CA2460367A1 - Real-time interactive wagering on event outcomes - Google Patents
Real-time interactive wagering on event outcomes Download PDFInfo
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- CA2460367A1 CA2460367A1 CA002460367A CA2460367A CA2460367A1 CA 2460367 A1 CA2460367 A1 CA 2460367A1 CA 002460367 A CA002460367 A CA 002460367A CA 2460367 A CA2460367 A CA 2460367A CA 2460367 A1 CA2460367 A1 CA 2460367A1
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- G—PHYSICS
- G07—CHECKING-DEVICES
- G07F—COIN-FREED OR LIKE APPARATUS
- G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
- G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements
- G07F17/3244—Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q50/00—Systems or methods specially adapted for specific business sectors, e.g. utilities or tourism
- G06Q50/34—Betting or bookmaking, e.g. Internet betting
-
- G—PHYSICS
- G07—CHECKING-DEVICES
- G07F—COIN-FREED OR LIKE APPARATUS
- G07F17/00—Coin-freed apparatus for hiring articles; Coin-freed facilities or services
- G07F17/32—Coin-freed apparatus for hiring articles; Coin-freed facilities or services for games, toys, sports, or amusements
- G07F17/3286—Type of games
- G07F17/3288—Betting, e.g. on live events, bookmaking
Abstract
[0083] Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes.
Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino games, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.
Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino games, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.
Description
REAL-TIME INTERACTIVE WAGERING ~'.~N EVENT OUTCOMES
Background of the Invention ~OOG1] The present invention relates to real-time interactive wagering on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, political events, games of chance, and natural phenomena such as weather and earthquakes. Wagers can be of a fixed.-odds type ar a spread-bet type (both described further below). Wagers can be placed on, for example, the change in the Consumer Price Index for a given month;
a nation°s Gross Domestic Product (G.t~P); a casino's payout or winnings at blackjack over a given period;
the team that will win ba;~eball~s ~nlo.rld Series; the actor that wilF win an Academy Award.; and the price movement of individual stocks, gold, commodities, or any real-time vndex. Events on which wagers can be placed include both those with known and. unknown outcome probabilities. The prese:~yt invention does not, 2o however, involve trading of financial instruments.
~~0~2) Current wagerirxg systems are often slow and inefficient, and thus do not offer clients real-time wagering. Many known systems conduct wagering manually by telephone_ Even known online wagering systems do not offer real-time wagering. Processing delays are commonly incurred between i~~.itially ~Olacing a wager and receiving confirmation. of t~.at wage:r.. For example, after a client places a wager, the client's available credit is usually checked before the wager is accepted and confirmed. During such processing delays, the price of a desired wager can and often does chance.
Thus clients may not at times get tire prices originally presented. Moreover, presented wader p~°aces are typically not current, but often may lag actual prices by as much as 5-~.0 minutes. Another disadvantage of known wagering systems is f:heir lir.ited selection of events on which to wager. Known systems and methods generally cannot easily establish wagering on customized or client-requested events, such as, for example, the snowfall in IvTew York's Central Park next Chr~_stmas Day .
[~003 In view of the foregoing, it would be desirable to provide real-time interactive wagering on event outcomes .
(~0~~> It would also be desirable to provide real-time interactive wagering on event oa~tc:omes with real-time transaction confirmation.
(000~~ It would further be desirable to provide real-time interactive wagering on event outcomes with real-time management of client-wagering credit.
~000~3 It would still further be c~.esirable to provide real-time interactive wagering on event outcomes with automatic wager-tracing indices.
~0~~7] .It would yet further be desirable to provide real-time interactive wagering on event outcomes with automatic dealer hedging.
., t000~] It would also be desirable to provide real-time interactive wagering on event outcomes wit~~
automatic price-spread adjustment 10009] It wou~_d further :~e desirable to provide real-time interacitive wager:~rg on event outcomes with automatic forward price setting.
10010] It would further be desirable to provide real-time intera~:tive i~,ragerinc~ on event outcomes with selectable foreign or domestic currencies.
10011] It would further be desirable to provide real-time interactive remote participation in casino events.
10012] It would further be desirable to provide real-time interactive remo~.e wagering on event outcomes with a cap and collar for spread-bet wagering.
Summary of the wnvention t00~.3] It is an object of this :invexition to provide real-time interactive wagering on event: outcomes.
t003~] It is also an object of this invention to provide real-time interactive ;wagering on event outcomes with real-time transaction confirmation.
10015] It is further an object of this invention to provide real-time interactive wageri~-!g on event outcomes with real-time rnanagement~ of client-wagering credit.
1001.6] It is still furvher an object of this -invention to provide real-time interactive wagering on event outcomes with automatic wager-tracing indices.
10017] It is yet further an object of this a_nvent:~on to provide r.ea_i.-time interactive wagering on event outcomes with automatlC dealer hedging.
- sf -(0018I It is another object of dais invention to provide real-time interactive wagering on event outcomes with automatic price-sprean adjustmentv.
(0019 It is still another object of this invention to provide real-tame interactive wager~?ng on event outcomes with au~:omatic for~Tard price setting.
(0020 It ~.s still another object of this invention to provide real-time interactive wagering on event outcomes with selectable foreign or domestic currencies.
(0021 It is still another object of this invention to provide real-Lime interactive remote participation in casino events.
(00222 It is yet another object of this invention to provide real-time interactive remote wagering on event outcomes with a cap and collar for spread-bet wagering.
(0023 In accordance with this i-~.vent.ion, a data processing computer and a plurality of client workstations are provided i~hat communicate interactively va.a a netwar_~. The workstations can be, for example, personal computers, laptop computers, mainframe computers, dumb terminals, personal digital assistants (PDAs), cellular phones, or other portable devices having network capabilities. The network can be, for example; the Internet, an ~ahernet, a token ringi a token bus, or any other suitab?e communications medium or configuration that links the workstations with the data processing computer. r~'he present invention opera~es interactively with online clients 3C preferably via an Internet Web site.
Background of the Invention ~OOG1] The present invention relates to real-time interactive wagering on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, political events, games of chance, and natural phenomena such as weather and earthquakes. Wagers can be of a fixed.-odds type ar a spread-bet type (both described further below). Wagers can be placed on, for example, the change in the Consumer Price Index for a given month;
a nation°s Gross Domestic Product (G.t~P); a casino's payout or winnings at blackjack over a given period;
the team that will win ba;~eball~s ~nlo.rld Series; the actor that wilF win an Academy Award.; and the price movement of individual stocks, gold, commodities, or any real-time vndex. Events on which wagers can be placed include both those with known and. unknown outcome probabilities. The prese:~yt invention does not, 2o however, involve trading of financial instruments.
~~0~2) Current wagerirxg systems are often slow and inefficient, and thus do not offer clients real-time wagering. Many known systems conduct wagering manually by telephone_ Even known online wagering systems do not offer real-time wagering. Processing delays are commonly incurred between i~~.itially ~Olacing a wager and receiving confirmation. of t~.at wage:r.. For example, after a client places a wager, the client's available credit is usually checked before the wager is accepted and confirmed. During such processing delays, the price of a desired wager can and often does chance.
Thus clients may not at times get tire prices originally presented. Moreover, presented wader p~°aces are typically not current, but often may lag actual prices by as much as 5-~.0 minutes. Another disadvantage of known wagering systems is f:heir lir.ited selection of events on which to wager. Known systems and methods generally cannot easily establish wagering on customized or client-requested events, such as, for example, the snowfall in IvTew York's Central Park next Chr~_stmas Day .
[~003 In view of the foregoing, it would be desirable to provide real-time interactive wagering on event outcomes .
(~0~~> It would also be desirable to provide real-time interactive wagering on event oa~tc:omes with real-time transaction confirmation.
(000~~ It would further be desirable to provide real-time interactive wagering on event outcomes with real-time management of client-wagering credit.
~000~3 It would still further be c~.esirable to provide real-time interactive wagering on event outcomes with automatic wager-tracing indices.
~0~~7] .It would yet further be desirable to provide real-time interactive wagering on event outcomes with automatic dealer hedging.
., t000~] It would also be desirable to provide real-time interactive wagering on event outcomes wit~~
automatic price-spread adjustment 10009] It wou~_d further :~e desirable to provide real-time interacitive wager:~rg on event outcomes with automatic forward price setting.
10010] It would further be desirable to provide real-time intera~:tive i~,ragerinc~ on event outcomes with selectable foreign or domestic currencies.
10011] It would further be desirable to provide real-time interactive remote participation in casino events.
10012] It would further be desirable to provide real-time interactive remo~.e wagering on event outcomes with a cap and collar for spread-bet wagering.
Summary of the wnvention t00~.3] It is an object of this :invexition to provide real-time interactive wagering on event: outcomes.
t003~] It is also an object of this invention to provide real-time interactive ;wagering on event outcomes with real-time transaction confirmation.
10015] It is further an object of this invention to provide real-time interactive wageri~-!g on event outcomes with real-time rnanagement~ of client-wagering credit.
1001.6] It is still furvher an object of this -invention to provide real-time interactive wagering on event outcomes with automatic wager-tracing indices.
10017] It is yet further an object of this a_nvent:~on to provide r.ea_i.-time interactive wagering on event outcomes with automatlC dealer hedging.
- sf -(0018I It is another object of dais invention to provide real-time interactive wagering on event outcomes with automatic price-sprean adjustmentv.
(0019 It is still another object of this invention to provide real-tame interactive wager~?ng on event outcomes with au~:omatic for~Tard price setting.
(0020 It ~.s still another object of this invention to provide real-time interactive wagering on event outcomes with selectable foreign or domestic currencies.
(0021 It is still another object of this invention to provide real-Lime interactive remote participation in casino events.
(00222 It is yet another object of this invention to provide real-time interactive remote wagering on event outcomes with a cap and collar for spread-bet wagering.
(0023 In accordance with this i-~.vent.ion, a data processing computer and a plurality of client workstations are provided i~hat communicate interactively va.a a netwar_~. The workstations can be, for example, personal computers, laptop computers, mainframe computers, dumb terminals, personal digital assistants (PDAs), cellular phones, or other portable devices having network capabilities. The network can be, for example; the Internet, an ~ahernet, a token ringi a token bus, or any other suitab?e communications medium or configuration that links the workstations with the data processing computer. r~'he present invention opera~es interactively with online clients 3C preferably via an Internet Web site.
