Abstract:
A network based sporting event wagering system includes a licensed wagering exchange company having a central office with a central computer, memory storage unit, and an instruction set executable by the central computer and at least one licensed bookmaker associated with said wagering exchange company. A first network terminal is accessible by the bookmaker, and a second network terminal is accessible by a bettor for posting a desired sporting event wager with odds preferred by the bettor. An electronic network connects the first network terminal and the second network terminal with the computer at the betting exchange company. The executed instruction set operates on the central computer to receive the desired wager from the bettor and displays the desired wager to the bookmaker such that the bookmaker has the option of accepting the desired sporting event wager at the odds preferred by the bettor.

Description:
FIELD OF THE INVENTION 
     The present disclosure generally relates to computer aided sports wagering. More particularly, the present disclosure relates to a system and method for pairing a betting player with an authorized bookmaker to finalize a bet on a sporting event. 
     BACKGROUND OF THE INVENTION 
     The business of sports gambling is a multi-billion dollar industry, which is particularly popular in places like Las Vegas, Nev. where gambling is legal. With the size of the industry comes the need for information, such as the current odds regarding the event to be bet on. Bookmakers use odds to balance the amount of money bet on each team, so as to protect the individual or establishment taking the bet from losing money. Bettors use published odds when deciding whether to place a bet. For example, games where there is a powerful team taking on a weaker team would obviously generate more bets for the more powerful team. Odds are introduced to deter some of those who would place bets on the more powerful team. These odds can be in the form of a point spread (or line), which force the “favored” team to win by a certain amount of points, or the “underdog” to lose by less than those points, in order for someone betting on them to collect. These odds fluctuate as bets are taken, so the total amount of money bet on one team is the same or very close to the same as on the other team. Accordingly, multiple different sports books taking bets can offer different odds, depending on what bets they have already taken. For a prospective bettor, the current odds for each sports book are important because they may want to bet on a game at specific predefined odds. Therefore, odds information for the various Las Vegas and other international sports books are an integral part of the betting process. 
     Typically, in order to become aware of the lines/odds of a sports book, an individual bettor must contact each sports book and inquire as to the offered odds. While each sports book may have their preferred odds, a bettor may have a different evaluation of the competing teams and desire to place a bet based upon his evaluation of differing odds. By the time the bettor has contacted all of the sports books and decided on a particular one with which to place a bet, the line/odds may have changed. While systems exist allowing a bettor to utilize the Internet for checking odds/lines for each sports book in real time, many bettors find this too time consuming and will forego placing a bet if they cannot quickly find desired odds for a particular sporting event. 
     However, even after checking the Internet resources for odds published by the various legal bookmakers, the bettor may not find odds that he/she desires to place a bet on a particular sporting event. Consequently, current systems generally require the bettor to seek out a bookmaker and then initiate the placement of the bet with that bookmaker at the bookmaker&#39;s published odds even though the odds may not be those desired by the bettor. 
     Therefore, a system and method of placing wagers utilizing the Internet is needed whereby a prospective bettor can post an offer for a desired wager at specific odds which may or may not correspond to bookmaker&#39;s published odds. Further, the system and method would permit bookmakers to view the offered wagers and decide to accept all or part of the bettor&#39;s offered wager at the bettor&#39;s preferred odds. 
     SUMMARY OF THE INVENTION 
     The present disclosure is generally directed to a network based sporting event wagering system that includes a licensed wagering exchange company having a central office with a central computer, memory storage unit, and an instruction set stored on the memory storage unit and executable by the central computer and at least one licensed bookmaker associated with said licensed wagering exchange company. A first network terminal is accessible by the bookmaker, and a second network terminal is accessible by a prospective bettor for posting a desired sporting event wager with odds preferred by the prospective bettor. An electronic network connects the first network terminal and the second network terminal with the central computer at the betting exchange company. The executed instruction set operates on the central computer to receive the desired wager from the prospective bettor and displays the desired wager to the bookmaker such that the bookmaker has the option of accepting the desired sporting event wager at the odds preferred by the prospective bettor. 
