Customized Odds Betting System Using Participant Segmentation
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Solution Overview
Problem
Current betting systems lack the ability to offer customized odds bets that combine multiple participants to achieve specific, non-standard odds, limiting bettors' options and flexibility in wagering on events like horse races.
Innovation Solution
A system and method that identify a lead participant and additional participants based on their odds to form a group that approximates customized odds, allowing for the creation of bets with unique odds combinations not typically available for individual participants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional betting systems are used, then the betting system is simple and easy to operate, but the adaptability and versatility of betting options are limited
Solution Approach 1:
The betting system segments the field of participants into a lead participant and additional participants, allowing customized odds bets to be constructed by combining specific participants. This segmentation enables flexible betting options while maintaining system manageability through structured participant grouping.
Solution Approach 2:
The system dynamically adjusts the composition of betting groups based on the desired customized odds. The processor selectively includes or excludes participants from the betting group to achieve the target odds, making the betting system adaptable to various odds requirements without requiring a completely different system for each bet type.
2Adaptability or versatility
If customized odds bets combining multiple participants are created, then betting versatility is improved, but the complexity of determining participant combinations increases
Solution Approach 1:
The system automatically determines the appropriate participant combinations to achieve the desired customized odds. The processor self-services by selecting participants based on their odds values, eliminating the need for manual combination calculation by the bettor and reducing the perceived complexity of the betting process.
Solution Approach 2:
The system changes the parameter of participant selection based on the desired odds target. By adjusting which participants are included in the betting group according to their individual odds values, the system can generate various customized odds bets while following a consistent algorithmic approach that manages complexity.
3Quantity of substance
If additional participants are included in a bet to achieve customized odds, then potential winnings are increased, but the risk of losing increases
Solution Approach 1:
The system applies different quality levels to different participants in the betting group. The lead participant is selected with higher priority and better odds, while additional participants are included to fill out the customized odds target. This local differentiation allows the bettor to concentrate on a primary choice while using secondary participants to achieve the desired odds, balancing potential winnings with risk management.
Data Source
AI summary
A system for managing bets comprises a memory and a processor. The memory stores information associated with a field of participants for an event, each participant associated with particular odds for the event. The processor receives a bet that a lead participant from the field of participants will finish in a particular subset of finishing positions in the event, wherein the bet is associated with customized odds. The processor further select one or more additional participants from the field of participants to add to the bet such that the odds associated with the lead participant combined with the odds associated with the one or more selected additional participants at least approximates the customized odds for the bet.