(002] The present invention preferably provides automatic real-time client credit management, real-time online corroborated wager prices, real-time interactive transactian confirmation, automatic price-spread adjustments, automatic setta.ng of forward pricing, automatic wager-tracking indices, automatic dealer hedging, automatic client and dealer defined wagering limits, and multiple-price z~,ragering. Other features of the present invention include chOiCe o~ Currencies for buying and selling, and provisions for evaluating and establishing wagering on events reqmested by clients.
The present invexition can be deployed in a dealer environment in ~Nhich clients wager with the "house,°
which acts as dealer, or in a brokerage environment in which clients wager with other clients or combinations of other houses, one or more of the. houses acting as broker or another de°ler.
Brief Description of the Drawings 00025] The above and other objects and advantages of the invention will be apparent upon consideration of the following detailed description, taken in conjunction with. the accampanying drawings, in which like reference characters ~°efer to like parts throughout, and in whiche E00~6] FIG. ~_ is a bloc: diagram of a system for real-time interactive wage.~ir~g in accordance with the present invention;
E00z7] FIG. ~ is a flow diagram of a client qualificatian process in accordance with the present invention;
(0028] FIG. 3 is a flow diagram. of a client credit management process in accordance wzt~~ the present invention;
(OQ29] FIGS. 4-8 are a series of scveen displays illustrating an interactive wager transaction in accordance with the present inventiowr and ~003t~j FIG. 9 is a flow cxiagram of an automatic hedging process ~.n accordance with the present invention.
Detailed Description of the Invention ~a632~ The present invention is directed to systems and methods for e=eal-time interactive wagering on event outcomes. The systems and metb.ods of the present invention may be implemented using a data processing computer and a plurality of client wox-k:~tations that communicate interactively enrith the computer via a 1~ network.
[0032 FIG. 1 illustrates a rea7_-time interactive wagering system 100 according to the present invention.
The system includes a house wa.gerir~g processor 102 and a plurality of client workstations 1.04-107, all of which are linker. together via network 108. Wac~er~.nq processor 102 ca.n be, for example, a data processing computer having appropriat~~ processirxg speed and memory capacity. Client workstations 104-107 can be directly o_r remotely connected to processor 102 and can be, for example, personal computers, dumb term~.raals, personal digital assistants (PLAs), laptop computers, mainframe computers, cellular telephones with Internet capabilities,. o:r other devices capable of communicating with processor 102 via network 108. ~TE:twork 108 cart be, for example, the Internet;, an Fthernet, a token ring, a tOkell bvs, or any other suitable communication medium or configuration that links tl~e workstations with processor 102 to provide real.-ts_me interaction.
_.
In a preferred embodiment, clients preferably interact with the system zria an Internet Web site.
[0033) Wagering system 100 also includes electronic feeds 110 and 112 each coupled to processor 102 and to respective prefer=ably independent market data sources 114 and 116. As described further below, market data sources 114 and 116 each provide px~zc3.ng and other information regarding knows. markets; ~.ndices and the like (e. g, S&P 500, stock prices, a°~c.). Electronic feeds 110 and 112 can be ar~y communication medium that transmits available market data and changes thereof substantially immediately.
[0030 An account with "the housQ~" is first opened by establishing credit in any know~~ or appropriate manner. For example, credit may be established by submitting a financial sta~.ement or credit report, by authorizing the house to c:~.arge a e.redit card, or by depositing cash or securities with the house. The house is likely to then further qualify a client in accordance with either con~Tentional standards of the financial indus~l~ry, proprietary standards of the house, or a combination of both. Qualificat.ic>n standards may be further based on wagering in either a dealer environment, a :~arokerage environments or both.
[0035) FIG. 2 shows an embodiment o~W a client qualifioation process according to the present invention. Qualification process 20~) begins at qualification state 202 alter a client has opened an account and has established a line-of-credit as described above. At 204, the client logs in to the wagering systercc by entering an identifier (ID; and a password at one of client workstations 104-107. At 206, house wagering proce>>sor 102 applies a _.
predetermined house qual.ifif-ation test on the client°s line-of-credit and other fig=ancial ~_nfarmation as deemed appropriate by the hawse. This test determines whether the client is currently qualified to wager on currently available event outcomes or particular subsets thereof. At ~~8, the house wagering system preferably applies a third-party qualification test for wagering in one ~~r more brokerage env:i.ronments. After applying the house and third-party qua.li.fication tests, wagering parameters sre assigned to the client at 210.
These wagering parameters can include, for example, the types of available event outcomes, available third-parties, and assOCiated wagering minimums. At 212, the wagering system determines whether the client qualifies I5 to participate zn wagering based on the assigned 5.aagering parameters and the client's current financial situation. If qualified, dwhe client can proceed to wager on selected event ou;vcomes. If the client does not qualify, the system performs a risk notification 2o function at .2'! ~ . The client may then be informed of the non-qualification. Additionally or alternatively, the risk notification function may alert the house that further scrutiny of that client's credentials is required. The system then returns to host 25 qualification test 2~6 where, if a~~.y deficiencies had been corrected by the client or modifications made by the house, the qualification tests are reapplied.
~003~~ Once credit is established anal. the client is qualified to wager, the system automatically manages 3~ that credit in real tame, and presents to a client --before any wagers are placed -- only an amount the client is currently authorized to wager. ~'or example, if a client is authorized to wage: ~10~~0 and wagers r~
$1000 that the Dow Jones Inc~.ustrial Average (DJIA.) will rise to a certain value by a certai:r~ date, and then on another event collects X1500 from a matured wager, the system automatically updates the client's credit in real time to autl~.orize the client to wager another $500. The system will not permit a client to wager more than that client=s authorized amount.
X0037) Moreover, the system preferably presents to a client only those events whose min~_~num wagering amounts l0 are within the client's authorized credit. As a client places wagers, the system not only automatically updates the client°s credit in real time, but also updates the displayed list of events on which that client has sufricient authorized credit to wager.
25 Thus, as a client°s credit increases, more events on which to wager raay be showv~. Conversely, as a client"s credit decreases, less events on which to wager may be shown. Alternaf~ively, the system can also display other wagers regardless of whether the client's 20 authorized credit meets their minimum wagering amounts.
Such other wagevs may include the most popular one, a reference set of wagers (e. g., the DLfiIA and the FTSE
with respect to a wager on the price of IBM stock at the end of the month), a wager that is being promoted, 25 wagers likely to be of interest to t:~.e client in view of the client's past wagering activity, or wagers in accordance with a client's customized display (described further below).
[003~~ FIC. 3 snows an embodiment of a client credit 30 management process 300 accord~.r~g t.o the present invention. The system determines a client's current available creel.t at 302. If the client's cred~.t is based upon securit:~es or other variable assets, the J_ current market values oø those securities or other assets are ascertained to determine the client's available credit. At 30~, the system sE:lects wagerable event outcomes whose minimum wagering amounts do not exceed the client's current available credit. If the client has provided instructions customizing the selection of wagerable event outcomes; at 306, those wagerable event outcomes not in accordance with the client°s Znstruc'~ions are removed from the selection of event outcomes. At 3Q8, the system calculates a preferably maximum amount that the client is authorized to wager for each of the selected uragerabL.e event outcomes. At 310, the selected wagerable event outcomes and their respective authorized wager amounts 25 are displayed to the client. At 312, if a request to wager is not received witha.n a prec;etermined tivrve period, the system returns to 302. if a request to wager is received, at 314 acceptance of the wager is confirmed and the client's available credit is 2o substantially immediately ~~.d~usted. The system then returns to 302.
COn3g] The system preferably also includes a reward feature that an accordance with house criteria rewards clients with either additional credit or other types of 25 gifts. House criteria for distributing rewards may include, for example, plac~.ng a certain number of wagers within a specified period of tirae, placing wagers on certain events, or wagering or winning certain amounts. The house may also wish to console 30 clients who have recently lost a wager by increasing their credit or providing some other reward.
C~04d] The svystem displays wagerable events, current wager prices, and preferably other market data. The displayed information is preferably customizable. For example, a client may wish to see omly wagerable events of interest (e. g., basketball events) or only those events upon which that client has placed wagers. For clients who have not customized their d~.splay, the house can initially set and then later~~zodify display defaults in acco~,dance with house polo ; es and objectives. Moreover, the pause can optionally override a client9s display defa-ult.s either temporarily or permanently to notify a client af, for example, new wagerable events or special. wagering prices of events not displayed by that client.
I0~41~ Displayed wager prices are updated in real time as price changes occur. To erasure that displayed pricing information and market data. based on exast~_nc~
markets are accurate, the system cr,;rroborates displayed data with preferably multz~le electronic feeds from at least two sources where po~sib:~e . Beca.use data from multiple sources are not 1T_kely syr_chronized with respect to t~_me,. the system preferably performs such synchronization. If pricey from multiple sources do not agree with each other after synchronization, the system may widen the spread, cancel bic~s/offers, or not accept any further wagering. This feature can advantageously avoid potentially costly errors.
L~042] The system prov~.des each client with a customizable preferably single display that shows, for example, various wagerable events on which that client can wager, prices for those events, applicable maturity (e.g., end of day, end of quarter, et c.), and authorized funds with which that r~lient can wag~er_ The maturity of an ever~.t outcome is the time, date, or time and date or~ which ~. wager on that event outcome _. 1 ~ _ concludes. For example, an event outcome may be a casino°s slot machine payouts and its maturity rnay be every hour on the hour each day. The status of an event outcome at it's maturity determines the outcome of wagers placed on that event.
[OC~~~ Wagers can be of at least two types -- a (fixed-odds wager or a spread-bet wager. A fixed-odds wager involves a fixed amount wagered ors an event outcome that mat3.zres on a p redetermined fL~ture date and time. For example, the house acting as a dealer, or another wagerer with the ho~zse acts.ng as a broker, may offer 10:1 odds that the Ss:~ 500 index will not exceed a certain level as of ~n00 p.m. on a certain day. A
client may then wager a fixed amouz~.t that the S&P will exceed that level. At the maturity date and time, the client will either lose the wagered a.~.nount or win 10 times the wagered amount. Thus, in this type of wager, the client ° s stC~ke i i . a . , vhe wagered amount ) is f fixed, and the risk to both the client and the dealer or other wagerer is known.
