Non-Verified Outcome Betting Odds Calculation
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Solution Overview
Problem
Current methods for conducting games of chance, such as lotteries and betting systems, lack the ability to efficiently offer and manage betting options on non-verified outcomes and do not effectively calculate odds for counter bets and multi-outcome bets, limiting player engagement and revenue opportunities.
Innovation Solution
A computer-implemented method and system that provides game slips with options for non-verified outcomes, calculates odds based on probabilities and financial criteria, and allows for counter bets and multi-outcome bets, enabling players to bet on outcomes that will not occur and combining these with traditional betting options.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional betting systems only offer verified outcomes, then the system is simple to manage, but player engagement and revenue opportunities are limited
Solution Approach 1:
The patent segments betting options into distinct categories: verified outcomes (traditional bets) and non-verified outcomes (counter bets). This segmentation allows the system to offer diverse betting types while managing complexity through structured organization of different bet types and their corresponding odds calculation methods.
Solution Approach 2:
The system is designed to handle multiple functions within a unified framework: it processes both verified and non-verified outcome bets, calculates odds for different bet types using consistent principles, and manages player accounts and payouts through a single platform. This multi-functionality increases versatility without proportionally increasing complexity.
2Productivity
If the system offers counter bets on non-verified outcomes, then revenue opportunities increase, but odds calculation complexity increases
Solution Approach 1:
The patent applies parameter changes by inverting the probability calculation for counter bets. Instead of calculating odds based on the probability of an outcome occurring, the system calculates odds based on the probability of the outcome NOT occurring (1-P). This parameter transformation simplifies the odds calculation for non-verified outcomes while enabling new revenue streams from counter betting.
3Adaptability or versatility
If the system allows multiple betting options per event, then player engagement increases, but system complexity increases
Solution Approach 1:
The system introduces an intermediary layer that automatically manages the complexity of multiple betting options. This intermediary handles odds calculation, bet validation, and outcome verification through standardized processes, shielding players from underlying system complexity while providing diverse betting options. The intermediary translates player selections into processed bets that the system can efficiently manage.
Data Source
AI summary
A computer-implemented method that includes programming a computer machine to perform the steps of: providing game slips to game players, where each games slip has game options and one of the game options is a first game option that includes a non-verified outcome of an event; receiving the game slips that include selected game options where one selected game option includes the first game option; determining odds of the first game option based on: 1-P, where P is the probability of a verified outcome of the event, a financial criterion of the game provider, and the selected game options; providing and receiving acceptance of the odds; determining whether the event has resulted in the verified outcome or the non-verified outcome; and determining, for each game player that selected the first game option, a prize based on the accepted odds when the event results in a non-verified outcome.