Method for completing an electronic commerce transaction based on a virtual coin flip

Abstract

Methods for completing an electronic commerce transaction based on at least one virtual coin flip. Users of electronic commerce place items for purchase in shopping carts and provide payment information, they may pay for or possibly wager for the items with coin flip(s). In cases where the where a user properly predicts correct coin flip result(s), the user receives items without charge. If not, the user pays for the items (or a portion of the items if more than one coin flip prediction is made). A user may challenge another user during checkout and wager the cost of one shopping basket against the other. A wagering fee may deducted by a third party during the transaction. The third party, which may be a different entity than the shopping entity may be awarded a commission by the shopping entity that equals a percentage of the items wagered on.

Description

[0001] This application claims benefit from U.S. Provisional Patent Application Ser. No. 60 / 717,078 filed Sep. 14, 2005 entitled, “METHOD FOR COMPLETING AN ELECTRONIC COMMERCE TRANSACTION BASED ON A VIRTUAL COIN FLIP” the specification of which is hereby incorporated herein by reference. This application is a continuation in part of United States Utility patent application Ser. No. 10 / 055,805, filed Jan. 22, 2002 entitled “METHOD AND APPARATUS FOR WAGERING ON A RANDOM CHANCE EVENT” which claims benefit of U.S. Provisional Application Ser. No. 60 / 263,396 filed Jan. 22, 2001 entitled “METHOD AND APPARATUS FOR WAGERING ON A RANDOM CHANCE EVENT”, the specifications of which are hereby incorporated herein by reference.BACKGROUND OF THE INVENTION [0002] 1. Field of the Invention [0003] Embodiments of the invention described herein pertain to the field of electronic transactions and system for earning revenue from participants willing to wager on a predicted result. More particularly, but ...

AI Technical Summary

Benefits of technology

[0018] In one or more embodiments of the invention the game interface utilized for game play is configured to execute a set of animated graphical elements representative of each of the virtual coin flips. The virtual coin flip(s) may be animated in one or more embodiments of the invention and may include sound of the coin rotating through the air and / or the sound of the coin ringing when bouncing in order to animate the virtual coin flip as accurately as desired. For multiple coin flips, the coin flips may occur next to each other in parallel for example, or may occur one after the other serially, for example to build suspense. Use of sound creates a more realistic wagering environment and allows for shopping environment to achieve an edge on competitors by providing an exciting environment for users to purchase goods at times for free or for a fraction of their retail price.

[0019] The user may also opt to challenge another player during checkout and wager one shopping basket against the other. If the user opts to wager, the user makes a coin flip prediction and the system proceeds to execute the coin flip. In cases where the prediction does not match the actual result the amount of the goods that were to be purchased is deducted from the users account and credited to the shopping entity or third party such as the house and the transaction cannot be completed unless the user pays or plays for the merchandise again. If the user accurately predicts the actual result the user is credited the wagered amount, possibly less a game fee deducted by the house and allowed to proceed with the checkout and purchase of the goods. In one or more cases users may not be required to predict the actual result, but the closest prediction over a series of games is viewed as the actual result. In other cases the actual result is the precise result achieved through game play. If a third party such as a gambling establishment, a.k.a., the house, is handling the wagering and coin flip(s), the third party may be awarded a commission by the shopping entity that equals a percentage of the goods purchased. Multiple coin predictions may be utilized in this embodiment and thereby lower the amount wagered by increasing the number of required predictions. For example, use of a two prediction coin flip scenario results in a 25% or 33% break even point depending on if the user making the prediction pays regardless of winning or pays only when losing respectively. Again, modification of the actual monetary input required is in keeping with the spirit of the invention as previously described in order to create additional revenues.

[0020] When challenging other users on line to wager for the purchase of the respectively shopping carts, a user may be presented with an interface showing avatars or representations of other shoppers that are willing to wager for free items. In a virtual shopping environment, representations of shoppers allows for virtual shoppers to meet other individuals and communicate and wager against one another for who pays. Alternatively, other users may be alerted to shoppers that entered a site, even if they have not placed items in their cart so that they may be challenged. This allows a site to drive revenue back into site for people that don't have anything in the cart yet. If a user is challenged, they may determine that they want to wager for an item that they were looking for and proceed to wager for the item if there is a chance that they may not have to pay for the item or if there is a chance that they may pay a fraction of retail for the item. The monetary input paid by the loser of the wager may use the monetary input associated with their shopping cart or with the winning user's shopping cart, i.e., the monetary inputs may be in effect switched in one or more embodiments of the invention.

[0021] In addition, web service enabled electronic commerce sites may be configured to allow challenges across web sites. By providing item values and confirmation of payment information, communication across sites allows for electronic commerce sites running alternate web engines to provide their users with wagering capabilities that exist on third party servers.

Problems solved by technology

If the user does not prevail or obtain the predicted result the wager is lost and the user must purchase the goods / services.

If the user does not predict the result(s) of the coin flip(s), then the user loses the monetary input wagered.

A user may opt for predicting one coin flip to wager 100% of the item to be purchased wherein a win results in no payment for the product and a loss results in 100% payment for the product without delivery of the product.

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