~~a44~ A spread-bet wager involves a fixed amount wagered on each inc:rementa:~. movement of a continuous event (e.g. , a stock price, the S&~ 50c3 index, etc. ) until a predetermined maturity (e.g.i end of day, week, or quarter). For example, assume the wagerable event is the movement. of ~.ndex X until t:he end of tha current quarter. The current price of Index X is $150. The house may set an offer price of $1505 and a bid price of $145, and the wager may be $1~0 per tick (a tick is 3o the smallest incremental movement of an event . To wager that Index X will rise, a client ''takes" the X1505 offer. For each tick rise in Index X, the clientrs stake increases ~2~0; for each tick drop in - 2.3 -Index X, the client°s stake decreases $100. To wager that Index X will drop, a client °°hits'° the $1495 bid.
Accordingly, for each tick drop in Index X, the client's stake increases ~1~0; for each tick rise in Index X, the clip=.nt's stake decreases X1.00. Potential winnings are for the most part unlimited, subject only to the amount of favorable movement of the contirsuous event until maturity, while losses are generally limited to the c:~zent's maximum credit..
X00453 To hedge a spread.-bet wader before maturity (e. g., because a client is losing too much), the client can place an opposite wager. for example, if the origirbal wager involved the price rise of XYZ stock by the end of the ouarter, but after t:he first week, the I5 price drops precipitously, the client can hedge that ~.aager by plaoiny (quickly) another wager that the price of XYZ will drop by the end of the quarte.~:. Thus, any additional losses incurred in the original wager will be substantiall~T offset by gains made on the hedged wager. Similarly, however, should XY2 stock reverse direction before the end of the quarter, any gains made on the original wager will also be substantially offset by losses incvr~red in the hedged wager.
Ia04~3 In another embodiment of the invention, a cap and collar svst~~m cauld be offered to clients as another way to :edge a spread-bet wager. ~Tith tY~e cap and collar system, a clier_t would agree to a limit on potential gains, (i.e., a cap), in exchange for a limit on potential losses (i.e., a collar). The cap would be calculated based on a number of elements (i.e., the spread, the collar, the predetermined risk criteria, the client, and. the market volatility).
- Z
[0~4'7~ While the cap and collar system places a limit on potential gains, it has certain advantages over other methods of hedgil~g spread-bet wagers. For example, the cap and collar system is not as subject to the risks of a ~,rolat~_le market. If a market drops in price rapidly, an opposite e.~aager might rot be transacted quickly enough to prevent a sizeable loss.
However, since the collar is established at a set amount, the maximum size of a poten.tia.l loss is guaranteed. Additionally, in the case of a market that drops in price and then recovers, p~~.aclllg an opposite wager would result in an overall loss for the wager, whereas hedging via the caf:~ and collar :system ~TO~ald result in an overall gain. Finally; the cap and collar system is simply t~.e most stra~.ghtf_orward way to limit risk for multiple spread-bet wagers.
[0081 After a cl:~ent enters one or more wagers on one or more selected events, the transaction is confirmed in real time. Substantially no processing delays are incurred primarily because the client has already been qualified and the selected. events a.nd wagered amounts have already been authorized.
[00~9~ If a wager price should change as a client places a wager; the system will prompt the client to Confirm acceptance of the price chance. This price retention feature is implemented substantially as described in U.~~. Patent Application No. 0/553,423, filed April 2~, 2000, entitled P°SYSTEMS AND iVIE'~'HOi~S FOR
TR.ADTNG'9 , now ~1 . S . ~~atent ~.Vo . ' which :~s hereby incorporated by reference, but in the context of online interactive ~~rageri.rig.
- l_5 -~0050~ FIGS. 4-8 show embodiments of interactive display screens according tc the present invention as a wager is being placed.
[0051 FIG. 4 illustrates a representative login screen 400 according to the invention. ?~ client logs in to the system before placing wagers. The client enters a user name ir1 data entry field. x:02 and a password in data entry field 404. she client then selects login bu~ton 406 to submit the user name anal IO password to the wagering system. .Rlternatively, the client can select cancel button 408 to exit login screen 400 without logging .in to the system.
~0052~ FIG. S illustrates a representative screen display 500 according to the invention shown after a client has logged in to the system. Pop-up screen 502 contains a scrollable list 504 of vvagerable event outcomes on which the client is authors~ed to wager.
The client may select a check box 506 next to a corresponding wa.gerable event outcome that the client wishes to add. to a list 503 of prey°iously selected wagerable event outcomes currently being monitored on screen 500. To place a wager on a:r~ event, the client may, for example, Bauble-c:~.ick on a Gvagerable event outcome from lst 508 to eater wagered amounts and other information as required.
I0053~ FTG. 6 illustrates a repr-eser.~tative screen display 600 according to the ~.nven~:,~.on shown after a client has double-olicked on a wagerab~.e event outcome on list 508. A pop-up screen 602 disp~.ays the following: the name of the double-clicked wagerable event outcome isz display field 604, a. series of buttons 606 representing preset wager amounts, a drop-down list 608 for selecti~~g a desired currency ixa vrh.ich to wager, - ~..~ -a stake data entry field 61w where tae client can enter a wager amount 612 as an alternative to selectir°~g one of wagering amount buttons 506, a sell button 614 and a corresponding sell price 616, and a buy button 618 and a corresponding buy price 620.
~0~5~~ FIG. ? illustrates a representative screen display 700 according to the invention showing pop-up window 602 after a client has entered an amount of °~25°' into stake data entry field 610 and. selected buy button l0 618. After the client clic:~s on bu.y button 618, buy price 620 is indicated in field 722 and transmit button 724 is enabled.
~0055~ FIG. 8 illustrates a represeni:ative screen display 800 according to the in~,Tention shown after a client clicks on transmit button 72~~ of FTG. 7. Pop-up window 802 advantageously provides in real time a confirmation message 804 that wager. 806 has been accepted. Wager 806 is displayed in session history display 808.
~0056~ Note that in each of the above screen displays, alternatives to the pop-up windows can be used to display and enter the infoamation shown.
~Oa57~ To help manage both clie~:~ts ~ and dealer a s risk, the system preferable includes index processing capabilities that provide numerous automatic wager-tracking indicev to monito_L wageri~.~g activity and market or event performances. For example, the system can indicate ho~-gr many wagers have been placed, b.ow much has been placedf and on what they have been placed.
Historical and current results of placed wagers (e. g., how much has been won and lost) along with any other data related to wagered evwnts can also be indexed, and displayed. Moreover, clients can create customized _~i ~ _ indices and customized displays of _~.ndices. For example, a client can customize and display an index showing the client''s win--loss ratio aver the last 20 wagers or the la~~t month. .Advantageously, displayed indices are updated in real tine as new information is entered or received by the system. As a default, the house determines what indices are available to clients.
C005~~ The system also preferably prov~.des automatic verbal language translations of dis-played indices and other informatioi2 (e.g. , g°~lients a.re buying eveazt #1, °' or "1000 wagers a~laced on event ##2"=. Text versions of displayed indices are preferably automatically provided in a client selected language.
C0~~93 The system preferably hedges automatically in response to client wagering. FIG. 9 illustrates a hedging process 900 accordsng to the ~Ln-~rention.
Generally, hedging is a strategy used to offset investment risk. For example, if c:~~ients are wagering heavily that the price of oil will increase to a particular level, the house may buy one or more options or futures contracts to hedge the positions taken by clients. The system initially set~~~ hedging parameters at 902 in accordance with the amount of risk the house is willing to take. As wagers are placed at 904, the system at 906 au.tomatzcall~~ analyzes ~wagerzng data and applicable market conditio~~.s and determines whether the house should hedge and, if so, by :how much and in what markets. Preferably, the :system's hedging analysis also takes into account the skill of pa.rticula.r clients (e. g., via past performar~ce) and the size of their wagers . For examp 1 e, if a known c~.zent. wagers a large amount, and that client is more likely to win than lose based on that client's past performance, the house may ._ w8 _ hedge sooner or wore substa.~tially than if that client were more likely to lose.
~0060~ If the system at X08 determines that the house should hedge, ii. may go to one or more preferably correlated markets and aute~zatically complete once or more transactions. ~f no market is available or appropriate to sufficiently hedge cs_i.ent: positions, the system may hedge by increasing the price spread or by choosing to sho~,a only bids or only offers. If the IO system determines that hedging is n.r~t necessary, no hedging transaot:ions will be executed. However, hedging variables will be updated a.t X12 to reflect current client posi dons, and hedgi:r~g o~_ders may be readied for immediate execution should client positions move such that hedging becomes necessarya ~006~.] For ea~h event ix?. which wagers can be placed, the system initially sets a spread ;ise., sets bid and offer prices) and then dynamically resets and skews the spread where appropriate it accordance ~nit~a. the :house ° s policies and objectives as wagers are p~.iaced. System 100 preferably includes a neural network f,i.e., a learned algorithm,; not shown in FIG. =L) that bases a spread on market conditions, past performance, and other data, such as, for example, curre:r~t market volatility, current direction of the market, underlying position of the house, amount and direction of the most recent wagers, liquidity of market,, a~ad liquidity of hedging markets. Accordingly, spread; can be increased, decreased, or skewed (i.e., shifted such that the actual wager price is no longer in the center of the spread). 'fhe neural network balances the need to ensure an adequate prof_~t, thus preferably avoiding too narrow a spread, versus the need to attract clients, thus prefera:aly availing too wide a spread.
For example, an initial spread for a particular event outcome may be set at a bid of 5 below and an offer of above the actual price. Thus, if tl~.e actual price is 5 $105, the bid price is $100 and the offer price :a_s $120. If the market far that event o4~.tc;ame moves rapidly upward (e.g., because many are bullish), the system may skew the spread upward, setting the bid price at 1 below and the offer price at 9 above the actual price. A:Lternatively, because wagerers tend to be contrarians, the system may skew wager prices contrary to the direction of the underlying market.
X0062] The ha?ase can also use t2~.~_s feature to offset either its own ar its clients' performance in one market by dynamically adjusting the spread in other markets. Thus, this feature gives the house an opportunity to control prof:Lt.
[0063 Additionally, the system preferably offers multiple pricing of wagerable events. '.C"hat is, the system can customize the price spread a:~ an event to individual c.lzents or groups of cli.en~:s in accordance with, for example, credit duality, number of wagers placed, size of wagers, or wager performance. ~'or example, the s~t~stem may discount wager prices to a client who has recently suffered s~:vera:L losses.
Similarly, the system may discount prices or add a premium to clients who wager large amounts.
~0064~ The system of the present. invention preferably operates 24 hau~~s/day, % day:~/week. This allows clients to wager at their convenience. However, many of the existing markets upon which wagerable events may be based are operated at. only certain times an certain days. Clients interested in attaining ;'~Q _ prices from those markets for specific current or future dates may not be able to get those prices either because the particular market is closed at the time of the inquiry or because that market ~.ic~. not quote prices for that specific; date.
