Bet Exchange System for Dynamic Roster Management in Fantasy Sports
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Solution Overview
Problem
Current paid contest fantasy sports systems rely heavily on luck, with users lacking tools to enhance their chances based on skill after the event begins, and they are unable to adjust their selections due to injuries or other factors once the sporting event starts.
Innovation Solution
A bet exchange system that allows users to place buy-to-open and sell-to-open orders on standardized bet contracts, enabling them to adjust their positions and manage risk in real-time through a platform that matches buy and sell orders, creating instances of two-party contracts with standardized payout amounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users select players for fantasy rosters in paid contests, then they can compete for prizes based on player performance, but they cannot adjust their selections once the real-life event begins
Solution Approach 1:
The system transforms the static fantasy roster into a dynamic betting position that can be adjusted in real-time. Users can open buy-to-open orders to add players or sell-to-open orders to remove players from their bets during the event, making the betting position adaptable to changing conditions like injuries and player performance.
Solution Approach 2:
The system allows users to place preliminary betting positions before the event, but enables modifications during the event through real-time order placement. The standardized bet contracts are created in advance with predetermined payout structures, while the ability to adjust positions during the event provides preliminary preparation with ongoing adaptability.
2Reliability
If users rely on their own research and knowledge of players, then they can make informed selections, but they lack tools to enhance their chances based on skill after the event begins
Solution Approach 1:
The system provides real-time feedback to users through the order book, which displays current betting positions, odds, and market movements. This feedback mechanism enables users to adjust their bets based on real-time information about player performance, injuries, and betting patterns, enhancing their ability to make informed decisions during the event.
Solution Approach 2:
The standardized bet contract exchange acts as an intermediary between users and the betting market. It provides a structured platform where users can place and adjust bets using standardized contracts with predetermined payouts, making the complex betting process more accessible and easier to operate while maintaining reliability through transparent, real-time information.
3Adaptability or versatility
If the system provides real-time betting adjustments, then users can manage risk dynamically, but the system complexity increases
Solution Approach 1:
The system segments the betting process into distinct components: standardized bet contracts with predetermined payouts, buy-to-open orders for adding positions, sell-to-open orders for removing positions, and a matching engine that processes these orders. This segmentation simplifies the overall system architecture by breaking down the complex real-time betting adjustment process into manageable, standardized parts.
Solution Approach 2:
The system uses standardized bet contracts with predetermined payout parameters that remain fixed, while allowing dynamic changes in betting positions through order placement. The standardized contracts provide a stable framework that simplifies the matching process, while the ability to adjust positions during the event introduces adaptability without significantly increasing system complexity.
4Reliability
If players are given salaries based on past performance, then contestants can make selections before the event, but they cannot adjust for injuries or other factors once the event starts
Solution Approach 1:
The system transitions from a static pre-event betting model to a dynamic post-event adjustment model. Users can place initial bets based on pre-event research and player salaries, but can then adjust their positions during the event in response to injuries, player performance, and other factors, making the system adaptable to real-time conditions.
Solution Approach 2:
The system provides real-time feedback to users about player status, injuries, and performance through the order book and betting market. This feedback enables users to adjust their bets during the event based on actual conditions, improving their ability to respond to injuries and other factors that affect player performance.
Data Source
AI summary
Systems and computer-implemented methods for a bet exchange. The bet exchange receives bet orders from users and matches bet-for orders with bet-against orders to generate instances of standardized bet contracts. The bet-for orders are bets on a bet event occurring, and bet-against orders are bets on a bet event not occurring. The bet events are listed in contests based on a real-life event. The bet events have a standardized payout amount, which transfers to the user that made the bet-for order when the bet event occurs, or to the user that made the bet-against order when the bet event does not occur.