U.S. patent application number 12/264083 was filed with the patent office on 2009-04-16 for systems and methods for providing gaming activities.
Invention is credited to Marc Amour.
Application Number | 20090098934 12/264083 |
Document ID | / |
Family ID | 38792592 |
Filed Date | 2009-04-16 |
United States Patent
Application |
20090098934 |
Kind Code |
A1 |
Amour; Marc |
April 16, 2009 |
Systems and Methods for Providing Gaming Activities
Abstract
Described herein are various systems and methods for providing
gaming activities, these particularly relating to gaming activities
where a plurality of players provide respective entry fees.
Traditional gaming activities necessarily involve the player
putting his or her entry fee at risk. The present invention, at
least in some of its preferred forms, modifies the traditional
approaches of operating such gaming activities so that the player's
entry fee is not necessarily placed entirely at risk. Indeed, in
some embodiments a player is provided with an option to participate
on the basis that his or her entry fee is wholly refundable while
retaining the opportunity to win prizes, potentially alongside more
risky though still modified participation by other players.
Inventors: |
Amour; Marc; (Rushcutters
Bay, AU) |
Correspondence
Address: |
KATTEN MUCHIN ROSENMAN LLP;(C/O PATENT ADMINISTRATOR)
2900 K STREET NW, SUITE 200
WASHINGTON
DC
20007-5118
US
|
Family ID: |
38792592 |
Appl. No.: |
12/264083 |
Filed: |
November 3, 2008 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
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11756810 |
Jun 1, 2007 |
|
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12264083 |
|
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Current U.S.
Class: |
463/25 ;
463/42 |
Current CPC
Class: |
A63F 3/06 20130101; G06Q
20/20 20130101; G07F 17/3288 20130101; G07F 17/3244 20130101; G07F
17/32 20130101 |
Class at
Publication: |
463/25 ;
463/42 |
International
Class: |
A63F 9/24 20060101
A63F009/24; A63F 13/00 20060101 A63F013/00 |
Foreign Application Data
Date |
Code |
Application Number |
Jun 2, 2006 |
AU |
2006903031 |
Oct 13, 2006 |
AU |
2006100876 |
Oct 13, 2006 |
AU |
2006100877 |
Oct 13, 2006 |
AU |
2006100878 |
Nov 24, 2006 |
AU |
200690660 |
Nov 24, 2006 |
AU |
2006906599 |
Feb 23, 2007 |
AU |
2007100144 |
Feb 23, 2007 |
AU |
2007900946 |
May 22, 2007 |
AU |
2007100414 |
May 22, 2007 |
AU |
2007902728 |
Claims
1-20. (canceled)
21. A computer system configured to provide a lottery game wherein:
a first category of player participates on the basis that, for a
player belonging to the first category, an entry fee provided by
that player is refundable in the case that a prize is not won by
that player in relation to the entry fee; and a second category of
player participates on the basis that, for a player belonging to
the second category, an entry fee provided by that player is
forfeited in the case that a prize is not won by that player in
relation to the entry fee; wherein players belonging to the first
category and the second category are eligible to win a common
prize.
22. A computer system according to claim 21 wherein: prizes are
awarded on a periodic basis subject to draws of the gaming
activity; and a player belonging to the first category is allocated
a given number of entries in exchange for the entry fee provided by
that player, and for that player, in the case that a prize is not
won in respect of a first draw, the entry fee provided by that
player is refunded by way of the same given number of entries in
respect of a further draw.
23. A computer system according to claim 21 wherein: prizes are
awarded on a periodic basis subject to draws of the gaming
activity; and a player belonging to the first category is allocated
a given number of entries in exchange for the entry fee provided by
that player, and for that player, irrespective of the outcome of a
first draw, the entry fee provided by that player is refunded by
way of the same given number of entries in respect of a further
draw.
24. A computer system according to claim 21 wherein: a player
belonging to the first category is allocated M entries in exchange
for an entry fee of value X; and a player belonging to the second
category is allocated N entries in exchange for an entry fee of
value X, wherein M<N.
25. A computer system according to claim 21 wherein the number of
entries allocated to a given player is related to a contribution
made by or on behalf of that player to a prize pool from which the
common prize is funded.
26. A computer system according to claim 25 wherein the
contribution made by or on behalf of that player includes a
component related to an investment return anticipated to be derived
by investing the player's entry fee for a predetermined period of
time.
27. A computer system according to claim 21 wherein the system
includes a terminal that is configured for allocating entries to
players.
28. A computer system according to claim 21 wherein the system
includes a terminal that is configured for allowing players to
redeem entries for prizes and/or refunds.
29. A computer program product configured to perform a method
including the steps of: receiving data indicative of an entry fee
amount; receiving data indicative of a risk profile selected from a
plurality of available risk profiles, wherein each risk profile
defines a proportion of an entry fee that is refundable on the
basis of predetermined refund criteria and a complementary
proportion of the entry fee that is placed at risk; and providing
output indicative of a number of entries for which the entry fee
amount is able to be exchanged on the basis of the selected risk
profile.
30. A computer program product according to claim 29 that
implements a predefined protocol for the allocation of entries to
players such that a number of entries for which the entry fee
amount is able to be exchanged on the basis of the selected risk
profile is based on a contribution amount based on the entry fee
amount and the selected risk profile.
31. A computer program product according to claim 30 wherein the
contribution amount includes a component related to an investment
return anticipated to be derived by investing entry fee amount for
a predetermined period of time.
32. A computer program product according to claim 29 wherein the
plurality of risk profiles includes a risk profile for which 100%
of the entry fee is refundable.
33. A computer program product according to claim 29 wherein the
plurality of risk profiles includes a risk profile for which 100%
of the entry fee is placed at risk.
34. A computer program product according to claim 29 wherein the
plurality of risk profiles includes a risk profile for which 100%
of the entry fee is refundable and a risk profile for which 100% of
the entry fee is placed at risk.
35. A computer program product according to claim 29 wherein the
plurality of risk profiles includes at least one risk profile for
which X % of the entry fee is refundable and Y % of the entry fee
is placed at risk, wherein X+Y=100 and wherein 0<x<100.
36. A computer program product according to claim 29 wherein, for a
first risk profile, a predetermined entry fee is able to be
exchanged for a predetermined number of entries, and, for a second
risk profile, the same predetermined entry fee is able to be
exchanged for an increased number of entries, wherein the first
risk profile defines a greater proportion of the entry fee that is
refundable compared with the second risk profile.
37. A method for configuring a gaming activity, the method
including the steps of: defining a first category of player which
participates on the basis that, for a player belonging to the first
category, an entry fee provided by that player is at least
partially refundable in the case that a prize is not won; defining
a second category of player which participates on the basis that,
for a player belonging to the second category, an entry fee
provided by that player is forfeited in the case that a prize is
not won, wherein players belonging to the first category and the
second category are eligible to win a common prize; determining a
relationship between contribution and entry allocation; and
defining a protocol for the allocation of entries to players such
that, for each player, the number of entries allocated in exchange
for an entry fee are based on the determined relationship between
contribution and entry allocation.
38. A method according to claim 37 wherein determining a
relationship between contribution and entry allocation includes:
defining, for a hypothetical player belonging to either the first
or second category, a number of entries that are allocated to the
hypothetical player in exchange for a predetermined entry fee;
determining, for the hypothetical player, a contribution made on
the basis of the predetermined entry fee; and comparing the a
number of entries that are allocated in exchange for a
predetermined entry fee with the contribution made on the basis of
the predetermined entry fee, thereby to determine the relationship
between contribution and entry allocation.
39. A method according to claim 37 wherein contribution includes a
component related to an investment return derived by subjecting at
least a proportion of an entry fee to an investment procedure for a
period of time.
40. A method for providing a gaming activity, the method including
the steps of: for a first category of player, exchanging an entry
fee of value X for Y chances to win a prize from a set of available
prizes, wherein the entry fee is refundable irrespective of the
outcome of the gaming activity; and for a second category of
player, exchanging an entry fee of value X for Z chances to win a
prize from the same set of available prizes, wherein the entry fee
is placed at risk subject to the of the outcome of the gaming
activity, and wherein Y<Z.
41. A method according to claim 40 wherein, for a player belonging
to the first category of player, a financial contribution is made
to a prize pool which funds the set of available prizes, wherein
the financial contribution includes a component derived from
subjecting at least a proportion of that player's entry fee to an
investment procedure for a period of time.
42. A method for providing a gaming activity, the method including
the steps of: for a first category of player, exchanging an entry
fee of value X for a one or more standard entries in the gaming
activity, on the basis that the entry fee will be refundable
irrespective of the outcome of the gaming activity; and for a
second category of player, exchanging an entry fee of value X for
the same number of one or more standard entries in the gaming
activity plus one or more bonus entries in the gaming activity, on
the basis that the entry fee is placed at risk in the gaming
activity.
Description
CROSS REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of U.S. application Ser.
No. 11/756,810, filed on Jun. 1, 2007, which claims priority to the
following foreign applications: Australian Provisional Application
No. 2007902728, filed on May 22, 2007; Australian Provisional
Application No. 2007100414, filed on May 22, 2007; Australian
Provisional Application No. 2007900946, filed on Feb. 23, 2007;
Australian Provisional Application No. 2007100144, filed on Feb.
23, 2007; Australian Provisional Application No. 2006906599, filed
on Nov. 24, 2006; Australian Provisional Application No.
2006906600, filed on Nov. 24, 2006; Australian Provisional
Application No. 2006100878, filed on Oct. 13, 2006; Australian
Provisional Application No. 2006100877, filed on Oct. 13, 2006;
Australian Provisional Application No. 2006100876, filed on Oct.
13, 2006; and Australian Provisional Application No. 2006903031,
filed on Jun. 2, 2006. The entire contents and disclosures of which
are hereby incorporated by reference.
FIELD OF THE INVENTION
[0002] The present invention relates to systems and methods for
providing gaming activities. Some embodiments provide hardware and
software components for the implementation of such systems and
methods. The term "gaming" is intended to be interpreted in the
broadest sense, as encompassing the fields of gambling, gaming,
wagering, betting, lotteries and games or competitions of skill
and/or knowledge and/or chance.
BACKGROUND TO THE INVENTION
[0003] The following discussion of the prior art is intended to
place the invention in an appropriate context and to allow the
unique characteristics and advantages of it to be more fully
understood. However, any discussion of the prior art throughout the
specification should in no way be considered as an express or
implied admission that such prior art is widely known or forms part
of common general knowledge in the field.
[0004] Numerous gaming activities are known and have been
implemented in a variety of different forms. One broad category of
gaming activity is commonly referred to as "pari-mutuel" gaming
(also known by terms such as "para-mutual", "paramutual" and
"parimutuel"). In this form, it is typical for the entry fees
provided by players in relation to a gaming activity to be combined
into a pool, the operator's commissions, fees and charges deducted
from the pool, and for the residual amount to define a prize pool
for distribution among the winners of the gaming activity,
according to predetermined criteria. Lotteries, totalisators and
the like fall into this category.
[0005] A characteristic feature of pari-mutuel gaming is that the
quantum of winnings is not necessarily known in advance, since this
will depend upon the number of participants in the gaming activity,
and the level of participation of each, which are indeterminate at
the outset. Another characteristic feature is that, aside from any
ad hoc instances of cross-subsidisation by the gaming operator, the
total amount returned to the entrants collectively as prize-money
is necessarily less than the total amount received from the
entrants collectively as entry fees or bets, due to the fees and
charges of the operator as well as taxes and duties of governments
and jurisdictional authorities, being deducted from the prize pool,
prior to distribution. These fees and charges are significant,
often in the order of 15% to 40% of the total prize pool, which is
a particular disadvantage of this form of gaming activity, in so
far as the participants are concerned.
[0006] Another broad category of gaming activity is "fixed-odds"
based, usually referred to as wagering, which is typical of most
types of sports betting and bookmaking operations. In this form,
the odds of a particular outcome are predetermined by the operator
when each bet is placed, so that the quantum of potential winnings
for each participant is known at the outset, irrespective of the
number of bets subsequently placed by other participants. In this
case, the total amount returned to the participants collectively as
prize-money is not necessarily less than the total amount received
from the entrants collectively as bets, and in that sense, the
operator bears some risk. However, the operator endeavours, through
judgment and experience, to retain a predetermined margin of profit
on average over time, and this would typically be in the order of
8% to 10%.
[0007] A further disadvantage with both of these forms, and indeed
most other forms of gaming, is that in the absence of a winning
outcome, the initial value of the bet or participation fee is lost
to each participant and fundamentally, the odds are statistically
weighted against the players.
[0008] Against this backdrop, it is well-known that some
personality types fall victim to gaming at significant personal and
wider social cost. Others are reluctant to participate in such
activities at all, either as a matter of principle or due to
inherent aversion to risk, and thereby miss the entertainment value
and the opportunity to participate in the upside of winning
outcomes.
SUMMARY OF THE INVENTION
[0009] It is an object of the present invention to overcome or
ameliorate one or more of the disadvantages of the prior art, or at
least to provide a useful alternative.
[0010] According to a first aspect of the invention, there is
provided a method for providing a gaming activity wherein a
plurality of players provide respective entry fees, the method
including the steps of:
[0011] defining a plurality of risk profiles, wherein each risk
profile defines a proportion of an entry fee that is refundable on
the basis of predetermined refund criteria and a complementary
proportion of the entry fee that is placed at risk;
[0012] receiving, for each player, data indicative of the entry fee
provided by that player and a risk profile selected by that player;
and
[0013] allocating to each player, on the basis of the entry fee
provided by that player and the risk profile selected by that
player, one or more entries in relation to the gaming activity.
[0014] One embodiment provides a method wherein the plurality of
risk profiles includes a risk profile for which 100% of the entry
fee is refundable.
[0015] One embodiment provides a method wherein the plurality of
risk profiles includes a risk profile for which 100% of the entry
fee is placed at risk.
[0016] One embodiment provides a method wherein the plurality of
risk profiles includes at least one risk profile for which X % of
the entry fee is refundable and Y % of the entry fee is placed at
risk, wherein X+Y=100 and wherein 0<x<100.
[0017] One embodiment provides a method wherein the plurality of
risk profiles includes a plurality of risk profiles for which X %
of the entry fee is refundable and Y % of the entry fee is placed
at risk, wherein X+Y=100 and wherein 0<x<100.
[0018] One embodiment provides a method wherein at least one risk
profile is defined in response to data indicative of a player's
selective designation of a proportion of an entry fee that is to be
refundable and/or a complementary proportion of the entry fee that
is to be placed at risk.
[0019] One embodiment provides a method wherein the risk profile
selected by a given player affects the relative probability of that
player winning a prize in relation to the gaming activity in
exchange for the entry fee provided.
[0020] One embodiment provides a method wherein the risk profile
selected by a given player affects the number of entries allocated
to that player in exchange for the entry fee provided.
[0021] One embodiment provides a method wherein, for a first risk
profile, a given player is allocated a predetermined number of
entries in exchange for a predetermined entry fee, and, for a
second risk profile, a given player is allocated an increased
number of entries for the same predetermined entry fee, wherein the
first risk profile defines a greater proportion of the entry fee
that is refundable compared with the second risk profile.
[0022] One embodiment provides a method wherein the number of
entries allocated to a given player is related to a contribution
made by or on behalf of that player to a prize pool.
[0023] One embodiment provides a method wherein the number of
entries allocated to a given player is determined according to the
formula:
E.sub.player=kA+B
[0024] wherein Eplayer is the number of entries allocated to a
particular player in exchange for the entry fee provided by that
player, A is a parameter related to the contribution made by or on
behalf of that player to the prize pool, B is an adjustment factor,
and k is a proportionality factor selected such that the allocation
of entries follows a predetermined risk/chance favouritism
protocol.
[0025] One embodiment provides a method wherein
0.01.ltoreq.k.ltoreq.100.
[0026] One embodiment provides a method wherein
1.ltoreq.k.ltoreq.100.
[0027] One embodiment provides a method wherein k.gtoreq.1.
[0028] One embodiment provides a method wherein k.apprxeq.1.
[0029] One embodiment provides a method wherein the risk profile
selected by a given player affects the quantum of entry fee in
exchange for which a predetermined number of entries is
allocated.
[0030] One embodiment provides a method wherein, for a first risk
profile, a given player is allocated a predetermined number of
entries in exchange for a predetermined entry fee, and, for a
second risk profile, a given player is allocated the same
predetermined number of entries for less than the predetermined
entry fee, wherein the first risk profile defines a greater
proportion of the entry fee that is refundable compared with the
second risk profile.
[0031] One embodiment provides a method wherein the risk profile
selected by a given player affects one or more characteristics of a
prize winnable by that player in exchange for the entry fee
provided.
[0032] One embodiment provides a method wherein, for a first risk
profile, a given player is able to win a prize having a first value
in exchange for a predetermined entry fee, and, for a second risk
profile, a given player is able to win a prize having a second
value in exchange for the same predetermined entry fee, wherein the
second value is greater than the first value, and wherein the first
risk profile defines a greater proportion of the entry fee that is
refundable compared with the second risk profile.
[0033] One embodiment provides a method including the steps of:
[0034] identifying one or more winning entries for the gaming
activity;
[0035] awarding prizes to the players to whom winning entries were
allocated in accordance with a predetermined prize distribution
protocol; and
[0036] for each player who selected a risk profile for which a
non-zero proportion of the entry fee is refundable, refunding the
refundable proportion of the entry fee.
[0037] One embodiment provides a method wherein awarding the prizes
includes making the prizes available for collection by or on behalf
to the players to whom winning entries were allocated.
[0038] One embodiment provides a method wherein, for a given
player, refunding the refundable proportion of the entry fee
includes making the refundable proportion of the entry fee
available for collection by or on behalf of that players.
[0039] One embodiment provides a method wherein the step of
refunding the refundable proportion of the entry fee includes, for
at least one player:
[0040] defining the refundable portion of the entry fee as at least
part of a subsequent entry fee in relation to a subsequent gaming
activity; and
[0041] allocating to the at least one player one or more entries in
relation to the subsequent gaming activity in exchange for the
subsequent entry fee.
[0042] One embodiment provides a method wherein the step of
refunding the refundable proportion of the entry fee includes, for
at least one player:
[0043] defining the refundable portion of the entry fee as a
subsequent entry fee in relation to a subsequent gaming
activity;
[0044] allocating to the at least one player one or more entries in
relation to the subsequent gaming activity in exchange for the
subsequent entry fee.
[0045] One embodiment provides a method wherein the subsequent
gaming activity is a gaming activity provided by a method according
to an embodiment described above.
[0046] One embodiment provides a method including the steps of:
[0047] identifying, for each entry fee, a total contribution amount
corresponding to that entry fee, the total contribution amount
including:
[0048] i. a primary contribution amount comprising the proportion
of the entry fee that is placed at risk, less any predefined
deductions; and
[0049] ii. a supplementary contribution amount;
[0050] combining the total contribution amounts of the respective
entry fees to form a prize pool;
[0051] identifying one or more winning entries;
[0052] distributing the prize pool among the players to whom
winning entries were allocated in accordance with a predetermined
prize distribution protocol.
