Wager market creation and management
First Claim
Patent Images
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, and in which the act of creating a first betting market comprises;
for each of the plurality of possible future states, determining by the processor a probability of occurrence for the possible future state; and
determining by the processor odds for betting on at least one of the plurality of possible future states based on the respective probability determined for that possible future state;
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;
causing, by the processor, an image of the playing field of the live sporting event to be displayed on a touch-sensitive display device, the image comprising at least one of a location on the playing field and a position on the playing field;
receiving, by the processor, from the display device an indication that a user touched the at least one of a location on the playing field and a position on the playing field;
in response to receiving the indication, causing, by the processor, the touch-sensitive display device to output a selectable betting option related to the at least one of a location on the playing field and a position on the playing field; and
receiving, by the processor, an indication that the user selected the selectable betting option.
1 Assignment
0 Petitions
Accused Products
Abstract
Methods and systems are provided herewith for creating and managing wagers on possible states within a live event, such as possible outcomes of subparts of a sporting event or other possible occurrences within the event. An initial state and multiple possible future states of a performance parameter of the event is determined based on state information of the event. A betting market may be created by determining probabilities and odds for the possible future states. The betting market is closed after bets are received and before an end of an initial state of the performance parameter. A payout may be made to a winner who selected the correct outcome of the performance parameter.
-
Citations
16 Claims
-
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, and in which the act of creating a first betting market comprises; for each of the plurality of possible future states, determining by the processor a probability of occurrence for the possible future state; and determining by the processor odds for betting on at least one of the plurality of possible future states based on the respective probability determined for that possible future state; 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; causing, by the processor, an image of the playing field of the live sporting event to be displayed on a touch-sensitive display device, the image comprising at least one of a location on the playing field and a position on the playing field; receiving, by the processor, from the display device an indication that a user touched the at least one of a location on the playing field and a position on the playing field; in response to receiving the indication, causing, by the processor, the touch-sensitive display device to output a selectable betting option related to the at least one of a location on the playing field and a position on the playing field; and receiving, by the processor, an indication that the user selected the selectable betting option. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
-
-
15. An apparatus comprising:
-
a processor; and a memory, 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, and in which the act of creating a first betting market comprises; for each of the plurality of possible future states, determine a probability of occurrence for the possible future state; and determine by the processor odds for betting on at least one of the plurality of possible future states based on the respective probability determined for that possible future state; 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; 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; cause an image of the playing field of the live sporting event to be displayed on a touch-sensitive display device, the image comprising at least one of a location on the playing field and a position on the playing field; receive from the display device an indication that a user touched the at least one of a location on the playing field and a position on the playing field; in response to receiving the indication, cause the touch-sensitive display device to output a selectable betting option related to the at least one of a location on the playing field and a position on the playing field; and receive an indication that the user selected the selectable betting option.
-
-
16. An apparatus comprising:
-
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 sporting event in real time, the sporting event being played on a playing field; 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; 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; display an image of the playing field of the live sporting event; receive from the display device an indication that a user touched a portion of the image of the playing field on the touch-sensitive display, the touched portion of the image corresponding to at least one of a location and a position on the playing field; in response to receiving the indication, cause the touch-sensitive display device to output a selectable betting option related to the at least one of a location and a position on the playing field; and receive an indication that the user selected the selectable betting option.
-
Specification