Real-time interactive wagering on event outcomes

• US 8,512,129 B2
• Filed: 04/30/2001
• Issued: 08/20/2013
• Est. Priority Date: 05/01/2000
• Status: Active Grant

• Current Assignee: Interactive Games LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: CFPH LLC (Cantor Fitzgerald, L.P.)
• Inventors: Ginsberg, Philip M, Gilbert, Andrew C, Lutnick, Howard W, Findlay, Lewis
• Primary Examiner(s): Coburn, Corbett B
• Application Number:
  US09/846,025
• Publication Number:
  US 20020073021A1
• Time in Patent Office: 4,495 Days
• Field of Search: 705 35- 38, 463/16, 463/25, 463/27, 463/42, 463/26, 700/91
• US Class Current: 463/25
• CPC Class Codes: A63F 3/081 electric
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3227 Configuring a gaming machine, e.g. downloading personal settings, selecting working parameters
• CPC Class Codes: G07F 17/323 wherein the player is informed, e.g. advertisements, odds, instructions
• CPC Class Codes: G07F 17/3241 Security aspects of a gaming system, e.g. detecting cheating, device integrity, surveillance computer security G06F21/00
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• CPC Class Codes: G07F 17/3251 involving media of variable value, e.g. programmable cards, programmable tokens
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.

Claims

1. An apparatus comprising:

a non-transitory machine readable medium having stored thereon a plurality of instructions that when executed by a processor cause the apparatus to perform a method of real-time interactive wagering on event outcomes, said method comprising;

determining a wagering limit for a client;

in response to determining the wagering limit, automatically selecting event outcomes on which said client is authorized to wager, in which each event outcome has a minimum required wager associated therewith, in which the client is authorized to wager on the selected event outcomes based on the respective minimum required wager of the event outcomes not exceeding the wagering limit;

displaying to said client a list comprising only said selection of wagerable event outcomes;

receiving a request from said client to wager on one of said selection of event outcomes; and

accepting said wager from said client.

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

adjusting said wagering limit of said client to reflect said wager;

in response to the adjustment in said wagering limit selecting event outcomes on which said client is authorized to wager in accordance with said adjusted wagering limit; and

displaying to said client an updated list comprising only said selection of event outcomes in accordance with said adjusted wagering limit.

3. The apparatus of claim 1, in which the method further comprises paying said client in a currency chosen by said client in response to the maturity of a successful wager, in which the chosen currency is different than a currency used to make the successful wager.

4. The apparatus of claim 1, wherein said wagering limit comprises a credit limit for said client.

5. The apparatus of claim 1, wherein said one event outcome comprises at least one of a maturity date and time.

6. The apparatus of claim 5, wherein said event outcome comprises a payout of a casino game as of the at least one of the maturity date and time.

7. The apparatus of claim 5, wherein said event outcome comprises a value for a security at the at least one of the maturity date and time.

8. The apparatus of claim 7, wherein said security comprises an index.

9. The apparatus of claim 1, wherein said minimum required wager comprise a price for said wager that varies, and in which the method comprises:

in response to a change in the price of said wager, selecting event outcomes on which said client is authorized to wager based on the change in the price of said wager, and

displaying to said client an updated list comprising only said selection of event outcomes in accordance with said change in price.

10. The apparatus of claim 9, in which the method comprises updating the list to reflect real time changes in the price of said wager in response to said changes.

11. The apparatus of claim 1, in which the method comprises displaying at least one event outcome regardless of said wagering limit and based on the at least one event outcome being at least one of a popular wager, a reference wager, a promotional wager, and a wager based on the client'"'"'s past wagering activity.

12. The apparatus of claim 1, wherein at least one of said event outcomes is associated with a market for an item and wherein said minimum required wager comprises a price for said event outcome, the method comprising determining that said price is unavailable for the at least one of said event outcomes and calculating said price for the at least one of said event outcomes based on available market information.

13. The apparatus of claim 12, wherein said available market information comprises information associated with at least one related market.

14. The apparatus of claim 1 further comprising:

the processor,

in which selecting event outcomes on which said client is authorized to wager includes selecting at least two event outcomes of two respective events on which said client is authorized to wager, in which the at least two event outcomes are selected from a plurality of event outcomes of a plurality of respective events, in which each of the plurality of event outcomes has a respective minimum required wager associated therewith,

in which displaying to said client the list comprising only said selection, includes displaying to said client a list comprising only said at least two event outcomes, and

in which receiving the request to wager on one of said selection of event outcomes includes receiving a request to wager on one of said at least two event outcomes.

15. The apparatus of claim 14, in which the method further comprises:

adjusting said wagering limit of said client to reflect said wager;

in response to adjusting the wagering limit, selecting a subset of the at least two event outcomes on which said client is authorized to wager in accordance with said adjusted wagering limit; and

displaying to said client an updated list comprising only said subset of the at least two event outcomes in accordance with said adjusted wagering limit.

