U.S. patent application number 11/191303 was filed with the patent office on 2006-02-02 for sports wagering method and system.
Invention is credited to Kirt Ramsey.
Application Number | 20060025208 11/191303 |
Document ID | / |
Family ID | 35733043 |
Filed Date | 2006-02-02 |
United States Patent
Application |
20060025208 |
Kind Code |
A1 |
Ramsey; Kirt |
February 2, 2006 |
Sports wagering method and system
Abstract
A method and system for providing sports wagers based on a
team's performance throughout a season. Casinos establish a
pre-season share value for each team in a particular sport (e.g.,
the NFL). The share value is based on the anticipated performance
of the team during the upcoming season. Therefore, odds makers and
others in the know are likely to establish the share value. Once
the share values are established the casino offers for sale and
buyback the team shares. During the season a team's share value
fluctuates based on the team's performance and the corresponding
impact on the gaming public's confidence in the team to increase
its share value. Just like the stock market, players make money
buying team shares low and selling them high and lose money buying
team shares high and selling them low. Players may also short
shares. Share values may be established and adjusted by individual
casino locations akin to wagering lines on sporting events or may
be monitored by a central entity akin to the New York Stock
Exchange.
Inventors: |
Ramsey; Kirt; (Rockville,
IN) |
Correspondence
Address: |
GREENBERG TRAURIG
3773 HOWARD HUGHES PARKWAY
SUITE 500 NORTH
LAS VEGAS
NV
89109
US
|
Family ID: |
35733043 |
Appl. No.: |
11/191303 |
Filed: |
July 27, 2005 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
60591660 |
Jul 27, 2004 |
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Current U.S.
Class: |
463/25 ;
463/1 |
Current CPC
Class: |
A63F 3/0645 20130101;
A63F 3/0615 20130101; G07F 17/32 20130101; G07F 17/3288
20130101 |
Class at
Publication: |
463/025 ;
463/001 |
International
Class: |
A63F 9/24 20060101
A63F009/24 |
Claims
1. A sports wagering method comprising: establishing shares
corresponding to one or more sports teams, said shares having a
share value based upon each teams' anticipated performance during
an upcoming season; adjusting the share value during the season
based on each team's anticipated performance, actual performance
and supply and demand principles; and offering to sell and purchase
said shares at a current established value.
2. The sports wagering method of claim 1 wherein said method is
facilitated by a casino.
3. The sports wagering method of claim 2 wherein the casino
functions as a share broker by buying and selling team shares.
4. The sports wagering method of claim 1 wherein a central
unaffiliated entity establishes and adjusts the share value for a
network of casinos.
5. The sports wagering method of claim 1 further comprising
establishing the shares and corresponding share values prior to a
start of a sports season and adjusting the share value over the
course of a full season.
6. The sports wagering method of claim 1 further comprising ceasing
offering to sell and buy shares prior to an end of a season.
7. The sports wagering method of claim 1 further comprising
combining multiple team shares into a team fund.
8. A sports wagering system comprising: a first entity that
establishes shares in a sports team, said entity further
establishing a pre-season share value corresponding to each team in
a subject sport, said pre-season value based on a predicted
performance of each team during an upcoming season, said entity
further adjusting said share value during the season based on
predicted team performance, actual team performance and supply and
demand principals; and a second entity that sells and buys team
shares to and from the public, said entity selling and buying said
team shares at a current established value.
9. The sports wagering system of claim 8 wherein the first and
second entity is the same.
10. The sports wagering system of claim 8 wherein the first entity
is a central authority and the second entity is a casino.
11. The sports wagering system of claim 8 wherein the predicted
performance includes at least an anticipated win/loss record,
division win and one or more playoff wins, including a
championship.
12. The sports wagering system of claim 8 wherein the selling and
buying of team shares is suspended during an end portion of a
subject season.
13. A method of gaming on professional football comprising:
establishing pre-season shares corresponding to each professional
football team, said pre-season shares having a share value based
upon each professional teams' anticipated performance through an
upcoming professional sixteen game football season; adjusting the
share value for each professional football team during the
professional football season based on each professional football
team's anticipated performance, actual performance and supply and
demand principles; and offering to sell and purchase said shares at
a current established value.
14. The method of claim 13 further comprising a casino offering to
sell and purchase said shares at a current value.
15. The method of claim 13 further comprising ceasing sales and
purchases of said shares prior to an end of the sixteen game
season.
16. The method of claim 13 further comprising combining multiple
team shares into a team fund.
Description
CROSS REFERENCE TO RELATED APPLICATIONS
[0001] This application claims the benefit of Provisional
Application No. 60/591,660 filed Jul. 27, 2005.
FIELD OF THE INVENTION
[0002] The embodiments of the present invention relate to a method
and system for buying an interest in, or wagering on, the
anticipated performance of a sports team.
BACKGROUND
[0003] Sports wagering is a multi-billion dollar a year industry.