[0053] One embodiment provides a method wherein, for a given entry
fee, the supplementary contribution amount corresponds to an amount
derived from one or more sources selected from a group
comprising:
[0054] an investment return derived by subjecting at least a
proportion of that entry fee to an investment procedure for a
period of time;
[0055] an operator contribution; and
[0056] a third-party contribution.
[0057] One embodiment provides a method wherein, for a given entry
fee, the supplementary contribution amount corresponds to an amount
derived from an investment return derived by subjecting at least a
proportion of that entry fee to an investment procedure for a
period of time.
[0058] One embodiment provides a method including the steps of:
[0059] identifying one or more winning entries for the gaming
activity;
[0060] providing a prize pool for distribution in accordance with a
predetermined prize distribution protocol amongst the players to
whom winning entries were allocated;
[0061] identifying an undistributed portion of the prize pool;
[0062] investing at least a proportion of the undistributed portion
of the prize pool to generate an investment return;
[0063] adding an amount corresponding to at least a proportion of
the investment return to a subsequent prize pool in relation to a
subsequent gaming activity.
[0064] One embodiment provides a method wherein the subsequent
gaming activity is a gaming activity provided by a method according
to an embodiment described above.
[0065] One embodiment provides a method wherein the step of
allocating to each player one or more entries includes, for a given
player:
[0066] for the proportion of the entry fee that is placed at risk,
allocating to the player a primary entry, whereby in the case that
the primary entry is identified as a winning entry a primary prize
is awarded to the player;
[0067] for the proportion of the entry fee that is refundable,
allocating to the player one or more secondary entries, whereby in
the case that one of the secondary entries is identified as a
winning entry a secondary prize is awarded to the player.
[0068] One embodiment provides a method wherein the primary entry
has an associated payout ratio, and the primary prize is awarded to
the player based on the proportion of the entry fee that is placed
at risk and the payout ratio.
[0069] One embodiment provides a method wherein, in the case that
the primary entry is identified as a winning entry, the secondary
entry is not identified as a winning entry.
[0070] One embodiment provides a method wherein, in the case that
the primary entry is not identified as a winning entry, the
secondary entry is identified as a winning entry, such that a given
player for whom a non-zero proportion of the entry fee is
refundable wins one of the primary prize or the secondary
prize.
[0071] One embodiment provides a method including the steps of:
[0072] deriving supplementary income;
[0073] adding an amount corresponding to at least a proportion of
the supplementary income to a secondary prize pool;
[0074] refunding to each player the proportion of the entry fee
that is refundable;
[0075] distributing the secondary prize pool, in accordance with a
predetermined prize distribution protocol, amongst the players to
whom winning secondary entries were allocated.
[0076] One embodiment provides a method wherein deriving
supplementary income includes subjecting at least a proportion of
the entry fees to an investment procedure to generate supplementary
income in the form of an investment return.
[0077] A second aspect of the invention provides a method for
providing a gaming activity wherein a plurality of players provide
respective entry fees, the method including the steps of:
[0078] defining a risk profile, the risk profile defining a
non-zero proportion of an entry fee that is refundable on the basis
of predetermined refund criteria and a complementary proportion of
the entry fee that is placed at risk;
[0079] receiving, for each player, data indicative of the entry fee
provided by that player; and
[0080] allocating to each player, on the basis of the entry fee
provided by that player and the risk profile, one or more entries
in relation to the gaming activity.
[0081] One embodiment provides a method wherein, for the risk
profile, X % of the entry fee is refundable and Y % of the entry
fee is placed at risk, wherein X+Y=100 and wherein
0<x<100.
[0082] One embodiment provides a method including the steps of:
[0083] identifying one or more winning entries for the gaming
activity;
[0084] awarding prizes to the players to whom winning entries were
allocated in accordance with a predetermined prize distribution
protocol; and
[0085] for each player who selected a risk profile for which a
non-zero proportion of the entry fee is refundable, refunding the
refundable proportion of the entry fee.
[0086] One embodiment provides a method wherein the step of
refunding the refundable proportion of the entry fee includes, for
at least one player:
[0087] defining the refundable portion of the entry fee as at least
part of a subsequent entry fee in relation to a subsequent gaming
activity;
[0088] allocating to the at least one player one or more entries in
relation to the subsequent gaming activity in exchange for the
subsequent entry fee.
[0089] One embodiment provides a method wherein the step of
refunding the refundable proportion of the entry fee includes, for
at least one player:
[0090] defining the refundable portion of the entry fee as a
subsequent entry fee in relation to a subsequent gaming
activity;
[0091] allocating to the at least one player one or more entries in
relation to the subsequent gaming activity in exchange for the
subsequent entry fee.
[0092] One embodiment provides a method wherein the subsequent
gaming activity is a gaming activity provided by a method according
to an embodiment described above.
[0093] One embodiment provides a method including the steps of:
[0094] identifying, for each entry fee, a total contribution amount
corresponding to that entry fee, the total contribution amount
including:
[0095] i. a primary contribution amount comprising the proportion
of the entry fee that is placed at risk, less any predefined
deductions; and
[0096] ii. a supplementary contribution amount;
[0097] combining the total contribution amounts of the respective
entry fees to form a prize pool;
[0098] identifying one or more winning entries;
[0099] distributing the prize pool among the players to whom
winning entries were allocated in accordance with a predetermined
prize distribution protocol.
[0100] One embodiment provides a method wherein, for a given entry
fee, the supplementary contribution amount corresponds to an amount
derived from one or more sources selected from a group
comprising:
[0101] an investment return derived by subjecting at least a
proportion of that entry fee to an investment procedure for a
period of time;
[0102] an operator contribution; and
[0103] a third-party contribution.
[0104] One embodiment provides a method wherein, for a given entry
fee, the supplementary contribution amount corresponds to an amount
derived from an investment return derived by subjecting at least a
proportion of that entry fee to an investment procedure for a
period of time.
[0105] One embodiment provides a method including the steps of:
[0106] identifying one or more winning entries for the gaming
activity;
[0107] providing a prize pool for distribution in accordance with a
predetermined prize distribution protocol amongst the players to
whom winning entries were allocated;
[0108] identifying an undistributed portion of the prize pool;
[0109] investing at least a proportion of the undistributed portion
of the prize pool to generate an investment return;
[0110] adding an amount having a value corresponding to at least a
proportion of the investment return to a subsequent prize pool in
relation to a subsequent gaming activity.
[0111] One embodiment provides a method wherein the subsequent
gaming activity is a gaming activity provided by a method according
to a an embodiments described above.
[0112] One embodiment provides a method wherein the step of
allocating to each player one or more entries includes, for a given
player:
[0113] for the proportion of the entry fee that is placed at risk,
allocating to the player a primary entry, whereby in the case that
the primary entry is identified as a winning entry a primary prize
is awarded to the player;
[0114] for the proportion of the entry fee that is refundable,
allocating to the player one or more secondary entries, whereby in
the case that one of the secondary entries is identified as a
winning entry a secondary prize is awarded to the player.
[0115] One embodiment provides a method wherein the primary entry
has an associated payout ratio, and the primary prize is awarded to
the player based on the proportion of the entry fee that is placed
at risk and the payout ratio.
[0116] One embodiment provides a method wherein, in the case that
the primary entry is identified as a winning entry, the secondary
entry is not identified as a winning entry.
[0117] One embodiment provides a method wherein, in the case that
the primary entry is not identified as a winning entry, the
secondary entry is identified as a winning entry, such that a given
player for whom a non-zero proportion of the entry fee is
refundable wins one of the primary prize or the secondary
prize.
[0118] One embodiment provides a method including the steps of:
[0119] deriving supplementary income;
[0120] adding an amount having a value corresponding to at least a
proportion of the supplementary income to a secondary prize
pool;
[0121] refunding to each player the proportion of the entry fee
that is refundable;
[0122] distributing the secondary prize pool, in accordance with a
predetermined prize distribution protocol, amongst the players to
whom winning secondary entries were allocated.
[0123] One embodiment provides a method wherein deriving
supplementary income includes subjecting at least a proportion of
the entry fees to an investment procedure to generate supplementary
income in the form of an investment return.
[0124] A third aspect of the invention provides a system for
providing a gaming activity wherein a plurality of players provide
respective entry fees, the system including a processor configured
to carry out a method of providing a gaming activity according to
the first or second aspect.
[0125] A fourth aspect of the invention provides a
computer-readable carrier medium carrying a set of instructions
that when executed by one or more processors cause the one or more
processors to carry out a method of providing a gaming activity
according to the first or second aspect.
[0126] According to a further aspect of the invention, there is
provided a method for providing a gaming activity, the method
including the steps of:
[0127] receiving entry fees from one or more players;
[0128] combining the entry fees to provide an entry fee pool;
[0129] defining a prize portion of the entry fee pool for addition
to a prize pool;
[0130] deriving gross supplementary income by virtue of either or
both of: [0131] (a) carriage of the funds defining the entry fee
pool; [0132] (b) interaction with one or more of the players;
[0133] defining net supplementary income by subtracting one or more
predefined deductions from the gross supplementary income;
[0134] combining the prize portion of the entry fee pool with the
net supplementary income to form the prize pool, wherein the prize
pool has a value greater than the sum of the entry fees; and
[0135] distributing the prize pool among winning players based on a
distribution protocol.
[0136] In one embodiment the gaming activity is a recurring gaming
activity.
[0137] In one embodiment deriving gross supplementary income by
virtue of carriage of the funds defining the entry fee pool
includes subjecting some or all of the entry fee pool to an
investment procedure to derive gross investment income.
[0138] In one embodiment deriving gross supplementary income by
virtue of interaction with one or more of the players includes
providing marketing information to one or more of the players, or
personal information from one or more of the players, in exchange
for gross marketing income from a third party.
[0139] In one embodiment deriving gross supplementary income by
virtue of interaction with one or more of the players includes
providing personal and/or contact information regarding one or more
of the players to a third party in exchange for gross marketing
income from that third party.
[0140] Reference throughout this specification to "one embodiment",
"some embodiments" or "an embodiment" means that a particular
feature, structure or characteristic described in connection with
the embodiment is included in at least one embodiment of the
present invention. Thus, appearances of the phrases "in one
embodiment", some embodiments" or "in an embodiment" in various
places throughout this specification are not necessarily all
referring to the same embodiment, but may. Furthermore, the
particular features, structures or characteristics may be combined
in any suitable manner, as would be apparent to one of ordinary
skill in the art from this disclosure, in one or more
embodiments.
[0141] Similarly it should be appreciated that in the above
description of exemplary embodiments of the invention, various
features of the invention are sometimes grouped together in a
single embodiment, figure, or description thereof for the purpose
of streamlining the disclosure and aiding in the understanding of
one or more of the various inventive aspects. This method of
disclosure, however, is not to be interpreted as reflecting an
intention that the claimed invention requires more features than
are expressly recited in each claim. Rather, as the following
claims reflect, inventive aspects lie in less than all features of
a single foregoing disclosed embodiment. Thus, the claims following
the Detailed Description are hereby expressly incorporated into
this Detailed Description, with each claim standing on its own as a
separate embodiment of this invention.
[0142] Furthermore, while some embodiments described herein include
some but not other features included in other embodiments,
combinations of features of different embodiments are meant to be
within the scope of the invention, and form different embodiments,
as would be understood by those in the art. For example, in the
following claims, any of the claimed embodiments can be used in any
combination.
[0143] Furthermore, some of the embodiments are described herein as
a method or combination of elements of a method that can be
implemented by a processor of a computer system or by other means
of carrying out the function. Thus, a processor with the necessary
instructions for carrying out such a method or element of a method
forms a means for carrying out the method or element of a method.
Furthermore, an element described herein of an apparatus embodiment
is an example of a means for carrying out the function performed by
the element for the purpose of carrying out the invention.
[0144] In the description provided herein, numerous specific
details are set forth. However, it is understood that embodiments
of the invention may be practiced without these specific details.
In other instances, well-known methods, structures and techniques
have not been shown in detail in order not to obscure an
understanding of this description.
[0145] As used herein, unless otherwise specified the use of the
ordinal adjectives "first", "second", "third", etc., to describe a
common object, merely indicate that different instances of like
objects are being referred to, and are not intended to imply that
the objects so described must be in a given sequence, either
temporally, spatially, in ranking, or in any other manner.
[0146] In the claims below and the description herein, any one of
the terms "comprising", "comprised of", or "which comprises" is an
open term that means including at least the elements/features that
follow, but not excluding others. Thus, the term "comprising", when
used in the claims, should not be interpreted as being limitative
to the means or elements or steps listed thereafter. For example,
the scope of the expression a device comprising A and B should not
be limited to devices consisting only of elements A and B. Any one
of the terms "including", "which includes" or "that includes" as
used herein is also an open term that also means including at least
the elements/features that follow the term, but not excluding
others. Thus, "including" is synonymous with and means the same as
"comprising".
[0147] Similarly, the term "coupled", when used herein, should not
be interpreted as being limitative to direct connections only. The
terms "coupled" and "connected," along with their derivatives, may
be used. The scope of the expression a "device A coupled to a
device B" should not be limited to devices or systems wherein an
output of device A is directly connected to an input of device B.
It means that there exists a path between an output of A and an
input of B which may be a path including other devices or means.
"Coupled" may mean that two or more elements are either in direct
physical or electrical contact, or that two or more elements are
not in direct contact with each other but yet still co-operate or
interact with each other.
[0148] The term "complementary" is primarily used herein with
reference to relative percentages of two mutually exclusive
components or proportions, primarily the proportion of an entry fee
that is placed at risk, and the "complementary" proportion that is
refundable (or vice versa). In this context, if a given proportion
is X %, then the complementary proportion would be 100%-X %. It
should also be noted that as used herein, unless the context
clearly dictates otherwise, any reference to "a proportion" is
intended to encompass the situations where that proportion is 0% or
100%, as well as any intermediate percentage.
BRIEF DESCRIPTION OF THE DRAWINGS
[0149] Preferred embodiments of the invention will now be
described, by way of example only, with reference to the
accompanying drawings in which:
[0150] FIG. 1 illustrates a method for providing a gaming activity
according to one embodiment.
[0151] FIG. 2 illustrates a method for providing a gaming activity
according to one embodiment.
[0152] FIG. 3 illustrates a method for providing a gaming activity
according to one embodiment.
[0153] FIG. 4 illustrates a method for providing a gaming activity
according to one embodiment.
[0154] FIG. 5 illustrates a method for providing a gaming activity
according to one embodiment.
[0155] FIG. 6 illustrates a method for providing a gaming activity
according to one embodiment.
[0156] FIG. 7 illustrates a method for providing a gaming activity
according to one embodiment.
[0157] FIG. 8A illustrates system for providing a gaming activity
according to one embodiment.
[0158] FIG. 8B illustrates a system for providing a gaming activity
according to one embodiment.
[0159] FIG. 9 illustrates a method for providing a gaming activity
according to one embodiment.
[0160] FIG. 10 illustrates a method for providing a gaming activity
according to one embodiment.
[0161] FIG. 11A illustrates system for providing a gaming activity
according to one embodiment.
[0162] FIG. 11B illustrates a system for providing a gaming
activity according to one embodiment.
[0163] FIG. 11C illustrates a system for providing a gaming
activity according to one embodiment.
[0164] FIG. 12A illustrates system for providing a gaming activity
according to one embodiment.
[0165] FIG. 12B illustrates a system for providing a gaming
activity according to one embodiment.
DETAILED DESCRIPTION
[0166] Described herein are various systems and methods for
providing gaming activities, these particularly relating to gaming
activities where a plurality of players provide respective entry
fees. Traditional gaming activities necessarily involve the player
putting his or her entry fee at risk. The present invention, at
least in some of its preferred forms, modifies the traditional
approaches of operating such gaming activities so that the player's
entry fee is not necessarily placed entirely at risk. Indeed, in
some embodiments a player is provided with an option to participate
on the basis that his or her entry fee is wholly refundable while
retaining the opportunity to win prizes, potentially alongside more
risky though still modified participation by other players.
[0167] In the context of the present disclosure, it is assumed that
a gaming activity is an activity where multiple players provide
respective entry fees. In exchange for the entry fees, the players
are respectively allocated one or more entries. The term "player"
as used herein refers to a provider of an entry fee. The term
should be construed broadly to include both human players,
non-human players, constructs or syndicates defined by a group of
two or more human and/or non human players (such as a collaboration
between human players), and other legal entities (such as
corporations or trusts). In some cases, the player is identified in
a computing system by a unique identifier, which might include a
purpose-defined identifier, identifier based on personal
information, email address, cellular telephone number, or the
like.
[0168] In the context of the present disclosure, there is
discussion of players being "allocated" entries and disclosure of
players being "provided" entries. The terms "allocated" and
"provided" are regarded as synonymous in this regard. Furthermore,
neither of these terms should imply a requirement that a player
actually physically receives any entries (although, equally, they
may do so), only that the entries are notionally allocated to that
player.
[0169] Although players are considered to provide respective entry
fees, it will be appreciated that in some instances a single player
provides multiple entry fees on multiple occasions.
[0170] In the present context, the term "entry fee" describes a sum
of consideration that constitutes a wholly or partially refundable
payment. No specific implications or connotations should be drawn
from the use of the word "fee", which is descriptive only. In some
embodiments the entry fee is provided in whole or in part as
monetary currency. In other embodiments the entry fee is notionally
derived--such as where a consumer purchases predefined goods and/or
services unrelated to an entry, and an entry fee is notionally
determined as a function of the purchase value, or where the player
participates in marketing activities (by viewing advertisements or
responding to a survey, for instance), and an entry fee is
notionally defined on the basis of a benefit the gaming operator or
a third party receives by virtue of the player's participation in
those marketing activities. That is, by purchasing a certain
product, a consumer is deemed to have provided an entry fee, and is
correspondingly allocated one or more entries. In the presently
considered embodiments, the entry fee is wholly provided for the
purpose of participation in a gaming activity.
[0171] In some embodiments, the "entry fee" defines only a portion
of the sum of consideration provided by a player in exchange for
one or more entries. For example, in some embodiments a player
provides an entry amount, including an entry fee and an additional
component, this additional component being, in some cases,
attributable to an operator service charge. In some embodiments,
although an entry fee is fully refundable, it is only the entry fee
component of an entry amount that is fully refundable, with the
additional component being non-refundable. It should also be
appreciated that the "entry fee" need not be monetary in nature at
all, but could constitute any tradable commodity having a real,
virtual, deemed or perceived value.
