Amusement devices: games – Including means for processing electronic data – In a chance application
Patent
1996-07-26
1998-12-01
Harrison, Jessica
Amusement devices: games
Including means for processing electronic data
In a chance application
463 26, G06F 1500, A63F 924
Patent
active
058429212
ABSTRACT:
Improvements are described for a data processing system and method that allows a betting "house" to maintain a betting pool on a contest involving two or more contestants by controlling the terms (the betting odds and/or handicaps) for the contestants so that bettors are encouraged to place bets that will bring the betting pool (the "book") into balance. The system and method provides for "hedging" of bets in light of changing betting terms, such that bettors can guarantee profits or minimize losses before the contest is complete. Incoming bets may be placed in a queue before being processed, and their effect on pool balance evaluated before accepting or rejecting the bets. Bets in the queue may be accepted only in matching sets on all of the participating contestants, so as to prevent any imbalance of the betting pool. Alternatively, the bets may be rejected with an indication of the change in betting terms which would be required if the bets are to be accepted. Bets may be placed on the finishing order of the contestants, such that there will be multiple winning bets for a single contest. This system and method can also be used to play games, where the contestants do not incur actual financial obligations.
REFERENCES:
patent: 5085435 (1992-02-01), Rossides
patent: 5269521 (1993-12-01), Rossides
patent: 5573244 (1996-11-01), Mindes
patent: 5575474 (1996-11-01), Rossides
patent: 5620182 (1997-04-01), Rossides
Albanese Bernard J.
Hecht Richard
Mindes Barry M.
Harrison Jessica
International Sports Wagering, Inc.
Sager Mark A.
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