16. The apparatus of claim 15, in which selecting the subset includes selecting the subset without a user identifying the wagering limit as a search parameter.

17. The apparatus of claim 15, in which selecting the subset includes selecting the subset automatically.

18. The apparatus of claim 14, in which the method further comprises paying said client in a currency chosen by said client in response to the maturity of a successful wager, in which the chosen currency is different than a currency used to make the successful wager.

19. The apparatus of claim 14, wherein said wagering limit comprises a credit limit for said client.

20. The apparatus of claim 14, wherein at least one of said at least two event outcome comprises at least one of a maturity date and time.

21. The apparatus of claim 20, wherein said at least one event outcome comprises a payout of a casino game as of the at least one of the maturity date and time.

22. The apparatus of claim 20, wherein said at least one event outcome comprises a value for a security at the at least one of the maturity date and time.

23. The apparatus of claim 22, wherein said security comprises an index.

24. The apparatus of claim 14, wherein each of said respective minimum required wagers comprise a respective price that varies over time, and in which the method comprises:

receiving an indication of a change to a price for a wager on at least one of said at least two event outcomes;

in response to the change in the price of said wager, selecting at least a subset of the at least two event outcomes on which said client is authorized to wager based on the change to the price; and

displaying to said client an updated list comprising only said selection of event outcomes in accordance with said change in price.

25. The apparatus of claim 24, in which the method comprises updating the list to reflect real time changes in the prices associated with a plurality of different wagers in response to said changes, in which each wager is associated with a respective one of the plurality of events outcomes.

26. The apparatus of claim 14, in which the method comprises displaying at least one event outcome regardless of said wagering limit and based on the at least one event outcome being at least one of a popular wager, a reference wager, a promotional wager, and a wager based on the client'"'"'s past wagering activity.

27. The apparatus of claim 14, wherein at least one of said at least two event outcomes is associated with a market for an item and wherein said minimum required wager comprises a price for said event outcome, the method comprising determining that said price is unavailable for the at least one of said event outcomes and calculating said price for the at least one of said event outcomes based on available market information.

28. The apparatus of claim 27, wherein said available market information comprises information associated with at least one related market.

29. The apparatus of claim 1 further comprising:

the processor,

in which selecting event outcomes on which said client is authorized to wager includes selecting at least two event outcomes of two respective events on which said client is authorized to wager, in which the at least two event outcomes are selected from a plurality of event outcomes of a plurality of respective events, in which each of the plurality of event outcomes has a respective minimum required wager associated therewith,

in which displaying to said client the list comprising only said selection, includes displaying to said client a list comprising only said at least two event outcomes,

in which receiving the request to wager on one of said selection of event outcomes includes receiving a request to wager on one of said at least two event outcomes,

in which said wagering limit comprises a credit limit for said client,

in which at least one first event outcome of said at least two event outcomes comprises at least one of a maturity date and time,

in which said at least one first event outcome comprises a value for a security at the at least one of the maturity date and time,

in which said security comprises an index,

in which at least one second event outcome of said at least two event outcomes comprises a payout of a casino game as of the at least one of the maturity date and time,

in which each of said respective minimum required wagers comprise a respective price that varies over time,

in which at least one third event outcome of said at least two event outcomes is associated with a market for an item and wherein said minimum required wager comprises a price for said third event outcome, and

in which the method further comprises;

adjusting said wagering limit of said client to reflect said wager;

selecting a subset of the at least two event outcomes on which said client is authorized to wager in accordance with said adjusted wagering limit,

displaying to said client an updated list comprising only said subset of the at least two event outcomes in accordance with said adjusted wagering limit,

paying said client in a currency chosen by said client in response to the maturity of a successful wager,

receiving an indication of a change to a price for a wager on at least one of said at least two event outcomes,

selecting at least a second subset of the at least two event outcomes on which said client is authorized to wager based on the change to the price,

displaying to said client a second updated list comprising only said selection of event outcomes in accordance with said change in price,

updating the list to reflect real time changes in the prices associated with a plurality of different wagers, in which each wager is associated with a respective one of the plurality of events outcomes,

displaying at least one event outcome regardless of said wagering limit and based on the at least one event outcome being at least one of a popular wager, a reference wager, a promotional wager, and a wager based on the client'"'"'s past wagering activity,

determining that said price for said third event outcome is unavailable, and

calculating said price for said third event outcome based on available market information,

in which said available market information comprises information associated with at least one related market.

30. The apparatus of claim 11, in which the method includes adjusting said wagering limit of said client to reflect said wager;

and adjusting the selection in response to the adjustment in said wagering limit.

31. The apparatus of claim 30, in which maintaining the list includes adjusting the list without a user identifying the wagering limit as a search parameter.

32. The apparatus of claim 30, in which maintaining the list includes adjusting the list automatically.

33. The apparatus of claim 1, in which the event outcomes are selected automatically.

34. The apparatus of claim 1, in which the event outcomes are selected without a user identifying the wagering limit as a search parameter.