[0172] References to "refunds", "refundable" entry fees, and the
like should be understood, unless the context dictates otherwise,
to encompass full and partial refunds, as well as gross and net
refunds. In some instances, for example, a nominal refund may be
subject to taxes, duties, levies or other charges, such that the
net refund actually received by a player is less than the nominal
or gross refund, irrespective of whether that refund is notionally
full or partial. Such variations should not be considered to depart
from the substance or scope of the present invention.
[0173] As used herein, the terms "gaming" and "gaming activity"
should be construed broadly so as to encompass any form of
gambling, gaming, or wagering, including but not limited to: [0174]
Lotteries and lottery type games. In the context of the Australian
market, particular examples include "Lotto", "Oz Lotto",
"Powerball", "Art Union Lotteries", and the like. In the context of
the US market, particular examples include "Hot Lotto", "Mega
Millions", "Powerball", "Paycheck", and "Tri-State". [0175]
Traditional draw lotteries, instant lotteries and "scratch"
lotteries. [0176] Raffles, or other games where a player is
provided with one or more unique tickets carrying respective ticket
identifiers, and one or more winners are identified based on the
selection of one or more winning ticket identifiers. [0177] "Keno",
"Bingo" and "Housie", "Tombola" and "Chinese Raffle" style games
where players seek to reconcile their own numbers with numbers
drawn from an independent objective source. [0178] Sports betting
activities and football pools, whether pari-mutuel or "fixed-odds"
based. [0179] Events-based betting activities involving such
outcomes as political contests, Royal or noteworthy births, weather
outcomes and natural phenomena. [0180] Totalisators. [0181]
Sweepstakes for any events such as horse, dog or any other form of
racing, sporting contests, political contests and the like. [0182]
PC-based and other electronic gaming contests, including online
chance-based, skill-based or combination chance/skill-based gaming
contests. These include online video games, where outcomes are in
part dependant on a player's skill, and in some cases in part
dependent on random factors including chance. [0183] Other games or
contests of skill and/or knowledge and/or chance. [0184]
Chance-based games played on poker and other electronic gaming
machines. [0185] Any games of skill and/or chance involving one or
more unknown outcomes, whether pari-mutuel or "fixed-odds"
based.
[0186] It will be appreciated that, in all of these examples,
multiple players provide respective entry fees and, in exchange for
the entry fees, the players are respectively provided with one or
more entries.
[0187] The term "pari-mutuel" refers generally to a gaming
arrangement whereby prizes are funded in whole or in part by entry
fees. This term is intended to be synonymous with "paramutual",
"para-mutual", "parimutuel" "mutual betting" and other
variants.
[0188] A "method for providing a gaming activity" includes
substantially any method by which a gaming activity is provided.
This includes, but is not limited to, methods performable by
administrators of gaming activities, methods performable by vendors
of entries in gaming activities, methods performable by players,
computer implemented methods performable in relation to the
administration of gaming activities and/or sale of entries in such
gaming activities, and so on. Likewise, a "system for providing a
gaming activity" includes substantially any hardware component or
group of hardware components associated with the performance of a
method for providing a gaming activity. For example, such systems
include information systems maintained or implemented by or on
behalf of administrators of gaming activities, vendors of entries
in gaming activities, or the players themselves.
[0189] As used herein, the term "gaming operator" describes a party
or group of parties responsible for the carriage and administration
of a gaming activity. That is, a gaming operator is responsible for
tasks including, but not limited to defining entry parameters and
other predefined terms and conditions for the gaming activity,
offering for sale entries in exchange for entry fees, receiving
entry fees from players, allocating entries to players in exchange
for those entry fees, identifying one or more winning entries, and
arranging for the distribution of prizes among the players. In
practice, these tasks are often performed by a number of parties.
For example, a first category of party (such as vendors or agents)
may be responsible for offering for sale entries in exchange for
entry fees and receiving entry fees from players, whilst a second
party may be responsible for identifying one or more winning
entries. However, this is ignored for the present purposes, and the
term "gaming operator" should be read sufficiently broadly so as to
cover whatever group of related and/or unrelated parties are
responsible for the carriage and administration of a particular
gaming activity.
[0190] Thus, in some cases, a gaming activity may be provided by a
plurality of parties, which might or might not be related or
affiliated. Additionally, in some cases, a gaming activity may
include a plurality of sub-activities, such as individual
lotteries, that might in themselves be provided by differing
parties. However, it should be appreciated that a plurality of such
sub-activities, regardless of the nature of the relationship
between providing parties, should be considered as a single gaming
activity in the context of the present disclosure. In some cases, a
plurality of sub-activities may be conducted by differing parties
in different locations and/or with differing branding. However some
or all of the entry fees from these sub-activities might be
notionally or physically combined into a common pool, for example
to facilitate investment, risk management or infrastructure sharing
activities. In such cases, the sub-activities should certainty be
collectively regarded as a single gaming activity in the context of
the present disclosure.
[0191] Risk Profiles
[0192] FIG. 1 illustrates a method 100 for providing a gaming
activity. In this gaming activity, a plurality of players provide
respective entry fees. Method 100 includes, at step 101, defining a
plurality of risk profiles, wherein each risk profile defines a
proportion of an entry fee that is refundable on the basis of
predetermined refund criteria and a complementary proportion of the
entry fee that is placed at risk. Step 102 includes receiving, for
each player, data indicative of the entry fee provided by that
player and a risk profile selected by that player. Step 103
includes allocating to each player, on the basis of the entry fee
provided by that player and the risk profile selected by that
player, one or more entries in relation to the gaming activity.
[0193] The term "complementary" is primarily used herein with
reference to relative percentages of two mutually exclusive
components or proportions, primarily the proportion of an entry fee
that is placed at risk, and the "complementary" proportion that is
refundable (or vice versa). In this context, if a given proportion
is X %, then the complementary proportion would be 100%-X %. It
should also be noted that as used herein, unless the context
clearly dictates otherwise, any reference to "a proportion" is
intended to encompass the situations where that proportion is 0% or
100%, as well as any intermediate percentage.
[0194] As noted, step 101 includes defining a plurality of risk
profiles. The nature and number of risk profiles defined varies
between embodiments. There are three main categories of risk
profile: [0195] "No-risk" risk profiles. These are risk profiles
for which 100% of the entry fee is refundable. [0196] "Full-risk"
risk profiles. These are risk profiles for which 100% of the entry
fee is placed at risk. [0197] "Hybrid" risk profiles. These are
risk profiles for which X % of the entry fee is refundable and Y %
of the entry fee is placed at risk, wherein X+Y=100 and wherein
0<x<100. It will be appreciated that, at least theoretically,
an infinite number of hybrid risk profiles are definable.
[0198] It will be appreciated that which of these categories are
made available varies between embodiments. In particular, some
embodiments make use of a no-risk profile and full-risk profile
exclusively, some embodiments make use of a no-risk profile,
full-risk profile and one or more hybrid risk profiles, some
embodiments make use of a no-risk profile and one or more hybrid
risk profiles, some embodiments make use of full-risk profile and
one or more hybrid risk profiles, and some embodiments may only
make use of one or more hybrid risk profiles.
[0199] The manner in which risk profiles are defined also varies
between embodiments. Generally speaking, there are two main
approaches, which are by no means mutually exclusive. The first
approach is for a gaming operator to stipulate one or more
predefined risk profiles, and make these available to players. In
one such embodiment only the "no-risk" and "full-risk" profiles are
made available, while in another such embodiment hybrid-risk
profiles are additionally or alternatively made available at, for
example, 20% increments (20% at-risk with 80% refundable, 40%
at-risk with 60% refundable, and so on). Of course, this simple
example should not be regarded as limiting, and other increments
(including consistent and inconsistent increments) are used in
other instances. The second approach is for a gaming operator to
allow players to stipulate risk profiles. For example, a given
player is invited to stipulate precisely how much of his or her
entry fee is to be placed at risk, and/or how much of his or her
entry fee is to be refundable. Although "and/or" is used in this
situation, it will be appreciated that in most cases a player, by
stipulating precisely how much of his or her entry fee is to be
placed at risk, inherently by exclusion stipulates how much is to
be refundable, and vice versa. Under this second approach, it is
perhaps more intuitive to consider method 200 of FIG. 2, in which
the order of steps 101 and 102 are reversed by comparison to FIG.
1. In this regard, it should be noted that any steps of methods
described herein as being performed in a particular sequence are,
in other embodiments, performable in a different sequence, provided
there is no insurmountable practical barrier to such
performance.
[0200] Although the majority of embodiments discussed herein are
concerned with a situation where a plurality (that is, two or more)
risk profiles are defined, in some embodiments there is only a
single risk profile. In particular, in some embodiments only a
single hybrid risk profile is defined. That is, all of the players
place their respective entry fees on the basis of the same hybrid
risk profile.
[0201] The term "refund" as used herein is intended to encompass a
full or partial refund of the value component of an entry fee,
whether in the form in which it was contributed or in some other
form. Refunds may therefore be in cash or in kind. In particular,
in some embodiments of the invention, a refund may take the form of
a limited rollover entry for a specified number of subsequent
gaming activities of the same or different type, an unlimited
rollover entry for an indeterminate number of subsequent gaming
activities of the same or different type, or the maintenance of a
limited rollover entry or an unlimited rollover entry from a
previous gaming activity. The term is also intended to encompass
the option of a refund, in whatever form, whether or not that
option is exercised at any particular point in time, or at all. In
some embodiments a player is able to exercise the option of a
refund at substantially any point in time. Further, the term
"refund" is intended to encompass the concept of a promised prize,
whether as an alternative to, or in addition to, a refund based on
the value component of the entry itself. It is therefore possible
that a refund in the context of particular gaming activities may
exceed the full value component of the corresponding entry.
[0202] Carriage of Gaming Activity
[0203] FIG. 3 illustrates a method 300, which provides some
additional context to steps 101 to 103. In particular, FIG. 3
illustrates additional steps 301 to 304, which generally relate to
the manner in which a gaming activity is completed.
[0204] The outcome of the gaming activity is determined at step
301. Step 301 is bounded by a dashed line to indicate that it is,
at least in some cases, an independent event, and not necessarily
part of method 300. For example in some embodiments, the outcome of
a gaming activity is determined by the completion of a sporting
event or the like.
[0205] Step 302 includes identifying one or more winning entries.
In the context of some gaming activities, there is only a single
winning entry, whereas in other gaming activities there are
multiple winning entries. In overview, the gaming operator has in
place predefined criteria for determining, based on the outcome of
the gaming activity, which entries are "winning entries" (entries
in respect of which a win-event applies) and which entries are
"non-winning entries" (entries in respect of which a no-win event
applies). In one simple example, the gaming activity involves
wagering on the outcome of a sporting event between two teams, Team
A and Team B. Assume a given entry is placed on the basis of a
wager that Team A will be victorious. If the outcome of the
sporting event reveals that Team A was indeed victorious, that
entry would be identified as a winning entry. Otherwise, it would
be identified as a non-winning entry. It will be appreciated that
identifying winning entries is a more detailed procedure in, for
example, complex lottery style games.
[0206] Step 303 includes distributing a prize pool of prizes to
players to whom the winning entries were allocated. That is, a
prize pool is used to fund one or more prizes, and these prizes are
awarded to the winning players (or player, in the event that there
is only one prize, or in the event that one player wins all
prizes). This is carried out in accordance with a predefined prize
distribution protocol. There is no requirement that, at the
completion of step 303, the relevant players have physically
received prizes. Rather, in some embodiments, step 303 includes
simply making it possible for winning players to obtain prizes by
redeeming their entries in a designated manner. In some practical
cases, winning entries are never redeemed, and the corresponding
prizes never physically awarded (see discussion of unclaimed and
abandoned prizes below).
[0207] The prize pool, and prizes distributed from that prize pool,
need not be monetary in nature. For example, in some embodiments
the prize pool includes goods and/or services for distribution as
prizes. Examples include, but are not limited to, automobiles,
consumer electronic devices, fashion products, retail goods,
livestock, real property, professional services, education
services, hospitality services, discount coupons, entries in other
gaming activities and so on.
[0208] Step 304 includes refunding the refundable portions of entry
fees to players who selected risk profiles defining non-zero
refundable proportions. For example, assume a player provides an
entry fee on the basis of a risk profile whereby 50% of that entry
fee is refundable. In that case, step 304 includes refunding to
that player 50% of his or her entry fee. Similarly to step 303,
there is no requirement that, at the completion of step 304, the
relevant players have physically received refunds. Rather, in some
embodiments, step 304 includes simply creating an entitlement or
making it possible for winning players to obtain refunds by
redeeming their entries in a designated manner. In some practical
cases, entries may never be redeemed, and the corresponding refunds
therefore never physically provided.
[0209] In most embodiments described herein, it is assumed that all
players receive refunds for the refundable proportions of their
entry fees regardless of whether one or more winning and/or one or
more non-wining entries were allocated in exchange for the relevant
entry fees. However, in some embodiments, an entry fee attributable
to a winning ticket is not refunded.
[0210] Recurring Entries
[0211] Referring to FIG. 4, in some embodiments step 304 includes,
for each player, selectively defining the refundable portion of the
entry fee as at least part of a subsequent entry fee in relation to
a subsequent gaming activity, and in the event that this occurs,
allocating to the at least one player one or more entries in
relation to the subsequent gaming activity in exchange for the
subsequent entry fee.
[0212] In the context of FIG. 4, step 304 includes sub-steps 401 to
404. Sub-step 401 includes determining whether a player has
selected a recurring entry option. To this end, for a gaming
activity wherein the scenario of FIG. 4 applies, a player is
provided with the opportunity to select a recurring entry option
either at the time of providing an entry fee, or at a subsequent
time. In some embodiments a player is deemed to have selected the
recurring entry option in the event that predefined criteria are
met. For example, in various embodiments these predefined criteria
include the likes of failure explicitly to select a non-recurring
entry and/or failure to redeem, within a specified timeframe, an
entry in respect of which a refundable proportion of the entry fee
is available for collection.
[0213] In the event that a player has not selected the recurring
entry option, the method progresses to step 402, which includes
refunding to that player the refundable portion of his/her entry
fees (for example by making it available for collection at a
predetermined time upon redemption of the relevant entry or
entries). In some embodiments, if this redemption does not occur
within a specified timeframe, the method progresses to step
403.
[0214] In the illustrated embodiment, if at step 401 it is
determined that the player has selected a recurring entry option,
the method progresses to step 403 where the refundable proportion
of the entry fee is defined as a subsequent entry fee in relation
to a subsequent gaming activity. In some embodiments, only part of
the refundable portion of the entry fee is defined as a subsequent
entry fee. Furthermore, in some embodiments it defines only part of
a subsequent entry fee. However, for the sake of the present
example, it is assumed that the refundable proportion is simply
defined as the subsequent entry fee. Then, at step 404, one or more
entries are allocated to the player in exchange for the subsequent
entry fee, these entries relating to a subsequent gaming
activity.
[0215] The nature of the subsequent gaming activity varies between
embodiments. For example, in some cases it is entirely unrelated to
the gaming activity for which the initial entry fee was provided.
However, in some embodiments, the gaming activity for which the
outcome is determined at step 301 is a recurring gaming activity,
and the subsequent gaming activity is a recurrence (in some
embodiments being the next recurrence) of the gaming activity for
which the outcome is determined at step 301. Thus, in some
embodiments, an entry fee may be allocated to an initial gaming
activity and thereafter rolled over into each and every subsequent
recurrence of the same gaming activity, so as to create an
indefinite or "perpetual" entry that is refundable at any time, or
at predetermined points in time.
[0216] An example of how this occurs is provided by method 500 of
FIG. 5, where step 304 is followed by step 301 to define a looping
method. Each time the method loops to step 301, the outcome of a
different recurrence of the recurring gaming activity is
determined.
[0217] It will be appreciated that common practical examples of
recurring gaming activities include lotteries with periodic
draws.
[0218] In some embodiments along the lines of FIG. 5, the
subsequent entry fee is deemed to have been received on the basis
of the same risk profile as the initial entry fee. However, this is
not necessarily the case, and in some embodiments the risk profile
for subsequent entry fees is a default risk profile or a risk
profile nominated by the player or determined in accordance with
another predefined protocol.
[0219] In the event that the subsequent entry fee is deemed to have
been received on the basis of the same risk profile as the initial
entry fee, some significant results are encountered. In the event
that a no-risk profile is selected in respect of the initial entry,
and the recurring entry option selected, a perpetually recurring
entry is effectively provided (of course, this is contingent on
continuing recurrence of the gaming activity). In this case, a
player is essentially able to provide a single entry fee, and in
exchange for that entry fee to be provided with one or more entries
in a gaming activity and all subsequent recurrences of that gaming
activity. In the context of lotteries having a periodic draws, the
player is essentially provided with one or more entries in relation
to each draw in exchange for a one-off entry fee. In the event that
a hybrid risk profile is selected, the entry fee provided in
relation to subsequent gaming activities diminishes after each
activity, and inevitably the refundable proportion will diminish to
a level where it cannot be exchanged for any entries. As a
variation, in some embodiments, if a hybrid risk profile is
selected, a no-risk profile is automatically adopted for subsequent
activities thereby to provide perpetual recurrence (of course, this
is contingent on continuing recurrence of the gaming activity).
[0220] In some embodiments, a user is permitted at any time to
change whether or not the recurring entry option is selected.
Essentially, this means that a user is permitted to obtain a refund
corresponding to his/her remaining refundable entry fees at any
time. For example, at or before the completion of the next gaming
activity. Typically, a player who obtains a refund prior to the
completion of a given gaming activity forfeits any entries in that
gaming activity.
[0221] Prize Pool Supplementation
[0222] As foreshadowed, step 303 includes distributing a prize pool
amongst those players to whom winning entries were allocated. In
some embodiments, particularly where the gaming activity includes
pari-mutuel aspects, this prize pool is funded at least in part by
a portion of the entry fees.
[0223] The term "pool" is also intended to be given the broadest
possible interpretation, covering the physical pooling of bets,
entry fees or other value components into a single deposit account
or other investment product, as well as the virtual pooling of such
components across multiple accounts or multiple investment
products, whether those components are deposited simultaneously or
at different times, and whether those components are invested over
the same or different timeframes.
[0224] It is appreciated that, in the context of a pari-mutuel type
gaming activity, the provision of a no-risk profile may seem
counterintuitive. In particular, in the context of many such gaming
activities, entry fees are used to fund prizes. However, in the
event that an entry fee is fully refundable, by traditional
mechanics it is not possible to use that entry fee to fund
prizes.
[0225] Some embodiments of the present invention have been
developed to allow a player who selects a no-risk profile in
relation to a given entry fee to nevertheless make a contribution
to a prize pool on the basis of that entry fee. This is achieved by
a process referred to as "prize pool supplementation", which is
discussed below.
