Patent ID: 8764553

Claim:
A method comprising: opening, by a computer system, a wagering account for a client that may be used to place wagers; establishing, by the computer system, an amount of consideration in the wagering account; after opening the wagering account and establishing the amount of consideration, authorizing, by the computer system, the client to access the wagering account from a cellular telephone by verifying login credentials of the client received from the cellular telephone; receiving, by the computer system, a first offer from the client to enter into a wager on an event; receiving, by the computer system, a second offer from another client to enter into an opposite side of the wager on the event; in response to receiving matching the first offer and the second offer, forming, by the computer system, at least one wager between the client and a house and at least one second wager between the other client and the house; and determining odds for the at least one wager based on one or more prior wagers placed on the event, in which the odds are further determined based on historical success rates of the placers of the one or more prior wagers, in which the event includes a sporting event.