Wagering legally on sports is limited to the state of Nevada. In
addition, although online sports wagering is in a legal quagmire,
the money wagered online on sporting events dwarfs the legal handle
of Nevada sports books. Together, players have a myriad of
locations and outlets to place legal and quasi-legal sports
wagers.
[0004] Nonetheless, the wagering options available to players are
limited. The most popular wagers relate to single game outcomes.
For example, players may wager on game outcomes based on posted
lines (i.e., spreads) or odds. Players may also wager on a group of
game outcomes. Such wagers are termed parlays or teasers and
provide enhanced payouts. For special games like the Super Bowl,
players are offered proposition wagers as well. Proposition wagers
may include such wagers as who will be the first player to score a
touchdown or how many field goals will be kicked during the game.
Players are also provided with wagers related to a team's season
long performance. That is, the house sets preseason odds on each
team winning the championship of the subject sport allowing players
to wager on the team they believe will win the championship.
Similarly, the house establishes an anticipated number of victories
the team will garner during the upcoming season allowing players to
wager above or below the established win number. In most cases,
players must wait the entire season to determine whether the
season-based wager is a winner or loser. In all cases, players must
wait the entire season to collect any winnings on season-based
wagers.
[0005] Although not offered as a casino wager, fantasy sports
leagues are wildly popular and induce wagers within a group of
participants. The popularity stems from the control participants
have over their teams. That is, participants select their players
during a preseason by anticipating the player's performance for the
upcoming season. During the season players are then able to trade
and pick-up new players to fill in gaps and to account for player
injuries.
[0006] With the limited number of sports wagers being offered,
there continues to be a need for new and exciting sports wagers to
retain experienced players and to attract new players. Applicant
has combined sports wagering concepts with the attributes of
fantasy sports leagues to create a new system and method of
wagering on the season long performances of sports teams.
SUMMARY
[0007] Accordingly, a first embodiment of the present invention
comprises establishing shares corresponding to one or more sports
teams, said shares having a share value based upon each teams'
anticipated performance during an upcoming season; adjusting the
share value during the season based on each team's anticipated
performance, actual performance and supply and demand principles;
and offering to sell and purchase said shares at a current
established value.
[0008] In one practical embodiment, a casino sports book
establishing a share value for each sports team in a subject sport.
The team share values are predicated on criteria related to the
teams anticipated performance during the upcoming season. Once the
share values are established, the sports book sells and purchases
shares at the current value. Just like conventional corporate
stock, players must analyze the current share value and attempt to
predict whether the share value will increase or decrease based on
their own belief as to the team's future actual performance.
[0009] Players then retain or sell their team shares back to the
casino during, or after, the season. During the season the share
values fluctuate based on supply and demand principles which
correspond to the gaming public's confidence in each team to
increase its share value based on its future performance. So, the
more demand the gaming public has for certain team shares, the more
the share value will increase and vice versa. During the season,
shares on teams which continue to exceed pre-season performance
predictions will likely increase in value and shares on teams which
fall below season performance predictions will likely decrease in
value.
[0010] Unlike the stock market, sports seasons are finite.
Consequently, casinos may decide to halt selling and buying of team
shares on a pre-determined date during the season. For example,
there are currently sixteen NFL games played over a seventeen week
schedule such that casinos may, for example, halt buying and
selling after week thirteen. Alternatively, the shares may be
purchased and sold until the end of the season.
[0011] Based on actual team performance, at the end of the season a
final share value for each team is calculated using the same
criteria used to establish the pre-season share value.
[0012] In a conventional manner, casino personnel, namely sports
book ticket handlers, are responsible for facilitating the purchase
and sale of the shares. It is also conceivable that kiosks may
facilitate the purchase and sale of the shares in a casino
location. The shares are purchased and sold electronically in an
online embodiment.
BRIEF DESCRIPTION OF THE DRAWINGS
[0013] FIG. 1 shows a sampling of criteria which may be used to
establish an initial team share value; and
[0014] FIG. 2 shows a chronology of events during a season which
may impact the team share value.
DETAILED DESCRIPTION
[0015] For the purposes of promoting an understanding of the
principles in accordance with the embodiments of the present
invention, reference will now be made to the embodiments
illustrated in the drawings and specific language will be used to
describe the same. It will nevertheless be understood that no
limitation of the scope of the invention is thereby intended. Any
alterations and further modifications of the inventive features
illustrated herein, and any additional applications of the
principles of the invention as illustrated herein, which would
normally occur to one skilled in the relevant art and having
possession of this disclosure, are to be considered within the
scope of the invention claimed.
[0016] Sports books come in two forms. The only legal sports books
are located in Nevada. Many brick and mortar Nevada casinos operate
sports books or lease space for an independent sports book
operator. The second form is the online sports book. While the
Justice Department takes the position that online sports books are
illegal, there exist in excess of 100 active online sport books.