[0226] A general example of prize pool supplementation is provided
by method 600 of FIG. 6. Step 601 includes combining the entry fees
received from the plurality of players at step 102 into an entry
fee pool. This entry fee pool, in the present embodiment, includes
three portions: [0227] A prize portion. This prize portion is
defined by at least a proportion of the at-risk proportions of
entry fees received at step 102. [0228] A refundable portion. The
refundable proportions of entry fees received at step 102 define
this refundable portion. [0229] A deductible portion. This portion
is essentially defined by any remaining proportion of the entry
fees that is not attributable to the prize portion or the
refundable portion. In some embodiments the gaming operator derives
profit from the deductible proportion. In some embodiments,
government taxes, duties, levies or charges are included in the
deductible portion. In some embodiments the deductible portion is
zero.
[0230] Step 602 includes receiving supplementary income. This
supplementary income includes a prize portion and a non-prize
portion, with the latter being zero in some embodiments.
[0231] Step 604 includes combining the prize portion of
supplementary income with the prize portion of the entry fee pool
to form the prize pool from which prizes are to be distributed. In
some embodiments, by such an approach and as described in more
detail below, it is possible to provide a prize pool that is
greater in value than the sum of the entry fees. That is, the
gaming activity distributes to the players a greater sum in prizes
than was collected as entry fees.
[0232] Step 605 includes providing a refund pool from the
refundable portion of entry fee pool. It will be appreciated that
this refund pool provides the funds from which refunds are
distributed at step 304.
[0233] The nature of supplementary income received at step 602
varies between embodiments. In some embodiments, the nature of
supplementary income includes income that falls into one or more of
the following broad categories, which should by no means be
regarded as exclusive: [0234] Investment Return. This is considered
in more detail below under the heading "Prize Pool Supplementation
by Investment of Entry Fees", and various embodiments described
herein assume that the supplementary income takes this form. As a
general overview, some or all of the entry fees collected from
players are subjected to an investment procedure for a period of
time, and the supplementary income includes some or all of the
investment return derived from that investment procedure, or a an
amount having a value corresponding to some or all of the
investment return derived from that investment procedure
(optionally provided by an operator in anticipation of receiving
the investment return). [0235] Operator Contributions. In some
embodiments, the gaming operator itself beneficially provides some
or all of the supplementary income from its own source of funds.
For example, in some cases the operator offers the incentive of an
enhanced prize pool to induce a higher level of player
participation than might otherwise be the case. [0236] Third Party
Contributions. In some embodiments, a third party makes a
contribution, and the supplementary income includes some or all of
this third party contribution. In some such embodiments, a third
party makes a contribution in consideration for being granted a
marketing opportunity. For example, a third party enters into an
arrangement with a gaming operator whereby a predetermined level of
contribution is made in exchange for either the provision of
marketing information on behalf of the third party to one or more
of the players, or alternately the provision to the third party
information regarding one or more of the players (such as personal
information or opinion information), for subsequent marketing
purposes. In a simple example, entries are printed on physical
tickets, these tickets being configured to carry printed marketing
information, and a third party makes a contribution in exchange for
having its own marketing information printed on those tickets. It
will be appreciated that various marketing structures may be
implemented among different embodiments.
[0237] A significant result from the notion of supplementary income
is that, at least in some embodiments, a gaming operator is
essentially able, in a consistent and sustainable manner, to
provide a gaming activity that distributes to players a sum of
money or a corresponding value in prizes that is greater than the
sum of entry fees received from the players. That is, a game is
provided that in essence "gives out more than it takes in". This is
discussed further below.
[0238] Prize Pool Supplementation by Investment of Entry Fees
[0239] As foreshadowed, in some embodiments the supplementary
income is practically or notionally funded by subjecting some or
all of the entry fees collected from players to an investment
procedure for a period of time, the supplementary income including
some or all of the investment return derived from that investment
procedure or an amount corresponding to the value of some or all of
that investment return. This is illustrated in method 700 of FIG.
7. In particular, step 701 includes investing a proportion of the
entry fee pool (a non-zero proportion, in this instance). Step 702
includes receiving a gross investment return, including a prize
portion (referred to herein as the net investment return) and a
non-prize portion. Step 703 includes combining an amount having a
value corresponding to the net investment return with the prize
portion of the entry fee pool to provide a prize pool for
distribution to the winning players. In some cases this amount
having a corresponding value to the net investment return is the
investment return itself, whereas in other cases it is a third
party or operator contribution made in anticipation of, or as a
substitute for, the net investment return.
[0240] In some embodiments, so as to allow a longer investment
period, step 703 does not occur for some time after step 301 or
302, this period of time optionally being of the order of days,
weeks or months.
[0241] Any references herein to "investment return" or "investment
income" are to be interpreted as references to "net investment
return" and "net investment income" unless specifically stated
otherwise. In practice, the investment procedure results in the
derivation of a gross investment return, and various deductions
(such as taxes, levies, duties, commissions, investment charges,
broker fees, operator charges, and so on) are taken from this gross
investment return. The term "net investment return" defines a
remainder of the gross investment return, this net investment
return being added to the prize pool as some or all of the
supplementary income.
[0242] The terms "taxes" and "duties" as used herein are intended
to encompass any relevant Federal, State and/or local government
taxes, duties or imposts as well as levies or charges applied by
intermediaries or other third parties connected with the gaming
activity, that are essentially non-discretionary in so far as the
gaming operators or players are concerned.
[0243] The terms "invest", "investing", "investment" and the like
as used herein are intended to be afforded a broad interpretation
covering the utilisation or disposition of funds or valuable assets
in a general sense. Examples include but are not limited to,
investment in any financial or real asset or property of any type,
whether securitised or otherwise, with value denominated in any
currency or combination of currencies, whether listed on a public
trading exchange or unlisted on any such exchange, including the
following, as well as warrants, options, derivatives, deferred
purchase contracts, instalment receipts and the like over any of
the following: [0244] Deposits with third parties whether
interest-bearing or otherwise and whether held with a financial
institution or some other party. [0245] Mortgages, debt instruments
or securities of any type. [0246] Any form of American Depository
Receipts or similar instruments or asset classes as may be
available from time to time in any jurisdiction. [0247] Promissory
notes, bills of exchange, convertible notes, loan notes or any
other form of debt or debt instrument. [0248] Convertible or other
bonds. [0249] Preference shares, redeemable preference shares,
stocks, equities or shares of any class whether fully or partly
paid up. [0250] Warrants, options, derivatives, deferred purchase
contracts, instalment receipts and the like. [0251] Options,
warrants or similar instruments convertible into stocks, shares or
equities of any sort. [0252] Warrants, options, derivatives,
deferred purchase contracts, instalment receipts or the like over
any index relating to any matter including but not limited to
stocks, shares or equities of any sort or futures or any financial
instrument or financial asset. [0253] Currency or interest rate
swap agreements, forward interest rate agreements and the like.
[0254] Real property or property of any other kind including
intellectual property. [0255] Any contract, arrangement or
instrument of any type which confers a benefit of value in relation
to an item or items of value. [0256] Futures contracts and the like
in relation to any thing, item or matter. [0257] Currencies. [0258]
Precious metals. [0259] Works of art and any other valuables such
as stamps, coins or jewels; and [0260] Any other form of investment
offering at least the potential for return on capital over a period
of time, whether or not the capital is guaranteed, and whether or
not a return on capital is guaranteed. [0261] Offshore investment.
[0262] Trade in bullion or the like. [0263] Alternatives forms of
disposition of valuable assets, for example buy-back contracts and
other instruments used in certain jurisdictions in light of Sharia
law, or in accord with any other religious or other customs or
beliefs. Additionally, the terms "invest", "investing",
"investment" and the like, as used herein, should be construed as
including, but not limited to, the use of one or more money
management techniques to increase an available amount of funds and
investing the resultant increased available amount of funds. It
should also be appreciated that the "investment return" need not be
cash-based or even financial in nature, provided merely that it has
some intrinsic, virtual, deemed or perceived value in the broad
context of the gaming activity.
[0264] Further, it should be appreciated that for the purposes of
the present invention, any investment procedure (or other
methodology for generating supplementary contributions for or on
behalf of players) may be entirely invisible from the players'
perspectives, being managed as a "back office" operation by or on
behalf of the gaming operator. Indeed, in many embodiments, this is
the preferred approach, so as to shield the players from the detail
of potentially complex investment and risk management strategies,
which might otherwise detract from the experience and enjoyment of
the primary gaming activity itself. This is an important
distinction with respect to some forms of investment product, in
which an understanding of transparent the underlying investment
mechanics is primary, and any associated gaming activity is of
secondary significance.
[0265] FIG. 8A schematically illustrates an exemplary gaming
administration system 800 according to one embodiment where the
prize pool is supplemented by investment income. Players 801
provide respective entry fees to the system 800. These entry fees
are combined into an entry fee pool 803. This entry fee pool
includes non-investment capital 804 and investment capital 805,
although in some embodiments the former has a zero value.
Investment capital 805 is provided to an investment vehicle 806,
optionally by way of electronic funds transfer. In some embodiments
the entry fees, or parts thereof, are transferred substantially
directly to this vehicle. Non-investment capital 804 is added to a
prize pool 807.
[0266] At the end of a predetermined investment period, investment
capital 805 is added to prize pool 807. A gross investment return
808 is received, and from this an administrator commission 814 is
deducted, along with other deductions 815 (such as taxes, levies,
duties, investment costs, and so on), thereby to define a net
investment return 809. Net investment return 809 is added to prize
pool 807, that prize pool being at an appropriate time distributed
among the players.
[0267] Sustaining a Prize Pool of Greater Magnitude than an Entry
Fee Pool
[0268] As foreshadowed, a significant result from the notion of
supplementary income is that, at least in some embodiments, a
gaming operator is essentially able, in a consistent and
sustainable manner, to provide a gaming activity that distributes
to players a sum of money (or a prize pool having a value) that is
greater than the sum of entry fees received from the players. That
is, a game that "gives out more than it takes in". Some embodiments
of the present invention are focussed on such a gaming activity,
quite apart from aspects of risk profiles. For example, in one
embodiment the invention provides a method including the steps of:
[0269] Receiving entry fees from players. [0270] Combining the
entry fees into an entry fee pool. [0271] Defining a prize portion
of the entry fee pool for addition to a prize pool. [0272] Deriving
gross supplementary income. In some cases this gross supplementary
income is derived by virtue of the operator having access to the
funds defining the entry fee pool (for example by way of investing
some or all of the entry fee pool). In some cases this
supplementary income is derived by virtue of the operator having an
interaction with the players (for example where the supplementary
income is derived from providing marketing information such as a
corporate name or logo imprinted on a ticket to the players, or
acquiring personal information of marketing value such as contact
details or purchasing preferences from the players). [0273]
Defining net supplementary income. This is, in some embodiments,
the gross supplementary income less any predefined deductions, such
as taxes, duties, levies, operator deductions, commissions,
investment costs, and so on. [0274] Combining the prize portion of
the entry fee pool with the net supplementary income to form the
prize pool, wherein the prize pool has a value greater than the sum
of the entry fees. [0275] Distributing the prize pool among winning
players based on a distribution protocol.
[0276] It is appreciated that, in the prior art, it is known for a
gaming operator to itself make a contribution to the prize pool,
thereby to provide a prize pool having a value greater than the sum
of the entry fees. However, it will be appreciated that this is
unsustainable and typically a temporary, or ad-hoc or one-off
approach implemented from time-to-time to increase player
participation or to honour prize promises in the event that
participation is below expectations. On the other hand, some
embodiments of the present invention provide approaches that are
sustainable in the longer term, these being particularly useful for
recurring gaming activities.
[0277] Unclaimed/Abandoned Prizes
[0278] In some embodiments, unclaimed prizes are used to further
supplement the prize pool. Referring to examples considered
previously, steps 303 and 304 respectively include distributing a
prize pool or prizes to players to whom the winning entries were
allocated and refunding the refundable portions of entry fees to
players who selected risk profiles defining non-zero refundable
proportions. As foreshadowed, there is no requirement that, at the
completion of steps 303 and 304, the relevant players have
physically received prizes and/or refunds. Rather, in some
embodiments, these steps include simply making it possible for
winning players to obtain prizes and/or refunds by redeeming their
entries in a designated manner.
[0279] Inevitably, for at least some of the refunds and prizes,
there will be a delay between the steps 303/304 and the time at
which funds are actually obtained by players. During this delay,
the funds are considered to be "unclaimed prizes" (noting that
these, at least in some cases, include both prizes and refunds). In
some cases, upon the expiration of a predetermined time period, it
is deemed that certain unclaimed prizes will never be obtained by
the relevant player or players, and these are categorised as
"abandoned prizes" (again, noting that these, at least in some
cases, may include both prizes and refunds).
[0280] In some embodiments, some or all of the unclaimed prizes are
subjected to an investment procedure to derive investment income.
At least a portion of this investment income is then added to a
subsequent prize pool in relation to a subsequent gaming activity,
typically a recurrence of the gaming activity from which the
unclaimed prizes originated (although not necessarily the
immediately subsequent recurrence). It will be appreciated that
such an approach allows for additional prize pool
supplementation.
[0281] In some embodiments a proportion of the abandoned prizes is
also added to the prize pool for a subsequent gaming activity.
[0282] Contribution
[0283] In some of the embodiments considered below, the number of
entries allocated to a given player takes into account the
"contribution" made by that player. Notionally, each entry fee has
a corresponding total contribution. This total contribution
includes: [0284] A primary contribution amount, which comprises the
proportion (which may be zero) of the entry fee that is placed at
risk, less any predefined deductions. These predefined deductions
include none or more of operator deductions (for example where the
gaming operator takes a proportion of the entry fees as income),
levies, taxes, duties, and so on. Essentially, it is the proportion
of the entry fee that is attributable to the prize pool. [0285] A
supplementary contribution amount. For a given entry, the
supplementary contribution amount is a proportion of the
supplementary income attributable to that entry. In some examples
along the lines of FIG. 7 and FIG. 8A, the supplementary
contribution amount comprises the proportion of the prize portion
of investment return notionally or actually attributable to a given
entry. This will be more fully understood in light of examples
considered further below.
[0286] The precise manner in which contribution is defined varies
between embodiments, and the scope of the present disclosure should
not necessarily be limited by any specific definition. The
supplementary contribution amount for a given player in some
embodiments includes components having values corresponding to:
[0287] An entry fee supplementary contribution amount. For example,
an operator designates that a predetermined proportion of each
entry fee defines at least a component of the supplementary
contribution amount for that entry fee. [0288] A net investment
return derived from subjecting the entry fee to an investment
procedure for a period of time (such as from the time the entry fee
is received to the time primary prizes are allocated). The
investment procedure derives a gross investment return, and of this
a net investment return preferably defines a component of a
player's supplementary contribution amount. [0289] A net
distribution marketing amount. For example, a third party provides
a gaming operator with a gross distribution marketing amount (such
as currency or goods/services) in consideration for marketing
information being provided to a player. Of this gross distribution
marketing amount, a net distribution marketing amount preferably
provides a component of the player's supplementary contribution
amount. In some cases, a player receives a ticket (physical or
electronic) as a receipt for placing an entry fee, and this ticket
carries the relevant marketing information. In some cases a player
is able to increase his/her net distribution marketing amount by
receiving further marketing material--for example by viewing
electronic advertisements. [0290] A net collection marketing
amount. This is similar to the example considered above, however is
derived by collecting information from players, such as personal
information or opinion information. For example, in some cases a
player is able to increase his/her net collection marketing amount
by participating in a survey. [0291] Other net third party
contribution amounts.
[0292] This is by no means an exclusive list, and alternative
embodiments make use of a wider range of possible amounts.
[0293] There is discussion in the above examples of "gross" amounts
and "net" amounts. The terms "gross" and "net" are used in a
descriptive sense only. In particular, the term "gross" refers to
an amount derived by the gaming operator, and the term "net" refers
to an amount that is added to the supplementary contribution
amount. In some cases the net amount is the corresponding gross
amount less any applicable taxes, levies or operator charges. In
other cases there is no direct nexus between the gross and net
amounts.
[0294] In some embodiments, a player is able to obtain one or more
entries without providing a physical entry fee, and instead by
participating in marketing activities so as to derive a
supplementary contribution amount, and therefore make a non-zero
contribution. That is, in some cases the entry is in essence wholly
notional, and may also be deemed to be fully or partially
refundable, based on associated risk factors and/or other criteria.
However, the player does indeed provide an entry fee that has value
to the operator, in the sense that, by the player participating in
marketing activities, the operator derives a gross marketing
contribution amount. This allows the player to derive a
supplementary contribution amount, and therefore receive one or
more entries. In a practical example, players are, in this way,
essentially able to be provided "free" entries in exchange for
viewing advertisements or participating in market research
activities. The number of entries allocated to a given player is,
as in various other examples presently considered, preferably
related to the supplementary contribution amount for that
player.
[0295] Allocation of Entries to Players
[0296] The number of entries allocated to a given player at step
103 varies between embodiments. As a general notion, the risk
profile selected by a player impacts on that player's involvement
in the gaming activity. It will be appreciated that, by selecting a
risk profile, a player is essentially able to manage the risk
taken, with risk inherently increasing in relation to a given entry
fee as a greater proportion of that entry fee is placed at risk.
Several categories of examples regarding how the selection of a
risk profile affects the player's involvement in the gaming
activity are considered below, and fall into the following general
categories: [0297] Risk and Chance. Under this category, the risk
profile selected by a given player affects the relative probability
of that player winning a prize in relation to the gaming activity
in exchange for the entry fee provided. In some cases, this
relative probability is increased by allocating more entries, and
the risk profile selected by a given player affects the number of
entries allocated to that player in exchange for the entry fee
provided. [0298] Risk and Cost. Under this category, the risk
profile selected by a given player affects the quantum of entry fee
in exchange for which a predetermined number of entries is
allocated. [0299] Risk and Return. Under this category, the risk
profile selected by a given player affects one or more
characteristics of a prize winnable by that player in exchange for
the entry fee provided. [0300] Combination Approaches. This
category combines two or more of the above categories. For example,
in some cases, the risk profile selected by a given player affects
the quantum of entry fee in exchange for which a predetermined
number of entries is allocated and one or more characteristics of a
prize winnable by that player in exchange for the entry fee
provided.
[0301] These categories are dealt with in more detail below, under
respective headings.
[0302] Risk and Chance
[0303] As foreshadowed, some embodiments of the present invention
allow a player to select between a plurality of unique risk
profiles, and in doing so manage aspects of risk and chance. In
overview, each risk profile defines a proportion of the entry fee
that is refundable on the basis of predetermined refund criteria
and a complementary proportion of the entry fee that is placed at
risk. As noted above, in some embodiments, the risk profiles
include: [0304] A "no-risk" profile. Under this profile, the entry
fee is 100% refundable in the case of a no-win event. That is, a
player selecting the "no-risk" profile is essentially promised a
refund of his or her entry fee regardless of the outcome of the
gaming activity. [0305] A "full-risk" profile. Under this profile,
100% of the entry fee is placed at risk, and the player is not
promised any refund in the case of a no-win event. [0306] One or
more hybrid-risk profiles where X % of the entry fee is refundable
and Y % of the entry fee is placed at risk, with constraints
X+Y=100 and 0<x<100.