~0065~ Advantageously, the system a.ut:omatically calculates a value for the requested wager price for the requested dare using established. pr~_ces from known market dates and other market information. In particular, the :system preferably c~lc~ulates wager prices by correlating prices of different, but preferably related, r~~arkets where possible. This helps to forecast the direction cf the closed market and thus determine a reasonable requested wager price. For example, if a client requests a price from the FTSE
market, but that mar:~et is ~Jurrentl~s clased, the system may calculate a price based on a currently open market, such as, for example, the ZJIA, and its correlation with the FTSE. ether data such as thE: placement of the most recent wagers and knou~%n, carrying-CUSts (e_g., interest, divides~.ds, commodity storage c;;harges, etc.
are also preferably included in the calculation of unavailable wage:- prices.
X0066] The system preferably automatically helps G5 clients control risk. The house, a c~.~.ent, or both can enter instructions (e. g., criteria) into the system defining, for example, when too much ~:~a~~ been wagered or lost. If the criteria is met during wagering, the system can warn tar prevent the clie~:-st from wagering further. For example, the house may have th.e system warn a client when the client loses over ~Oo of his credit in 4 hours. A client may decide that the system should halt the =vlier:øt ~ s wagering wl.~en the client loses j> Z _ 50 0 of his credit in 1 hour. Nloreot,~rer, should the client's criteria be met, the systerr~ will not only prevent the client from continued wagering, but preferably will rake ti~.e orient out of t:he online wagering environment and provide the cls.ent with a pre-selected non-wagering environment. For example, clients may indicate that wbnen a wagering limit is reached, they would like to see a display of a specific picture (e.g., of their family). Or, they may want to play video games or be put ~n an online chat-room, etc.
This change of atmosphere away from the wagering environment provides clients with a cooling off period in which they can reassess their wagering activity and results.
~0063~ The sy:>tem preferably also includes are.
automatic stop-loss feature irx which clients can enter spec_Lfic criteria into the system that ~nrill invoke stop-loss wagering. Upon invocation, this feature automatically pl~:~ces offset c.ing wagers to offset f for example, a client's losses from preoriously placed spread-bet wage rw~ . Prefera,~ly, an .autoanatic readjustment mechanism regu:~.ates in real time oombinata.ons Of stop-loss f:~atures (e.g.,raising one and I_awering another i n a tr~,ro wager client profile) .
2~ ~006~j The system preferably allows clients to select particular currencie>~ when p:Laoing wagers and when receiving p~°oceeds froze successful wagers.
Clients can thus addi.tional~y take cn currency exchange risk. The currer.~cy chosen by a client when placing a wager may be different than the cur_re_rrcy chosen at pay-out. For example, a wager can be placed in euros and paid out in U. S . dollar s . ~C'he currency to be paid-out and place of payment can be selectecat any time during the wager or at time of payment.
[Qa69~ At a specified time (e. g., every hour, every day, after the o4atcome of a specific) event, etc. ) , the system determines settlement prices based on predetermined criteria. This "marking to market°' process fixes a price for a wagerab:Le event outcome or ends a wager. Final wager prices can be based on, for example, event: market conditions, wrich in turn may be based on the number of wagers placed, the amounts of the wagers, the gain-loss ratio of p~.acec? wagers, and the potential amounts that stand to be iron or losta [a~70~ To fac~_litate wagering at remote workstations, c~~_ents can be option~~lly issued a universal wagering debit-type card 'that contains identification and financial. information., including a~.zthorized cred:~t. A client preferabl°~ initiates a wager by first =asserting the card into a card reader at a workstation, w~.ich t.her~ preferably establishes communication between. the c:Lient an« the house. This can be done instead ef or subsequent to the login process described above. Each time a client transacts a wager, the master financial information files maintained by the system. are updated. When the client is finished wagering, the f~.nancial ~.nformatioas on the ciient~s card is updated and the card is ejected from the card reader. Alternatively, the card can be swiped once to establish communication with the house and swiped again to debit the card with each contemplated wager before that wager is submitted. ~T~~on winning a wager, the card can be swiped to credit all or part of the amount won. ;~s a~~other alternative, the card can be fabricated wit:z an electronic tra:;~sruit:terjrece_iver circuit that autcJmatically initiates communication wit:cx the house and receives transmitted r~pdat:ed financial information at a~~ appropriai~ely eq~.a.pped workstation..
~~~7?~ Other :~eatures of the wagering card according to the invention preferably include issuing the card anonymously with prepaid credit (e.c~., to be given as a gift). Upon the prepaid cards first use by a cliel2t (after preferably logging in as described with respect to F~LG . 4 ) , the ~~ystem' s master financial files are 1~ updated. The card can be preferably 'used at banks to obtain cash (a.g.., up to thc~ authorised credit amount), and used in tradvtional financial trans~.cti.ons (e.g. , to buy shares of stock at a conventvo~al. brokerage firm). The card can also be preferably independently updated with an a_ncrease in credit at, for example, a financial institt~tiorr that may have a relationsh~.p with the house . The mewl y update=d credit enooded on the card can later be transmittt~d (e. g., upon insertion into a card reader at a wor:~~ tation) to the system's master financi al f?.les, or the credit can be maintained on the card and ~.ebited or credited on a transactional basis . The card cars furthe~_ be preferably used to wager even though access to the syst~em~s master financial files is currently unavailable (e. g., :because of some technical reason).
~Q0f2~ The sjrstem preferably evaluates client requests for wagering on events that: may not be based on an existing market, such as, for example, a particular athlete ° s likelihood of w~nx~i~:ag a gold medal at the next Olympics ar a ce.sino~s ~.~.kel:~hood of paying out more than particular amc>unt at rou~wette over a certain period. If the house approves wagering on a client requested event, the system will. establish that event as wagerab:le by, among other t~l:i.nc~s, determining spreads, establishing customizable indices, and notifying all or selected c=dents of the: new event.
(acJ73~ The sy:~tem preferably includes quantification processing capabilities that establish wagers for various events. For example, a client ~aay request a wager that damage from a particular hwrrioane will exceed $5 b111i022 dollars. Before establishing the $5 billion in hurricane damage as a wa~gerable event, the IO system preferably analyzes ~~.vailabl~e data to determine whether the ~5 ba.llion is a feasible amount on which to accept wagers (~.e., within the ris:~ tolerance of the house). The available data that may be analyzed may include, for example, the hzxrricane's current strength, current location, anc~. targeted onshore arrival location, and amounts of darr~age caused by past hurricanes of similar strength and circumstances. This feature can be used, for example, b5r the insurance industry to hedge potential losses from such an event.
(0~74a In ar~ather embadire~ent of the present invention, the hawse may not: only ac;t as a dealer to one-sided wagers {i.e., wagers between clients and the house) ; but may also act as a broken- to ~i~,wo-sided wagers (e.g. , S~Tagers between:. clientw~, befvween clients and other houses, and between other houses). In this environment (also known as an exchange environment), the system allows qualified t..lients or dealers (other houses] to enter bids and offers to be displayed to other clients or dealers, and enables each house to control dealer risk.
(~075~ The brokerage environment of the present invention preferably ~_ncludes the following features ~ a participant qualification state, an instrument creation _ 25 -state, a bid/offer state, a °'when°° ata.te, a qualified workup state, a price retention state, a price improvement state, a request for market state, a restore state, a price generation state, a position conversion state,. and a marking-to-market state. These features are imp-=emented substantia-!Iy as described in the aforementioned U.S. Pat°nt Application No.
09/553,423, but ~_n the context of o:rfline interactive wagering.
X00'76] Moreover, the bro:-~erage environment of the present inventiory~ also prefEarably includes the following features ~ a.n orde~~ gather~.ng state, a marketing making state, a trade order allocation state, a multiple wagering stare, and a recyaest for size state. These features are ~mplement~ed substantially as described in U.S. Patent Application No. 09/593,554 entitled °° SYSTEMS AhD METHODS FOR ELEC~C"R~ONIC TRADING
THAT PROVIDE INCENTIVES AND LINKED AUC".CIONS,t° filed on June 14, 2000, now U.S. Patent No.
which is hereby incorporated by reference, but in the context of online interactive wagering.
X00?7~ In another embodiment of the present invention, the house may allow clients the option of remotely participating in live casino games. A client connecting to the system through a wcr~at:ation or other suitable hardware would be able to participate remotely in a live casino game.
~0075;~ This system and method could allow a client to remotely participate in casino garr~es i.n any available casino, but preferably this system would be a closed system that would operate strictly within a particular casino. According to thi,~ embodiment, each.
hotel room (as we~.l as other areas of t:~.e hotel and resort) would ha,,re a workstation or a television properly equipped to interface with the system. A
client would then be able to participate remotely in real-time interactive casino games ~~lithout actually being present in the casino.
[OQ'79? For example, if a client u~aanted to participate in a craps game, the client would logon to the system from the hotel room. 'The client could then establish a new credit acco~.~nt or use an existin~~
credit account . According v~.o one en:°bodiment the client°s credit accoLint could be linked to the bill for the client°s room. Accordi~~g to another embodiment the client°s credit account could be associated with an anonymous pre-pa~.d card. Once the crlient has fully initiated the session and hes select=ed a specific table or table type, the client may begin to place wagers on the craps game. By preferably viewing a live video of the craps table or alternat.~_~rely a ~_ive description of the action on the table, the client ;ao~ald place bets which would be tracked by the system. T':~e action of the game would also be tracked. by the system and all money won and lost would be reflected by the client°s account.
[0080 Advantages of this system for t:he house include the ability to automatically monitor and track the performance of clients participating in casino games. Additionally this system would provade more opportunities for clients to participate in casino games.
j0a81~ Advantages of this system for the clier~t include the ability to participate in casino games when it is inconven3.ent or undesirable to leave the room.
Additionally trze current sys~.em would allow the c7_ient abilities not av~.ilable within the actual casino, such as the ability to participate in several different games at once. pertain types of rewards and benefits may also apply when remotely participat~_ng in casino games that may o:~ may not be the same ass the regards offered on the casino floor.. These -rewards may include such things ase increased credit, free rooms, free roam upgrades, free gifts, free vaageys, credits towards the room bill, free event tickets, free transportation, free access to clubs, free meals, or any other type of simi~_ar reward ox incentive.
C00~~] Thus it: is seen t3Aat real-time interactive wagering on event:. outcomes i s p.rese~:~ted a pne skilled in the art will ~:ppreciate that the present :invention can be practiced by other t~.an the described embodiments, which are presented for purposes of illustration and not of limitation, and the present invention is limited only blp the claims '~rh.ich follow.
