AU2017208384A1

AU2017208384A1 - System and method of managing virtual ownership and trading of participants competing in live sporting events

Info

Publication number: AU2017208384A1
Application number: AU2017208384A
Authority: AU
Inventors: John Demichele
Original assignee: Individual
Current assignee: Individual
Priority date: 2013-07-10
Filing date: 2017-07-31
Publication date: 2017-08-17
Also published as: AU2014202780A1; AU2015243049A1; NZ625363A

Abstract

A system and method of managing virtual ownership and trading of participants in live sporting events, such as thoroughbreds participating in horse racing events. The steps include receiving value information relating to a value of each participant designating a maximum number of trading units for each participant, then determining a point value for each trading unit based on the value information for each participant. A purchase price is then designated for one or more trading units and receiving via a network a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant. The user request includes a purchase amount which using a computer processor assigns a number of points to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants and then assigning the number of points to said user in response to said request.

Description

1 2017208384 31 Μ 2017

SYSTEM AND METHOD OF MANAGING VIRTUAL OWNERSHIP AND TRADING OF PARTICIPANTS COMPETING IN LIVE SPORTING EVENTS

[0001] The present invention relates to a system and method of managing virtual ownership and trading of participants in live sporting events. In particular, the invention relates to management of an online system and method enabling users to purchase and trade units associated with thoroughbreds participating in horse racing events.

BACKGROUND OF THE INVENTION

[0002] The internet is becoming one of the fastest growing means for punters to bet on participants competing in live sporting events. For betting agencies, online betting has offered an increased number of customers, who before the advent of online betting and the availability of access devices such as smartphones and tablets, were restricted to placing bets at local betting offices.

[0003] The Applicant has recognized a need to make the online betting phenomena more social, interactive, and fun for punters, which in turn will lead to increased and prolonged use of betting systems and increased revenue for betting agencies.

[0004] Any discussion of documents, acts, materials, devices, articles or the like, which has been included in the present specification is solely for the purpose of providing a context for the present invention. It should not be taken as an admission that any or all of the previous discussion forms part of the prior art base or was common general knowledge in the field of the invention as it existed before the priority date of any of the claims herein.

SUMMARY OF THE INVENTION

[0005] In one aspect, the present invention provides a computer-implemented method of managing virtual ownership and trading of participants in live sporting events, the method including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; 2 2017208384 31 Μ 2017 determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and assigning the number of points to said user in response to said request.

[0006] In an embodiment, the method further includes displaying, via the network interface, the number of points assigned to said user in response to said request.

[0007] In an embodiment, the method further includes: receiving, via the network interface, a user request to trade one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant; displaying, via the network interface, said user request to an owner of the requested units and prompting said owner as to whether the request is accepted or declined; and if the request is accepted, trading, using the computer processor, the one or more trading units associated with the one or more participants.

[0008] In an embodiment, the units traded are less a percentage in accordance with a predetermined trade rate.

[0009] In an embodiment, the method further includes: receiving, via the network interface, a user request to sell one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant; 3 2017208384 31 Μ 2017 displaying, via the network interface, said user request to prospective purchasers and prompting a prospective purchaser as to whether the request is accepted or declined; if the request is accepted, assigning, using the computer processor, the sold one or more trading units to the purchaser; and crediting, using the computer processor, the seller with points based on the point value for each trading unit sold.

[0010] In an embodiment, the units sold are less a percentage in accordance with a predetermined sell rate.

[0011] In an embodiment, the method includes receiving from a user, via the network interface, a registration of interest in a participant such that the user then becomes a prospective purchaser.

[0012] In an embodiment, the method further includes: receiving, via the network interface, a user request to exchange points for money in accordance with the purchase price for one or more trading units; and crediting a user account with said money.

[0013] In an embodiment, the money credited less a percentage in accordance with a predetermined cash out rate.

[0014] In an embodiment, said live sporting event is a horse race and the participant is a thoroughbred.

[0015] In an embodiment, the value information relates a value of the one or more competing thoroughbreds.