[0307] In the context of "Risk and Chance", the risk profile
selected by a given player affects the relative probability of that
player winning a prize in relation to the gaming activity in
exchange for the entry fee provided. In some cases, this relative
probability is increased by allocating more entries, and the risk
profile selected by a given player affects the number of entries
allocated to or on behalf of that player in exchange for the entry
fee provided.
[0308] The term "relative probability" essentially describes the
probability of an entry being identified as a winning entry,
relative to the total number of entries at the time the outcome is
determined (that it, the time of step 301). As used herein, the
terms "chance" and "chances" are particularly distinguished from
the concept of relative probability. The term "chance" is used to
describe a notional unit of chance, and the relative probability of
this "chance" winning a prize depends on the total number of
competing chances. For example, if a first player is awarded a
single chance in a game where there are a total of 100 chances
awarded, that player has a 1 in 100 relative probability of winning
on the basis of that chance. If a second player in the same game is
awarded 10 chances of these 100 total chances, that player has a 1
in 10 relative probability of winning. If another 100 chances are
subsequently awarded, increasing the total number of chances in the
game to 200, the first and second player's relative probabilities
of winning decrease to 1 in 200 and 1 in 20 respectively. As used
herein, unless the context dictates otherwise, the phrase "chances
of winning" relates to the number of chances, and not necessarily
to the relative probability of winning.
[0309] In overview, Risk and Chance embodiments assume a situation
where a player's chances of winning a prize in relation to a
particular gaming activity correspond to the number of entries that
player holds in relation to that gaming activity. By doubling the
number of entries, the number of chances correspondingly doubles.
Increasing the chances awarded to a player can correspondingly
increase the probability of a player winning, however the relative
probability of the player winning will also depend on the total
number of chances/entries in the game, and may vary over time as
the total number of chances/entries in the game correspondingly
varies.
[0310] In the context of the present disclosure, it is assumed that
a single entry equates to a single chance. This is for the sake of
simplicity only, and it will be appreciated that in some
embodiments some entries may be structured or defined so as to
carry with them a plurality of chances. For example, in some
embodiments each entry may equate to a "packet" of five
chances.
[0311] In some embodiments of the invention, the number of entries
allocated to a given player, on the basis of a given entry fee, is
greater if that player adopts a less conservative risk profile
(that is, a risk profile for which a higher proportion of the entry
fee is placed at risk). That is, for a first risk profile, a given
player is allocated a predetermined number of entries in exchange
for a predetermined entry fee, and, for a second risk profile, a
given player is allocated an increased number of entries for the
same predetermined entry fee, wherein the first risk profile
defines a greater proportion of the entry fee that is refundable
compared with the second risk profile.
[0312] In some embodiments, the number of entries allocated to a
given player is related to a contribution made by or on behalf of
that player to the relevant prize pool. For example, in some
embodiments the number of entries allocated to a given player is
determined according to the general formula:
E.sub.player=kA+B
[0313] wherein E.sub.player is the number of entries allocated to a
particular player in exchange for the entry fee provided by that
player, A is a parameter related to the contribution made by or on
behalf of that player to the prize pool, B is an adjustment factor,
and k is a proportionality factor selected such that the allocation
of entries follows a predetermined risk/chance favouritism
protocol. In some cases, it is preferred that k.gtoreq.1, and in
some embodiments 1.ltoreq.k.ltoreq.100. However, in various
embodiments 0.01.ltoreq.k.ltoreq.100.
[0314] One approach for implementing Risk and Chance is to use
"bonus entries". As a general concept, a player who places a
non-zero proportion of his or her entry fee at risk receives more
bonus entries than a player who adopts a no-risk profile (and in
doing so places none of his/her entry fee at risk), and therefore
the former player is rewarded with an increased number of entries,
in the form of bonus entries. Several examples of how bonus entries
are assigned in various embodiments are considered below. In these
examples, the following parameters are used: [0315] t.sub.player,
the entry fee provided by a particular player. For the purposes of
some embodiments, t.sub.player is assumed to be net of any levies,
taxes, operator charges, and so on. That is, in some embodiments
t.sub.player is less than the actual amount of money provided by
the player. [0316] b.sub.player, the number of "bonus entries"
given to a particular player in exchange for t.sub.player. [0317]
S.sub.player, the number of "standard entries" given to a
particular player in exchange for t.sub.player. [0318]
E.sub.player, the total number of entries given to a particular
player based on an entry fee t.sub.player. Unless specifically
stated otherwise, it may be assumed that this total number of
entries is made up of the standard entries and the bonus entries
(E.sub.player=S.sub.player+b.sub.player). In some embodiments there
are no standard entries, only bonus entries, as discussed below.
[0319] a, the desired refund proportion for a particular player,
where 0.ltoreq.a.ltoreq.1. This is, in essence, indicative of a
risk profile. Specifically, a=0 for full-risk and a=1 for no-risk.
If a=0.2, then 20% of the entry fee is refundable and 80% of the
entry fee is placed at-risk. It will be recognised that (1-a) is
the proportion that is placed at risk. [0320] I.sub.1 and I.sub.2,
the net rates of return based on supplementary contribution
strategies in respect of the refundable portion of the entry fee
and non-refundable portion of the entry fee respectively. This is
the "net" strategy in the sense that it excludes supplementary
contribution that is attributable to operator charges, investment
costs, taxes, levies, and the like. It only relates to that portion
of supplementary contribution that is designated for addition to
the prize pool. For simplicity in the present examples, it is
assumed that supplementary contribution takes the form of
investment return only. However it will be appreciated that this is
for the sake of illustration only, and the present embodiments are
by no means intended to be limited to the situation where
supplementary contribution is comprised wholly or even partly of
investment return. In the present examples, it will be appreciated
that I.sub.1(a.t.sub.player) provides the net return on investment
on the refundable portion of the entry fee, and likewise
I.sub.2.((1-a).t.sub.player) provides the net return on investment
on the at-risk portion of the entry fee. To provide a simple
example, if the investment strategy I.sub.1 provides a 1% net
return on investment for funds invested over the course of the
"game period", then I.sub.1=0.01. It will be appreciated, from the
context, that the "game period" is the period of time between the
receipt of entry fees and the distribution of prizes and refunds
during which the entry fees are subjected to investment. In some
embodiments I.sub.1=I.sub.2, and in some embodiments one of I.sub.1
or I.sub.2 is zero. It will be appreciated that values of I.sub.1
or I.sub.2 depend on the selection of appropriate investment and
risk-management strategies on the part of a game operator, issues
that fall generally beyond the scope of the present disclosure. In
the present circumstances, a positive return on investment is
assumed. Furthermore, although in the present embodiments linear
investment strategies are assumed, in other embodiments non-linear
investment strategies are used. The present embodiments assume a
positive return on investment, which can effectively be guaranteed
by the operator if desired, for example through fixed-interest
bearing deposits with secure financial institutions, or otherwise
hedged against loss. This feature is a particularly advantageous
and attractive outcome from the players' perspective by contrast
with traditional pari-mutuel type gaming systems, in which the
prize pool available for distribution to players collectively is
typically of lesser value than the total amount received from the
players collectively as bets. [0321] C.sub.player, the contribution
a player makes based on t.sub.player. C.sub.player, in the present
embodiments, consists of the return on investment derived in
respect of the entry fee plus the portion of the entry fee that is
placed at risk. It will be appreciated that the following formula
can be used to calculate C.sub.player:
[0321]
C.sub.player=I.sub.1(a.t.sub.player)+I.sub.2((1-a).t.sub.player)+-
(1-a).t.sub.player In other embodiments a different definition of
C.sub.player is used, for example in embodiments where the
supplementary income includes or is defined by a component other
than a net investment return (such as an operator contribution or
third party contribution). [0322] t.sub.unit, a unit payment
amount. This parameter is used in some embodiments where an
operator wishes to set a minimum spend level, and/or receive entry
fees in common multiples. For example, in one embodiment
t.sub.unit=$10, and entries are sold in $10 lots. In some
embodiments t.sub.unit only applies in certain situations--for
example t.sub.unit applies for entries sold at a physical retail
venue, and t.sub.unit does not apply for entries sold at virtual
retail venues (by telephone, SMS, email, internet, or the like). In
some cases, a minimum spend level is set independent of t.sub.unit.
In some embodiments, there is substantially no restriction on the
quantum of entry fee that a player is able to provide, conditional
on that entry fee being greater than the minimum spend level.
[0323] e, the number of standard entries per unit payment amount. e
is used in conjunction with t.sub.unit. For example, in one
embodiment a $10 lot buys five standard entries, so t.sub.unit=$10
and e=5. In embodiments where t.sub.unit and e are used, it will be
appreciated that the following formula provides s.sub.price, the
price of a single standard entry:
[0323] s price = t unit e ##EQU00001## It will be appreciated that
the number of standard entries S.sub.player given to a player in
exchange for a unit payment is given by the following formula:
s player = t player t unit / e = e t unit t player ##EQU00002## In
some embodiments, there is no limitation on an entry fee provided
by a player, and the number of entries awarded to a given player is
simply the total sum provided by that player divided by
s.sub.price, with any residual amount attributable to an "impartial
entry" being returned as change. In some cases s.sub.price is set
at $0.01 (or an alternative lowest possible unit of legal tender)
to substantially eliminate residual amounts. [0324] k, a
proportionality constant. This proportionality constant is used in
the sense that if A is proportional to B, then A=k.B. The
proportionality constant is varied to affect game characteristics,
such as whether risk-averse or non-risk averse (or neither of
these) players are favoured. That is, k is a proportionality
constant selected such that the allocation of bonus entries follows
a predetermined risk/chance favouritism protocol.
[0325] It should be noted that the term "bonus" is intended to be
descriptive only, and the use of this term should not be regarded
as limiting in any way. That is, in other embodiments, approaches
are implemented whereby a category of entries corresponding
conceptually to "bonus" entries may be implemented, although those
entries may not necessarily be explicitly referred to as "bonus
entries". The terms "bonus entry", "bonus entries" and the like are
intended to be broadly construed as encompassing both physical and
virtual bonus entries, as well as any other physical or virtual
mechanism, mathematical algorithm, software program, programming
subroutine or any combination thereof that has an equivalent effect
of increasing the chances, in some defined way, of a particular
entrant winning the associated gaming activity, relative to those
of one or more other entrants, or categories of entrants, or
relative to the same player under different circumstances. A bonus
entry may also provide the opportunity for a particular entrant to
participate in a larger prize pool relative to one or more other
entrants, on the basis of the same or different chances of
winning.
EXAMPLE 1
Bonus Entries Proportional to Contribution
[0326] In some embodiments, the number of bonus entries awarded is
proportional to the player's contribution. That is, the following
formula applies:
b.sub.player=k.(C.sub.player)=k.(I.sub.1(a.t.sub.player)+I.sub.2((1-a).t-
.sub.player)+(1-a).t.sub.player)
[0327] In such embodiments, the total number of entries that are
awarded to a player is given by the formula
E.sub.player=S.sub.player+b.sub.player. In some cases the players
are offered a set number of standard entries for a unit entry
amount, such as 5 entries for $1, 1 entry for $5, or entries at $1
each. The player receives this many standard entries, plus bonus
entries proportional to contribution. In such cases, it is
preferred that k.gtoreq.1, and in some embodiments
1.ltoreq.k.ltoreq.100. However, in various embodiments
0.01.ltoreq.k.ltoreq.100.
[0328] As a numerical example, consider an instance where
e/t.sub.unit=0.1 (such as one entry for $10), I.sub.1=I.sub.2=0.02,
and k=1. Three players each provide a $100 entry fee at a=0, a=0.5,
and a=1 respectively. The first player (a=0) receives 12 entries
(10 standard, 2 bonus), the second player (a=0.5) receives 62
entries (10 standard, 52 bonus), and the third player (a=1)
receives 112 entries (10 standard, 102 bonus).
[0329] In some embodiments S.sub.player=0 (i.e. e/t.sub.unit=0),
meaning that only bonus entries are awarded (it is appreciated that
in such embodiments the term "bonus" is somewhat redundant, as
E.sub.player=b.sub.player). To provide a further numerical example,
consider an instance where e/t.sub.unit=0, I.sub.1=I.sub.2=0.02,
and k=1. Three players provide $100 entry fees at a=0, a=0.5, and
a=1 respectively. The first player (a=0) receives 2 entries, the
second player (a=0.5) receives 52 entries, and the third player
(a=1) receives 102 entries. It will be recognised that, with k=1,
b.sub.player=C.sub.player.
EXAMPLE 2
Total Entries Proportional to Contribution
[0330] In some embodiments, the total number of entries awarded is
proportional to the player's contribution. That is, the following
formula applies:
E.sub.player=k.(C.sub.player)=k.(I.sub.1(a.t.sub.player)+I.sub.2((1-a).t-
.sub.player)+(1-a).t.sub.player)
[0331] In such embodiments, the total number of entries that are
awarded to a player is again given by the formula
E.sub.player=S.sub.player+b.sub.player. Therefore:
b.sub.player=k.(C.sub.player)-s.sub.player
[0332] As a numerical example, consider an instance where
e/t.sub.unit=0.1, I.sub.1=I.sub.2=0.02, and k=10. Three players
each provide $100 in entry fees at a=0, a=0.5, and a=1
respectively. The first player (a=0) receives 20 entries (10
standard, 10 bonus), the second player (a=0.5) receives 530 entries
(10 standard, 520 bonus), and the third player (a=1) receives 1030
entries (10 standard, 1020 bonus).
[0333] It will be appreciated that if
k.(C.sub.player)<s.sub.player, the above formula yields a
negative result for b.sub.player. In some embodiments this is
conveniently avoided by appropriate selection of k. However, in
other embodiments a philosophical change allows for the concept of
negative bonus entries. For example, in one embodiment s.sub.player
is replaced by m.sub.player, which defines the maximum number of
entries awarded based on a full-risk profile, and b.sub.player is
replaced by f.sub.player, which defines a number of those entries
that are foregone if the player decides to adopt a more
conservative risk profile. That is,
E.sub.player=m.sub.player-f.sub.player. It will be appreciated that
the underlying concept is the same, although the perception shifts
from rewarding players who take greater risks to penalising players
who take smaller risks.
EXAMPLE 3
Bonus Entries Proportional to Entry Fee Placed at Risk
[0334] In some embodiments, the number of bonus entries that are
awarded to a player is proportional to the portion of the entry fee
that the player puts at risk. That is, the following formula
applies:
b.sub.player=k.((1-a).t.sub.player)
[0335] This is generally similar to Example 1, however contribution
derived from return on investment does not result in bonus entries.
As a result, players that adopt a "no-risk" risk profile receive no
bonus entries.
[0336] Again, the total number of entries that are awarded to a
player is given by the formula
E.sub.player=s.sub.player+b.sub.player, and the player receives
this many standard entries, plus bonus entries proportional to
contribution. In a similar vein to Example 1, it is preferred that
k.gtoreq.1, and in some embodiments 1.ltoreq.k.ltoreq.100. In
further embodiments 0.01.ltoreq.k.ltoreq.100.
[0337] An advantage of this example is that entries are able to be
accurately awarded without necessarily having accurate knowledge of
I.sub.1 or I.sub.2. The investment return is nevertheless returned
to the prize pool for distribution.
[0338] As a numerical example, consider an instance where
e/t.sub.unit=0.1, I.sub.1=I.sub.2=0.02, and k=1. Three players
provide $100 entry fees at a=0, a=0.5, and a=1 respectively. The
first player (a=0) receives 10 entries (10 standard, 0 bonus), the
second player (a=0.5) receives 60 entries (10 standard, 50 bonus),
and the third player (a=1) receives 110 entries (10 standard, 100
bonus).
EXAMPLE 4
Bonus Entries Only Awarded where Funds Placed at Risk
[0339] In some embodiments, bonus entries are awarded only in the
event that funds are placed at risk. That is, a player who adopts a
no-risk profile (a=1) receives no bonus entries. In disclosing this
example, we begin by considering the "real cost" of a no-risk
standard entry.
[0340] In overview, a no-risk standard entry is advertised at a
cost of t.sub.unit/e, and a player is permitted to purchase a 100%
refundable single standard entry by handing over t.sub.unit/e in
funds. However, the operator does not keep these funds. Rather, the
operator invests these funds to derive a net investment return of
I.sub.1(t.sub.unit/e) (noting that, for this entry, a=1 and
t.sub.player=t.sub.unit/e). Therefore, the player is really paying
I.sub.1(t.sub.unit/e) for that no-risk standard entry, and the real
cost, R.sub.s, which in a sense corresponds to an "opportunity
cost" from the player's perspective, is given by:
R s = I 1 t unit e ##EQU00003##
[0341] For example, assume that a standard entry has a price of $2
(that is, t.sub.unit/e=2), and further assume that I.sub.1=0.01.
The sale of one standard entry at a=1 results in a return on
investment return of $0.02. Therefore, the real cost of a standard
entry is $0.02.
[0342] In the present example R.sub.s is used to determine the
total number of entries (standard and bonus) that should be awarded
to a player that provides an entry fee of t.sub.player at a
particular risk profile, the rationale being that all entries
should cost the same, in terms of relative contribution, as a
no-risk standard entry. That is:
E player = C player R s ##EQU00004##
[0343] And, from E.sub.player=s.sub.player+b.sub.player, we
get:
b player = C player R s - s player . ##EQU00005##
[0344] It will be appreciated that the minimum contribution a
player is able to make is where a=1, (referred to by C.sub.a=1, in
this instance) that is:
C.sub.a=1=I.sub.1t.sub.player
[0345] Therefore, in the event that a player adopts a risk profile
of a=1, the number of bonus tickets awarded (referred to by
b.sub.a=1, in this instance) is given by:
b a = 1 = I 1 t player R s - s player ##EQU00006##
[0346] Expanding, this becomes:
b a = 1 = I 1 t player I 1 t unit e - e t unit t player = 0
##EQU00007##
[0347] This confirms that a player who places no funds at risk
receives no bonus entries.
[0348] The above formula for b.sub.player provides an "equity
position", this being a position where (at least in theory)
risk-averse players and non-risk-averse players are treated
equitably. To provide a numerical example, in the case that a
standard entry has a price of $1 (that is, e/t.sub.unit=1), and
I.sub.1=I.sub.2=0.02, the at-risk contribution for a t.sub.player
of $1 at a=1 is 1.02. Given that entry, R.sub.s=0.02, an entry fee
of $1 at a=1 derives 50 bonus entries, and a total of 51
entries.