The present invexition can be deployed in a dealer environment in ~Nhich clients wager with the "house,°
which acts as dealer, or in a brokerage environment in which clients wager with other clients or combinations of other houses, one or more of the. houses acting as broker or another de°ler.
Brief Description of the Drawings 00025] The above and other objects and advantages of the invention will be apparent upon consideration of the following detailed description, taken in conjunction with. the accampanying drawings, in which like reference characters ~°efer to like parts throughout, and in whiche E00~6] FIG. ~_ is a bloc: diagram of a system for real-time interactive wage.~ir~g in accordance with the present invention;
E00z7] FIG. ~ is a flow diagram of a client qualificatian process in accordance with the present invention;
(0028] FIG. 3 is a flow diagram. of a client credit management process in accordance wzt~~ the present invention;
(OQ29] FIGS. 4-8 are a series of scveen displays illustrating an interactive wager transaction in accordance with the present inventiowr and ~003t~j FIG. 9 is a flow cxiagram of an automatic hedging process ~.n accordance with the present invention.
Detailed Description of the Invention ~a632~ The present invention is directed to systems and methods for e=eal-time interactive wagering on event outcomes. The systems and metb.ods of the present invention may be implemented using a data processing computer and a plurality of client wox-k:~tations that communicate interactively enrith the computer via a 1~ network.
[0032 FIG. 1 illustrates a rea7_-time interactive wagering system 100 according to the present invention.
The system includes a house wa.gerir~g processor 102 and a plurality of client workstations 1.04-107, all of which are linker. together via network 108. Wac~er~.nq processor 102 ca.n be, for example, a data processing computer having appropriat~~ processirxg speed and memory capacity. Client workstations 104-107 can be directly o_r remotely connected to processor 102 and can be, for example, personal computers, dumb term~.raals, personal digital assistants (PLAs), laptop computers, mainframe computers, cellular telephones with Internet capabilities,. o:r other devices capable of communicating with processor 102 via network 108. ~TE:twork 108 cart be, for example, the Internet;, an Fthernet, a token ring, a tOkell bvs, or any other suitable communication medium or configuration that links tl~e workstations with processor 102 to provide real.-ts_me interaction.
_.
In a preferred embodiment, clients preferably interact with the system zria an Internet Web site.
[0033) Wagering system 100 also includes electronic feeds 110 and 112 each coupled to processor 102 and to respective prefer=ably independent market data sources 114 and 116. As described further below, market data sources 114 and 116 each provide px~zc3.ng and other information regarding knows. markets; ~.ndices and the like (e. g, S&P 500, stock prices, a°~c.). Electronic feeds 110 and 112 can be ar~y communication medium that transmits available market data and changes thereof substantially immediately.
[0030 An account with "the housQ~" is first opened by establishing credit in any know~~ or appropriate manner. For example, credit may be established by submitting a financial sta~.ement or credit report, by authorizing the house to c:~.arge a e.redit card, or by depositing cash or securities with the house. The house is likely to then further qualify a client in accordance with either con~Tentional standards of the financial indus~l~ry, proprietary standards of the house, or a combination of both. Qualificat.ic>n standards may be further based on wagering in either a dealer environment, a :~arokerage environments or both.
[0035) FIG. 2 shows an embodiment o~W a client qualifioation process according to the present invention. Qualification process 20~) begins at qualification state 202 alter a client has opened an account and has established a line-of-credit as described above. At 204, the client logs in to the wagering systercc by entering an identifier (ID; and a password at one of client workstations 104-107. At 206, house wagering proce>>sor 102 applies a _.
predetermined house qual.ifif-ation test on the client°s line-of-credit and other fig=ancial ~_nfarmation as deemed appropriate by the hawse. This test determines whether the client is currently qualified to wager on currently available event outcomes or particular subsets thereof. At ~~8, the house wagering system preferably applies a third-party qualification test for wagering in one ~~r more brokerage env:i.ronments. After applying the house and third-party qua.li.fication tests, wagering parameters sre assigned to the client at 210.
These wagering parameters can include, for example, the types of available event outcomes, available third-parties, and assOCiated wagering minimums. At 212, the wagering system determines whether the client qualifies I5 to participate zn wagering based on the assigned 5.aagering parameters and the client's current financial situation. If qualified, dwhe client can proceed to wager on selected event ou;vcomes. If the client does not qualify, the system performs a risk notification 2o function at .2'! ~ . The client may then be informed of the non-qualification. Additionally or alternatively, the risk notification function may alert the house that further scrutiny of that client's credentials is required. The system then returns to host 25 qualification test 2~6 where, if a~~.y deficiencies had been corrected by the client or modifications made by the house, the qualification tests are reapplied.
~003~~ Once credit is established anal. the client is qualified to wager, the system automatically manages 3~ that credit in real tame, and presents to a client --before any wagers are placed -- only an amount the client is currently authorized to wager. ~'or example, if a client is authorized to wage: ~10~~0 and wagers r~
$1000 that the Dow Jones Inc~.ustrial Average (DJIA.) will rise to a certain value by a certai:r~ date, and then on another event collects X1500 from a matured wager, the system automatically updates the client's credit in real time to autl~.orize the client to wager another $500. The system will not permit a client to wager more than that client=s authorized amount.
X0037) Moreover, the system preferably presents to a client only those events whose min~_~num wagering amounts l0 are within the client's authorized credit. As a client places wagers, the system not only automatically updates the client°s credit in real time, but also updates the displayed list of events on which that client has sufricient authorized credit to wager.
25 Thus, as a client°s credit increases, more events on which to wager raay be showv~. Conversely, as a client"s credit decreases, less events on which to wager may be shown. Alternaf~ively, the system can also display other wagers regardless of whether the client's 20 authorized credit meets their minimum wagering amounts.
Such other wagevs may include the most popular one, a reference set of wagers (e. g., the DLfiIA and the FTSE
with respect to a wager on the price of IBM stock at the end of the month), a wager that is being promoted, 25 wagers likely to be of interest to t:~.e client in view of the client's past wagering activity, or wagers in accordance with a client's customized display (described further below).
[003~~ FIC. 3 snows an embodiment of a client credit 30 management process 300 accord~.r~g t.o the present invention. The system determines a client's current available creel.t at 302. If the client's cred~.t is based upon securit:~es or other variable assets, the J_ current market values oø those securities or other assets are ascertained to determine the client's available credit. At 30~, the system sE:lects wagerable event outcomes whose minimum wagering amounts do not exceed the client's current available credit. If the client has provided instructions customizing the selection of wagerable event outcomes; at 306, those wagerable event outcomes not in accordance with the client°s Znstruc'~ions are removed from the selection of event outcomes. At 3Q8, the system calculates a preferably maximum amount that the client is authorized to wager for each of the selected uragerabL.e event outcomes. At 310, the selected wagerable event outcomes and their respective authorized wager amounts 25 are displayed to the client. At 312, if a request to wager is not received witha.n a prec;etermined tivrve period, the system returns to 302. if a request to wager is received, at 314 acceptance of the wager is confirmed and the client's available credit is 2o substantially immediately ~~.d~usted. The system then returns to 302.
COn3g] The system preferably also includes a reward feature that an accordance with house criteria rewards clients with either additional credit or other types of 25 gifts. House criteria for distributing rewards may include, for example, plac~.ng a certain number of wagers within a specified period of tirae, placing wagers on certain events, or wagering or winning certain amounts. The house may also wish to console 30 clients who have recently lost a wager by increasing their credit or providing some other reward.
C~04d] The svystem displays wagerable events, current wager prices, and preferably other market data. The displayed information is preferably customizable. For example, a client may wish to see omly wagerable events of interest (e. g., basketball events) or only those events upon which that client has placed wagers. For clients who have not customized their d~.splay, the house can initially set and then later~~zodify display defaults in acco~,dance with house polo ; es and objectives. Moreover, the pause can optionally override a client9s display defa-ult.s either temporarily or permanently to notify a client af, for example, new wagerable events or special. wagering prices of events not displayed by that client.
I0~41~ Displayed wager prices are updated in real time as price changes occur. To erasure that displayed pricing information and market data. based on exast~_nc~
markets are accurate, the system cr,;rroborates displayed data with preferably multz~le electronic feeds from at least two sources where po~sib:~e . Beca.use data from multiple sources are not 1T_kely syr_chronized with respect to t~_me,. the system preferably performs such synchronization. If pricey from multiple sources do not agree with each other after synchronization, the system may widen the spread, cancel bic~s/offers, or not accept any further wagering. This feature can advantageously avoid potentially costly errors.
L~042] The system prov~.des each client with a customizable preferably single display that shows, for example, various wagerable events on which that client can wager, prices for those events, applicable maturity (e.g., end of day, end of quarter, et c.), and authorized funds with which that r~lient can wag~er_ The maturity of an ever~.t outcome is the time, date, or time and date or~ which ~. wager on that event outcome _. 1 ~ _ concludes. For example, an event outcome may be a casino°s slot machine payouts and its maturity rnay be every hour on the hour each day. The status of an event outcome at it's maturity determines the outcome of wagers placed on that event.
[OC~~~ Wagers can be of at least two types -- a (fixed-odds wager or a spread-bet wager. A fixed-odds wager involves a fixed amount wagered ors an event outcome that mat3.zres on a p redetermined fL~ture date and time. For example, the house acting as a dealer, or another wagerer with the ho~zse acts.ng as a broker, may offer 10:1 odds that the Ss:~ 500 index will not exceed a certain level as of ~n00 p.m. on a certain day. A
client may then wager a fixed amouz~.t that the S&P will exceed that level. At the maturity date and time, the client will either lose the wagered a.~.nount or win 10 times the wagered amount. Thus, in this type of wager, the client ° s stC~ke i i . a . , vhe wagered amount ) is f fixed, and the risk to both the client and the dealer or other wagerer is known.
~~a44~ A spread-bet wager involves a fixed amount wagered on each inc:rementa:~. movement of a continuous event (e.g. , a stock price, the S&~ 50c3 index, etc. ) until a predetermined maturity (e.g.i end of day, week, or quarter). For example, assume the wagerable event is the movement. of ~.ndex X until t:he end of tha current quarter. The current price of Index X is $150. The house may set an offer price of $1505 and a bid price of $145, and the wager may be $1~0 per tick (a tick is 3o the smallest incremental movement of an event . To wager that Index X will rise, a client ''takes" the X1505 offer. For each tick rise in Index X, the clientrs stake increases ~2~0; for each tick drop in - 2.3 -Index X, the client°s stake decreases $100. To wager that Index X will drop, a client °°hits'° the $1495 bid.
