Wagering on event outcomes during the event

• US 9,005,016 B2
• Filed: 02/09/2011
• Issued: 04/14/2015
• Est. Priority Date: 10/24/2008
• Status: Active Grant

• Current Assignee: CG Technology Development, LLC (Cantor Fitzgerald, L.P.)
• Original Assignee: BGC Partners Incorporated (BGC Group, Inc.)
• Inventors: Amaitis, Lee, Garrood, Andrew, Colbert, Mike, Parks, Heather, Storm, Anthony, Barton, Foster, Bradshaw, Thomas D.
• Primary Examiner(s): McClellan, James S
• Application Number:
  US13/023,551
• Publication Number:
  US 20120214575A1
• Time in Patent Office: 1,525 Days
• Field of Search: 463/21, 463/25, 463/29, 463/30, 463/31, 463/42
• US Class Current: 463/29
• CPC Class Codes: G06Q 50/34 Betting or bookmaking, e.g. Internet betting
• CPC Class Codes: G07F 17/323 wherein the player is informed, e.g. advertisements, odds, instructions
• 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 17/3269 Timing aspects of game play, e.g. blocking/halting the operation of a gaming machine
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking
• CPC Class Codes: G07F 17/3293 Card games, e.g. poker, canasta, black jack

Abstract

Methods and systems are provided for managing a wagering system. In one exemplary embodiment, state information of a live event such as a sports game may be received in real time. During the event, a plurality of possible future states of the event and their associated probabilities (and odds) may be determined based on the state information, historical information, and current in-game information. A betting market is created for betting on the possible future states at determined odds. The betting market is closed, and winning and losing bets are resolved based on updated state information.

Claims

1. A method, comprising:

receiving by at least one processor state information of a live event in substantially real time, in which the live event comprises a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;

after a start of the sporting event, determining by the at least one processor a plurality of possible future states of the sporting event based on the state information;

receiving by the at least one processor probability information from a source;

determining by the at least one processor reliability information associated with the received probability information;

after a start of the sporting event, creating by the at least one 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;

determining by the at least one processor a probability for each of the plurality of possible future states based on the received probability information and the reliability information;

based at least in part on the probabilities, determining by the at least one processor odds for betting on at least one of the plurality of possible future states; and

causing, by the at least one processor, information about the plurality of possible future states and the odds to be displayed to the plurality of users;

after creating the first betting market, receiving by the at least one processor from a first of a plurality of users a first bet comprising a selection of one of the plurality of possible future states, in which the first bet corresponds to a specific location on the playing field, and in which the selected one of the plurality of possible future states is selected by touching an image of the specific location on the playing field displayed on the touch-sensitive display;

after receiving the first bet, closing by the at least one processor the first betting market;

sending from the at least one processor an instruction signal to close the first betting market;

determining by the at least one processor that the possible future state selected by the first user has occurred;

causing, by the at least one processor, a payout to be paid to the first user based on the first bet and the act of determining that the possible future state selected by the first user has occurred; and

automatically transmitting to the plurality of users event information in real time,

in which the act of transmitting comprises transmitting a live video of the sporting event to the plurality of users in real time, and

in which the sporting event comprises a sporting event having a playing field that is displayed at the touch-sensitive display.

2. The method of claim 1, in which the touch-sensitive display displays a live video image of the sporting event, the live video image comprising the displayed playing field.

