Unified Wagering Data Model for Fixed-Odds and Pari-Mutuel Systems
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Solution Overview
Problem
Existing wagering systems require separate systems for different betting products, such as fixed-odd and pari-mutuel betting, leading to higher acquisition and maintenance costs and limited extensibility to add new products, as these systems are not easily adaptable due to the inseparability of products and events.
Innovation Solution
A unified computer-implemented wagering system that manages events, products, and customer accounts independently, allowing for the recording and management of various types of wagers, including pari-mutuel and fixed odds, by treating wagers as primary entities with relationships formed according to specific circumstances, enabling the inclusion of multiple products and events without significant system modifications.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If separate systems are used for different betting products (fixed-odd and pari-mutuel), then each betting product can be managed with dedicated functionality, but acquisition and maintenance costs increase significantly
Solution Approach 1:
The patent merges multiple betting product management systems into a single unified system. The computer system stores events, products, and customer accounts in a shared data store, and processes wagers for different betting products (fixed-odd, pari-mutuel, and future products) through a common architecture, thereby reducing the need for multiple separate systems and lowering acquisition and maintenance costs
Solution Approach 2:
The patent creates a universal wagering system that can handle multiple types of betting products through a single platform. The system stores product definitions independently and can process different wager types (fixed-odd, pari-mutuel, and future products) using the same core infrastructure, making the system multi-functional and adaptable to various betting scenarios
2Device complexity
If products and events are inseparable in known systems, then system structure is simple, but adding new products requires substantial system modification and incurs high skilled labor costs
Solution Approach 1:
The patent segments the wagering system into independent, modular components: events are stored separately from products, and products are stored separately from customer accounts in the data store. This segmentation allows each component to be defined and modified independently, enabling new products to be added by simply adding new product definitions without requiring substantial modifications to the overall system structure
Solution Approach 2:
The patent implements a dynamic system where product definitions can be added, modified, or removed without restructuring the core system. The computer system stores product information in a flexible data format that allows for future products to be incorporated by updating the data store, making the system adaptable and extensible while maintaining structural simplicity
3Reliability
If multiple separate wagering systems are maintained, then each system can be optimized for its specific betting product, but the ongoing maintenance cost becomes considerable
Solution Approach 1:
The patent combines multiple product-specific wagering systems into a single unified system that maintains the ability to handle different betting product types. The system uses a common data store and processing architecture that can accommodate fixed-odd, pari-mutuel, and future products, thereby reducing maintenance overhead while preserving product-specific functionality through flexible data definitions
Data Source
AI summary
A disadvantage of existing betting operations is the implementation of fixed odds and pari-mutuel betting on specific and dedicated systems. This results in higher acquisition and maintenance costs as compared with a single system. According to the present invention, a single system allows both fixed odds and pari-mutuel betting to be offered on a single system wherein the system effects a computer-implemented method of wagering, including: receiving, via a communications network, a wager from a customer in respect of a wagered event and a wagered product; storing the wager, in an electronic data store, and associating the wager with the wagered event, the wagered product and a customer account, wherein the computer system manages the electronic data store, having stored therein, a plurality of events, a plurality of products and a plurality of customers, all of which are independently defined.