SYSTEM AND METHOD FOR BETTING ON A PARTICIPANT IN A GROUP OF EVENTS

• US 20150031423A1
• Filed: 06/26/2014
• Published: 01/29/2015
• Est. Priority Date: 03/31/2003
• Status: Active Grant

• Current Assignee: Cantor Index LLC
• Original Assignee: Cantor Index LLC
• Inventors: Amaitis, Lee M., Asher, Joseph M., Burgis, Adam, Crosthwaite, Dominic
• Granted Patent: US 10,304,292 B2
• Time in Patent Office: Days
• US Class Current: 463/6
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• 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 17/3258 Cumulative reward schemes, e.g. jackpots
• CPC Class Codes: G07F 17/3288 Betting, e.g. on live events, bookmaking

Abstract

A method of managing bets includes receiving first types of bets and second types of bets. Each first type of bet comprises a bet that the number of units earned by a participant in a plurality of events will fall within a first range of numbers. Each second type of bet comprises a bet that the number of units earned by the participant over a course of a plurality of events will fall within a second range of numbers. The total number of units earned by the participant is determined based on the positioning of the participant in each event. The method includes determining whether the first or second type of bets are winning bets. A betting pool is determined based on the total amounts associated with the first and second types of bets. A payout is determined based on the betting pool and the total amounts of the winning bets.

Claims

1-52. -52. (canceled)

53. An apparatus comprising:

at least one processor; and

at least one memory having instructions stored thereon that are configured to cause at least one processor to;

receive information about a first bet comprising a bet amount and a first prediction about a total number of units that will be earned by a first participant over the course of a plurality of events, the first participant participating in at least two of the plurality of events;

determine the total number of units actually earned by the first participant over the course of the plurality of events based at least in part on the positioning of the first participant in each of the at least two of the plurality of events;

determine an outcome of the first bet based at least in part on whether the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction; and

cause a payout to be paid on the first bet if the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction.

54. The apparatus of claim 53, in which the first prediction comprises a bet that the total number of units that will be earned by the first participant over the course of the plurality of events will fall within a first range of numbers.

55. The apparatus of claim 54, in which the instructions are further configured to cause the at least one processor to:

receive information about one or more second bets that the total number of units earned by the first participant over the course of the plurality of events will fall within a second range of numbers different from the first range of numbers, each second bet having an associated bet amount, in which the first range of numbers comprises at least a first number and a second number, and in which the second range of numbers comprises a third number and a fourth number that are both different from the first and second numbers, the one or more second bets having one or more respective second bet amounts;

determine a betting pool based at least in part on a sum of (1) the one or more second bet amounts and (2) all amounts of bets that the total number of units earned by a first participant over the course of a plurality of events will fall within the first range of numbers; and

in which one or more payouts on one or more winning bets are determined based at least in part on the betting pool and the total of the bet amounts associated with the one or more winning bets.

56. The apparatus of claim 54, in which the instructions are further configured to cause the at least one processor to:

determine an index number based on an expected total number of units that are expected to be earned by the first participant over the course of the plurality of events,

in which the first range of numbers comprises numbers that are both (1) less than the index number and (2) greater than a non-zero number less than the index number, and does not comprise any numbers greater than the index number or less than the non-zero number less than the index number;

in which the second range of numbers comprises numbers greater than the index number and less than a number greater than the index number, and does not comprise any numbers less than the index number or greater than the number greater than the index number; and

receive a second bet that that the total number of units earned by the first participant over the course of the plurality of events will fall within the second range of numbers, the second bet having an associated bet amount.

57. The apparatus of claim 56, in which the instructions are further

configured to cause the at least one processor to:

receive information about one or more second bets that the total number of units earned by the first participant over the course of the plurality of events will fall within a second range of numbers different from the first range of numbers, each second bet having a respective bet amount;

receive information about one or more third bets that the total number of units earned by the first participant over the course of the plurality of events will fall within a third range of numbers different from the first and second ranges of numbers, each third bet having a respective bet amount;

determine a betting pool based on the respective amounts associated with the first bet, the one or more second bets, and the one or more third bets;

cause a payout to be paid from the betting pool on each of the one or more second bets if the total number of units actually earned by the first participant over the course of the plurality of events is within the second range of numbers; and

cause a payout to be paid from the betting pool on each of the one or more third bets if the total number of units actually earned by the first participant over the course of the plurality of events is within the third range of numbers.

