Live Betting Odds Control via House Strategic Bets
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Solution Overview
Problem
Existing sports betting systems, particularly pari-mutuel systems, often have discrepancies between posted and ultimate payoff odds, leading to uncertainty for players and increased risk for the house, as the ultimate payoff odds may differ from the posted odds at the time of betting.
Innovation Solution
A live-event betting system where the house actively places bets using an intelligent subsystem to adjust and control both posted and ultimate payoff odds in real-time, based on historical sports data, ensuring closer alignment between the two and minimizing risk through strategic betting.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If pari-mutuel betting systems are used, then the house collects all bets and distributes payoffs based on final pools, but the ultimate payoff odds differ from posted odds causing uncertainty for players and increased risk for the house
Solution Approach 1:
The house places preliminary bets at the opening of the betting line and can place additional strategic bets during the event to control the composition of betting pools before the event concludes, thereby influencing the ultimate payoff odds in advance
Solution Approach 2:
The system continuously monitors betting pool compositions and uses this feedback to dynamically adjust house bets, ensuring that posted odds remain aligned with ultimate payoff odds by modifying betting strategies in real-time based on current pool states
2Measurement precision
If the house places strategic bets to control payoff odds, then odds accuracy improves, but the system complexity increases due to automated betting algorithms and real-time calculations
Solution Approach 1:
The intelligent subsystem autonomously performs data collection from multiple sources, calculates optimal betting strategies, executes house bets, and updates odds displays without requiring manual intervention, allowing the system to self-manage the complexity of real-time odds control
Solution Approach 2:
The patent replaces manual odds-setting and betting decisions with an automated intelligent subsystem that uses algorithms and computational methods to calculate and execute betting strategies, substituting mechanical human judgment with automated computational processes
3Ease of operation
If fixed odds betting is used, then players know guaranteed payoff odds, but the house accepts higher risk as ultimate payoff may differ from posted odds
Solution Approach 1:
The house places preliminary bets at the opening of the betting line and can place additional strategic bets during the event to control the composition of betting pools before the event concludes, thereby influencing the ultimate payoff odds in advance
Solution Approach 2:
The system continuously monitors betting pool compositions and uses this feedback to dynamically adjust house bets, ensuring that posted odds remain aligned with ultimate payoff odds by modifying betting strategies in real-time based on current pool states
Data Source
AI summary
An in-progress sports betting system able to provide improved estimated payoff odds for non-fixed-odds betting, where the house places bets along with players. The system includes an intelligent subsystem (AI) designed to estimate real-time probabilities of outcomes associated with live events, and a host computer able to accept bets from players, place bets on behalf of the house based on the real-time probability estimates, maintain a detailed electronic record on all betting activity (including house betting activity), continuously estimate and post payoff odds for the players based on the electronic record, and distribute payoffs on wining bets when the betting events terminate. The purpose of the house bets is to continuously and strategically adjust the real-time posted payoff odds and to create additional revenue for the house. Players can communicate with the host computer and place bets through physical devices, such as mobile electronic devices, personal computers, or stationary kiosks.