Patent ID: 11282341

Abstract:
An in-progress sports betting system able to provide improved estimated payoff odds for non-fixed-odds betting, where the house places bets along with players. The system includes an intelligent subsystem (AI) designed to estimate real-time probabilities of outcomes associated with live events, and a host computer able to accept bets from players, place bets on behalf of the house based on the real-time probability estimates, maintain a detailed electronic record on all betting activity (including house betting activity), continuously estimate and post payoff odds for the players based on the electronic record, and distribute payoffs on wining bets when the betting events terminate. The purpose of the house bets is to continuously and strategically adjust the real-time posted payoff odds and to create additional revenue for the house. Players can communicate with the host computer and place bets through physical devices, such as mobile electronic devices, personal computers, or stationary kiosks.