US2012058815A1PendingUtilityA1
Dynamic betting system, method and computer program product
Est. expirySep 3, 2030(~4.1 yrs left)· nominal 20-yr term from priority
Inventors:Aleksandar Ivanov
G06Q 50/34G07F 17/32G06Q 30/00G07F 17/3288
28
PatentIndex Score
0
Cited by
0
References
0
Claims
Abstract
A dynamic betting valuator system, method and computer program product which enables bettors to make, withdraw, and increase/decrease the stake of bets on the outcome of particular events at any time is disclosed. Specialized stock and stock pricing mechanisms are applied in a betting context to create the dynamic betting valuator. The systems, methods and computer program product treat the placing of a bet by a bettor as a purchase of shares in that particular outcome for the particular event. Each potential outcome for a given event has an associated “outcome stock” in which players are buying shares. Each bet amount on a certain outcome is converted into a number of shares of that outcome stock. A bettor may change his bet, i.e. have the computer program product sell shares in a particular outcome stock, prior to the event taking place, potentially making a profit from the bet despite the outcome not yet having been determined.
Claims
exact text as granted — not AI-modifiedWhat is claimed is:
1 . A method for dynamic betting, comprising the steps of:
identifying one or more events and at least two possible outcomes for each of said identified one or more events; setting initial odds for each possible outcome of said identified one or more events; presenting to a plurality of users, each user having an account, information indicating said identified one or more events, the possible outcomes of said identified one or more events, and the associated odds for each possible outcome; receiving a selection of an event by a user; receiving a selection of a possible outcome of said selected event by said user; receiving an indication of a desired stake in the selected possible outcome of said selected event from said user; determining a first value that indicates the value of the user's desired stake in the selected possible outcome of said selected event; determining a second value that indicates the value of the user's initial stake in the selected possible outcome of said selected event; determining a difference between said first and second values; providing a first update to the user's account to reflect a current stake in the selected possible outcome of said selected event based on said difference; determining current odds for the selected possible outcome of said selected event; identifying the actual outcome of said selected event; and providing a second update to the user's account based on said current stake, said current odds, and said actual outcome.
2 . The method of claim 1 , wherein the step of updating the user's account further comprises:
updating a quantity of the user's free cash according to:
FC i,g,t =FC i,g,t-1 −D i,g
wherein FC i,g,t is the user's current free cash, FC i,g,t-1 is the user's initial free cash, and D i,g represents said difference between the value of user's desired and initial stakes in the possible outcome of the event.
3 . The method of claim 1 , wherein said desired stake, initial stake, and current stake are quantities of shares in the possible outcome of said event in a dynamic betting marketplace and there is a total number of outstanding shares associated with said possible outcome in the dynamic betting marketplace.
4 . The method of claim 3 , wherein the step of updating the user's account further comprises:
updating the quantity of the user's current shares in the outcome of said event according to:
u i,g,t −u i,g,t-1 +k i,g .
wherein u i,g,t is the user's current quantity of shares in the possible outcome, u i,g,t-1 is the user's initial quantity of shares in the possible outcome, and k i,g represents a change in the total number of outstanding shares for the possible outcome of said event based on said first update.
5 . The method of claim 3 , further comprising:
determining the current value of a number of shares (u i ) for a possible outcome of an event according to:
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wherein v is a market state, and B is a liquidity parameter.
6 . The method of claim 3 , further comprising:
determining a price (p i ) for a share of the possible outcome of said event according to:
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wherein v indicates the number of shares in the possible outcome of said event that are owned by users and B is a liquidity parameter.
7 . The method of claim 1 , wherein at least one of the user's desired stake, initial stake, or current stake is expressed as an amount of a currency unit.
8 . The method of claim 7 , wherein there is a total number of outstanding shares associated with said possible outcome in a dynamic betting marketplace, the method further comprising:
converting at least one of the user's desired stake, initial stake, or current stake into a number of shares of the outcome of said event.
9 . The method of claim 8 , wherein the converting step is accomplished according to:
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=
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wherein D is amount of said desired stake, B is a liquidity factor, and v is a number of shares associated with the outcome of said event.
10 . The method of claim 1 , further comprising:
identifying each user having a current stake in the outcome of said event, wherein said current stake is a quantity of shares in the possible outcome of said event associated with the account of each of said identified users; updating the account of each user based on said current stake, said current odds, and said actual outcome; and removing all shares of said outcome for said event from each user's account.