     In another aspect, a method of matching a bookmaker with a bettor who is offering a wager on a sporting event at specified odds uses an executable instruction set hosted on a system of the type wherein the central office of a betting exchange company has a central computer and memory storage connected to an electronic network, a first network terminal accessible by a bookmaker, and a second network terminal accessible by a prospective bettor desiring to place a wager on a sporting event at preferred odds. The method includes receiving, from a prospective bettor, an offer to wager a specified amount of money on a sporting event at odds preferred by the prospective bettor, and deducting a monetary amount of the offered wager from a financial account of the prospective bettor. The wager offers received on the sporting event, including the bettor&#39;s preferred odds, are posted for display to bookmakers. A wager accepted by a bookmaker at the odds preferred by the prospective bettor is recorded by the betting exchange. A monetary amount of the accepted wager is deducted from a financial account of the bookmaker. After completion of the sporting event, a determination is made as to whether the bettor or the bookmaker is the winner of the wager, and then payment of the wager is effected to the winning party of the accepted wager. 
     These and other features, aspects, and advantages of the invention will be further understood and appreciated by those skilled in the art by reference to the following written specification, claims and appended drawings. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
       The invention will now be described, by way of example, with reference to the accompanying drawings, where like numerals denote like elements and in which: 
         FIG. 1  presents a schematic depiction of a system for matching a bookmaker with a bettor who is offering a bet on a sporting event at specified odds; and 
         FIG. 2  presents a block diagram of a method of matching a bookmaker with a bettor who is offering a bet on a sporting event at specified odds. 
     
    
    
     Like reference numerals refer to like parts throughout the various views of the drawings. 
     DETAILED DESCRIPTION OF THE INVENTION 
     The following detailed description is merely exemplary in nature and is not intended to limit the described embodiments or the application and uses of the described embodiments. As used herein, the word “exemplary” or “illustrative” means “serving as an example, instance, or illustration.” Any implementation described herein as “exemplary” or “illustrative” is not necessarily to be construed as preferred or advantageous over other implementations. All of the implementations described below are exemplary implementations provided to enable persons skilled in the art to make or use the embodiments of the disclosure and are not intended to limit the scope of the disclosure, which is defined by the claims. For purposes of description herein, the terms “upper,” “lower,” “left”, “rear,” “right,” “front,” “vertical,” “horizontal,” and derivatives thereof shall relate to the invention as oriented in  FIG. 1 . Furthermore, there is no intention to be bound by any expressed or implied theory presented in the preceding technical field, background, brief summary or the following detailed description. It is also to be understood that the specific devices and processes illustrated in the attached drawings, and described in the following specification, are simply exemplary embodiments of the inventive concepts defined in the appended claims. Hence, specific dimensions and other physical characteristics relating to the embodiments disclosed herein are not to be considered as limiting, unless the claims expressly state otherwise. 
     Turning to the drawings,  FIG. 1  shows a system  100  for matching a bookmaker (also known as a sports book) with a bettor, in accordance with one of the preferred embodiments of the present invention, and illustrates its various components. Bettor matching system  100  is based at a central office  110  of a betting exchange company. Betting exchange company central office  110  houses a computer  112  executing an instruction set for matching prospective bettors with bookmakers, typically bookmakers associated with a licensed casino, and is further interconnected with a searchable storage medium  114 . Computer  112  is also connected to the Internet  150  with a communications link  116  for communicating with entities outside of central office  110 . 
     One or more bookmakers  140 ,  142 ,  144  subscribe to the matching services offered by the betting exchange company. Each service provider  140 ,  142 ,  144  has a network terminal  141 ,  143   145  such as a personal computer that is further electronically linked to Internet  150  via electronic communication links  124 . In this manner, bookmakers  140 ,  142 ,  144  can communicate with central office  110  of the betting exchange company utilizing the communication protocols of the Internet and the instruction set executed by computer  112  at central office  110 . 
     In like manner, prospective bettors  130  (represented herein by home pictorials) also possess network terminals  132  such as a personal computer which are communicative with Internet  150  via electronic communication links  133 . Alternatively, prospective bettors  130  can also communicate over Internet  150  utilizing a portable personal electronic device  134  communicative via link  135  of dedicated communications network  136 . Communications network  136  is further communicative with Internet  150  via communications link  137 . Those practiced in the art will readily recognize that personal electronic device  134  can be a smart phone, a personal digital assistant, a netbook, or other similar device currently available or available in the future that exhibits electronic communications abilities such as text messaging, email, or other communication protocols. 