58. The apparatus of claim 57, in which the instructions are further configured to cause the at least one processor to:

determine an index number based on a predicted total number of units earned by the first participant over the course of the plurality of events; and

determine at least two of the first range of numbers, the second range of numbers, and the third range of numbers based at least in part on the index number,

in which the plurality of events comprises a plurality of races and the first participant comprises a driver.

59. The apparatus of claim 58,

in which the numbers within the first, second, and third ranges do not overlap.

60. The apparatus of claim 53, wherein the number of units earned by the first participant comprises an amount of money earned by the first participant during the course of the plurality of events.

61. The apparatus of claim 53, in which:

the first participant competes in at least two of the plurality of events,

a second participant competes in one or more of the plurality of events,

a third participant competes in one or more of the plurality of events,

the first, second, and third participants are different participants, and

62. The apparatus of claim 53, in which at least one of the first, second, and third participants does not compete in at least one of the plurality of events.

63. The apparatus of claim 53, in which the plurality of events comprises at least two race events, and wherein the act of determining the total number of units actually earned by the first participant comprises, for each of the at least two race events:

determining the finishing position of the first participant in the race event; and

determining a number of units earned by the first participant based at least on the finishing position of the first participant in the race event.

64. The apparatus of claim 53, wherein determining the total number of units earned by the first participant comprises, for each of at least two of the plurality of events:

determining a position of the first participant; and

determining a number of units earned by the first participant based at least on the position of the first participant and a unit distribution structure defining a distribution of units for each of a plurality of positions associated with the event.

65. The apparatus of claim 64,

in which the unit distribution structure for each of the at least two events comprises a purse distribution structure defining a distribution of a purse over a plurality of positions in the event, and

in which, for each of the plurality of events, at least two participants in the event can earn points based on their respective finishing position in that event.

66. The apparatus of claim 53, in which the plurality in which the instructions are further configured to cause the at least one processor to:

receive, after one or more of the plurality of events has occurred, information about a second bet comprising a prediction about the total number of units that will be earned by the first participant over the course of a set of remaining events, the remaining events comprising the plurality of events excluding the one or more events that have occurred, in which the information about the second bet is received after a conclusion of a first of the plurality of events and before a beginning of a second of the plurality of events.

67. The apparatus of claim 66, wherein the first bet and the second bet are received from a first user, and wherein the combination of the first bet and the second bet lock in a gain.

68. The apparatus of claim 53, in which the instructions are further configured to cause the at least one processor to, after a conclusion of at least a first one of the plurality of events and before a beginning of at least has occurred and before a start of at least a second one of the plurality of events:

receive a request to settle the first bet;

determine an amount of a settlement payment for the first bet based at least in part on the positioning of the first participant in each of the plurality of events that has occurred including the at least first one of the events; and

cause the settlement payment to be paid on the first bet, wherein the first bet is no longer eligible to win after the settlement payment is paid.

69. The apparatus of claim 53, in which the first bet is generated based on a selection of the first participant from at least three participants each participating in at least one of the plurality of events.

70. The apparatus of claim 53, in which the plurality of events comprises a plurality of horse races.

71. A method comprising:

receiving, by at least one processor electronically coupled to at least one memory, information about a first bet comprising a bet amount and a first prediction about a total number of units that will be earned by a first participant over the course of a plurality of events, the first participant participating in at least two of the plurality of events;

determining, by the at least one processor, the total number of units actually earned by the first participant over the course of the plurality of events based at least in part on the positioning of the first participant in each of the at least two of the plurality of events;

determining, by the at least one processor, an outcome of the first bet based at least in part on whether the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction; and

causing, by the at least one processor, a payout to be paid on the first bet if the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction.

72. An apparatus comprising:

means for receiving information about a first bet comprising a bet amount and a first prediction about a total number of units that will be earned by a first participant over the course of a plurality of events, the first participant participating in at least two of the plurality of events;

means for determining the total number of units actually earned by the first participant over the course of the plurality of events based at least in part on the positioning of the first participant in each of the at least two of the plurality of events;

means for determining an outcome of the first bet based at least in part on whether the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction; and

means for causing a payout to be paid on the first bet if the total number of units actually earned by the first participant over the course of the plurality of events satisfies the first prediction.