Accordingly, for each tick drop in Index X, the client's stake increases ~1~0; for each tick rise in Index X, the clip=.nt's stake decreases X1.00. Potential winnings are for the most part unlimited, subject only to the amount of favorable movement of the contirsuous event until maturity, while losses are generally limited to the c:~zent's maximum credit..
X00453 To hedge a spread.-bet wader before maturity (e. g., because a client is losing too much), the client can place an opposite wager. for example, if the origirbal wager involved the price rise of XYZ stock by the end of the ouarter, but after t:he first week, the I5 price drops precipitously, the client can hedge that ~.aager by plaoiny (quickly) another wager that the price of XYZ will drop by the end of the quarte.~:. Thus, any additional losses incurred in the original wager will be substantiall~T offset by gains made on the hedged wager. Similarly, however, should XY2 stock reverse direction before the end of the quarter, any gains made on the original wager will also be substantially offset by losses incvr~red in the hedged wager.
Ia04~3 In another embodiment of the invention, a cap and collar svst~~m cauld be offered to clients as another way to :edge a spread-bet wager. ~Tith tY~e cap and collar system, a clier_t would agree to a limit on potential gains, (i.e., a cap), in exchange for a limit on potential losses (i.e., a collar). The cap would be calculated based on a number of elements (i.e., the spread, the collar, the predetermined risk criteria, the client, and. the market volatility).
- Z
[0~4'7~ While the cap and collar system places a limit on potential gains, it has certain advantages over other methods of hedgil~g spread-bet wagers. For example, the cap and collar system is not as subject to the risks of a ~,rolat~_le market. If a market drops in price rapidly, an opposite e.~aager might rot be transacted quickly enough to prevent a sizeable loss.
However, since the collar is established at a set amount, the maximum size of a poten.tia.l loss is guaranteed. Additionally, in the case of a market that drops in price and then recovers, p~~.aclllg an opposite wager would result in an overall loss for the wager, whereas hedging via the caf:~ and collar :system ~TO~ald result in an overall gain. Finally; the cap and collar system is simply t~.e most stra~.ghtf_orward way to limit risk for multiple spread-bet wagers.
[0081 After a cl:~ent enters one or more wagers on one or more selected events, the transaction is confirmed in real time. Substantially no processing delays are incurred primarily because the client has already been qualified and the selected. events a.nd wagered amounts have already been authorized.
[00~9~ If a wager price should change as a client places a wager; the system will prompt the client to Confirm acceptance of the price chance. This price retention feature is implemented substantially as described in U.~~. Patent Application No. 0/553,423, filed April 2~, 2000, entitled P°SYSTEMS AND iVIE'~'HOi~S FOR
TR.ADTNG'9 , now ~1 . S . ~~atent ~.Vo . ' which :~s hereby incorporated by reference, but in the context of online interactive ~~rageri.rig.
- l_5 -~0050~ FIGS. 4-8 show embodiments of interactive display screens according tc the present invention as a wager is being placed.
[0051 FIG. 4 illustrates a representative login screen 400 according to the invention. ?~ client logs in to the system before placing wagers. The client enters a user name ir1 data entry field. x:02 and a password in data entry field 404. she client then selects login bu~ton 406 to submit the user name anal IO password to the wagering system. .Rlternatively, the client can select cancel button 408 to exit login screen 400 without logging .in to the system.
~0052~ FIG. S illustrates a representative screen display 500 according to the invention shown after a client has logged in to the system. Pop-up screen 502 contains a scrollable list 504 of vvagerable event outcomes on which the client is authors~ed to wager.
The client may select a check box 506 next to a corresponding wa.gerable event outcome that the client wishes to add. to a list 503 of prey°iously selected wagerable event outcomes currently being monitored on screen 500. To place a wager on a:r~ event, the client may, for example, Bauble-c:~.ick on a Gvagerable event outcome from lst 508 to eater wagered amounts and other information as required.
I0053~ FTG. 6 illustrates a repr-eser.~tative screen display 600 according to the ~.nven~:,~.on shown after a client has double-olicked on a wagerab~.e event outcome on list 508. A pop-up screen 602 disp~.ays the following: the name of the double-clicked wagerable event outcome isz display field 604, a. series of buttons 606 representing preset wager amounts, a drop-down list 608 for selecti~~g a desired currency ixa vrh.ich to wager, - ~..~ -a stake data entry field 61w where tae client can enter a wager amount 612 as an alternative to selectir°~g one of wagering amount buttons 506, a sell button 614 and a corresponding sell price 616, and a buy button 618 and a corresponding buy price 620.
~0~5~~ FIG. ? illustrates a representative screen display 700 according to the invention showing pop-up window 602 after a client has entered an amount of °~25°' into stake data entry field 610 and. selected buy button l0 618. After the client clic:~s on bu.y button 618, buy price 620 is indicated in field 722 and transmit button 724 is enabled.
~0055~ FIG. 8 illustrates a represeni:ative screen display 800 according to the in~,Tention shown after a client clicks on transmit button 72~~ of FTG. 7. Pop-up window 802 advantageously provides in real time a confirmation message 804 that wager. 806 has been accepted. Wager 806 is displayed in session history display 808.
~0056~ Note that in each of the above screen displays, alternatives to the pop-up windows can be used to display and enter the infoamation shown.
~Oa57~ To help manage both clie~:~ts ~ and dealer a s risk, the system preferable includes index processing capabilities that provide numerous automatic wager-tracking indicev to monito_L wageri~.~g activity and market or event performances. For example, the system can indicate ho~-gr many wagers have been placed, b.ow much has been placedf and on what they have been placed.
Historical and current results of placed wagers (e. g., how much has been won and lost) along with any other data related to wagered evwnts can also be indexed, and displayed. Moreover, clients can create customized _~i ~ _ indices and customized displays of _~.ndices. For example, a client can customize and display an index showing the client''s win--loss ratio aver the last 20 wagers or the la~~t month. .Advantageously, displayed indices are updated in real tine as new information is entered or received by the system. As a default, the house determines what indices are available to clients.
C005~~ The system also preferably prov~.des automatic verbal language translations of dis-played indices and other informatioi2 (e.g. , g°~lients a.re buying eveazt #1, °' or "1000 wagers a~laced on event ##2"=. Text versions of displayed indices are preferably automatically provided in a client selected language.
C0~~93 The system preferably hedges automatically in response to client wagering. FIG. 9 illustrates a hedging process 900 accordsng to the ~Ln-~rention.
Generally, hedging is a strategy used to offset investment risk. For example, if c:~~ients are wagering heavily that the price of oil will increase to a particular level, the house may buy one or more options or futures contracts to hedge the positions taken by clients. The system initially set~~~ hedging parameters at 902 in accordance with the amount of risk the house is willing to take. As wagers are placed at 904, the system at 906 au.tomatzcall~~ analyzes ~wagerzng data and applicable market conditio~~.s and determines whether the house should hedge and, if so, by :how much and in what markets. Preferably, the :system's hedging analysis also takes into account the skill of pa.rticula.r clients (e. g., via past performar~ce) and the size of their wagers . For examp 1 e, if a known c~.zent. wagers a large amount, and that client is more likely to win than lose based on that client's past performance, the house may ._ w8 _ hedge sooner or wore substa.~tially than if that client were more likely to lose.
~0060~ If the system at X08 determines that the house should hedge, ii. may go to one or more preferably correlated markets and aute~zatically complete once or more transactions. ~f no market is available or appropriate to sufficiently hedge cs_i.ent: positions, the system may hedge by increasing the price spread or by choosing to sho~,a only bids or only offers. If the IO system determines that hedging is n.r~t necessary, no hedging transaot:ions will be executed. However, hedging variables will be updated a.t X12 to reflect current client posi dons, and hedgi:r~g o~_ders may be readied for immediate execution should client positions move such that hedging becomes necessarya ~006~.] For ea~h event ix?. which wagers can be placed, the system initially sets a spread ;ise., sets bid and offer prices) and then dynamically resets and skews the spread where appropriate it accordance ~nit~a. the :house ° s policies and objectives as wagers are p~.iaced. System 100 preferably includes a neural network f,i.e., a learned algorithm,; not shown in FIG. =L) that bases a spread on market conditions, past performance, and other data, such as, for example, curre:r~t market volatility, current direction of the market, underlying position of the house, amount and direction of the most recent wagers, liquidity of market,, a~ad liquidity of hedging markets. Accordingly, spread; can be increased, decreased, or skewed (i.e., shifted such that the actual wager price is no longer in the center of the spread). 'fhe neural network balances the need to ensure an adequate prof_~t, thus preferably avoiding too narrow a spread, versus the need to attract clients, thus prefera:aly availing too wide a spread.
For example, an initial spread for a particular event outcome may be set at a bid of 5 below and an offer of above the actual price. Thus, if tl~.e actual price is 5 $105, the bid price is $100 and the offer price :a_s $120. If the market far that event o4~.tc;ame moves rapidly upward (e.g., because many are bullish), the system may skew the spread upward, setting the bid price at 1 below and the offer price at 9 above the actual price. A:Lternatively, because wagerers tend to be contrarians, the system may skew wager prices contrary to the direction of the underlying market.
X0062] The ha?ase can also use t2~.~_s feature to offset either its own ar its clients' performance in one market by dynamically adjusting the spread in other markets. Thus, this feature gives the house an opportunity to control prof:Lt.
[0063 Additionally, the system preferably offers multiple pricing of wagerable events. '.C"hat is, the system can customize the price spread a:~ an event to individual c.lzents or groups of cli.en~:s in accordance with, for example, credit duality, number of wagers placed, size of wagers, or wager performance. ~'or example, the s~t~stem may discount wager prices to a client who has recently suffered s~:vera:L losses.
Similarly, the system may discount prices or add a premium to clients who wager large amounts.
~0064~ The system of the present. invention preferably operates 24 hau~~s/day, % day:~/week. This allows clients to wager at their convenience. However, many of the existing markets upon which wagerable events may be based are operated at. only certain times an certain days. Clients interested in attaining ;'~Q _ prices from those markets for specific current or future dates may not be able to get those prices either because the particular market is closed at the time of the inquiry or because that market ~.ic~. not quote prices for that specific; date.
