Betting exchange system

Abstract

A betting exchange system receiving bet requests from a plurality of users over a communications network, each of the requests comprising a bet backing an outcome or laying an outcome. The betting exchange system matches respective bets which back and lay a given outcome, and automatically arbitrages unmatched bet requests to thereby generate one or more implied bets made by the system in respect to an outcome for which no bet requests have been received. The implied bets are generated so that the system does not lose money on the implied bets taken together.

Description

FIELD OF THE INVENTION[0001]This invention relates to the field of betting, particularly but not exclusively to sports betting conducted over the Internet.BACKGROUND[0002]A number of companies provide Internet based betting services. The majority of these are simply an extension of conventional betting services, offering fixed odds betting in which customers only have access to one side of the market, i.e. they can only efficiently back, or “buy”, a particular outcome to occur at odds set by the bookmaker. However, it is often far easier to decide what is not going to occur rather than trying to decide what will occur. In this situation, though, customers are not able to place a bet to support their view. While it is true that they can try to simulate laying, i.e. “selling” the outcome by backing all other possible outcomes, this is highly unlikely to be profitable due to the overround charged by the bookmaker. The overround is the extent to which the bookmaker's total book exceeds ...

AI Technical Summary

Benefits of technology

[0003]According to the present invention, there is provided a betting exchange system comprising server means configured to receive bet requests from a plurality of users over a communications network, each of said requests comprising a bet backing an outcome or laying an outcome, wherein the server means is operable to match respective bets which back and lay a given outcome. Allowing a user access to both sides of a betting transaction, by specifying whether he wishes to back or lay an outcome, provides the user with additional flexibility, and can facilitate a liquid two-way market. In addition, it can ensure the most efficient, and hence competitive, prices.

[0004]The bet requests can include a price at which the bet is to be placed, which can promote price competition and improve the efficiency of the market. If a better price is available to the user, the system can match the bet at the better price.

Problems solved by technology

In this situation, though, customers are not able to place a bet to support their view.

While it is true that they can try to simulate laying, i.e. “selling” the outcome by backing all other possible outcomes, this is highly unlikely to be profitable due to the overround charged by the bookmaker.

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