Collaborative Betting Platform Credit Note System
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Solution Overview
Problem
Existing electronic betting systems lack efficiency in facilitating collaborative betting transactions and fail to adequately remunerate providers of betting information, leading to suboptimal user engagement and revenue generation for both betting agencies and bettors.
Innovation Solution
A collaborative betting platform that allows primary bettors to register electronic betting selections, which are conditionally processed on behalf of secondary bettors, with a credit note system reserving funds for secondary bettors and generating supplementary remuneration bets for primary bettors, thereby streamlining transactions and ensuring providers are compensated.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If betting agencies publish betting information on their web properties to attract customers, then customer acquisition and betting turnover increase, but the system lacks efficiency in facilitating collaborative betting transactions and fails to remunerate providers of betting information
Solution Approach 1:
The patent introduces a collaborative betting platform that acts as an intermediary between primary bettors (information providers) and secondary bettors (information consumers). This platform facilitates automated matching, credit note issuance, and remuneration distribution, resolving the complexity of manual transaction facilitation while maintaining high betting turnover through efficient collaboration.
Solution Approach 2:
The system performs preliminary actions by pre-issuing credit notes to secondary bettors before actual betting transactions occur. This automated preliminary credentialing streamlines the transaction process, eliminating the need for complex real-time verification and enabling efficient collaborative betting while ensuring providers are remunerated through pre-configured remuneration bets.
2Ease of operation
If users access betting information without monetary exchange, then user engagement increases, but providers of betting information receive no compensation
Solution Approach 1:
The patent implements a self-service mechanism where secondary bettors automatically receive credit notes that enable them to access betting information and place bets without direct monetary exchange at the point of access. The system automatically manages the remuneration flow, issuing credit notes to consumers and simultaneously creating remuneration bets for providers, thus maintaining ease of access while ensuring provider compensation through automated resource allocation.
3Reliability
If a traditional two-step process is used for betting transactions, then transaction clarity is maintained, but transaction efficiency decreases
Solution Approach 1:
The patent merges multiple transaction steps into a single automated process. The collaborative betting platform simultaneously handles information provision, credit note issuance, bet matching, and remuneration allocation in one integrated transaction flow. This consolidation maintains transaction clarity through automated record-keeping and audit trails while dramatically improving processing efficiency by eliminating sequential manual steps.
Data Source
AI summary
A collaborative betting platform is structured around a server (1) in communication with client devices (4) via the Internet (3), the server (1) configured to facilitate specific electronic betting transactions, and more particularly allowing electronic betting selections registered by primary bettors (110) to be conditionally processed on behalf of secondary bettors (120). Such facilitation of electronic betting selections is contingent upon recording a credit note against an account of a secondary bettor (120), which has the effect of reserving funds in the account of the secondary bettor (120). The amount of the credit note is representative of a minimum stake amount which the secondary bettor (120) is requested to commit to bet by accepting a back bet offer based upon a betting selection registered by a primary bettor (110).