Paramutual Fantasy Wagering Dynamic Odds
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Solution Overview
Problem
Current fantasy sports systems limit bettors to fixed odds betting or betting pools, restrict participation flexibility, and offer limited revenue opportunities for service providers due to undefined opponents, restricted wagering options, and lack of standardized measures of success.
Innovation Solution
A system and method for paramutual-style fantasy sports wagering that allows bettors to create propositions using multiple player types, calculate dynamic odds based on betting activity, and determine payouts based on the outcome of these propositions, enabling various wagering options and increased participation flexibility.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If fantasy sports systems use fixed odds betting or betting pools, then the system is simple to operate, but the wagering options are restricted and revenue potential is limited
Solution Approach 1:
The patent implements dynamic odds that automatically adjust based on betting activity and participant behavior. The system calculates real-time odds for different wagering outcomes, allowing bettors to place bets on various propositions (win, place, show, exacta) with odds that reflect current betting patterns. This dynamic adjustment mechanism provides diverse wagering options without requiring manual intervention, resolving the contradiction between versatility and complexity.
2Adaptability or versatility
If fantasy sports systems require complete season participation, then the competition structure is simple, but participation flexibility is restricted
Solution Approach 1:
The patent segments the fantasy sports competition into discrete, independent wagering propositions rather than requiring continuous season-long participation. Bettors can select from multiple proposition types (win, place, show, exacta) for individual games or matchups, allowing them to participate selectively based on interest or expertise. This segmentation enables flexible participation while maintaining a structured competition framework through standardized scoring and odds calculation.
3Measurement precision
If fantasy sports systems use undefined opponents, then the system is easy to set up, but the measure of success is not standardized
Solution Approach 1:
The patent implements a self-service mechanism where the system automatically defines opponents and calculates success metrics based on betting propositions rather than requiring manual opponent assignment. The dynamic odds system inherently creates a standardized measure of success by calculating probabilities and payouts based on objective criteria (player statistics, betting patterns, proposition outcomes). This automated approach provides precise success measurement without adding manual complexity to opponent definition.
4Productivity
If fantasy sports organizations charge flat rates, then the pricing structure is simple, but revenue potential is restricted
Solution Approach 1:
The patent implements dynamic pricing through variable odds and payout structures that adjust based on betting activity, proposition type, and risk assessment. Instead of flat rates, the system calculates odds that reflect the probability of different outcomes and the amount of betting activity on each proposition. This allows the organization to capture more value from high-confidence bets while offering attractive odds on uncertain outcomes, maximizing revenue potential through parameter-based pricing rather than fixed rates.
Data Source
AI summary
The present invention can provide a system and method for paramutual-style fantasy sports wagering and entertainment. In one exemplary embodiment, the present invention can include a method for paramutual fantasy betting, the method comprising providing a bettor with a first plurality of players of a first player type, providing a bettor with a second plurality of players of a second player type, receiving a proposition from the bettor, wherein the proposition comprises a first player from the first plurality of players and a second player from the second plurality of players, receiving a wager amount from the bettor, receiving a paramutual bet for the proposition, calculating paramutual odds for the proposition, and determining a result for the bettor, wherein the result is based on the paramutual bet and the proposition.