~0065~ Advantageously, the system a.ut:omatically calculates a value for the requested wager price for the requested dare using established. pr~_ces from known market dates and other market information. In particular, the :system preferably c~lc~ulates wager prices by correlating prices of different, but preferably related, r~~arkets where possible. This helps to forecast the direction cf the closed market and thus determine a reasonable requested wager price. For example, if a client requests a price from the FTSE
market, but that mar:~et is ~Jurrentl~s clased, the system may calculate a price based on a currently open market, such as, for example, the ZJIA, and its correlation with the FTSE. ether data such as thE: placement of the most recent wagers and knou~%n, carrying-CUSts (e_g., interest, divides~.ds, commodity storage c;;harges, etc.
are also preferably included in the calculation of unavailable wage:- prices.
X0066] The system preferably automatically helps G5 clients control risk. The house, a c~.~.ent, or both can enter instructions (e. g., criteria) into the system defining, for example, when too much ~:~a~~ been wagered or lost. If the criteria is met during wagering, the system can warn tar prevent the clie~:-st from wagering further. For example, the house may have th.e system warn a client when the client loses over ~Oo of his credit in 4 hours. A client may decide that the system should halt the =vlier:øt ~ s wagering wl.~en the client loses j> Z _ 50 0 of his credit in 1 hour. Nloreot,~rer, should the client's criteria be met, the systerr~ will not only prevent the client from continued wagering, but preferably will rake ti~.e orient out of t:he online wagering environment and provide the cls.ent with a pre-selected non-wagering environment. For example, clients may indicate that wbnen a wagering limit is reached, they would like to see a display of a specific picture (e.g., of their family). Or, they may want to play video games or be put ~n an online chat-room, etc.
This change of atmosphere away from the wagering environment provides clients with a cooling off period in which they can reassess their wagering activity and results.
~0063~ The sy:>tem preferably also includes are.
automatic stop-loss feature irx which clients can enter spec_Lfic criteria into the system that ~nrill invoke stop-loss wagering. Upon invocation, this feature automatically pl~:~ces offset c.ing wagers to offset f for example, a client's losses from preoriously placed spread-bet wage rw~ . Prefera,~ly, an .autoanatic readjustment mechanism regu:~.ates in real time oombinata.ons Of stop-loss f:~atures (e.g.,raising one and I_awering another i n a tr~,ro wager client profile) .
2~ ~006~j The system preferably allows clients to select particular currencie>~ when p:Laoing wagers and when receiving p~°oceeds froze successful wagers.
Clients can thus addi.tional~y take cn currency exchange risk. The currer.~cy chosen by a client when placing a wager may be different than the cur_re_rrcy chosen at pay-out. For example, a wager can be placed in euros and paid out in U. S . dollar s . ~C'he currency to be paid-out and place of payment can be selectecat any time during the wager or at time of payment.
[Qa69~ At a specified time (e. g., every hour, every day, after the o4atcome of a specific) event, etc. ) , the system determines settlement prices based on predetermined criteria. This "marking to market°' process fixes a price for a wagerab:Le event outcome or ends a wager. Final wager prices can be based on, for example, event: market conditions, wrich in turn may be based on the number of wagers placed, the amounts of the wagers, the gain-loss ratio of p~.acec? wagers, and the potential amounts that stand to be iron or losta [a~70~ To fac~_litate wagering at remote workstations, c~~_ents can be option~~lly issued a universal wagering debit-type card 'that contains identification and financial. information., including a~.zthorized cred:~t. A client preferabl°~ initiates a wager by first =asserting the card into a card reader at a workstation, w~.ich t.her~ preferably establishes communication between. the c:Lient an« the house. This can be done instead ef or subsequent to the login process described above. Each time a client transacts a wager, the master financial information files maintained by the system. are updated. When the client is finished wagering, the f~.nancial ~.nformatioas on the ciient~s card is updated and the card is ejected from the card reader. Alternatively, the card can be swiped once to establish communication with the house and swiped again to debit the card with each contemplated wager before that wager is submitted. ~T~~on winning a wager, the card can be swiped to credit all or part of the amount won. ;~s a~~other alternative, the card can be fabricated wit:z an electronic tra:;~sruit:terjrece_iver circuit that autcJmatically initiates communication wit:cx the house and receives transmitted r~pdat:ed financial information at a~~ appropriai~ely eq~.a.pped workstation..
~~~7?~ Other :~eatures of the wagering card according to the invention preferably include issuing the card anonymously with prepaid credit (e.c~., to be given as a gift). Upon the prepaid cards first use by a cliel2t (after preferably logging in as described with respect to F~LG . 4 ) , the ~~ystem' s master financial files are 1~ updated. The card can be preferably 'used at banks to obtain cash (a.g.., up to thc~ authorised credit amount), and used in tradvtional financial trans~.cti.ons (e.g. , to buy shares of stock at a conventvo~al. brokerage firm). The card can also be preferably independently updated with an a_ncrease in credit at, for example, a financial institt~tiorr that may have a relationsh~.p with the house . The mewl y update=d credit enooded on the card can later be transmittt~d (e. g., upon insertion into a card reader at a wor:~~ tation) to the system's master financi al f?.les, or the credit can be maintained on the card and ~.ebited or credited on a transactional basis . The card cars furthe~_ be preferably used to wager even though access to the syst~em~s master financial files is currently unavailable (e. g., :because of some technical reason).
~Q0f2~ The sjrstem preferably evaluates client requests for wagering on events that: may not be based on an existing market, such as, for example, a particular athlete ° s likelihood of w~nx~i~:ag a gold medal at the next Olympics ar a ce.sino~s ~.~.kel:~hood of paying out more than particular amc>unt at rou~wette over a certain period. If the house approves wagering on a client requested event, the system will. establish that event as wagerab:le by, among other t~l:i.nc~s, determining spreads, establishing customizable indices, and notifying all or selected c=dents of the: new event.
(acJ73~ The sy:~tem preferably includes quantification processing capabilities that establish wagers for various events. For example, a client ~aay request a wager that damage from a particular hwrrioane will exceed $5 b111i022 dollars. Before establishing the $5 billion in hurricane damage as a wa~gerable event, the IO system preferably analyzes ~~.vailabl~e data to determine whether the ~5 ba.llion is a feasible amount on which to accept wagers (~.e., within the ris:~ tolerance of the house). The available data that may be analyzed may include, for example, the hzxrricane's current strength, current location, anc~. targeted onshore arrival location, and amounts of darr~age caused by past hurricanes of similar strength and circumstances. This feature can be used, for example, b5r the insurance industry to hedge potential losses from such an event.
(0~74a In ar~ather embadire~ent of the present invention, the hawse may not: only ac;t as a dealer to one-sided wagers {i.e., wagers between clients and the house) ; but may also act as a broken- to ~i~,wo-sided wagers (e.g. , S~Tagers between:. clientw~, befvween clients and other houses, and between other houses). In this environment (also known as an exchange environment), the system allows qualified t..lients or dealers (other houses] to enter bids and offers to be displayed to other clients or dealers, and enables each house to control dealer risk.
(~075~ The brokerage environment of the present invention preferably ~_ncludes the following features ~ a participant qualification state, an instrument creation _ 25 -state, a bid/offer state, a °'when°° ata.te, a qualified workup state, a price retention state, a price improvement state, a request for market state, a restore state, a price generation state, a position conversion state,. and a marking-to-market state. These features are imp-=emented substantia-!Iy as described in the aforementioned U.S. Pat°nt Application No.
09/553,423, but ~_n the context of o:rfline interactive wagering.
X00'76] Moreover, the bro:-~erage environment of the present inventiory~ also prefEarably includes the following features ~ a.n orde~~ gather~.ng state, a marketing making state, a trade order allocation state, a multiple wagering stare, and a recyaest for size state. These features are ~mplement~ed substantially as described in U.S. Patent Application No. 09/593,554 entitled °° SYSTEMS AhD METHODS FOR ELEC~C"R~ONIC TRADING
THAT PROVIDE INCENTIVES AND LINKED AUC".CIONS,t° filed on June 14, 2000, now U.S. Patent No.
which is hereby incorporated by reference, but in the context of online interactive wagering.
X00?7~ In another embodiment of the present invention, the house may allow clients the option of remotely participating in live casino games. A client connecting to the system through a wcr~at:ation or other suitable hardware would be able to participate remotely in a live casino game.
~0075;~ This system and method could allow a client to remotely participate in casino garr~es i.n any available casino, but preferably this system would be a closed system that would operate strictly within a particular casino. According to thi,~ embodiment, each.
hotel room (as we~.l as other areas of t:~.e hotel and resort) would ha,,re a workstation or a television properly equipped to interface with the system. A
client would then be able to participate remotely in real-time interactive casino games ~~lithout actually being present in the casino.
[OQ'79? For example, if a client u~aanted to participate in a craps game, the client would logon to the system from the hotel room. 'The client could then establish a new credit acco~.~nt or use an existin~~
credit account . According v~.o one en:°bodiment the client°s credit accoLint could be linked to the bill for the client°s room. Accordi~~g to another embodiment the client°s credit account could be associated with an anonymous pre-pa~.d card. Once the crlient has fully initiated the session and hes select=ed a specific table or table type, the client may begin to place wagers on the craps game. By preferably viewing a live video of the craps table or alternat.~_~rely a ~_ive description of the action on the table, the client ;ao~ald place bets which would be tracked by the system. T':~e action of the game would also be tracked. by the system and all money won and lost would be reflected by the client°s account.
[0080 Advantages of this system for t:he house include the ability to automatically monitor and track the performance of clients participating in casino games. Additionally this system would provade more opportunities for clients to participate in casino games.
j0a81~ Advantages of this system for the clier~t include the ability to participate in casino games when it is inconven3.ent or undesirable to leave the room.
Additionally trze current sys~.em would allow the c7_ient abilities not av~.ilable within the actual casino, such as the ability to participate in several different games at once. pertain types of rewards and benefits may also apply when remotely participat~_ng in casino games that may o:~ may not be the same ass the regards offered on the casino floor.. These -rewards may include such things ase increased credit, free rooms, free roam upgrades, free gifts, free vaageys, credits towards the room bill, free event tickets, free transportation, free access to clubs, free meals, or any other type of simi~_ar reward ox incentive.
C00~~] Thus it: is seen t3Aat real-time interactive wagering on event:. outcomes i s p.rese~:~ted a pne skilled in the art will ~:ppreciate that the present :invention can be practiced by other t~.an the described embodiments, which are presented for purposes of illustration and not of limitation, and the present invention is limited only blp the claims '~rh.ich follow.
