Patent ID: 8282471

Claim:
A network based sporting event wagering system comprising: a wagering exchange company having a central office having a central computer, memory storage unit, and an instruction set stored on said memory storage unit and executable by said central computer; at least one bookmaker associated with said wagering exchange company; a first network terminal accessible by said at least one licensed bookmaker; a second network terminal accessible by a prospective bettor for posting a desired wager on a sporting event with odds preferred by said prospective bettor; an electronic network connecting said first network terminal and said second network terminal with said central computer at a betting exchange company; wherein: said executed instruction set operates on said central computer to receive said desired wager from said prospective bettor and cause said desired wager to be displayed to said at least one bookmaker such that said at least one bookmaker has the option of accepting said desired sporting event wager at said odds preferred by said prospective bettor.