[0016] In an embodiment, the value information is based on a number of starts of the thoroughbred, a prize money associated with the thoroughbred, or a combination of both.

[0017] In an embodiment, the method further includes means of adding or subtracting points of each owner of trading units associated for each participant, including but not limited to adding points as a factor of prize money associated with an 4 2017208384 31 M2017 event, adding points as a factor of published dividends associated with an event, or subtracting points as a factor of a cost of participating in an event.

[0018] In an embodiment, the method further includes: receiving, via the network interface, an application from a user to register their details; and storing in a database the user details including but not limited to the user’s username and password, information relating to participants in respect of which the user owns trading units or has an interest, the number of trading units owned, and the number of available points associated with the user.

[0019] In another aspect, the present invention provides a system of managing virtual ownership and trading of participants in live sporting events, the system including: one or more computers; and a computer-readable medium coupled to the one or more computers having instructions stored thereon which, when executed by the one or more computers, cause the one or more computers to perform operations including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and 5 2017208384 31 Μ 2017 assigning the number of points to said user in response to said request.

[0020] In another aspect, the present invention provides a computer readable medium storing computer readable instructions, that when executed by a computer, perform a method of managing virtual ownership and trading of participants in live sporting events, the method including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and assigning the number of points to said user in response to said request.

DETAILED DESCRIPTION OF EMBODIMENT(s) OF THE INVENTION

[0021] The following detailed description of the invention refers to the accompanying Figures. Although the description includes exemplary embodiments, other embodiments are possible, and changes may be made to the embodiments described without departing from the spirit and scope of the invention. Wherever possible, the same reference numbers are used throughout the embodiments and the following description to refer to the same and like parts.

[0022] It is to be understood at the outset that while the following described implementations relate specifically to thoroughbred racing, the invention could equally well be applied to a range of other live sporting events and participants thereof. 6 2017208384 31 M2017 [0023] The invention relates to a system and method of managing virtual ownership and trading of participants in live sporting events. When applied to thoroughbred racing, the system and method may include receiving value information relating to a value of the thorughbred, designating a maximum number of trading units for each participating thoroughbred, determining a point value for each trading unit based on the value information for each thoroughbred, designating a purchase price for one or more trading units, receiving a user request to purchase one or more trading units associated with one or more thoroughbreds up to and including the maximum number of trading units for each thoroughbred, the user request including a purchase amount, and determining a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit. The number of points is then assigned to the user to use as they desire, and in the means described in more detail below.

[0024] A user may start with 1000 points and then invest in any horse that is nominated for any Totalisator Agency Board (TAB) meeting, for example. A user may choose any amount of units from 1 to 1000 units, if available, for each horse. Once a user has selected a horse or horses with their points, they may follow the horses campaign, and grow their points from any prize money, odds or trade. A user may hold units or trade units with other punters, then re-invest in another horse or simply exchange points for cash into a user account.

[0025] Every dollar amount regarding prize money, breeding, purchasing or odd dividends may be transferred as points. The points can be exchanged for money that is then, if the customer wishes to, credited to the customers account. The opening unit points are based on a horse’s value, which may be in the form of current stats of each horse.

[0026] If a horse is nominated for a maiden race, then the purchase price or service fee may be the main factor in determining a horse value and hence opening point value for each trading unit of the horse. The points may increase or decrease depending on the horse’s result each time the horse races.

[0027] If the horse has won a race or races, then the total prize money may be another factor in establishing an opening point value for each trading unit of the horse. Again, the points may increase or decrease depending on the horse’s results for each race. 7 2017208384 31 Μ 2017 [0028] A customer may exchange their points to money. It may be decided that 1 point is allocated to every 1 dollar amount shown per trading unit. If units are being transferred to money, then the exchange rate may be [total number of points exchanged] divided by 100 = [amount in dollar term] which may then be transferred into the customers betting account, although other exchange rates are possible.

[0029] 1000 trading units may be available of every horse that is nominated for any TAB meeting. An opening point value for each trading unit may be based on a current service fee (for a first time starter) or a purchase price, as well as any prize money won (for horses with one or more starts).

