System and method for paramutual wagering applied to fantasy sports

Patent metadata

Field	Value
Publication number	US-10290185-B2
Application number	US-17694808-A
Country	US
Kind code	B2
Filing date	Jul 21, 2008
Priority date	Jul 19, 2007
Publication date	May 14, 2019
Grant date	May 14, 2019

Abstract

The present invention can provide a system and method for paramutual-style fantasy sports wagering and entertainment. In one exemplary embodiment, the present invention can include a method for paramutual fantasy betting, the method comprising providing a bettor with a first plurality of players of a first player type, providing a bettor with a second plurality of players of a second player type, receiving a proposition from the bettor, wherein the proposition comprises a first player from the first plurality of players and a second player from the second plurality of players, receiving a wager amount from the bettor, receiving a paramutual bet for the proposition, calculating paramutual odds for the proposition, and determining a result for the bettor, wherein the result is based on the paramutual bet and the proposition.

First claim

What is claimed is:

1. A method for displaying player information relating to and facilitating customized paramutual fantasy betting, the method comprising:
transmitting, from a data collection module operated by a server via a network to a bettor interacting with a network device, a first plurality of players of a first player type;
transmitting, from the data collection module operated by the server via the network to the bettor interacting with the network device, a second plurality of players of a second player type;
wherein at least a portion of the first plurality of players and the second plurality of players are displayed in an interactive display presented on the network device to allow the bettor to create a proposition;

receiving, at the data collection module operated by the server and from the network device, the proposition from the bettor created and submitted via the network device,
wherein the proposition created by the bettor comprises multiple players selected from the first plurality of players and the second plurality of players to create a fantasy sports lineup;

receiving, at the data collection module operated by the server, a wager amount from the bettor submitted via the interactive display on the network device;
receiving, at the data collection module operated by the server, a paramutual bet for the proposition;
automatically collecting, from an external source using the data collection module operated by the server, statistical player information for the multiple players in the fantasy sport lineup created by the bettor;
iteratively calculating, at an odds generator module operated by the server, paramutual odds for the proposition as the bettor updates the proposition and wager amount in response to the statistical player information automatically collected from the external source and the paramutual odds being presented on the interactive display,
wherein the paramutual odds are based, at least in part, on betting patterns of the bettor and other bettors interacting with the server via other network devices, a combination of paramutual odds for the multiple players in the fantasy sports lineup, and the statistical player information collected from the external source;

in response to receiving the paramutual bet, collecting, using the data collection module operated by the server, player event data for each event involved in the proposition;
computing, using a scoring algorithm running at the server, fantasy points earned by the fantasy sports lineup created by the bettor by evaluating the player event data; and
determining, at a bettor payout evaluator module operated by the server, a result for the bettor,
wherein the result is based on the paramutual bet, the fantasy points earned by the fantasy sports lineup, and the proposition.

2. The method of claim 1 , wherein receiving the wager amount from the bettor further comprises:
receiving a monetary wager amount from the bettor; and
wherein the combination of paramutual odds for the multiple players in the fantasy sports lineup includes assigning weights to each of the paramutual odds for the players.

3. The method of claim 1 , further comprising:
displaying multiple events on the interactive display presented on the network device;
receiving, via the interactive display, a selected event from the bettor, wherein the selected event comprises the first plurality of players and the second plurality of players.

4. The method of claim 1 , wherein calculating paramutual odds for the proposition further comprises:
calculating final paramutual odds for the proposition after betting is closed for the paramutual bet.

5. The method of claim 4 , further comprising:
determining a payout for the bettor, wherein the payout is based on the result, the wager amount and the final paramutual odds for the proposition.

6. The method of claim 1 , wherein calculating the paramutual odds for the proposition further comprises:
calculating current paramutual odds for the proposition periodically while betting is open for the paramutual bet.

7. The method of claim 6 , further comprising:
presenting to a plurality of potential bettors the current paramutual odds.

8. The method of claim 1 , wherein the network device includes a touch screen and the method further comprises presenting at the network device a betting interface screen that allows the bettor to create the proposition by dragging and dropping selected players into the fantasy sports lineup.

9. The method of claim 8 , wherein the betting interface screen limits presentation of the first plurality of players and the second plurality of players to the bettor to limit a number of available propositions.

10. A method for operating a customized paramutual fantasy betting platform, the method comprising:
receiving, at a data collection module, a wager amount from a bettor of a plurality of bettors;
receiving, at the data collection module, a paramutual bet from the bettor;
receiving, at the data collection module, a first proposition from the bettor,
wherein the first proposition comprises multiple players in a lineup selected from at least two different teams by the bettor via a fantasy sports betting interface on a client device;

automatically collecting, from an external source using the data collection module, statistical player information for each of the multiple players in the lineup selected by the bettor;
calculating, using an odds generator, paramutual odds for the first proposition;
transmitting, via a network to the client device, the statistical player information for each of the multiple players in the lineup and the paramutual odds for the first proposition for review by the bettor via the fantasy sports betting interface presented on the client device;
receiving, from the client device, updates to the first proposition, the paramutual bet, or the wager amount;
iteratively calculating, using the odds generator, the paramutual odds for the first proposition as the bettor updates the first proposition, the paramutual bet, or the wager amount in response to the statistical player information and the paramutual odds being presented on the fantasy sports betting interface,
wherein the paramutual odds are based at least in part on betting patterns of the plurality of bettors, a combination of paramutual odds for the multiple players in the lineup, and the statistical player information collected from the external source;

collecting, using the data collection module, player event data for each event involved in the first proposition;
computing, using a scoring algorithm running on a server, fantasy points earned by the lineup created by the bettor by evaluating the player event data; and
determining, by a bettor results determination module, a result for the bettor,
wherein the result is based on the paramutual bet, the fantasy points earned by the lineup, and the first proposition.

11. The method of claim 10 , wherein receiving the first proposition from the bettor further comprises:
receiving the first proposition from the bettor, wherein at least one of the multiple players include a fantasy football player.

12. The method of claim 10 , wherein receiving the first proposition from the bettor further comprises:
receiving the first proposition from the bettor, wherein the first proposition comprises a plurality of players of different player types.

13. The method of claim 10 , further comprising:
receiving a selected event from the bettor,
wherein the selected event comprises the first proposition; and
wherein the scoring algorithm uses different conversions to compute the fanta

Assignees

• Koustas Nicholas
• Mix John
• Oxman Xander
• Ag 18 Llc

Inventors

• Koustas Nicholas
• Mix John
• Oxman Xander

Classifications

• G07F17/3288 Primary

  Betting, e.g. on live events, bookmaking · CPC title

• G07F17/32

  for games, toys, sports, or amusements · CPC title

• G06Q50/34

  Betting or bookmaking, e.g. Internet betting · CPC title