     Turning to  FIG. 2A , a process  200  for matching a bookmaker with a prospective bettor utilizing matching system  100  is shown illustrating the matching of one of the bookmakers  140 ,  142 ,  144  with a prospective bettor  130  for establishing a wager on a sporting event. In step  202  the process starts wherein a user establishes access to the betting exchange home office  110  in block  204  and is queried in block  206  whether the user is a prospective bettor  130  or a bookmaker  140 ,  142 ,  144 . If the user is a prospective bettor  130 , the user is asked in block  208  whether they are a present member. If the user is a present member, they are directed to block  216  for login to the website. 
     If the user is not a present member, they are directed to block  210  to enter new membership identification such as a user name and password. In block  212  the new member enters demographic information such as address, contact information (i.e., email, telephone, or cell phone), age group, and optional information useful to the matching service. Such optional information may include where the new member learned of the service, and identification of a referring member for awarding credit to the referring member. Additional information may include submitting proof of residence in a territory (such as the State of Nevada) in which the governmental entity has legalized wagering or betting. The user is then prompted in block  214  to establish a financial account with the betting exchange for depositing money in the account for the purpose of using the deposited monetary funds for making wagers. The new member&#39;s preferred method of transferring monetary funds can also be established and entered as part of the account establishment process of block  214 . After establishing the user&#39;s new membership, they are requested to login to their account in block  216  by entering their user name and password established in block  210 . 
     Once logged in to their account, the user, in block  218 , is queried whether they wish to make a deposit of monetary funds into their financial account. The betting exchange requires that as prerequisite of all placed wagers, the party offering a wager or accepting an offered wager have monetary funds on deposit with the betting exchange at least in the amount of the prospective wager. No credit or credit extensions are permitted. If the user does not wish to make a deposit the process proceeds to block  222 . However if the user  130  wishes to make a deposit in their financial account, the process is directed to block  220  and the money is transferred from the user  130  to the betting exchange  110  for credit in the user&#39;s financial account. The process then proceeds to block  222  where the user  130  can enter into the system via their network terminal  132  or portable communication device  134  the offer to place a wager at odds desired by the user or prospective bettor. Preferably, all offered wagers are only permitted to be straight bets, not parlays and teasers. Straight bets may include action on a team&#39;s result, a total point result for a game, money line (action utilizing odds instead of a spread) and any other propositions that the betting exchange disseminates to its customers that bookmakers post at their specific locations. 
     Once the prospective bettor has entered their offered wager in block  222 , their financial account is debited for the amount of the prospective wager, in block  224 , to be held by betting exchange  110 . Only a bettor can post an offered wager. The prospective bettor&#39;s offered wager is then marked for posting in block  226  whereupon, as indicated by bubble ‘A’  228 , the offered wager is processed further. A prospective bettor may retract their offered wager at any time as long as the offered wager has not been accepted. Once an offered wager has been accepted by a bookmaker  140 ,  142 ,  144 , the transaction is finalized and cannot be retracted by either the bettor or the bookmaker. Once the user&#39;s wager offer is marked for posting in block  226 , the user is queried whether they wish to place another wager offer. If they so desire, the process returns to block  222  and continues until the user desires to make no further wager offers and the process then ends pending the outcome of further steps associated with bubble ‘A’  228  and described further below. 
     Referring back to block  206 , if the user is a bookmaker  120  (typically associated with or as part of a casino licensed by an authorized governmental agency), and wishes to join as a book making affiliate they are queried in block  240  whether they are a current affiliate. If they are a current affiliate, the process is directed to block  248  for login to the website. 