[0030] For example: 1. Stallion Service Fee $20,000 divided by 1000 units = 20 points per unit 2. Purchase Price $250,000 divided by 1000 units = 250 points per unit 3. Any prize money won may be added to the service fee or the purchase price above [0031] Customers may purchase trade, cash out or exchange 1 to 1000 units if available for any single horse. There is no limit to the number of horses which may be invested in, provided a punter has the points to purchase the units and the units are available to buy or sell.

[0032] A customer may buy or sell any of the units to other punters for the current unit points less 5% trade rate.

[0033] A customer may exchange their points at a predetermined exchange rate into a dollar amount and may be credited to the customer’s account, less 10% exchange rate.

[0034] Cash out of points from any of 1 to 1000 of the shares is also possible. A customer may sell even if there is no buyer, less 30% cash out rate.

[0035] A customer may purchase any trading units that are available from the nominated horses. A purchase price may be designated for one or more trading units, for example, 1000 points = $10.00. A user may purchase in units of 1000 points. A minimum exchange to money may be set at 5000 points = $50.00. Exchange may be transferred to the customer’s account less 10%. For example: 8 2017208384 31 Μ 2017 6532 points — 10% = 5878.8 points divided by 100 = $58.78 [0036] A customer may be rewarded with points, for example, with every dollar bet outlay from their betting account they may receive 50 points. A user may offer this as a special, losing bet or everyday bet. The user’s account may show their current dollar amount available, and also the point reward amount. The points may then be spent as the user wishes, for example, buying more trading units.

[0037] A user may grow their points in a number of ways. For example, if a selected horse races and runs 1st, 2nd, 3rd, 4th or 5th, any prize money divided by 1000 may be converted to points and added to the user account. Any racing odds paid may also be converted to points (for example, if placed in the top three placings) and added to the user account. It may be implemented that no run cost is deducted if a user’s horse runs in the first 5 places.

[0038] Example: A user purchases 1000 trading units of a horse @ 25 points/unit based on horse purchase price of $25,000 (or Breeding Fee or Prize Money Won, etc). OPENING BAL. RUNS PRIZE MONEY PD DIVIDENDS RUN COST 10% TOTAL 25,000 Points 1st $50,000 (div by 1000) 5/1 NIL = 25 points per unit + 50 points + 5 points = 80 points per unit

In the above scenario, the opening balance is 25,000 points, and the closing balance is 80,000 points.

[0039] A 5% trade rate may apply on buying or selling points and a 10% exchange rate may apply if the customer’s points are exchanged into money and transferred into their account. 9 2017208384 31 Μ 2017 [0040] Each time a horse runs and is not placed in the first 5 placings, then 10% run cost may be deducted.

[0041 ] Further example: A user purchases 10 units out of a total of 1000 units for a horse @ 25 points/unit. OPENING BAL. RUNS PRIZE MONEY PD DIVIDENDS RUN COST 10% TOTAL 250 Points 6® NIL NIL 25 points = 25 points per unit - 2.5 points per unit = 22.5 points per unit

In the above scenario, the opening balance is 250 points, and the closing balance is 225 points.

[0042] The method and system of the invention may be implemented in a number of ways. A website, accessible over the world wide web (WWW) from any device capable of connecting to the internet, may be created with a display in which all nominated horses are listed complete with opening point values for each trading unit and other information. For example, past performance information may be displayed including race placings, share fluctuations, etc. A customer may register their interest on any horse trading units that are already purchased by other customers. This may enable customers that are considering selling their units the possibility of already having a registered buyer to buy their units.

[0043] All transactions may be performed by the customer directly through such a website. The invention may also be implemented in purpose built computers at licensed venues having access to the website or access to another source of enabling a user to access the system. The display may feature live login and may also link to a live chat facility whereby customers may build up knowledge and information on participants in sporting events and the like. Hyperlinks may be available for customers for any horse and race information as well as its own site. 10 2017208384 31 Μ 2017 [0044] Any share fluctuations may be available once any race has "All Clear" and final dividends are available. Once a race starts, gates open any type of trading regarding units of a horse in that race may be suspended until "All Clear" is given and dividends are available.