3. An apparatus comprising:

a processor; and

a memory, in which the memory stores instructions which, when executed by the processor, direct the processor to perform a method comprising;

receive, in substantially real time, state information of a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;

after a start of the sporting event, determine a plurality of possible future states of the sporting event based on the state information;

receive probability information;

determine by the at least one processor reliability information associated with the received probability information;

after a start of the sporting event, 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;

determining a probability for each of the plurality of possible future states based on the received probability information and the reliability information;

based at least in part on the probabilities, determining odds for betting on at least one of the plurality of possible future states; and

causing information about the plurality of possible future states and the odds to be displayed to the plurality of users;

after creating the first betting market, receive from a first of a plurality of users a first bet comprising a selection of one of the plurality of possible future states, in which the first bet corresponds to a specific location on the playing field, and in which the selected one of the plurality of possible future states is selected by touching an image of the specific location on the playing field displayed on the touch-sensitive display;

after receiving the first bet, close the first betting market;

send an instruction signal to close the first betting market;

determine that the possible future state selected by the first user has occurred;

cause a payout to be paid to the first user based on the first bet and the act of determining that the possible future state selected by the first user has occurred; and

automatically transmit to the plurality of users event information in real time,

in which the act of transmitting comprises transmitting a live video of the sporting event to the plurality of users in real time, and

in which the sporting event comprises a sporting event having a playing field that is displayed at the touch-sensitive display.

4. The apparatus of claim 3, in which the payout is paid according to pari mutuel betting rules.

5. An apparatus, comprising:

at least one processor; and

at least one memory having instructions stored thereon which, when executed by at least one processor, direct the at least one processor to;

cause a live video of a sporting event to be displayed on a touch-sensitive display to a plurality of users in substantially real-time, the sporting event having a playing field that is displayed at each touch-sensitive display;

receive state information of a live event in substantially real time, in which the live event comprises a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;

determine a plurality of possible future states of the sporting event based on the state information;

receive from a first of the plurality of users a first bet comprising a selection of one of the plurality of possible future states corresponding to a location on the playing field, in which the selected one of the plurality of possible future states is selected by touching an image of the location on the playing field displayed on the touch-sensitive display;

determine that the selected possible future state corresponding to the location on the playing field has occurred; and

cause a payout to be paid to the first user based on the first bet and the act of determining that the selected possible future state corresponding to the location on the playing field has occurred.

6. The apparatus of claim 5, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

receive probability information from a source;

determine reliability information associated with the received probability information;

after a start of the sporting event, create by the processor a first betting market for betting on at least one of the plurality of possible future states, and in which the act of creating a first betting market comprises;

determine a probability for each of the plurality of possible future states based on the received probability information and the reliability information;

based at least in part on the probabilities, determine odds for betting on at least one of the plurality of possible future states; and

cause information about the plurality of possible future states and the odds to be displayed to the plurality of users.

7. The apparatus of claim 6, in which the act of determining a probability for each of the plurality of possible future states based on the received probability information and the reliability information comprises:

determining, by the at least one processor, a probability for each of the plurality of possible future states based on received probability information from at least two sources and reliability information concerning each of the at least two sources comprising a first source and a second source, in which the reliability information for the first source is different from the reliability information for the second source.

8. The apparatus of claim 7, in which the received probability information from the at least two sources comprises information about at least one injury to at least one player of a team playing in the game.

9. The apparatus of claim 5, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

determine a probability of occurrence for each of the plurality of possible future states;

based at least in part on the probabilities, determine odds for betting on at least one of the plurality of possible future states; and

cause information about the at least one possible future state and the odds to be displayed to the plurality of users.

10. The apparatus of claim 9, in which the act of determining a probability for at least one of the plurality of possible future states comprises determining a probability for the at least one possible future state based on a player'"'"'s performance prior to the sporting event in at least one of the following performance categories:

batting average, points scored, yards run, number of carries, runs batted in (RBIs), bases stolen, home runs, pass completion percentage, on base percentage, total bases per at bat, number of errors, number of aces, double fault percentage, free throw percentage, number of rebounds, handicap, number of golf strokes, and number of strike-outs.

11. The apparatus of claim 9, in which the probability of occurrence for the at last one possible future state is determined based on state information of the sporting event received after a start of the sporting event.