[0349] In some embodiments, k is used to shift away from this
equity position, and thereby to affect whether risk-averse or
non-risk-averse players are favoured. The general form of this
formula is therefore:
b player = k C player R s - s player ##EQU00008##
[0350] Typically, 0.01.ltoreq.k.ltoreq.100, more preferably
0.01.ltoreq.k.ltoreq.10 or 0.1.ltoreq.k.ltoreq.10, and still more
preferably 0.5.ltoreq.k.ltoreq.5. In some embodiments k=1, or
thereabouts.
[0351] Although the above discussion focuses on calculating R.sub.s
by consideration of a single standard entry sold at no-risk, it is
also possible to achieve the same general objective by considering,
as a starting point, an amount of t.sub.unit/e invested at a=0.
OTHER EXAMPLES
[0352] In some embodiments the total number of entries awarded is
proportional to the "at-risk contribution". The "at-risk
contribution" describes the contribution resulting from at-risk
funds (the return on investment on at-risk funds plus the at-risk
funds themselves), and is given by the following formula:
C.sub.risk=I.sub.2((1-a).t.sub.player)+(1-a).t.sub.player
[0353] As such, the following formula applies:
E.sub.player=k.C.sub.risk=k(I.sub.2((1-a).t.sub.player)+(1-a).t.sub.play-
er)
[0354] Again, the total number of entries that are awarded to a
player is given by the formula
E.sub.player=s.sub.player+b.sub.player, so:
B.sub.player=k.C.sub.risk-s.sub.player=k(I.sub.2((1-a).t.sub.player)+(1--
a).t.sub.player)-s.sub.player
[0355] As noted above, the number of standard entries awarded is
given by
s player = e t unit t player ##EQU00009##
[0356] Therefore:
B.sub.player=k.C.sub.risk-s.sub.player
[0357] Expanding this, we get:
B player = k ( I 2 ( ( 1 - a ) t player ) + ( 1 - a ) t player ) -
e t unit t player ##EQU00010##
[0358] Or, with some simplification,
B player = t player ( k ( 1 - a ) ( I 2 + 1 ) - e t unit )
##EQU00011##
[0359] In other embodiments the number of bonus entries awarded is
proportional to the at-risk contribution as follows:
B.sub.player=k.C.sub.risk
[0360] It will be appreciated that the above examples each make use
of a relationship in the general form:
b.sub.player=k.alpha.+.beta.
[0361] where .alpha. is a is a parameter related to the
contribution the player makes to the prize pool (such as a
parameter based on one or more of C.sub.player, C.sub.risk,
T.sub.player, and R.sub.s) and .beta. is an adjustment factor (such
as zero or a parameter relying on S.sub.player). Other embodiments
falling within the scope of the present invention make use of
alternate relationships based on this general form.
[0362] Risk and Cost
[0363] As foreshadowed, in some embodiments players are allowed to
manage aspects of risk and cost. In such cases, the risk profile
selected by a given player affects the quantum of entry fee in
exchange for which a predetermined number of entries is allocated.
In some such cases, for a first risk profile, a given player is
allocated a predetermined number of entries in exchange for a
predetermined entry fee, and, for a second risk profile, a given
player is allocated the same predetermined number of entries for
less than the predetermined entry fee, wherein the first risk
profile defines a greater proportion of the entry fee that is
refundable compared with the second risk profile.
[0364] In a simple example, an operator offers for sale "no-risk
entries" (that is, entries for which 100% of the entry fee is
refundable) and "full-risk entries" (that is, entries for which
100% of the entry fee is placed at risk). Entries of each type are
offered for sale at respective prices. The prices define the
quantum of entry fee that is provided in exchange for a
predetermined number of entries, which in some cases is a single
entry. In this simple example, we assume that the predetermined
number is one, such that the prices define the quantum of entry fee
that is provided in exchange for a single entry. A single full-risk
entry is offered for sale at a lower price than a single no-risk
entry. The general underlying rationale is that players who
purchase full-risk entries make a greater contribution to a prize
pool as compared with players who purchase no-risk entries. Indeed,
in some embodiments the only contribution made to the prize pool
resulting from a no-risk entry is either zero, or comes from a
portion of return on investment derived from investing some or all
of the entry fee provided in exchange for that no-risk entry (or
other supplementary income).
[0365] In more complex embodiments, a larger number of entry types
are used, including one or more "hybrid risk entries" (that is,
entries corresponding to hybrid risk profiles). Generally speaking,
as the proportion of refundable entry fee increases, so does the
quantum of entry fee in exchange for which a common predetermined
number of entries is allocated.
[0366] The manner in which a pricing structure is implemented for
entries at varying risk profiles differs between embodiments. One
approach is to consider a contribution (net of any taxes, duties,
levies, operator charges, and other deductions) made to a prize
pool by a full-risk entry, and to apply a constraint such that all
entries make the same contribution to the prize pool. For example,
consider a situation where full-risk entries are offered for sale
at a unit price of $10. Assume, for the sake of example, that an
investment return of $1 (corresponding to 10%) is added to the
prize pool in respect of a $10 full-risk entry. The contribution of
that entry is therefore $11. In determining a pricing structure, a
constraint is therefore set such that for any given entry the
contribution is $11. In that vein, consider a no-risk entry. The
contribution made by a no-risk entry is the portion of investment
return that is added to the prize pool. Therefore, the investment
return should be $11. Noting that, for this example, the investment
return is 10% of the entry fee, no-risk entries are therefore
offered for sale at a unit price of $110.
[0367] In another embodiment, the contribution made by a full-risk
entry is defined to be exclusive of investment return. For example,
the contribution of a $10 full-risk entry is therefore $10.
Assuming a 10% return on investment is added to the prize pool in
respect a no-risk entry, such entries are therefore offered for
sale at a unit price of $100.
[0368] In some embodiments the pricing structure is varied to apply
a predetermined risk/cost favouritism protocol. For example, the
divergence in unit costs between no-risk entries and full risk
entries is either reduced (advantaging risk-averse players) or
increased (disadvantaging risk-averse players) compared to the
examples provided above.
[0369] There are a number of approaches implemented across various
embodiments for determining an appropriate pricing structure for
entries at varying risk profiles. Several examples are considered
below, and the following parameters are used: [0370] a, the desired
refund proportion for a particular player, where
0.ltoreq.a.ltoreq.1. This is, in essence, indicative of a risk
profile. Specifically, a=0 for full-risk and a=1 for no-risk. If
a=0.2, then 20% of the entry fee is refundable and 80% of the entry
fee is placed at-risk. It will be recognised that (1-a) is the
proportion that is placed at risk. [0371] F.sub.a=n the entry fee a
player provides to obtain a predetermined number of entries at a
risk profile defined by a=n, where 0.ltoreq.n.ltoreq.1. For
example, the entry fee for a predetermined number of no-risk
entries is provided by F.sub.a=1, the entry fee for the same
predetermined number of full-risk entries is provided by F.sub.a=0,
and the entry fee for the same predetermined number of entries
where 50% of the entry fee is placed at risk is provided by
F.sub.a=0.5. To provide a simple example, if no-risk entries are
offered for sale at $1 for the predetermined number, then
F.sub.a=1=$1. In some embodiments the predetermined number is one.
[0372] I.sub.1 and I.sub.2, the net rates of return based on
supplementary contribution strategies in respect of the refundable
portion of the entry fee and non-refundable portion of the entry
fee respectively. This is the "net" strategy in the sense that it
excludes supplementary contribution that is attributable to
operator charges, investment costs, taxes, levies, and the like. It
only relates to that portion of supplementary contribution that is
designated for addition to the prize pool. For simplicity in the
present examples, it is assumed that supplementary contribution
takes the form of investment return only. However it will be
appreciated that this is for the sake of illustration only, and the
present embodiments are by no means intended to be limited to the
situation where supplementary contribution is comprised wholly or
even partly of investment return. In the present examples, it will
be appreciated that I.sub.1(a.F.sub.a=n) provides the net return on
investment on the refundable portion of the entry fee for a single
entry at a=n, and likewise I.sub.2.((1-a).F.sub.a=n) provides the
net return on investment on the at-risk portion of the entry fee
for a single entry at a=n. To provide a simple example, if the
investment strategy I.sub.1 provides a 1% net return on investment
for funds invested over the course of the "game period", then
I.sub.1=0.01. It will be appreciated, from the context, that the
"game period" is the period of time between the receipt of entry
fees and the distribution of prizes and refunds during which the
entry fees are subjected to investment. In some embodiments
I.sub.1=I.sub.2, and in some embodiments one of I.sub.1 or I.sub.2
is zero. It will be appreciated that values of I.sub.1 or I.sub.2
depend on the selection of appropriate investment and
risk-management strategies on the part of a game operator, issues
that fall generally beyond the scope of the present disclosure. In
the present circumstances, a positive return on investment is
assumed. Furthermore, although in the present embodiments linear
investment strategies are assumed, in other embodiments non-linear
investment strategies are used. A positive return on investment can
effectively be guaranteed by the operator if desired, for example
through fixed-interest bearing deposits with secure financial
institutions, or otherwise hedged against loss. This feature is a
particularly advantageous and attractive outcome from the players'
perspective by contrast with traditional pari-mutuel type gaming
systems, in which the prize pool available for distribution to
players collectively is inherently of lesser value than the total
amount received from the players collectively as bets. [0373]
C.sub.a=n, the contribution to the prize pool resulting from the
sale of the predetermined number of entries in exchange for an
entry fee of F.sub.a=n. C.sub.a=n consists, in the present
examples, of the return on investment derived in respect of the
entry fee plus the portion of the entry fee that is placed at risk.
It will be appreciated that the following formula can be used to
calculate C.sub.a=n:
[0373]
C.sub.a=n=I.sub.1(n.F.sub.a=n)+I.sub.2((1-n).F.sub.a=n)+(1-n).F.s-
ub.a=n This simplifies to provide:
C.sub.a=n=F.sub.a=n(I.sub.1(n)+I.sub.2(1-n)+(1-n)) [0374] k, a
proportionality constant. This proportionality constant is used in
the sense that if A is proportional to B, then A=k.B. The
proportionality constant is varied to affect game characteristics,
such as whether risk-averse or non-risk averse (or neither of
these) players are favoured. That is, k is a proportionality
constant selected such that the pricing structure applies a
predetermined risk/chance favouritism protocol.
[0375] In some embodiments, the pricing structure is based on
equality of contribution. Specifically, a limitation is imposed
such that the contribution for each entry is the same, regardless
of the risk-profile adopted. That is That is, C.sub.a=n remains
constant irrespective of n.
[0376] First, consider full-risk entries, of which a predetermined
number are offered for sale in exchange for F.sub.a=0. The
contribution to the prize pool made by the sale of the
predetermined number of full-risk entries is given by the following
formula:
C.sub.a=0=I.sub.2.F.sub.a=0+.F.sub.a=0=F.sub.a=0(I.sub.2.+1)
[0377] Noting that C.sub.a=0=C.sub.a=n, we notice:
C.sub.a=n=F.sub.a=0(I.sub.2+1)
[0378] Substituting back into the general formula for contribution,
we get:
C.sub.a=n=F.sub.a=0(I.sub.2+1)=F.sub.a=n(I.sub.1(n)+I.sub.2(1-n)+(1-n))
[0379] Rearranging, this yields:
F a = n = F a = 0 ( I 2 + 1 ) ( I 1 ( n ) + I 2 ( 1 - n ) + ( 1 - n
) ) ##EQU00012##
[0380] To provide a simple numerical example, consider a situation
where a predetermined number of full-risk entries are offered for
sale for $1. That is, F.sub.a=0=1. For the sake of example, assume
that I.sub.1=I.sub.2=0.01. In this situation, the following
relationship applies:
F a = n = ( 1.01 ) ( 0.01 ( n ) + 0.01 ( 1 - n ) + ( 1 - n ) )
##EQU00013##
[0381] Under this pricing structure, the same predetermined number
of no-risk entries is offered for sale at:
F a = 1 = ( 1.01 ) ( 0.01 ) = 101 ##EQU00014##
[0382] That is, no-risk entries are offered for sale at $101
each.
[0383] By a similar approach, it is possible to offer a
predetermined number of entries for sale at a given entry fee and,
based on the quantum of that entry fee, determine the risk profile
that should be applied. For example, assume a predetermined number
of entries are offered for sale in exchange for a $10 entry
fee:
10 = ( 1.01 ) ( 0.001 ( n ) + 0.01 ( 1 - n ) + ( 1 - n ) )
##EQU00015##
[0384] This yields a=n=0.9 (approximately). Therefore,
approximately $1 of the $10 entry is refundable, and $9 is placed
at risk.
[0385] In some embodiments where the pricing structure is based on
contribution, k is used to implement a predetermined risk/chance
favouritism protocol. In one such embodiment, the following formula
applies:
F a = n = k F a = 0 ( I 2 + 1 ) ( I 1 ( n ) + I 2 ( 1 - n ) + ( 1 -
n ) ) ##EQU00016##
[0386] Variations to this general formula are applied in other
embodiments. For example, in the following formula, the interest
return on a full-risk entry is not considered when deriving
F.sub.a=n:
F a = n = k F a = 0 ( I 1 ( n ) + I 2 ( 1 - n ) + ( 1 - n ) )
##EQU00017##
[0387] Other Risk and Cost variations are implemented in further
embodiments.
[0388] Risk and Return
[0389] In the context of "Risk and Return", the risk profile
selected by a player affects one or more characteristics of a prize
winnable on the basis of that entry, thereby allowing for a degree
of player control over aspects of risk and return. For example, in
some embodiments, the one or more characteristics include the value
of the prize, and a player is provided with the opportunity to take
greater risk for the opportunity to win a more valuable prize. That
is, for a first risk profile, a given player is able to win a prize
having a first value in exchange for a predetermined entry fee,
and, for a second risk profile, a given player is able to win a
prize having a second value in exchange for the same predetermined
entry fee, wherein the second value is greater then the first
value, and wherein the first risk profile defines a greater
proportion of the entry fee that is refundable compared with the
second risk profile.
[0390] In some Risk and Return style embodiments, players are
provided with the opportunity to select between two different risk
profiles, and by this selection correspondingly play for two
different categories of prize. The categories of prize are, for the
sake of convenient explanation, described in terms of "major
prizes" and "minor prizes". As will be appreciated from the
discussion below, the intention is for major prizes to generally be
of greater value than minor prizes. However, in some alternative
embodiments this is not the case. In some embodiments the major
prize includes, as a component, the minor prize. In overview, a
player who selects the no-risk profile is allocated one or more
no-risk entries in a minor prize draw, with the number of entries
being based on the quantum of the refundable entry fee. A player
who selects the full-risk profile is allocated one or more
full-risk entries in a major prize draw, again with the number of
entries being based on the quantum of the refundable entry fee. An
example along these lines is provided in FIG. 8B, which
schematically shows pool distributions in one embodiment.
[0391] The example of FIG. 8B illustrates a prize pool/refund pool
850. Pool 850 is used to fund major prizes, minor prizes and
refunds, and as such effectively includes a refund pool 851 (for
refunding entry fees where appropriate) and a prize pool, the prize
pool being defined by the entry fee prize portion 852 and the net
investment return 809. Prize portion 852 and investment return 809
together fund the major and minor prizes.
[0392] The proportions of the prize pool used to fund major and
minor prizes varies between embodiments, and are preferably
selected such that a predefined value proportionality relationship
exists between the major and minor prizes. As schematically
illustrated in FIG. 8, the major and minor prizes are each funded
by a proportion of the entry fee prize portion 852 and net
investment return 809. The proportions need not be the same, and
appropriate proportions are preferably selected to provide a
desired value relationship between major and minor prizes. For
example, in some cases, the minor prizes are funded solely by a
proportion of the investment return 809.
[0393] FIG. 9 schematically illustrates an exemplary method 900 for
providing a gaming activity in the context of the system of FIG.
8A, according to one embodiment. In overview, data indicative of an
entry fee and a selected risk profile (in this example being either
full-risk or no-risk) is received at 901. For the sake of
simplicity in the present example, it is assumed that the entry fee
is exchanged for a single entry, however in other embodiments a
different predetermined number of entries are allocated in exchange
for that entry fee. In the event that the full-risk profile is
selected, the method progresses to step 902. In the event that the
no-risk profile is selected, the method progresses to step 912.
[0394] At step 903 it is determined whether the entry is a winning
entry. In the event that the entry is a winning entry, the method
progresses to 904 where the player is awarded a minor prize draw
winning amount. Otherwise, in the event that the entry is not a
winning entry, the method progresses to 905 where the player is
awarded a refund of his/her entry fee.
[0395] At step 913 it is determined whether the entry is a winning
entry. In the event that the entry is a winning entry, the method
progresses to 914 where the player is awarded a major prize draw
winning amount. Otherwise, in the event that the entry is not a
winning entry, the method progresses to 915 where the player is
awarded nothing.
[0396] Although the present example of FIG. 9 assumes only the
full-risk and no-risk profiles are used, it will be appreciated
that similar embodiments make use of either or both of these risk
profiles in conjunction with one or more hybrid risk profiles, or
alternatively two or more different hybrid risk profiles.
[0397] As illustrated, FIG. 9 implies that the gaming activity
includes a first sub-activity for determining winning outcomes in
relation to minor prizes, and a second sub-activity for determining
winning outcomes in relation major prizes. However, in some
embodiments these sub-activities are in fact the same activity.
[0398] Some numerical examples based on the embodiments of FIG. 8B
and FIG. 9 will now be considered. These are provided for the sake
of convenient explanation only, and should not be regarded as
limiting in any way. In particular, it should be appreciated that
as with other forms of the invention, an investment return is
simply one form of supplementary contribution and in other
embodiments, other forms of supplementary contribution are
additionally or alternatively used, including operator
contributions, third-party contributions derived from the exchange
of marketing information, and the like.
[0399] In one example, there are two risk profiles, these
respectively allowing for no-risk entries (100% refundable) and
at-risk-type entries (100% at risk). These entries are offered for
sale at a price of $1 each. There is one major prize, and one minor
prize. Moreover, the values of the minor and major prizes are
directly related to the contributions made to the prize pool by the
sale of no-risk entries and at-risk entries respectively. The
investment strategy is assumed to provide a 10% return, and 10% of
this return is attributable to investment costs and administration
fees.
[0400] In relation to a given event, 50,000 of each type of entry
are sold, resulting in investment capital of $100,000. This is
invested to produce an investment return of $10,000, of which
$9,000 is provided to the distribution pool ($1,000 is attributed
to investment costs and administration fees). The total
distribution pool is therefore $109,000. Of this, $50,000 is to be
refunded in relation to no-risk entries, and is therefore
attributable to the refund pool. The remaining $59,000 is
attributable to the prize pool. It will be appreciated that, of
this prize pool, the contribution from no-risk entries totals
$4,500 (half of the investment-based prize portion), and the
contribution from at-risk-type entries totals $54,500 (half of the
investment-based prize portion plus the at-risk entry fees). It
follows that each no-risk entry has a 1/50,000 relative probability
of winning $4,500, and each at-risk entry has a 1/50,000 relative
probability of winning $54,500. In another variation, in which all
entries are combined into a single draw but the prize eligibility
criteria in the event of a winning outcome are linked to the
respective risk profiles, each no-risk entry has a 1/100,000
relative probability of winning $4,500, and each at-risk entry has
a 1/100,000 relative probability of winning $54,500.