The embodiments of the present invention are suitable for both
forms of sports books. From a technical standpoint, the embodiments
of the present invention are facilitated by human intuition and
knowledge in combination with computer software.
[0017] Sports books rely heavily on software. The software, along
with input from odds makers, tracks and alters odds, records player
wagers, facilitates ticket printing and generally maintains a
history of player wagers. The embodiments of the present invention
may be facilitated by modifying current sports book software or
drafting entirely new software code. Those skilled in the art will
understand the nature of the code required to facilitate the
embodiments of the present invention such that the minute details
are not disclosed herein.
[0018] Reference is now made to the figures wherein like parts are
referred to by like numerals throughout. FIG. 1 shows a list 100
incorporating one set of criteria for establishing a preseason team
share value. At the casino level, odds makers are responsible for
using their own criteria and experience in developing and
predicting an accurate team share value. In the scenario depicted,
odds makers have predicted that the NFL's Chicago Bears will have a
final win/loss record of 10-6. The record corresponds to a winning
percentage of 0.625 or 62.5%. In this first embodiment, the
win/loss record serves as the foundation for the team's share
value. In this example, the 62.5% translates into $62.50 or $1.00
per percentage point. The dollar amount accorded each percentage
point and other achievements may be modified as desired by the
casino. The odds makers have also predicted that the Bears will win
the division thereby making the playoffs. Further, the prediction
is that the Bears will win the first one of the playoff games.
Based on the list 100, the division title is worth $3.00, each
playoff game is worth $5.00 and each corresponding win is worth
$10.00. Consequently, the Bears opening share value is calculated
to be $85.50 as follows: $62.50+$3.00+$10.00+$10.00. As set forth
in the list 100, other milestones play a part in the share
value.
[0019] It should be obvious to those skilled in the art that many
other criteria may be involved in determining the share value.
Indeed, the valuation process may use very detailed criteria
including the anticipated number of points, touchdowns and yards
achieved during the season.
[0020] Now referring to FIG. 2, a chronological outline of events
200 occurring during the Bears season is illustrated. As calculated
using the criteria of the list 100, the Bears opened at a share
value of $85.50. Two weeks after the shares are offered for sale,
trading of the Bears is slow with more sellers than buyers.
Accordingly, the casino lowers the share value to $75.00. Each
casino may use a different formula for adjusting the team share
values it offers. Alternatively, a central entity similar to the
NYSE may be responsible for tracking team share values in a
consistent manner across all gaming properties, including online
outfits.
[0021] As further illustrated in FIG. 2, as the season progresses
from the opening of trading on February 28th to January 23rd of the
following year, certain events transpire which impact negatively or
positively the perceived and actual share value of the Bears. For
example, the Bears lost their first three games causing the share
value to plummet on fears that the share value of the Bears would
not be able to exceed the pre-season or opening value.
Notwithstanding the slow start, using the criteria from the list
100, the Bears' share value ends at $91.25 for an increase of $5.75
(i.e., $91.25-$85.50=$5.75) from the opening value. Thus, for each
share owned by a player, he or she is entitled to $91.25. Depending
on when the player purchased the shares, he or she either won or
lost money. For example, prior to the game on January 23, the share
value was $100.00 even though the calculated actual value was
$91.25. Players may have purchased the shares at $100.00
anticipating another Bear's victory which would have increased the
share value to above the $100.00 level. Unfortunately, the Bears
did not win the game on January 23rd and the late season purchasers
stand to lose $8.75 per share calculated as follows:
$91.25-$100.00=$8.75. On the other hand, players purchasing shares
of the Bears on September 25th and holding the shares through the
end of the season stand to earn $33.25 per share calculated as
follows: $91.25-$58.00=$33.25.
[0022] In one embodiment of the present invention, players purchase
the shares as they would regular corporate stock and retain or sell
the shares as they desire. Correspondingly, players may also borrow
and short the shares. That is, they may feel that a team share
value is overpriced so they desire to make money on a decrease in
share value. To facilitate such an embodiment, the casino lends the
teams shares to a player at the current value. The player then
sells the shares to another player at that value and that money is
placed in a player account. Should the share value decrease, the
player buys back the shares at the decreased value and returns them
to the casino while retaining the profit. Should the share value
increase after the player borrows the shares, the player must pay
the increased value thereby losing money.
[0023] In another embodiment, players place wagers on whether the
shares will increase or decrease and win payouts related to the
magnitude of the increase or decrease. If the shares move in the
opposite direction wagered on by the player, the player loses the
wager.
[0024] Any trades or operations available with stocks are
conceivable with the sports team shares. For example, players may
be provided an option of purchasing a fund comprising several
teams.
[0025] Although the invention has been described in detail with
reference to several embodiments, additional variations and
modifications exist within the scope and spirit of the invention as
described and defined in the following claims.
* * * * *