11 . A system for providing a dynamic betting marketplace, comprising:
a database storing accounts for a plurality of users; and one or more servers configured to: identify one or more events and at least two possible outcomes for each of said identified one or more events; set initial odds for each possible outcome of said identified one or more events; present to the plurality of users information indicating said identified one or more events, the possible outcomes of said identified one or more events, and the associated odds for each possible outcome; receive a selection of an event by a user; receive a selection of a possible outcome of said selected event by said user; receive an indication of a desired stake in the selected possible outcome of said selected event from said user; determine a first value that indicates the value of the user's desired stake in the selected possible outcome of said selected event; determine a second value that indicates the value of the user's initial stake in the selected possible outcome of said selected event; determine a difference between said first and second values; provide a first update to the user's account to reflect a current stake in the selected possible outcome of said selected event based on said difference; determine current odds for the selected possible outcome of said selected event; identify the actual outcome of said selected event; and provide a second update to the user's account based on said current stake, said current odds, and said actual outcome.
12 . The system of claim 11 , wherein said one or more servers comprises:
a front-end server that is accessible to a user device and is configured to render information related to said event to said user device via a network; a back-end server configured for data processing; and a communications layer that is configured to: receive data from said user device, transform said data, and transmit said transformed data to said back-end server.
13 . The system of claim 12 , wherein said back-end server includes multiple instances adapted for parallel processing of data received from the front-end.
14 . The system of claim 13 , wherein said communications layer is further configured to optimally distribute requests across said multiple instances of said back-end.
15 . The system of claim 12 , wherein said back-end is configured to determine if the user's desired stake in the outcome of said event is in accordance with one or more validation parameters.
16 . The system of claim 12 , wherein said front-end is further configured to deliver to said user device user input controls.
17 . The system of claim 16 , wherein said user controls include one of an entry field, slider, or knob that enable a user to input the user's desired stake in the possible outcome of said event.
18 . The system of claim 11 , wherein said desired stake, initial stake, and current stake are quantities of shares in the possible outcome of said event and there is a total number of outstanding shares associated with said possible outcome in the dynamic betting marketplace.
19 . The system of claim 11 , wherein said one or more servers are further configured to:
identify each user having a current stake in the outcome of said event, wherein said current stake is a quantity of shares in the possible outcome of said event associated with the account of each of said identified users; update the account of each user based on said current stake, said current odds, and said actual outcome; and remove all shares of said outcome for said event from each user's account.
20 . The system of claim 12 , wherein said back-end server is further configured to maintain a queue of information indicating the user's desired stake in the possible outcome of said event.
21 . The system of claim 11 , wherein said one or more servers are further configured to:
simultaneously receive an indication of a desired stake in the selected possible outcome of said selected event from a second user and a third user; and process said received indications from said second and third users in a random order.
22 . The system of claim 11 , wherein said one or more servers are further configured to:
update a quantity of the user's free cash according to:
FC i,g,t =FC i,g,t-1 −D i,g
wherein FC i,g,t is the user's current free cash, FC i,g,t-1 is the user's initial free cash, and D i,g represents said difference between the value of user's desired and initial stakes in the possible outcome of the event.
23 . The system of claim 18 , wherein said one or more servers are further configured to:
update the quantity of the user's current shares in the outcome of said event according to:
u i,g,t =u i,g,t-1 +k i,g .
wherein u i,g,t is the user's current quantity of shares in the possible outcome, u i,g,t-1 is the user's initial quantity of shares in the possible outcome, and k i,g represents a change in the total number of outstanding shares for the possible outcome of said event based on said first update.
24 . The system of claim 18 , wherein said one or more servers are further configured to:
determine the current value of a number of shares (u i ) for a possible outcome of an event according to:
CV
i
(
u
i
,
v
,
B
)
=
B
ln
(
exp
v
i
-
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i
B
+
∑
j
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exp
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v
j
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exp
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i
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exp
(
v
j
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.
wherein v is a market state, and B is a liquidity parameter.
25 . The system of claim 18 , wherein said one or more servers are further configured to:
determine a price (p i ) for a share of the possible outcome of said event according to:
p
i
(
v
,
B
)
=
exp
(
v
i
B
)
exp
(
v
i
B
)
+
∑
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≠
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exp
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v
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wherein v indicates the number of shares in the possible outcome of said event that are owned by users and B is a liquidity parameter.
26 . The system of claim 11 , wherein at least one of the user's desired stake, initial stake, or current stake is expressed as an amount of a currency unit, there is a total number of outstanding shares associated with said possible outcome, and said one or more servers are configured to:
convert at least one of the user's desired stake, initial stake, or current stake into a number of shares of the outcome of said event according to:
k
i
(
v
,
W
,
B
)
=
B
ln
(
exp
(
D
B
+
ln
(
exp
(
v
i
B
)
+
∑
j
≠
1
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(
v
j
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)
)
-
∑
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≠
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exp
(
v
j
B
)
)
-
v
i
.
wherein D is amount of said desired stake, B is a liquidity factor, and v is a number of shares associated with the outcome of said event.Join the waitlist — get patent alerts
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