Betting exchange system

a technology of exchange system and betting, applied in the field of betting, can solve the problems of high probability of profitability, customers are not able to place bets to support their views, etc., and achieve the effect of facilitating a liquid two-way mark

Inactive Publication Date: 2010-04-22
THE SPORTING EXCHANGE
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0003]According to the present invention, there is provided a betting exchange system comprising server means configured to receive bet requests from a plurality of users over a communications network, each of said requests comprising a bet backing an outcome or laying an outcome, wherein the server means is operable to match respective bets which back and lay a given outcome. Allowing a user access to both sides of a betting transaction, by specifying whether he wishes to back or lay an outcome, provides the user with additional flexibility, and can facilitate a liquid two-way market. In addition, it can ensure the most efficient, and hence competitive, prices.
[0004]The bet requests can include a price at which the bet is to be placed, which can promote price competition and improve the efficiency of the market. If a better price is available to the user, the system can match the bet at the better price.

Problems solved by technology

In this situation, though, customers are not able to place a bet to support their view.
While it is true that they can try to simulate laying, i.e. “selling” the outcome by backing all other possible outcomes, this is highly unlikely to be profitable due to the overround charged by the bookmaker.

Method used

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Examples

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Embodiment Construction

[0024]Referring to FIG. 1, a betting exchange system according to the invention is implemented on a server 1, for example a server machine running Windows NT™, connected to a back office database system 2, for example an Oracle or SQL relational database server. The database server 2 includes database storage for a comprehensive sports statistics service to be provided in conjunction with a betting service. The server 1 is connected to the Internet 3. The server is accessed over the Internet 3 by a plurality of client machines 4, for example personal computers running web browser software such as Microsoft Internet Explorer™ or Netscape Navigator™ and using dial-up connections through respective Internet Service Providers 5. Access to the server 1 is restricted by, for example, a firewall and other known security measures. Other access methods are also envisaged, for example use of WAP (Wireless Application Protocol) phones to access a betting service running on a WAP server.

[0025]T...

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PUM

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Abstract

A betting exchange system receiving bet requests from a plurality of users over a communications network, each of the requests comprising a bet backing an outcome or laying an outcome. The betting exchange system matches respective bets which back and lay a given outcome, and automatically arbitrages unmatched bet requests to thereby generate one or more implied bets made by the system in respect to an outcome for which no bet requests have been received. The implied bets are generated so that the system does not lose money on the implied bets taken together.

Description

FIELD OF THE INVENTION[0001]This invention relates to the field of betting, particularly but not exclusively to sports betting conducted over the Internet.BACKGROUND[0002]A number of companies provide Internet based betting services. The majority of these are simply an extension of conventional betting services, offering fixed odds betting in which customers only have access to one side of the market, i.e. they can only efficiently back, or “buy”, a particular outcome to occur at odds set by the bookmaker. However, it is often far easier to decide what is not going to occur rather than trying to decide what will occur. In this situation, though, customers are not able to place a bet to support their view. While it is true that they can try to simulate laying, i.e. “selling” the outcome by backing all other possible outcomes, this is highly unlikely to be profitable due to the overround charged by the bookmaker. The overround is the extent to which the bookmaker's total book exceeds ...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): A63F9/24A63F9/00G06Q50/00A63F13/12G06Q50/34
CPCG06Q40/04G07F17/3288G07F17/3279G06Q50/34
Inventor BLACK, ANDREW WILSON
Owner THE SPORTING EXCHANGE
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