Claims (56)
1. A method of real-time interactive remote wagering on live casino games, said method comprising:
qualifying a remote client to participate in wagering;
selecting a live casino game;
receiving a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game; and notifying the remote client whether said wager has been accepted.
qualifying a remote client to participate in wagering;
selecting a live casino game;
receiving a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game; and notifying the remote client whether said wager has been accepted.
2. The method of claim 1 further comprising displaying said live casino game on a suitable display whereby the remote client can view the live casino game.
3. The method of Claim 2, wherein the displaying said casino game comprises displaying said live casino game in a multimedia format.
4. The method of claim 2, wherein the displaying said casino game comprises displaying said live casino game in a test format.
5. The method of claim 2, wherein the suitable display comprises a workstation.
6. The method of claim 2, wherein the suitable display comprises a computer.
7. The method of claim 2, wherein the suitable display comprises a television.
8. The method of claim 1, wherein said display is located in a hotel room.
9. The method of claim 2, wherein said displaying and said receiving occur via the Internet.
10. The method of claim 2, wherein said displaying arid said receiving occur via an intranet.
11. The method of claim 2, wherein said displaying and said receiving occur via an open system.
12. The method of claim 11, further comprising selecting a particular casino in which to select said live casino game.
13. The method of claim 2, wherein said displaying and said receiving occur via a closed system.
14. The method of claim 1, wherein said qualifying includes pre-authorizing a monetary limit on wagering.
15. The method of claim 1 further comprising rewarding said remote client in accordance with predetermined wagering activity criteria.
16. The method of claim 15 wherein said rewarding comprises giving said remote client an increased line of credit.
17. The method of claim 15 wherein said regarding comprises giving said remote client free rooms or room upgrades.
18. The method of claim 15 wherein said rewarding comprises giving said remote client free wagers.
19. The method of claim 25 wherein said rewarding comprises giving credits on said remote client's bill.
20. The method of claim 15 wherein said rewarding comprises giving said remote client free gifts.
21. The method of claim 15 wherein said rewarding comprises giving said remote client free event tickets.
22. The method of claim 15 wherein said rewarding comprises giving said remote client free transportation.
23. The method of claim 15 wherein said rewarding comprises giving sand remote client free access to clubs
24. The method of claim 15 wherein said reward comprises free meals.
25. The method of claim 15 wherein said predetermined wagering activity criteria includes at least one of the following:
the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;
said remote client placing a wager on a specified event;
the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;
said remote client winning an amount in excess of a predetermined amount; and said remote client losing an amount in excess of a predetermined amount.
the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;
said remote client placing a wager on a specified event;
the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;
said remote client winning an amount in excess of a predetermined amount; and said remote client losing an amount in excess of a predetermined amount.
26. A method of real-time interactive remote wagering on event outcomes, said method comprising:
determining a spread for a wagerable event outcome;
displaying said wagerable event outcome and said spread of said wagerable event outcome;
receiving a request to wager on said wagerable event outcome;
receiving a request to place a collar on potential losses on said wager;
calculating a cap on potential winnings based on said collar; and notifying whether said wager has been accepted.
determining a spread for a wagerable event outcome;
displaying said wagerable event outcome and said spread of said wagerable event outcome;
receiving a request to wager on said wagerable event outcome;
receiving a request to place a collar on potential losses on said wager;
calculating a cap on potential winnings based on said collar; and notifying whether said wager has been accepted.
27. The method of claim 26, wherein the calculating is further based on the spread.
28. The method of claim 26, wherein the calculating is further based on predetermined risk criteria.
29. The method of claim 26, wherein the calculating is further based on the a measure of the volatility of the market.
30. A system for providing real-time interactive remote wagering on live casino games, said system comprising:
a server storage device;
a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to:
qualify a remote client to participate in wagering;
allow the remote client to select a live casino game;
receive a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game;
notify the remote client whether said wager has beers accepted;
a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising:
a workstation storage device; and a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor.
a server storage device;
a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to:
qualify a remote client to participate in wagering;
allow the remote client to select a live casino game;
receive a request from the remote client to place a wager on the live casino game in accordance with the rules of said live casino game;
notify the remote client whether said wager has beers accepted;
a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising:
a workstation storage device; and a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor.
31. The system of claim 30 the workstation further comprising a display whereby the remote client can view the live casino game.
32. The system of claim 31, wherein the remote client can view the live casino game on the display in a multimedia format.
33. The system of claim 31, wherein the remote client can view the live casino game on the display in a test format.
34. The system of claim 30, wherein the workstation further comprises a television.
35. The system of claim 30, wherein said workstation is located in a hotel room.
36. The system of claim 30, wherein said server and said workstation are connected via the Internet.
37. The system of claim 30, wherein said server and said workstation are connected via an intranet.
38, The system of claim 30, wherein said server and sand workstation are connected via an open network.
39. The system of claim 38, the server program further programmed to allow the remote client to select a particular casino in which to select said live casino game.
40. The system of claim 30, wherein said server and said workstation are connected via a closed network.
41. The system of claim 30, wherein said qualifying includes pre-authorizing a monetary limit on wagering.
42. The system cf claim 30 further comprising rewarding said remote client in accordance with predetermined wager in activity criteria.
43. The system of claim 42 wherein said rewarding comprises giving said remote client an increased line of credit.
44. The system, of claim 42 wherein said rewarding comprises giving said remote client free rooms or room upgrades.
45. The system of claim 42 wherein said rewarding comprises giving said remote client free wagers.
46. The system of claim 42 wherein said rewarding comprises giving credits on said remote client's bill.
47. The system of claim 42 wherein said rewarding comprises giving said remote client free gifts.
48. The system of claim 42 wherein said rewarding comprises giving said remote client free event tickets.
49. The system of claim 42 wherein said rewarding comprises giving said remote client free transportation.
50. The system of claim 42 wherein said rewarding comprises giving said remote client free access to clubs
51. The system of claim 42 wherein said rewarding comprises giving said remote client free meals.
52. The system of claim 42 wherein said predetermined wagering activity criteria includes at least one of the following:
the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;
said remote client placing a wager on a specified event;
the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;
said remote client winning an amount in excess of a predetermined amount; and said remote client losing an amount in excess of a predetermined amount.
the number of wagers placed by said remote client exceeding a predetermined minimum number of wagers;
said remote client placing a wager on a specified event;
the total value of wagers placed by said remote client exceeding a predetermined minimum total value amount;
said remote client winning an amount in excess of a predetermined amount; and said remote client losing an amount in excess of a predetermined amount.
53. A system for providing real-time interactive remote wagering on event outcomes, said system comprising:
a server storage device;
a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to:
determine a spread for a wagerable event outcome;
receive a request to wager on said wagerable event outcome,:
receive a request to place a collar on potential losses on said wager;
calculate a cap on potential winnings based on said collar; and notify whether said wager has been accepted;
a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising:
a workstation storage devices and a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor, the workstation program operative to display said wagerable event outcome and said spread of said wagerable event outcome.
a server storage device;
a server processor connected to the server storage device, the server storage device storing a server program for controlling the server processor, the server processor operative with the server program to:
determine a spread for a wagerable event outcome;
receive a request to wager on said wagerable event outcome,:
receive a request to place a collar on potential losses on said wager;
calculate a cap on potential winnings based on said collar; and notify whether said wager has been accepted;
a plurality of workstations, each of the plurality of workstations operative to communicate with the server, each of the workstations comprising:
a workstation storage devices and a workstation processor connected to the workstation storage device, the workstation storage device storing a workstation program for controlling the workstation processor, the workstation program operative to display said wagerable event outcome and said spread of said wagerable event outcome.
54. The system of claim 53, wherein the calculating is further based on the spread.
55. The system of claim 53, wherein the calculating is further based on predetermined risk criteria.
56. The system of claim 53, wherein the calculating is further based on a measure of the volatility of the market.
Priority Applications (1)
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| CA2929541A CA2929541C (en) | 2003-04-10 | 2004-03-04 | Real-time interactive wagering on event outcomes |
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| US10/410,197 US7341517B2 (en) | 2003-04-10 | 2003-04-10 | Real-time interactive wagering on event outcomes |
| US10/410,197 | 2003-04-10 |
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| CA2929541A Expired - Lifetime CA2929541C (en) | 2003-04-10 | 2004-03-04 | Real-time interactive wagering on event outcomes |
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| CA2929541A Expired - Lifetime CA2929541C (en) | 2003-04-10 | 2004-03-04 | Real-time interactive wagering on event outcomes |
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2003
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2004
- 2004-03-04 CA CA3094499A patent/CA3094499A1/en active Pending
- 2004-03-04 CA CA2460367A patent/CA2460367C/en not_active Expired - Lifetime
- 2004-03-04 CA CA2929541A patent/CA2929541C/en not_active Expired - Lifetime
- 2004-03-26 GB GB0406872A patent/GB2400467A/en not_active Withdrawn
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2007
- 2007-09-05 US US11/850,213 patent/US9406196B2/en active Active
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2008
- 2008-12-19 US US12/339,764 patent/US20090096165A1/en not_active Abandoned
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2012
- 2012-09-13 US US13/613,287 patent/US9805549B2/en active Active
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2017
- 2017-10-26 US US15/795,217 patent/US10559164B2/en not_active Expired - Fee Related
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2020
- 2020-01-14 US US16/742,435 patent/US11263867B2/en not_active Expired - Lifetime
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- 2022-02-28 US US17/681,903 patent/US11699325B2/en not_active Expired - Lifetime
Cited By (3)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| US9805549B2 (en) | 2003-04-10 | 2017-10-31 | Cantor Index Llc | Real-time interactive wagering on event outcomes |
| US10559164B2 (en) | 2003-04-10 | 2020-02-11 | Cantor Index Llc | Real-time interactive wagering on event outcomes |
| US11205225B2 (en) | 2004-06-07 | 2021-12-21 | Cfph, Llc | System and method for managing transactions of financial instruments |
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| US11263867B2 (en) | 2022-03-01 |
| US10559164B2 (en) | 2020-02-11 |
| CA2460367C (en) | 2016-07-19 |
| US9805549B2 (en) | 2017-10-31 |
| CA3094499A1 (en) | 2004-10-10 |
| CA2929541C (en) | 2020-11-10 |
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| US20140087837A1 (en) | 2014-03-27 |
| US20040204232A1 (en) | 2004-10-14 |
| CA2929541A1 (en) | 2004-10-10 |
| US20220292922A1 (en) | 2022-09-15 |
| US20070298871A1 (en) | 2007-12-27 |
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