12. The apparatus of claim 5, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

responsive to determining that the selected possible future state corresponding to the location on the playing field has occurred, automatically open to the plurality of users a second betting market for betting on one or more possible subsequent states, the one or more possible subsequent states corresponding to a time after the occurrence of the selected possible future state,

in which the payout is paid based on odds determined according to pari mutuel betting rules.

13. A method, comprising:

causing, by at least one processor in electronic communication with at least one memory device having instructions stored thereon, a live video of a sporting event to be displayed on a touch-sensitive display to a plurality of users in substantially real-time, the sporting event having a playing field that is displayed at each touch-sensitive display;

receiving, by the at least one processor, state information of a live event in substantially real time, in which the live event comprises a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;

determining, by the at least one processor, a plurality of possible future states of the sporting event based on the state information;

receiving, by the at least one processor, from a first of the plurality of users a first bet comprising a selection of one of the plurality of possible future states corresponding to a location on the playing field, in which the selected one of the plurality of possible future states is selected by touching an image of the location on the playing field displayed on the touch-sensitive display;

determining, by the at least one processor, that the selected possible future state corresponding to the location on the playing field has occurred; and

causing, by the at least one processor, a payout to be paid to the first user based on the first bet and the act of determining that the selected possible future state corresponding to the location on the playing field has occurred.

14. The method of claim 13, further comprising:

receiving probability information from a source;

determining reliability information associated with the received probability information;

determine a probability for each of the plurality of possible future states based on the received probability information and the reliability information, in which the act of determining a probability for each of the plurality of possible future states based on the received probability information and the reliability information comprises determining, by the at least one processor, a probability for each of the plurality of possible future states based on received probability information from at least two sources and reliability information concerning each of the at least two sources comprising a first source and a second source, in which the reliability information for the first source is different from the reliability information for the second source;

based at least in part on the probabilities, determine odds for betting on at least one of the plurality of possible future states; and

cause information about the plurality of possible future states and the odds to be displayed to the plurality of users.

15. The method of claim 13, in which the instructions, when executed by the at least one processor, further direct the at least one processor to:

determine a probability of occurrence for each of the plurality of possible future states;

based at least in part on the probabilities, determine odds for betting on at least one of the plurality of possible future states; and

cause information about the at least one possible future state and the odds to be displayed to the plurality of users.

16. The method of claim 15, in which the act of determining a probability for at least one of the plurality of possible future states comprises determining a probability for the at least one possible future state based on a player'"'"'s performance prior to the sporting event in at least one of the following performance categories:

batting average, points scored, yards run, number of carries, runs batted in (RBIs), bases stolen, home runs, pass completion percentage, on base percentage, total bases per at bat, number of errors, number of aces, double fault percentage, free throw percentage, number of rebounds, handicap, number of golf strokes, and number of strike-outs.

17. The method of claim 15, in which the probability of occurrence for the at last one possible future state is determined based on state information of the sporting event received after a start of the sporting event.

18. The method of claim 15, in which the probability of occurrence for the at last one possible future state is determined based on information about at least one injury to at least one player of a team playing in the game.

19. The method of claim 13, in which the payout is paid according to pari mutuel betting rules.

20. An apparatus comprising:

means for causing a live video of a sporting event to be displayed on a touch-sensitive display to a plurality of users in substantially real-time, the sporting event having a playing field that is displayed at each touch-sensitive display;

means for receiving state information of a live event in substantially real time, in which the live event comprises a sporting event played by human players according to predetermined rules that are used to determine at least one winner of the sporting event;

means for determining a plurality of possible future states of the sporting event based on the state information;

means for receiving from a first of the plurality of users a first bet comprising a selection of one of the plurality of possible future states corresponding to a location on the playing field, in which the selected one of the plurality of possible future states is selected by touching an image of the location on the playing field displayed on the touch-sensitive display;

means for determining that the selected possible future state corresponding to the location on the playing field has occurred; and

means for causing a payout to be paid to the first user based on the first bet and the act of determining that the selected possible future state corresponding to the location on the playing field has occurred.