[0401] In another example, no-risk entries and at-risk-type entries
are again offered for sale at a price of $1 each. Again, there is
one major prize and one minor prize, and the investment strategy is
assumed to provide a 10% return, of which 90% is added to the
distribution pool and 10% is attributable to investment costs and
administration fees. However, in this example, the minor and major
prize are not related to relative contributions, and rather are
defined as follows: [0402] The minor prize has a value equal to
half of the net investment income added to the distribution pool.
That is, the minor prize equates to 45% of the net investment
income. [0403] The major prize has a value equal to half of the net
investment income added to the distribution pool, plus the value of
the at-risk entry fees.
[0404] In relation to a given event, 90,000 no-risk entries are
sold, and 10,000 at-risk-type entries are sold, resulting in
investment capital of $100,000. This is invested to produce an
investment return of $10,000, of which a net amount of $9,000 is
provided to the distribution pool. The total distribution pool is
therefore $109,000, of which $50,000 is attributable to the refund
pool, and $59,000 attributable to the prize pool. It follows that
each no-risk entry has a 1/90,000 relative probability of winning
the minor prize ($4,500), and each at-risk entry has a 1/10,000
relative probability of winning the major prize ($54,500). In
another variation, in which all entries are combined into a single
draw but the prize eligibility criteria in the event of a winning
outcome are linked to the respective risk profiles, each no-risk
entry has a 1/100,000 relative probability of winning $4,500, and
each at-risk entry has a 1/100,000 relative probability of winning
$54,500.
[0405] In another example, no-risk entries and at-risk-type entries
are again offered for sale at a price of $1 each. Again, there is
one major prize and one minor prize, and the investment strategy is
assumed to provide a 10% return, of which 90% is added to the
distribution pool and 10% is attributable to investment costs and
administration fees. In this example, the minor and major prizes
are defined as follows: [0406] The minor prize has a value equal to
25% of prize pool. [0407] The major prize has a value equal to 75%
of prize pool.
[0408] In relation to a given event, 90,000 no-risk entries are
sold, and 10,000 at-risk-type entries are sold, resulting in
investment capital of $100,000. This is invested to produce an
investment return of $10,000, of which $9,000 is provided to the
distribution pool. The total distribution pool is therefore
$109,000, of which $50,000 is attributable to the refund pool, and
$59,000 attributable to the prize pool. Each no-risk entry has a
1/90,000 probability of winning the minor prize ($14,750), and each
at-risk-type entry has a 1/10,000 probability of winning the major
prize ($44,250).
[0409] In another embodiment the minor prize has a value equal to
10% of prize pool, and the major prize has a value equal to 90% of
prize pool. Other percentages are used on further embodiments, with
the general objective being to provide players at different risk
profiles with appropriate incentives, linked to the potential
returns in the event of winning outcomes. It will be appreciated
that this, to some extent, is a marketing exercise.
[0410] Although the above examples deal with a single major prize
and a single minor prize, in other embodiments there are a numerous
tiered major prizes and/or minor prizes. For example, one
embodiment provides tiered first, second and third major prizes,
and tiered first, second and third minor prizes. Although the
intention is for major prizes to generally be of greater value than
minor prizes, in embodiments where there are multiple value-tiered
major and minor prizes, it is not a necessity that every major
prize is greater in value than every minor prize. Moreover, in the
case of non-monetary payouts, different players may place different
subjective values on different types of prizes.
[0411] Although the Risk and Return examples considered above
assume that only two risk profiles are available, some embodiments
make additional risk profiles available. Indeed, in some
embodiments the maximum value of prize that may be won is directly
related to the proportion of an entry fee that is placed at risk,
which in turn may be subject to a high degree of selectivity on the
part of operators and/or players. One such embodiment is provided
by method 1000 of FIG. 10, discussed below.
[0412] In the context of method 1000, entries are offered for sale
at a set per-unit entry fee, and a player selects a risk profile
defining from, at the lower end of the risk spectrum, 0% at-risk
(no risk, with full refund in the case of a non-win event) to, at
the upper end of the risk spectrum, 100% at-risk (full risk, with
no refund in the case of a no-win event). Data indicative of the
entry fees and selected risk profiles is received at step 1001. An
investment return is derived at step 1002, noting that in other
embodiments an alternate form of supplementary income is used in
conjunction with or as an alternative to investment income.
[0413] The prize pool is notionally structured to include a
standard prize pool and a bonus prize pool. In this particular
embodiment, the investment return is used to define a standard
prize pool ($A) at step 1003, and the at-risk portions of entry
fees are used to define a bonus prize pool ($B) at step 1004. In
some embodiments alternative approaches are used for defining these
prize pools. For example, in one embodiment the bonus prize pool is
defined by less than 100% of the at-risk entry fees.
[0414] Upon completion of the gaming activity, a single winning
entry is identified at step 1005. The player responsible for the
winning entry is awarded a prize at 1006. In particular, the prize
comprises the whole of the standard prize pool, plus a proportion
of the bonus prize pool corresponding to the proportion of the
entry fee placed at risk at step 1007. For example, in the event
that a player places half of his/her entry fee at risk and
ultimately wins, that player is awarded the whole standard prize
pool, plus half of the bonus prize pool. In this case, each entry
has the same relative probability of winning a prize regardless of
the risk profile adopted, and only the value of the prize changes.
That is, an entry placed on the basis of a 100% refundable risk
profile has the same relative probability of winning a prize as an
entry placed on the basis of a 0% refundable risk profile, or any
other profile for that matter.
[0415] It will be appreciated that, unless the winning entry was
placed subject to 100% risk of the entry fee, there will be a
residual amount in the bonus prize pool following the distribution
of the prize. In the present example, this residual amount is
distributed among the players in accordance with their contribution
to the bonus prize pool at step 1008. In particular, each entry is
refunded by: [0416] The refundable portion of the entry fee. [0417]
A proportion of the at-risk portion of the entry fee. This
proportion is the inverse of the proportion of entry fee placed at
risk in respect of the winning entry. That is, if the winning entry
was placed subject to 0% risk, the at-risk portions of all entry
fees are fully refunded. On the other hand, if the winning entry
was placed subject to 100% risk, there will be no refund of at-risk
portions of any entry fees. In the event that the winning entry was
placed subject to 60% risk, there will a 40% refund of at-risk
portions of the entry fees, and so on.
[0418] A numerical example of such an embodiment will now be
considered. In this example, entries are offered for sale at an
entry fee of $100 each. The standard prize pool is to have a value
equal to the prize portion of investment income, and the bonus
prize pool is to have a value equal to non-refundable portions of
all entry fees. Furthermore, any residual portion of the bonus
prize pool is to be distributed among the players in accordance
with their contribution to the bonus prize pool (or contributions
notionally made on their behalf). The investment strategy is
assumed to provide a 10% return, of which 90% defines the standard
prize pool and 10% is attributable to investment costs and
administration fees.
[0419] In relation to a given event, 1,000 entries are sold,
resulting in investment capital of $100,000. $10,000 of investment
income is generated, resulting in a standard prize pool of $9,000.
For the sake of example, the entries are placed in accordance with
the following risk profiles: [0420] 500 entries are sold on the
basis of 0% at-risk (100% refundable). These make no contribution
to the bonus prize pool. [0421] 200 entries are sold on the basis
of 10% at-risk (90% refundable). These make a $2,000 contribution
to the bonus prize pool. [0422] 200 entries are sold on the basis
of 50% at-risk (50% refundable). These make a $10,000 contribution
to the bonus prize pool. [0423] 50 entries are sold on the basis of
80% at-risk (20% refundable). These make a $4,000 contribution to
the bonus prize pool. [0424] 50 entries are sold on the basis of
100% at-risk (0% refundable). These make a $5,000 contribution to
the bonus prize pool.
[0425] The bonus prize pool therefore totals $21,000.
[0426] For the sake of example, assume that the winning entry was
placed on the basis of 10% at-risk (90% refundable). The player
therefore wins the $9,000 standard prize pool, plus 10% of the
bonus prize pool--$2,100. The total prize therefore amounts to
$11,100.
[0427] In this example, there is a residual $18,900 in the bonus
prize pool, and this is distributed as refunds among the entries in
accordance with the relative contributions of those entries. It
will be appreciated that the prize took 10% of the bonus prize
pool, and as such 90% of the at-risk portions of the entry fees are
refunded. Specifically: [0428] $9 is refunded for each entry sold
on the basis of 10% at-risk (90% refundable). [0429] $45 is
refunded for each entry sold on the basis of 50% at-risk (50%
refundable). [0430] $72 is refunded for each entry sold on the
basis of 80% at-risk (20% refundable). [0431] $90 is refunded for
each entry sold on the basis of 100% at-risk (0% refundable).
[0432] It will be appreciated that, by this approach, players may
receive a refund for monies placed at risk. The probability of
receiving a refund, and the level of refund, depend on risk
selections made by players across the game.
[0433] Although in the above example a residual amount in the bonus
prize pool is refunded to the players, in other embodiments this
residual amount rolls over as a jackpot, or is taken by the gaming
administrator, or is distributed to one or more of the players as
one or more supplementary prizes.
[0434] Other techniques for apportionment of the prize pool between
a standard and bonus prize pool are used in further embodiments.
For example, in one embodiment the standard prize pool and bonus
prize pool are maintained in a predefined ratio.
[0435] Combination Approaches
[0436] As foreshadowed, this category combines two or more of Risk
and Chance, Risk and Cost and Risk and Return. Several examples of
combination approaches are considered below. [0437] In some
embodiments, for a first risk profile, a given player is allocated
a predetermined number of entries in exchange for a predetermined
entry fee, and, for a second risk profile, a given player is
allocated the same predetermined number of entries for less than
the predetermined entry fee, wherein the first risk profile defines
a greater proportion of the entry fee that is refundable compared
with the second risk profile. For the first risk profile, a given
player is able to win a prize having a first value in exchange for
a predetermined entry fee, and, for a second risk profile, a given
player is able to win a prize having a second value in exchange for
the same predetermined entry fee. For example, in one embodiment
"bonus entries" compete for a different prize to standard entries.
[0438] In some embodiments, for a first risk profile, a given
player is allocated a predetermined number of entries in exchange
for a predetermined entry fee, and, for a second risk profile, a
given player is allocated the same predetermined number of entries
for less than the predetermined entry fee, wherein the first risk
profile defines a greater proportion of the entry fee that is
refundable compared with the second risk profile. For the first
risk profile, a given player is allocated a predetermined number of
entries in exchange for the predetermined entry fee, and, for the
second risk profile, a given player is allocated an increased
number of entries, and therefore chances, for the same
predetermined entry fee. [0439] In some embodiments, for a first
risk profile, a given player is allocated a predetermined number of
entries in exchange for a predetermined entry fee, and, for a
second risk profile, a given player is allocated the same
predetermined number of entries for less than the predetermined
entry fee, wherein the first risk profile defines a greater
proportion of the entry fee that is refundable compared with the
second risk profile. For the first risk profile, a given player is
able to win a prize having a first value in exchange for a
predetermined entry fee, and, for a second risk profile, a given
player is able to win a prize having a second value in exchange for
the same predetermined entry fee. [0440] In some embodiments, for a
first risk profile, a given player is allocated a predetermined
number of entries in exchange for a predetermined entry fee, and,
for a second risk profile, a given player is allocated the same
predetermined number of entries for less than the predetermined
entry fee, wherein the first risk profile defines a greater
proportion of the entry fee that is refundable compared with the
second risk profile. For the first risk profile, a given player is
able to win a prize having a first value in exchange for a
predetermined entry fee, and, for a second risk profile, a given
player is able to win a prize having a second value in exchange for
the same predetermined entry fee. For the first risk profile, a
given player is allocated a predetermined number of entries in
exchange for a predetermined entry fee, and, for the second risk
profile, a given player is allocated an increased number of entries
for the same predetermined entry fee.
[0441] It will be appreciated that there is a wide range of
possible ways in which such combinations of approaches may be
implemented across various embodiments.
[0442] Refundable Hedges
[0443] In some embodiments, the notion of risk profiles is used to
provide a gaming activity wherein secondary hedge entries are
either physically or notionally linked or "stapled" to conventional
primary entries, thereby to provide players with more advantageous
prospects of winnings or returns, without necessarily taking on
additional risk. In overview, as in embodiments considered above,
the player provides an entry fee and selects a risk profile in
relation to that entry fee, the risk profile defining a proportion
of the entry fee that is refundable on the basis of predetermined
refund criteria and a complementary proportion of the entry fee
that is placed at risk. The general notion is that, in the present
context, the at-risk proportion of the entry fee is exchanged for a
primary entry, and the refundable proportion of the entry fee is
exchanged for one or more secondary entries that are "hedged"
against the primary entry. By the term "hedged", what is meant is
that, if the primary entry is not identified as a winning entry,
the secondary entries are eligible to be identified as winning
entries. Conversely, if the primary entry is identified as being a
winning entry, the secondary entries are excluded from being
identified as winning entries. This is sometimes referred to as a
"contrary bet" in the sense of covering one, some or all outcomes
not covered by the primary entry or bet. That is, win-events in
respect of a primary entry and the one or more secondary entries
are mutually exclusive. There are two main categories of hedge
considered herein: [0444] A "partial hedge" whereby, in the case
that the primary entry is identified as a winning entry, one or
more of the secondary entries might be identified as a winning
entry, however there is no guarantee that one or more of the
secondary entries will be identified as a winning entry. [0445] A
"full hedge" whereby, in the case that the primary entry is
identified as a winning entry, one or more of the secondary entries
will be identified as a winning entry. That is, the player is
guaranteed to have at least one of his/her entries identified as a
winning entry.
[0446] In some embodiments, only one of these categories is
considered. However, it should be understood that a gaming operator
may make either or both available.
[0447] The concept of refundable hedges is perhaps more
conveniently considered against a "fixed-odds" backdrop, and will
be considered below in this regard. However, it will be appreciated
that other embodiments are by no means limited to fixed-odds
categories of gaming activities, and that the general concepts are
applicable to a wide range of gaming activities in a far broader
context.
[0448] In a conventional fixed-odds gaming activity, the gaming
operator defines a plurality of event outcomes, and players bet on
these outcomes. Traditionally, the gaming operator sets a "payout
ratio" (commonly referred to as "odds") for each outcome. For
example, in the context of a sporting event where a first team,
Team A, competes with a second team, Team B, the operator defines
Team A winning as one event outcome, and Team B winning as another
event outcome. In some cases a draw is defined as a further
possible outcome. Players are offered a payout ratio for each event
outcome. For example, a given player is offered 5:1 for Team A
winning. A player who places a monetary bet on that outcome
receives, in the case that Team A wins, a fivefold multiple of the
placed monetary bet (i.e. a $5 return for each $1 placed).
[0449] In the context of risk profiles, the primary entry is
essentially a conventional fixed-odds bet (which is fully-at risk).
That is, an entry fee is placed on the basis of a risk profile and
an event outcome, both of which are selected by the player. The
event outcome is associated with a payout ratio, predetermined by
the gaming operator. In the event that the selected event outcome
is a winning event outcome, a primary prize is awarded to the
player based on the proportion of the entry fee that is placed at
risk and the payout ratio.
[0450] The refundable component of the entry fee is exchanged for
one or more secondary entries, which are either fully or partially
hedged entries. In the case that a secondary entry is identified as
a winning entry a secondary prize is awarded to the player. In the
present embodiment, the secondary prizes are pari-mutuel in nature.
That is, the secondary prizes are awarded by distribution of a
prize pool amongst the winning players irrespective of "payout
ratios" or the like. Noting that the one or more secondary entries
are allocated in exchange for the refundable component of the entry
fee, it will be appreciated that, in the case that a secondary
entry is not identified as a winning entry, the player receives a
refund of the entry fee attributable to that secondary entry.
[0451] The following table sets out some possible results of a
gaming activity according to one embodiment with refundable
hedges.
TABLE-US-00001 No Hedge Partial Hedge Full Hedge Primary Entry Win
primary prize Win primary prize; Win primary Win/Secondary (No
refundable Receive refund of prize; Entry Loss proportion of entry
refundable Receive fee in this case). proportion of entry refund
fee. of refundable proportion of entry fee. Primary Entry No
secondary Win secondary Win Loss/Secondary entry, therefore prize.
secondary Entry Win receive nothing. prize. Primary Entry No
secondary Receive refund of Not Possible. Loss/Secondary entry,
therefore refundable Entry Loss receive nothing. proportion of
entry fee.
[0452] The number of secondary entries allocated varies between
embodiments. In some embodiments the number is predetermined and
unrelated to the quantum of the refundable proportion of the entry
fee. In other embodiments, the number of secondary entries is
proportional to the quantum of the refundable proportion of the
entry fee.
[0453] Secondary prizes are, at least in part, funded by a
secondary prize pool. In particular embodiments, the general method
preferably includes deriving supplementary income, adding an amount
having a value corresponding to at least a proportion of the
supplementary income to a secondary prize pool, refunding to each
player the proportion of the entry fee that is refundable, and
distributing the secondary prize pool, in accordance with a
predetermined prize distribution protocol, amongst the players to
whom winning secondary entries were allocated. In some embodiments,
deriving supplementary income includes subjecting at least a
proportion of the entry fees to an investment procedure to generate
supplementary income in the form of an investment return. It should
be appreciated, however, that in other embodiments, the
supplementary income may be derived from third parties, or from the
operator, on a basis related more to marketing interactions or
other factors, than to investment procedures per se. In yet other
embodiments, there is no supplementary income as such, and
different prize pools are simply created from a proportion of the
entry fees.
[0454] It is assumed that each secondary prize is, for a given
player, greater in value than the refundable proportion of the
entry fee for that player. In some embodiments this is practically
achieved by providing the requisite refunds to all eligible
players, and then distributing some or all of the net supplementary
income amongst players having winning secondary entries. In some
embodiments, there is a relationship between a player's
contribution to the net supplementary income and the value of
secondary prize winnable by that player.
[0455] A significant result of hedging, as described herein is
that, in hindsight, a player can receive better odds for his/her
level of liability by providing a larger entry fee. The general
notion is that the payout ratio is applied to the at-risk
proportion of entry fee, however the maximum liability for a give
player in some cases is less than the at-risk proportion of entry
fee. In particular, for some embodiments, in the case of a
non-winning primary entry, the player receives a secondary prize
that is greater than the refundable proportion of his/her entry
fee.
[0456] This significant result is, in some embodiments, leveraged
to offer players improved payout ratios or odds, in exchange for a
greater value of entry fees. In some cases, this requires
configuring the gaming activity such that the value of secondary
prizes is able to be calculated in advance. For example, in one
embodiment, the value of a secondary prize winnable by a player is
equal to an anticipated contribution to the supplementary income,
plus a refund of the refundable proportion of the entry.
