Real-time Betting Odds Calculation via Pre-computed Probabilities
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Solution Overview
Problem
Current real-time betting systems face challenges in calculating and managing odds for events with short intervals, such as slot car races and sporting events, to ensure fair payouts and long-term viability, while also accommodating diverse jurisdictional requirements and enabling instant betting decisions.
Innovation Solution
A real-time betting system that includes an event control module, Real-time Betting System Server, risk management server, and bookmaker server, which use probability calculation and transformation modules to generate attractive odds and manage risks, allowing for various betting options like winner, exacta, and Jackpot bets, and can be implemented across different devices and networks.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If real-time betting is enabled for short interval events, then betting speed and user decision time are improved, but odds calculation accuracy and risk management become more difficult
Solution Approach 1:
The system performs preliminary actions by pre-calculating probabilities for all possible event outcomes before the event occurs. The probability calculation module computes base probabilities based on historical data and event characteristics in advance, so that when betting occurs in real-time, the odds can be immediately determined without complex calculations during the short event interval.
Solution Approach 2:
The system implements dynamic odds adjustment that adapts to changing betting patterns and event progress. The odds are not fixed but continuously updated based on the ratio of bets placed on different outcomes and the elapsed time since the event start, allowing the system to maintain accuracy while supporting fast betting decisions.
2Adaptability or versatility
If odds are adjusted in real-time based on betting patterns, then user engagement and betting attractiveness are improved, but system risk and payout variability increase
Solution Approach 1:
The system employs feedback mechanisms where the odds are continuously adjusted based on the betting patterns observed in real-time. The probability calculation module monitors the ratio of bets on different outcomes and modifies the odds accordingly, creating a dynamic feedback loop that adapts to user behavior while maintaining system stability through controlled adjustment algorithms.
Solution Approach 2:
The system changes key parameters such as odds and probabilities dynamically based on betting patterns and event progress. The time factor is introduced as a varying parameter that modifies odds as the event approaches, and the betting ratio parameter adjusts odds based on the distribution of wagers, allowing adaptability while managing risk through structured parameter transformation.
3Adaptability or versatility
If Jackpot feature is added to betting system, then user attraction and potential payouts are improved, but system complexity and hold value management become more challenging
Solution Approach 1:
The Jackpot feature is merged with the existing real-time betting system by integrating it into the same probability calculation and odds adjustment framework. The Jackpot pot accumulates from a portion of each bet placed, and winning is determined by the same real-time probability mechanisms, combining multiple functions into a unified system rather than adding separate complex infrastructure.
Solution Approach 2:
The probability calculation module serves multiple functions: it calculates base odds for standard betting, adjusts odds in real-time based on betting patterns, determines Jackpot winning probabilities, and manages hold value calculations. This multi-functional approach reduces overall system complexity by having a single core module handle diverse betting features.
4Adaptability or versatility
If hold value is adjusted for different jurisdictions, then regulatory compliance and market adaptability are improved, but system configuration complexity increases
Solution Approach 1:
The system implements local quality by allowing different hold value parameters to be set for different jurisdictions or markets. Each jurisdiction can have its own configured hold percentage that reflects local regulatory requirements and market conditions, while the underlying probability calculation and odds adjustment mechanisms remain unified and consistent across all regions.
Data Source
AI summary
A real-time betting system includes an event control server enabled to communicate data via a network. The event control server communicates gaming event information to various system components and an event control database for collecting and storing event data. A real-time betting system server communicates in operative communication with the event control server and includes an odds transformation module for transforming probabilities to odds. The system has a bookmaker server and a plurality of betting devices in operative communication with the event control server. The real-time betting system server enables a jackpot payout possibility for each bet enabled by the bookmaker server. The betting devices receive event information, including odds. Bets placed at the betting devices are communicated to the bookmaker server. The events having a short time interval and are selectively communicated to the betting devices to enable bets to be placed.