U.S. patent application number 14/545955 was filed with the patent office on 2016-01-21 for method to replace the traditional house vig with wild-card option.
The applicant listed for this patent is George Skaff Elias, Richard Channing Garfield. Invention is credited to George Skaff Elias, Richard Channing Garfield.
Application Number | 20160016068 14/545955 |
Document ID | / |
Family ID | 55073748 |
Filed Date | 2016-01-21 |
United States Patent
Application |
20160016068 |
Kind Code |
A1 |
Elias; George Skaff ; et
al. |
January 21, 2016 |
Method to replace the traditional house vig with wild-card
option
Abstract
New method of eliminating and replacing the traditional house
vig in a betting or wagering games involving comparative choices by
introducing wild-card option or condition.
Inventors: |
Elias; George Skaff;
(Redmond, WA) ; Garfield; Richard Channing;
(Bellevue, WA) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Elias; George Skaff
Garfield; Richard Channing |
Redmond
Bellevue |
WA
WA |
US
US |
|
|
Family ID: |
55073748 |
Appl. No.: |
14/545955 |
Filed: |
July 13, 2015 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
61999069 |
Jul 15, 2014 |
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Current U.S.
Class: |
273/292 |
Current CPC
Class: |
A63F 2003/00861
20130101; G07F 17/326 20130101; A63F 3/00157 20130101 |
International
Class: |
A63F 1/00 20060101
A63F001/00 |
Claims
1. A new method to eliminate and replace the house vig, wherein a
game operator would introduce an extra comparative option whose
profitability is statistically equivalent to a traditional house
vig.
2. A new method to eliminate and replace the house vig, wherein a
game operator would introduce a wild-card condition that could
change the outcome of a bet. Such a wild-card condition need not be
correlated with the comparative choice, but could be chosen from a
wide range of themes or topics in order to generate additional
interest and introduce an additional element of skill and knowledge
into the game.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] Applicants are claiming the benefit of a provisional patent
application with the same title, No. 61/999069, filed on Jul. 15,
2014.
STATEMENT REGARDING FEDERALLY SPONSORED RESEARCH OR DEVELOPMENT
[0002] Not Applicable
REFERENCE TO SEQUENCE LISTING, A TABLE, OR A COMPUTER PROGRAM
LISTING COMPACT DISK APPENDIX
[0003] Not Applicable
BACKGROUND OF THE INVENTION
[0004] The present invention is in the field of games. More
particularly, the present invention is in the field of betting or
wagering games involving comparative choices.
[0005] In traditional wagering games, a positive outcome on an even
bet generally yields the same amount of payout as the amount of
entry fee or wager, less any applicable commissions for fee payable
to the game operator. Such commission or fee payable to the game
operator is called the vig, and generally is a percentage of the
amount of bet or wager.
SUMMARY OF THE INVENTION
[0006] The present invention is a method to replace the traditional
house vig with a wild-card option or condition in betting or
wagering games involving comparative choices.
BRIEF DESCRIPTION OF THE DRAWINGS
[0007] No drawing is necessary to understand or implement the
invention.
DETAILED DESCRIPTION OF THE INVENTION
[0008] Many types of betting or wagering games involve comparative
choices. For example, fantasy sports or other fantasy games
generally depend on the comparative performance of two players or
characters.
[0009] In such a game, a game operator will generally try to create
roughly even comparative choices in order to have equal matching
bets on each side. A positive outcome generally yields the same
amount of payout as the amount of entry fee or wager, less any
applicable vig amount payable to the game operator.
[0010] The vig amount can be a source of confusion and frustration
for some participants in such game. The present invention is a
method to eliminate and replace the house vig by means of an extra
comparative option or wild-card condition built into the bet
definition.
[0011] The new method can be illustrated by the following example.
Suppose that the basic comparative choice is between the
performances of two well-known NFL quarterbacks during a given
weekend. (Such performance can be measured by means of points
computed based on game statistics such as passing yards, passing
touchdowns, and interceptions.) Also assume that the two
quarterbacks have sufficiently close performance expectation that
weekend. The game operator can introduce an extra option or
wild-card option with lower performance expectation, but with an
additional payout bonus as incentive. The table below summarizes
such an example.
TABLE-US-00001 Quarterback Options Accepted Bets Payout Ratios
including Bonus A $100 1 to 1 B $100 1 to 1 Wild-card Option C Less
than $20 10 to 1
[0012] Given the choices and the payout ratios, the game operator
can set things up so that the accepted bets are in line with the
amounts and proportions in the above table.
[0013] In the event that, as generally expected, either quarterback
A or quarterback B has the best performance of the three options
that weekend, the game operator would have a net payout of zero for
the accepted bets on quarterbacks A or B. The game operator could
then keep all the accepted bets on quarterback C as its fee or
commission, in effect replacing the traditional house vig by the
amount of accepted bets on the wild-card option.
[0014] In the event that quarterback C has the best performance of
the three options that weekend, the payout on that wild-card option
is less than $200, which is the combined accepted bets on the two
main options. In that case, the game operator could still have net
profit in lieu of the traditional house vig.
[0015] Instead of two players, the choices can be between two given
fantasy teams, with an extra option in the form of a third team
thrown in as wild card.
[0016] Hence, the use of such a wild-card option can generate a
profit for the game operator that is statistically equivalent to a
traditional house vig. However, the profit generated by this method
does not reduce the amount of winning collected by a winner,
thereby simplifying the user interface and minimizing any confusion
or frustration from the reduction of winning amounts.
[0017] Another variation or implementation of this new method would
be to add a wild-card condition C to a standard comparative choice
that says in the event C happens, then all players lose. For
example, in the above example of a comparative choice between two
quarterbacks, a wild-card condition C could be something like if
both quarterbacks have performance scores below a certain
threshold. In general, the wild-card condition C need not be
correlated with the comparative choice, or even connected with the
sport. However some correlation can generate additional interest
and introduce an additional element of skill and knowledge into the
game.
[0018] While the foregoing written description of the invention
enables one of ordinary skill to make and use what is considered
presently to be the best mode thereof, those of ordinary skill will
understand and appreciate the existence of variations,
combinations, and equivalents of the specific embodiment, method,
and examples herein. The invention should therefore not be limited
by the above described embodiment, method, and examples, but by all
embodiments and methods within the scope and spirit of the
invention as claimed.
* * * * *