Exchange of entries corresponding to participants in a sports competition

• US 8,684,827 B2
• Filed: 09/14/2012
• Issued: 04/01/2014
• Est. Priority Date: 04/11/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Asher, Joseph M., Crosthwaite, Dominic, Lutnick, Howard W.
• Primary Examiner(s): Lewis, David L
• Assistant Examiner(s): Hoel, Matthew D.
• Application Number:
  US13/615,892
• Publication Number:
  US 20130157749A1
• Time in Patent Office: 564 Days
• Field of Search: 463/25, 463 26- 28, 463/40, 463/41, 463/42, 463 2- 8, 700 91- 93, 705/26.2
• US Class Current: 463/25
• CPC Class Codes: A63F 2300/8052 Ball team management
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

Entries in one or more sports competitions are determined and distributed to a plurality of users. The entries may be traded among the users. The one or more sports competitions have one or more stages. In some implementations relating to a first sports competition, the entries include entries in which each of the entries corresponds to a respective team of a set of teams participating in the first sports competition. In some implementations relating to a second sports competition, the entries include entries in which each of the entries corresponds to a respective individual of a set of individuals participating in the second sports competition.

Claims

1. An apparatus, comprising:

a processor; and

a memory having instructions stored thereon that are configured to cause the processor to;

determine a first set of entries in a sports competition, in which each entry of the first set of entries corresponds to a respective team of a set of teams participating in the sports competition and in which the sports competition has one or more stages;

distribute the first set of entries to a plurality of users;

receive a buy order placed by a first user of the plurality of users, in which the buy order is associated with at least one entry of the first set of entries;

receive a sell order placed by a second user of the plurality of users associated with the at least one entry of the first set of entries;

match the buy order with the sell order and execute a trade of the at least one entry between the first user and the second user;

determine a winning entry of the first set of entries based on at least one first outcome of the sports competition; and

determine a payout to be paid to one or more users who hold the winning entry.

2. The apparatus of claim 1, in which distributing the first set of entries comprises conducting a lottery for the first set of entries.

3. The apparatus of claim 1, in which distributing the first set of entries comprises conducting an auction for the first set of entries.

4. The apparatus of claim 1, in which the instructions are further configured to cause the processor to:

receive from the first user a request to auction the at least one entry; and

receive from a third user of the plurality of users a first bid to purchase the at least one entry.

5. The apparatus of claim 4, in which the instructions are further configured to cause the processor to:

receive from a fourth user of the plurality of users a second bid to purchase the at least one entry, the second bid having a higher price than the first bid; and

responsive to determining that the second bid has a higher price than the first bid, transfer the at least one entry to the fourth user.

6. The apparatus of claim 1, in which the instructions are further configured to cause the processor to:

accept payment for the at least one entry from the first user,

in which the first set of entries is distributed prior to conducting any trading of entries of the first set of entries.

7. The apparatus of claim 1,

in which the first set of entries is distributed after commencement of any trading of entries of the first set of entries, and

in which the payout comprises a non-cash prize.

8. The apparatus of claim 1, in which the payout comprises at least a portion of fees paid for the first set of entries during the distributing of the first set of entries.

9. The apparatus of claim 1, in which the instructions are further configured to cause the processor to:

receive a commission for transfer of one or more entries of the first set of entries.

10. The apparatus of claim 1, in which any trading of the first set of entries begins after a predetermined number of entries of the first set of entries are distributed.

11. The apparatus of claim 1, in which any trading of the first set of entries is closed at a predetermined time before a start of the sports competition.

12. The apparatus of claim 1, in which the sports competition comprises a soccer tournament.

13. The apparatus of claim 1, in which the sports competition comprises a basketball tournament, and in which the one or more stages comprise one or more basketball games and the set of teams comprises a set of basketball teams.

14. The apparatus of claim 1,

in which the sports competition comprises a single game competition,

in which the second user does not own the at least one entry at a time the sell order is placed,

in which the act of matching the buy order with the sell order comprises creating a short sale of the at least one entry to the first user, and

in which the instructions are further configured to cause the processor to:

determine prices of the first set of entries based on a prior performance of the set of teams; and

settle with the second user, at a predetermined time, any differential between a first price of the at least one entry at the time the sell order is placed and a second price of the at least one entry at the predetermined time.

15. The apparatus of claim 1, in which the sports competition comprises a single game competition comprising one of a baseball game, a basketball game, a hockey game, and a soccer game.

16. The apparatus of claim 1, in which the sports competition comprises a single game competition comprising a football game, and in which the stages comprise quarters of the football game.

17. The apparatus of claim 1, in which the instructions are further configured to cause the processor to:

determine prices of the first set of entries according to market exchanges of the set of entries between at least two of the plurality of users; and

pay the payout to the one or more users who hold the winning entry, in which the payout comprises money.

18. A method comprising:

determining, by a processor, a first set of entries in a sports competition, in which each entry of the first set of entries corresponds to a respective team of a set of teams participating in the sports competition and in which the sports competition has one or more stages;

distributing, by the processor, the first set of entries to a plurality of users;

receive, by the processor, a buy order placed by a first user of the plurality of users, in which the buy order is associated with at least one entry of the first set of entries;

receive, by the processor, a sell order placed by a second user of the plurality of users associated with the at least one entry of the first set of entries;

match, by the processor, the buy order with the sell order and execute a trade of the at least one entry between the first user and the second user;

determine, by the processor, a winning entry of the first set of entries based on at least one first outcome of the sports competition; and

determine, by the processor, a payout to be paid to one or more users who hold the winning entry.

19. The method of claim 18, further comprising:

receiving, by the processor, from the first user a request to auction the at least one entry;

receiving, by the processor, from a third user of the plurality of users a first bid to purchase the at least one entry;

receiving, by the processor, from a fourth user of the plurality of users a second bid to purchase the at least one entry, the second bid having a higher price than the first bid; and

responsive to determining that the second bid has a higher price than the first bid, transferring, by the processor, the at least one entry to the fourth user.

20. A non-transitory machine-readable medium having instructions stored thereon that are configured to cause a processor to:

determine a first set of entries in a sports competition, in which each entry of the first set of entries corresponds to a respective team of a set of teams participating in the sports competition and in which the sports competition has one or more stages;

distribute the first set of entries to a plurality of users;

receive a buy order placed by a first user of the plurality of users, in which the buy order is associated with at least one entry of the first set of entries;

receive a sell order placed by a second user of the plurality of users associated with the at least one entry of the first set of entries;

match the buy order with the sell order and execute a trade of the at least one entry between the first user and the second user;

determine a winning entry of the first set of entries based on at least one first outcome of the sports competition; and

determine a payout to be paid to one or more users who hold the winning entry.