[0457] In some embodiments where players are offered improved
payout ratios in exchange for a greater value of entry fees on the
basis of a full hedge, the players select a "maximum liability",
which corresponds to the maximum amount they are prepared to "lose"
(profit or loss are calculated by subtracting entry fee from
return, a negative result indicating a loss). This maximum
liability is less than "the proportion of the entry fee that is
placed at risk" under risk profiles as discussed herein--in the
event the primary entry does not win, the player receives the
refundable proportion of entry fee plus the anticipated
contribution from that entry fee. However, the payout ratio is
nevertheless applied to the proportion (in quantum) of the entry
fee that is placed at risk. As such, by increasing the total entry
fee, it is possible to offer an improved payout ratio for the same
maximum liability.
[0458] As a numerical example, assume that a base payout ratio of
5:1 is defined for an event outcome. Further assume that the
anticipated contribution to the supplementary income is 10% of the
total entry fee provided by a given player. For the sake of
example, a player wishes to enter based on a maximum liability of
$10.
[0459] If the player provides an entry fee of $10, in the case that
the bet loses, the player receives nothing (the player loses $10,
the player's bet amount/maximum liability). There is no secondary
prize, and no secondary entries were allocated. The player has
therefore exchanged $10 for a primary entry, the at-risk proportion
of entry fees being $10 (100%), and the player stands to win $50 if
the primary entry is a winning entry, based on the 5:1 payout
ratio.
[0460] If the player provides an entry fee of $100 on the basis of
the same maximum liability criterion, in the case that the bet
loses, the player receives $90 (again, the player loses $10, the
player's bet amount/maximum liability). This $90 includes $10 of
supplementary income, based on the 10% anticipated contribution.
Therefore, it is readily deduced that $80 of the entry fee was
notionally exchanged for a secondary entry. It follows that $20 was
exchanged for a primary entry, and so the at-risk proportion of
entry fees is $20. This $20 is subjected to the 5:1 payout ratio in
the case of a winning outcome for the primary entry, and player can
therefore win $100 on the basis of the primary entry.
[0461] Pursuant to this methodology, the following options may be
presented to the player: [0462] Bet $10 on the basis of a $10 entry
fee. A payout ratio of 5:1 is offered. Maximum win is $50. Maximum
loss is $10. This will be recognised as a traditional fixed odds
bet. [0463] Bet $10 on the basis of a $100 entry fee. A payout
ratio of 10:1 is offered. Maximum win is $100. Maximum loss is
$10.
[0464] It will be appreciated that, by configuring a computing
system to operate on the logic discussed above, it is possible to
offer a player a substantially unlimited number of payout ratios
for a given event and bet amount, simply by requiring a
predetermined level of total entry fee.
[0465] In such embodiments, the player is often not made aware of
the secondary entry, which operates as a background mechanism.
However, it will be appreciated that the manner in which secondary
entries are made known to players is predominately an exercise in
marketing.
[0466] In alternative embodiments, for a given quantum of entry
fee, a player may be offered an enhanced payout ratio, or improved
odds, relative to other players providing the same quantum of entry
fee, in return for placing (and as an incentive to place) a greater
proportion of that entry fee at risk.
[0467] Hardware/Software Implementation
[0468] Although much of the above disclosure is predominately
focussed on embodiments taking the form of methods, it will be
appreciated that various embodiments of the present invention are
technically implemented using various combinations of hardware and
software. Some of these are considered below.
[0469] FIG. 11A illustrates a system for providing a gaming
activity, in the form of system 1100. System 1100 includes a gaming
administration server 1101. This gaming administration server
includes a processor 1105 coupled to a memory module 1106 and a
communications interface 1107.
[0470] Memory module 1106 is configured for maintaining software
instructions 1108 which, when executed on processor 1105, allow
server 1101 to perform various methods, including but not limited
to one or more of the methods described herein.
[0471] The term "communications interface" or "interface" should be
read broadly to include any component or group of components
including one or more of a network interface (such as an Ethernet
interface, or other wired/wireless network interface), modem, other
interfaces configured to allow communication between server 1101
and another processing platform, ports (such as serial or parallel
ports) for receiving data from or providing data to input/output
devices such as keyboards, scanners and printers.
[0472] As illustrated, server 1101 is coupled to an entry database
1110. Although, in the context of the present illustrations, this
database is shown as being a single discrete component, in
alternate embodiments it is defined by a plurality of distributed
components, optionally including memory modules of one or more
servers such as server 1101.
[0473] In some embodiments, such as that of FIG. 11B, a plurality
of like or similar servers 1101 are coupled to a common database
1110. For example, servers 1101 are provided at distributed
locations, with a database 1110 provided at a centralised
location.
[0474] Database 1110 maintains data indicative of entry
transactions, which includes, in various embodiments, one or more
of the following aspects of data: [0475] Data indicative of a
received entry fee. This includes data indicative of the value of
entry fee, and optionally data indicative of a location at which
funds corresponding to that entry fee are stored (for example, a
bank account), and/or data indicative of a manner of payment used
to provide the entry fee. [0476] Data indicative of a risk profile
associated with the entry fee. As discussed above, at least in some
embodiments, an entry fee is provided by a player subject to the
selection of a risk profile, which defines proportions of the entry
fee that are refundable and placed at risk. [0477] Data indicative
of a player who provided the entry fee. In some embodiments, a
player is assigned an identifier, which is used by that player for
gaming related transactions. For example, in one embodiment this
identifier is carried by a loyalty card, for example in the form of
a barcode or RFID tag. [0478] Data indicative of one or more
entries allocated to the player in exchange for the entry fee. In
some embodiments each entry is provided with a unique entry
identifier (which is optionally used for winning entry
determinations in the context of a lottery or raffle type game). In
some embodiments the one or more entries allocated to a player in
respect of a given entry fee are provided a common identifier--for
example, the player is provided a single "ticket", which may be
virtual or physical, carrying a ticket identifier. Entry
identifiers and/or ticket identifiers are later used by the
relevant players to allow the redemption of prizes and/or refunds,
as discussed further below. [0479] Data indicative of a particular
gaming activity to which the entry fee and/or allocated entries
relate.
[0480] Various aspects of this data are received via interface 1107
and/or defined by server 1101 (for instance, in response to data
received via interface 1107). In some embodiments the allocation of
entries occurs at server 1101, whilst in other embodiments the
allocation of entries occurs at a remote location, for example a
retailer terminal at a location where entries are sold to
players.
[0481] FIG. 11C illustrates an exemplary system 1130 where a server
1101 is coupled to a sales terminal 1131 and redemption terminal
1141. In some embodiments these are integrated into a single
terminal.
[0482] As illustrated, terminal 1131 includes a processor 1132,
communications interface 1133 and memory module 1134 (which
maintains software instructions 1135). A ticket printer 1136 is
also coupled to processor 1132.
[0483] In overview, a player interacts with terminal 1132 to
purchase one or more entries in relation to a gaming activity. In
some embodiments this is a direct interaction, whereas in other
embodiments it is an indirect interaction whereby a terminal
operator interacts with terminal 1132 on behalf of the player. The
player provides information regarding the gaming activity in which
entries are to be purchased, risk profiles, and so on. The player
also provides an entry fee, optionally in the form of cash or
electronic/card payment means. The entry fee is directly or
indirectly transferred to an account stipulated by the gaming
operator either immediately or at the end of a specified period
(daily, for instance). Once the entry fee has been provided, the
player is allocated one or more entries on the basis of the quantum
of entry fee and risk profile selected. The allocation of entries
is, in some cases, based on a process performed at terminal 1131
and, in other cases, based on a process performed at terminal 1101
based on data provided by terminal 1131. In the present example,
data indicative of the entries is printed to a ticket (which might
include a receipt) via printer 1136. In some embodiments this
ticket carries a ticket identifier and/or one or more entry
identifiers corresponding to the allocated entries. In the present
example, this information is derivable from a barcode (such as a
2-dimensional or 3-dimensional barcode) printed on the ticket.
[0484] As illustrated, terminal 1141 includes a processor 1142,
communications interface 1143 and memory module 1144 (which
maintains software instructions 1145). A barcode scanner 1146 is
also coupled to processor 1142. In overview, to redeem one or more
entries, a player presents a ticket carrying a barcode from which
the relevant identifier (or identifiers) is derivable by scanner
1146. Scanner 1146 then performs a query process to determine
whether the read barcode is indicative of any winning entries.
This, in some cases, requires communications with server 1101.
Prizes and/or refunds are provided to the player where appropriate.
In some cases these are provided by cash, and in some cases by way
of a further ticket or other indication of entitlement that is
redeemable for cash or cheque either upon presentation, or at some
predetermined future point in time. In further cases, the player
nominates a location to which the prize/refund should be delivered,
such as a physical address or bank account. In some cases the
player arranges for the prize/refund to be credited to a specified
bank/credit card account.
[0485] In some embodiments, redemption is automated. For example, a
player is invited to create a user account, this account including
details of a bank account to which prizes/refunds are to be
credited, and this crediting occurs automatically.
[0486] In some embodiments some or all of the general
functionalities of either or both of terminal 1131 and 1141 are
made available to a player via a personal computing platform, such
as a desktop computer, laptop computer, cellular telephone, PDA,
gaming console, or other platform. In some such embodiments,
players access a website over the Internet to purchase entries, for
example by selecting risk profiles via a selection interface
provided by a web-page viewable through a web-browser application,
and providing entry fees by way of an online payment procedure. In
other embodiments, players download proprietary software as an
alternative to a browser-based approach.
[0487] In some embodiments, entries are sold both via online
approaches (for example via a website accessible over the Internet)
and in-store approaches (for example at a retail location having a
sales terminal and/or redemption terminal). In some cases,
different rules apply for entries sold online as opposed to entries
sold in-store. For example, in one embodiment, in-store entries are
sold on the basis of a first minimum spend level, whist online
entries are sold on the basis of a second minimum spend level which
is lower than the first level. In some cases in-store entries can
only be purchased in exchange for entry fees that are integral
multiples of the minimum spend level or another predefined value,
although such restrictions do not necessarily apply online.
[0488] FIG. 12A and FIG. 12B illustrate two approaches for
interfacing gaming administration server 1101 with a plurality of
client terminals 1204 (optionally including the likes of players'
personal terminals, and terminals provided at entry retail venues).
In some embodiments a combination of the two approaches is
used.
[0489] The approach of FIG. 12A is to provide a website 1201 on the
Internet for interfacing the client terminals with the
administration server. The approach of FIG. 12B is to provide a
connection, such as a VPN connection, over the Internet or another
network (such as a LAN or WAN) 1250 for interfacing the client
terminals with the administration server.
[0490] Unless specifically stated otherwise, it should be
appreciated that throughout the specification terms such as
"processing," "computing," "calculating," "determining", analyzing"
or the like, in some embodiments refer to the action and/or
processes of a computer or computing system, or similar electronic
computing device, that manipulate and/or transform data represented
as physical, such as electronic, quantities into other data
similarly represented as physical quantities.
[0491] In a similar manner, the term "processor" may refer to any
device or portion of a device that processes electronic data, e.g.,
from registers and/or memory to transform that electronic data into
other electronic data that, e.g., may be stored in registers and/or
memory. A "computer" or a "computing machine" or a "computing
platform" may include one or more processors.
[0492] The methodologies described herein are, in some embodiments,
performable by one or more processors that accept computer-readable
(also called machine-readable) code containing a set of
instructions that, when executed by one or more of the processors,
carry out at least one of the methods described herein, or a
variation on at least one of the methods described herein. Any
processor capable of executing a set of instructions (sequential or
otherwise) that specify actions to be taken should be included.
Thus, one example is a typical processing system that includes one
or more processors. Each processor may include one or more of a
CPU, a graphics processing unit, and a programmable DSP unit. The
processing system further may include a memory subsystem including
main RAM and/or a static RAM, and/or ROM. A bus subsystem may be
included for communicating between the components. The processing
system further may be a distributed processing system with
processors coupled by a network. If the processing system requires
a display, such a display may be included, e.g., an liquid crystal
display (LCD) or a cathode ray tube (CRT) display. If manual data
entry is required, the processing system also includes an input
device such as one or more of an alphanumeric input unit such as a
keyboard, a pointing control device such as a mouse, and so forth.
The term memory unit as used herein, if clear from the context and
unless explicitly stated otherwise, also encompasses a storage
system such as a disk drive unit. The processing system in some
configurations may include a sound output device, and a network
interface device. The memory subsystem thus includes a
computer-readable carrier medium that carries computer-readable
code (e.g., software) including a set of instructions to cause
performing, when executed by one or more processors, one of more of
the methods described herein. Note that when the method includes
several elements, e.g., several steps, no ordering of such elements
is implied, unless specifically stated. The software may reside in
the hard disk, or may also reside, completely or at least
partially, within the RAM and/or within the processor during
execution thereof by the computer system. Thus, the memory and the
processor also constitute computer-readable carrier medium carrying
computer-readable code.
[0493] Furthermore, a computer-readable carrier medium may form, or
be includes in a computer program product.
[0494] In alternative embodiments, the one or more processors
operate as a standalone device or may be connected, e.g., networked
to other processor(s), in a networked deployment, the one or more
processors may operate in the capacity of a server or a user
machine in server-user network environment, or as a peer machine in
a peer-to-peer or distributed network environment. The one or more
processors may form a personal computer (PC), a tablet PC, a
set-top box (STB), a Personal Digital Assistant (PDA), a cellular
telephone, a web appliance, a network router, switch or bridge, or
any machine capable of executing a set of instructions (sequential
or otherwise) that specify actions to be taken by that machine.
[0495] Note that while some diagrams only show a single processor
and a single memory that carries the computer-readable code, those
in the art will understand that many of the components described
above are included, but not explicitly shown or described in order
not to obscure the inventive aspect. For example, while only a
single machine is illustrated, the term "machine" or "device" shall
also be taken to include any collection of machines that
individually or jointly execute a set (or multiple sets) of
instructions to perform any one or more of the methodologies
discussed herein.
[0496] At least one embodiment of each of the methods described
herein is in the form of a computer-readable carrier medium
carrying a set of instructions (such as a computer program) that
are for execution on one or more processors, (such as one or more
processors that are part of an information system). Thus, as will
be appreciated by those skilled in the art, embodiments of the
present invention may be embodied as a method, an apparatus such as
a special purpose apparatus, an apparatus such as a data processing
system, or a computer-readable carrier medium (such as a computer
program product). The computer-readable carrier medium carries
computer readable code including a set of instructions that when
executed on one or more processors cause the processor or
processors to implement a method. Accordingly, aspects of the
present invention may take the form of a method, an entirely
hardware embodiment, an entirely software embodiment or an
embodiment combining software and hardware aspects. Furthermore,
the present invention may take the form of carrier medium (such as
a computer program product on a computer-readable storage medium)
carrying computer-readable program code embodied in the medium.
[0497] The software may further be transmitted or received over a
network via a network interface device or other communications
interface. While the carrier medium is shown in an exemplary
embodiment to be a single medium, the term "carrier medium" should
be taken to include a single medium or multiple media (such as a
centralized or distributed database, and/or associated caches and
servers) that store the one or more sets of instructions. The term
"carrier medium" shall also be taken to include any medium that is
capable of storing, encoding or carrying a set of instructions for
execution by one or more of the processors and that cause the one
or more processors to perform any one or more of the methodologies
of the present invention. A carrier medium may take many forms,
including but not limited to, non-volatile media, volatile media,
and transmission media. Non-volatile media includes, for example,
optical, magnetic disks, and magneto-optical disks. Volatile media
includes dynamic memory, such as main memory. Transmission media
includes coaxial cables, copper wire and fiber optics, including
the wires that comprise a bus subsystem. Transmission media also
may also take the form of acoustic or light waves, such as those
generated during radio wave and infrared data communications. For
example, the term "carrier medium" shall accordingly be taken to
included, but not be limited to, solid-state memories, a computer
product embodied in optical and magnetic media, a medium bearing a
propagated signal detectable by at least one processor of one or
more processors and representing a set of instructions that when
executed implement a method, a carrier wave bearing a propagated
signal detectable by at least one processor of the one or more
processors and representing the set of instructions a propagated
signal and representing the set of instructions, and a transmission
medium in a network bearing a propagated signal detectable by at
least one processor of the one or more processors and representing
the set of instructions.
[0498] It will be understood that the steps of methods discussed
are performed in one embodiment by an appropriate processor (or
processors) of a processing system (such as a computer) executing
instructions (computer-readable code) stored in storage. It will
also be understood that the invention is not limited to any
particular implementation or programming technique and that the
invention may be implemented using any appropriate techniques for
implementing the functionality described herein. The invention is
not limited to any particular programming language or operating
system.
[0499] Comments on Local Laws
[0500] It is appreciated that various embodiments described herein
include or refer to practices or subject matter that may be
considered as being contrary to local laws in various
jurisdictions. To the extent that the claims below cover subject
matter that is contrary to the local laws of a particular
jurisdiction, the claims should be interpreted in that jurisdiction
in a manner so as to exclude any practices or subject matter that
is indeed contrary to those local laws. A particular example
presently considered is Sharia law, which may adopt a contrary
stance to various aspects of gaming and investment as described
herein. However, those skilled in the art will recognize how
certain embodiments of the invention may nevertheless be
implemented in accordance with Sharia law.
CONCLUSIONS
[0501] Traditional gaming activities necessarily involve the
customers or players putting their money at risk of loss. The
present invention, at least in some of its preferred forms,
modifies the traditional ways of operating such activities to give
players the option of risk-free participation while retaining the
opportunity to win prizes, potentially alongside more risky though
still modified participation by other players. Traditional gaming
activities, by definition, involve putting money or valuables at
risk, and to that extent the present invention, at least in some
preferred embodiments, does not resemble the operation of
traditional gaming activities. Rather, it modifies traditional
gaming and even investing operations and consequently is able to
present the customers or players with new products of a risk-free
nature, or with altered risk/return, risk/chance or risk/cost
characteristics, to produce new outcomes that have not hitherto
been available. In these and many other respects, the invention
represents a practical and commercially significant improvement
over the prior art.
[0502] Although the invention has been described with reference to
specific examples, it will be appreciated by those skilled in the
art that the invention may be embodied in many other forms. While
there has been described what are believed to be the preferred
embodiments of the invention, those skilled in the art will
recognize that other and further modifications may be made thereto
without departing from the spirit of the invention, and it is
intended to claim all such changes and modifications as fall within
the scope of the invention. For example, any formulae given above
are merely representative of procedures that may be used.
Functionality may be added or deleted from the block diagrams and
operations may be interchanged among functional blocks. Steps may
be added to or deleted from methods described herein whilst
remaining within the scope of the present invention.
* * * * *