Online Pulse Betting System with Dynamic Odds and Real-Time Settlement
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Solution Overview
Problem
The betting industry lacks a system that allows users to have precise control over their betting activities, including the ability to place bets on specific incidents during sports events with customizable duration and variable returns, which is not provided by traditional fixed-stake and fixed-return sports betting.
Innovation Solution
A system for online pulse betting that includes a betting portal, calculation module, web application, incident feed, database, and settlement engine, enabling users to place bets on defined incidents with dynamic bet periods and real-time settlement, using smart pricing algorithms and microservices for custom bet placement and settlement.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional fixed-stake and fixed-return sports betting is used, then the betting system is simple and easy to operate, but users lack precise control over their betting activities and cannot customize bet duration or variable returns
Solution Approach 1:
The betting system is divided into independent microservices including bet placement service, settlement service, and pricing service. Each microservice handles specific betting functions independently, allowing users to customize bet duration and returns while maintaining system manageability through modular architecture.
Solution Approach 2:
The system implements dynamic bet periods where users can select custom duration for their bets, and dynamic pricing algorithms that calculate variable returns based on the selected time segments. This transforms the static fixed-stake/fixed-return model into a dynamic system with adaptable parameters.
2Ease of operation
If dynamic bet periods and variable returns are implemented, then user control and potential winnings are enhanced, but real-time calculation and settlement complexity increases
Solution Approach 1:
The pricing service automatically calculates odds and returns based on selected time segments without manual intervention. The settlement engine autonomously processes bet outcomes by comparing incident feeds against placed bets, enabling real-time settlement despite increased complexity through automated self-service mechanisms.
Solution Approach 2:
Manual betting operations are replaced with automated digital systems. The web application and mobile widgets provide automated bet placement, while the settlement engine uses automated incident feed processing and algorithmic calculation to handle complex real-time settlements without manual mechanical processes.
3Productivity
If real-time settlement with incident feed validation is implemented, then instant gratification is provided, but system reliability requirements and validation complexity increase
Solution Approach 1:
The system implements continuous feedback loops where incident feeds provide real-time event data that triggers automated validation and settlement processes. The settlement engine continuously monitors incident feeds and automatically validates bets against actual outcomes, providing instant gratification while maintaining reliability through continuous feedback-driven validation.
Data Source
AI summary
A system and method is provided for enabling an online user to place bets concerning incidents occurring during a game or sports event. This is done by providing a portal for a user to place a bet predicated on a defined incident occurring during a predetermined time segment of the event. The platform includes a module for calculating odds and prize returns for said incident to occur during said sports event or game in response to a user request, a GUI presentation and a settlement engine.