send from the processor an instruction signal to close the first betting market; determine by the processor an actual future state of the performance parameter; determine by the processor that the possible future state selected by the first user is the actual future state; automatically pay a payout to the first user based on the first bet and the act of determining that the possible future state selected by the first user is the actual future state; receive from the second user a first request to make a bet mutually exclusive to a bet of the third user, the first request comprising a proposal for the second user and the third user to bet against one another, the request comprising a possible future state selected by the second user in a proposed bet of the second user; based on the first request to bet against the third user, transmit to the third user a second request to make a bet mutually exclusive to a bet of the second user, the second request comprising the possible future state selected by the second user in the proposed bet of the second user; and receiving from the third user an acceptance of the second request to make a bet mutually exclusive to a bet of the second user, in which the acceptance comprises a selection by the third user of a possible future state that is mutually exclusive to the possible future state selected by the second user.
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56. An apparatus comprising:
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a touch-sensitive display device comprising a user input device; a processor operably connected to the display; and a memory operably connected to the processor and the display, in which the memory stores instructions which, when executed by the processor, direct the processor to; receive state information of a live event in real time; determine an initial state and a plurality of possible future states of a performance parameter of the live event based on the state information; create a first betting market for betting on at least one of the plurality of possible future states, in which the plurality of users comprises a first user, in which the act of creating a first betting market comprises; determining probabilities for the plurality of possible future states; and based on the probabilities, determining odds for betting on at least one of the plurality of possible future states; after creating the first betting market, receive from the first user a first bet comprising a selection of one of the plurality of possible future states; after receiving the first bet, close the first betting market prior to an end time of the initial state; send an instruction signal to close the first betting market; determine an actual future state of the performance parameter; determine that the possible future state selected by the first user is the actual future state; and pay a payout to the first user based on the first bet and the act of determining that the possible future state selected by the first user is the actual future state; transmit a live video of the live event in real time to a touch-sensitive display device, the live video comprising an image of a player in the live event; cause the touch-sensitive display device to display an image of the player; receive from the display device an indication that a user touched the image of the player on the touch-sensitive display; in response to receiving the indication, cause the touch-sensitive display device to output betting information related to the player; cause the display device to display a betting menu overlay on the touch-sensitive display, the betting menu overlay comprising at least one image corresponding to a betting option; receive a signal indicating that a user touched the at least one image; and responsive to the signal, determine a selection of the betting option by the user; wherein the live video comprises an image of a player, and wherein the touch-sensitive display is operable to output betting information related to the player when the image of the player is touched by a user.
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Specification