     If the user is not a present affiliate, they are directed to block  242  to enter a new membership identification including a user name and password. In block  244  the new affiliate is prompted for and enters demographic information such as the business name, available or offered services, address, contact information, etc. Once the affiliate has been approved they are then directed to block  248  to login with their user name and password. The bookmaker is then prompted in block  246  to establish a financial account with the betting exchange for the purpose of depositing money in the account for accepting offered wagers. All wagers accepted by the bookmaker  140 ,  142 ,  144  must be covered by funds currently on deposit with the betting exchange. The new bookmaker&#39;s preferred method of transferring monetary funds can also be established and entered as part of the account establishment process of block  246 . After establishing the bookmaker&#39;s new membership, they are requested to login to their account in block  248  by entering their user name and password established in block  242 . 
     Once logged in to their account, the bookmaker, in block  250 , is queried whether they wish to make a deposit of monetary funds into their financial account. The betting exchange requires that as a prerequisite to accepting an offered wager, the bookmaker accepting an offered wager have monetary funds on deposit with the betting exchange at least in the amount of the offered wager. No credit or credit extensions are permitted. If the bookmaker does not wish to make a deposit, the process proceeds to block  254 . However if the bookmaker  140 ,  142   144  wishes to make a deposit in their financial account, the process is directed to block  252  and the money is transferred from the bookmaker  140 ,  142 ,  144  to the betting exchange  110  for credit in the bookmaker&#39;s financial account. The process then proceeds to block  254  where the bookmaker  140 ,  142 ,  144  can enter into the system via their network terminal  141 ,  143 ,  145  to review prospective wagers entered by users  130  (viewable through completion of bubble ‘B’  256  and described below) and offered for acceptance by a bookmaker. Once bookmaker  140 ,  142 ,  144  has reviewed a posted wager offer, they may select the offered wager for acceptance in block  258 . Only bookmakers  140 ,  142 ,  144  may accept an offered wager, and they may accept wagers on either team playing in the sporting event; however, they are permitted to only take an offer with odds that match their current numbers posted in their business at the time they are accepting the offered wager. 
     Upon selecting an offered wager for acceptance in block  258 , the betting exchange debits the financial account of the bookmaker for the amount(s) of the accepted wagers in block  260  to be held by betting exchange  110  until the outcome of the sporting event is determined. Once the bookmaker&#39;s account has been debited in block  260 , further processing of the accepted wager is indicated by bubble ‘C’  262 . The bookmaker is then queried whether they wish to review additional wager offers for acceptance. If they so desire, the process returns to block  254  and continues until the bookmaker desires to accept no further wager offers and the process then ends in block  232  pending the outcome of the further steps associated with bubble ‘C’  262  as described further below. 
     Referring now to  FIG. 2B , wager matching process  200  continues. After user  130  has marked their wager offer for posting in block  226 , the betting exchange  110  receives the offered wager in block  280  (via bubble ‘A’  228 ). Computer  112  executing the instruction set then posts the offered wager for viewing in block  282  (viewable by bookmakers  140 ,  142 ,  144  via bubble ‘B’). Once a bookmaker  140 ,  142 ,  144  has accepted an offered wager in block  258  and their account has been debited in block  260 , the process proceeds (via bubble ‘C’  262 ) to block  284 . In block  284 , computer  112  running the executable instruction set determines whether the offered wager has been accepted prior to the commencement of the sporting event. If the offered wager has not been accepted prior to commencement of the sporting event, the process goes to block  288  where the debited monetary funds of the user&#39;s wager offered in block  222  is reaccredited to the user&#39;s financial account and the process then ends at block  292 . 
     However, if the wager offered by user  130  has been timely accepted in block  258  by a bookmaker  140 ,  142 ,  144 , the process progresses to block  286  where the betting exchange  110  determines whether the bettor or the bookmaker has won the wager. If the bettor has won the wager, the wager&#39;s winnings are credited to bettor&#39;s financial account in block  288  and the process ends at block  292 . If, however, the bookmaker has won the wager, the bookmaker&#39;s winnings are credited to the bookmaker&#39;s financial account in block  290  and the process ends at block  292 . 
     Since many modifications, variations, and changes in detail can be made to the described preferred embodiments of the invention, it is intended that all matters in the foregoing description and shown in the accompanying drawings be interpreted as illustrative and not in a limiting sense. Thus, the scope of the invention should be determined by the appended claims and their legal equivalence.