Real-Time Interactive Wagering System with Automatic Credit Management
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Solution Overview
Problem
Current wagering systems are slow and inefficient, lacking real-time capabilities, and do not offer real-time transaction confirmation, credit management, or automatic features such as wager-tracking indices and price adjustments, limiting the selection of events and currencies available for wagering.
Innovation Solution
A system utilizing a data processing computer and client workstations connected via a network for real-time interactive wagering, providing automatic real-time client credit management, transaction confirmation, wager-tracking indices, and price adjustments, with features like multiple-price wagering and selectable currencies, allowing for customizable event selection and dealer hedging.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If manual telephone wagering or traditional online wagering systems are used, then wagering operations can be conducted, but processing delays occur between placing and confirming wagers, and transaction confirmation is not real-time
Solution Approach 1:
The patent replaces manual telephone wagering and traditional online processing systems with an automated electronic system that uses computer workstations, networks, and software to handle wagering transactions. This substitution eliminates manual processing delays and enables real-time transaction confirmation through automated electronic communication between the wagering system and clients.
Solution Approach 2:
The system enables clients to independently place wagers through computer workstations and receive immediate automated confirmation without requiring manual intervention. The wagering system automatically processes transactions, checks credit availability, and provides real-time confirmation, allowing clients to service their own wagering needs without dealer assistance.
2Loss of information
If traditional wagering systems are used, then wagering can be conducted, but presented wager prices lag actual prices by 5-10 minutes and are not current
Solution Approach 1:
The system continuously updates wager prices in real-time by maintaining constant electronic connection to data sources and automatically refreshing price information displayed to clients. This continuous action ensures that price information remains current and accurate, eliminating the 5-10 minute lag present in traditional systems where prices were updated periodically or manually.
Solution Approach 2:
The system implements real-time feedback mechanisms where price information is continuously monitored, updated, and immediately reflected in the wagering interface. The automated system receives price data from external sources, processes it through the wagering platform, and provides instant feedback to clients, ensuring they always see current pricing without manual intervention.
3Adaptability or versatility
If known wagering systems are used, then standard events can be wagered on, but the selection of events is limited and customized or client-requested events cannot be easily established
Solution Approach 1:
The wagering system is designed with universal capabilities to handle both standard pre-configured events and customized client-requested events through a single integrated platform. The system can automatically process various event types including financial markets, sporting events, political events, and natural phenomena, and can easily accommodate custom events without requiring separate systems or complex manual configuration.
Solution Approach 2:
The system dynamically adapts to different event types and configurations through programmable parameters and automated setup procedures. When a client requests a custom event, the system can dynamically create the necessary wagering parameters, price feeds, and transaction handling routines, transforming a static system into a flexible platform that accommodates diverse wagering requirements without manual reconfiguration.
4Productivity
If real-time interactive wagering with automatic features is implemented, then processing efficiency and user experience are improved, but system complexity and automation requirements increase
Solution Approach 1:
The complex wagering system is segmented into distinct functional modules including client interface workstations, network communication components, wagering processing engines, price management systems, and credit management modules. This segmentation allows each component to handle specific tasks independently, improving overall processing efficiency while making the system easier to maintain and update compared to a monolithic architecture.
Data Source
AI summary
Systems and methods for real-time interactive wagering on event outcomes are presented. Clients are first qualified and given wagering limits before being allowed to interactively wager on event outcomes. Event outcomes may be based on, for example, financial markets and indices, sporting and entertainment events, casino performances, and natural phenomena such as weather and earthquakes. Events on which wagers can be placed include both those with known and unknown outcome probabilities, and wagers can be a fixed-odds type or a spread-bet type. Wager transactions, including acceptances and confirmations, are executed in real time. Clients can customize displays of events on which they are authorized to wager. Real-time client credit management, automatic dealer hedging, automatic price-spread adjustments, and automatic client and dealer defined wagering limits are also provided.