System and method for sports wagering using dynamic real-time pricing and trading

Abstract

A system for operating a sports gaming event using a graphical interface of a computing device application, the system including: a processor; and a memory coupled to the processor, wherein the memory stores instructions that, when executed by the processor, cause the processor to: receive sports data about a sporting event via a network; access a database of historical statistics relating to the sporting event and to players playing in the sporting event; select at least one betting scenario from a betting scenario database based on the sports data and the historical statistics; calculate an initial probability of the betting scenario occurring based on the sports data and the historical statistics; generate an initial price of the betting scenario based on the initial probability; display the betting scenario and the initial price on the graphical interface; and receive a response to the betting scenario from at least one user.

What is claimed is: 
     
         1 . A system for displaying sporting outcome information on a graphical interface, the system comprising:
 a processor; and   a memory coupled to the processor, wherein the memory stores instructions that, when executed by the processor, cause the processor to:
 receive initial sports data about a live sporting event via a computer network; 
 access a database of historical statistics relating to the live sporting event and to players playing in the live sporting event; 
 access and select a sporting outcome relating to the live sporting event from a sporting outcome database; 
 calculate an initial probability of the sporting outcome occurring based on the initial sports data and the historical statistics, wherein the initial probability comprises a number between 1 and 99; 
 display the sporting outcome and the initial probability on the graphical interface; 
 after receiving the initial sports data, receive updated sports data about the sporting event via the computer network; 
 calculate an updated probability of the sporting outcome occurring based on the updated sports data and the historical statistics; and 
 display the sporting outcome and the updated probability on the graphical interface. 
   
     
     
         2 . The system of  claim 1 , wherein the updated probability may be higher, lower, or the same as the initial probability. 
     
     
         3 . The system of  claim 1 , wherein the instructions when executed cause the processor to:
 access and select a plurality of sporting outcomes relating to the live sporting event from a sporting outcome database;   calculate an initial probability of each of the sporting outcomes occurring based on the initial sports data and the historical statistics, wherein the initial probability comprises a number between 1 and 99;   display each sporting outcome and the respective initial probability on the graphical interface;   after receiving the initial sports data, receive updated sports data about the sporting event via the computer network;   calculate an updated probability of each sporting outcome occurring based on the updated sports data and the historical statistics; and   display each sporting outcome and the respective updated probability on the graphical interface.   
     
     
         4 . The system of  claim 1 , wherein the instructions when executed further cause the processor to:
 display the initial probability or the updated probability as a dollar amount based at least in part on the respective probability of the sporting outcome occurring;   display a mechanism for a user to wager on the sporting outcome.   
     
     
         5 . The system of  claim 4 , wherein the instructions when executed further cause the processor to receive a wager from the user on the sporting outcome. 
     
     
         6 . The system of  claim 5 , wherein the updated probability is calculated in part based on received wagers on the sporting outcome. 
     
     
         7 . The system of  claim 5 , wherein the updated probability is calculated in part based on a wagering location of received wagers on the sporting outcome. 
     
     
         8 . The system of  claim 5 , wherein the instructions when executed further cause the processor to update a balance of a user's account upon placement of a wager by the user. 
     
     
         9 . The system of  claim 1 , wherein examples of sporting outcomes comprise a baseball player getting a hit, a football player scoring a touchdown, a golfer making a birdie, a basketball player scoring a certain number of points, and a soccer player completing a certain percentage of passes. 
     
     
         10 . The system of  claim 1 , wherein the initial sports data and the updated sports data comprise information relating to the live sporting event, for example, comprising statistical information about the most recent play, a player's current statistics, a player currently playing in the game, a recent injury, a launch angle of a ball, and the distance traveled by a ball. 
     
     
         11 . A method for displaying sporting outcome information on a graphical interface, the method comprising:
 receiving, by a processor, initial sports data about a live sporting event via a computer network;   accessing, by the processor, a database of historical statistics relating to the live sporting event and to players playing in the live sporting event;   accessing and selecting, by a processor, a sporting outcome relating to the live sporting event from a sporting outcome database;   calculating, by the processor, an initial probability of the sporting outcome occurring based on the initial sports data and the historical statistics, wherein the initial probability comprises a number between 1 and 99;   displaying, by the processor, the sporting outcome and the initial probability on the graphical interface;   after receiving the initial sports data, receiving, by the processor, updated sports data about the sporting event via the computer network;   calculating, by the processor, an updated probability of the sporting outcome occurring based on the updated sports data and the historical statistics; and   displaying, by the processor, the sporting outcome and the updated probability on the graphical interface.   
     
     
         12 . The method of  claim 11 , wherein the updated probability may be higher, lower, or the same as the initial probability. 
     
     
         13 . The method of  claim 11 , further comprising:
 accessing and selecting, by the processor, a plurality of sporting outcomes relating to the live sporting event from a sporting outcome database;   calculating, by the processor, an initial probability of each of the sporting outcomes occurring based on the initial sports data and the historical statistics, wherein the initial probability comprises a number between 1 and 99;   displaying, by the processor, each sporting outcome and the respective initial probability on the graphical interface;   after receiving the initial sports data, receiving, by the processor, updated sports data about the sporting event via the computer network;   calculating, by the processor, an updated probability of each sporting outcome occurring based on the updated sports data and the historical statistics; and   displaying, by the processor, each sporting outcome and the respective updated probability on the graphical interface.   
     
     
         14 . The method of  claim 11 , further comprising:
 displaying, by the processor, the initial probability or the updated probability as a dollar amount based at least in part on the respective probability of the sporting outcome occurring; and   displaying, by the processor, a mechanism for a user to wager on the sporting outcome.   
     
     
         15 . The method of  claim 14 , further comprising receiving, by the processor, a wager from the user on the sporting outcome. 
     
     
         16 . The method of  claim 15 , wherein the updated probability is calculated in part based on received wagers on the sporting outcome. 
     
     
         17 . The method of  claim 15 , wherein the updated probability is calculated in part based on a wagering location of received wagers on the sporting outcome. 
     
     
         18 . The method of  claim 15 , further comprising updating, by the processor, a balance of a user's account upon placement of a wager by the user. 
     
     
         19 . The method of  claim 11 , wherein examples of sporting outcomes comprise a baseball player getting a hit, a football player scoring a touchdown, a golfer making a birdie, a basketball player scoring a certain number of points, and a soccer player completing a certain percentage of passes. 
     
     
         20 . The method of  claim 11 , wherein the initial sports data and the updated sports data comprise information relating to the live sporting event, for example, comprising statistical information about the most recent play, a player's current statistics, a player currently playing in the game, a recent injury, a launch angle of a ball, and the distance traveled by a ball.