[0045] The method and system may enable users to register more customers online and have more customer’s accounts open. The customer may interact with the online site during and after hours when all the races are concluded.

[0046] By drawing more customers to this site for a longer time, betting agencies and the like who implement the system and method may also self-promote or promote other events, introduce prizes with leader boards, winning combinations, and provide advertising and sponsorship space.

[0047] Throughout this specification, unless the context requires otherwise, the word “comprise”, and variations such as “comprises" and “comprising”, will be understood to imply the inclusion of a stated integer or step, or group of integers or steps, but not the exclusion of any other integer or step or group of integers or steps.

[0048] The reference to any prior art in this specification is not, and should not be taken as, an acknowledgement or any suggestion that the prior art forms part of the common general knowledge in Australia.

Claims

Claims

1. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events, the method including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and assigning the number of points to said user in response to said request.
2. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 further including displaying, via the network interface, the number of points assigned to said user in response to said request.
3. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 or claim 2 further including; receiving, via the network interface, a user request to trade one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant; displaying, via the network interface, said user request to an owner of the requested units and prompting said owner as to whether the request is accepted or declined; and if the request is accepted, trading, using the computer processor, the one or more trading units associated with the one or more participants.
4. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 wherein the units traded are less a percentage in accordance with a predetermined trade rate.
5. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1, the method further including: receiving, via the network interface, a user request to sell one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant; displaying, via the network interface, said user request to prospective purchasers and prompting a prospective purchaser as to whether the request is accepted or declined; if the request is accepted, assigning, using the computer processor, the sold one or more trading units to the purchaser; and crediting, using the computer processor, the seller with points based on the point value for each trading unit sold.
6. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 wherein the units sold are less a percentage in accordance with a predetermined sell rate.
7. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1, the method including receiving from a user, via the network interface, a registration of interest in a participant such that the user then becomes a prospective purchaser.
8. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1, the method including: receiving, via the network interface, a user request to exchange points for money in accordance with the purchase price for one or more trading units; and crediting a user account with said money.
9. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 wherein the money credited is less a percentage in accordance with a predetermined cash out rate.
10. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 wherein the live sporting event is a horse race and the participant is a thoroughbred.
11. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 10 wherein the value information relates to a value of the one or more competing thoroughbreds.
12. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 10 wherein the value information is based on a number of starts of the thoroughbred, a prize money associated with the thoroughbred, or a combination of both.
13. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1 the method further including: means of adding or subtracting points of each owner of trading units associated for each participant, including but not limited to adding points as a factor of prize money associated with an event, adding points as a factor of published dividends associated with an event, or subtracting points as a factor of a cost of participating in an event.
14. A computer-implemented method of managing virtual ownership and trading of participants in live sporting events as in claim 1, the method further including: receiving, via the network interface, an application from a user to register their details; and storing in a database the user details including but not limited to the user’s username and password, information relating to participants in respect of which the user owns trading units or has an interest, the number of trading units owned, and the number of available points associated with the user.
15. A system of managing virtual ownership and trading of participants in live sporting events, the system including: one or more computers; and a computer-readable medium coupled to the one or more computers having instructions stored thereon which, when executed by the one or more computers, cause the one or more computers to perform operations including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and assigning the number of points to said user in response to said request.
16. A computer readable medium storing computer readable instructions, that when executed by a computer, perform a method of managing virtual ownership and trading of participants in live sporting events, the method including: receiving value information relating to a value of each participant; designating a maximum number of trading units for each participant; determining a point value for each trading unit based on said value information for each participant; designating a purchase price for one or more trading units; receiving, via a network interface, a user request to purchase one or more trading units associated with one or more participants up to and including said maximum number of trading units for each participant, the user request including a purchase amount; determining, using a computer processor, a number of points to assign to the user based on the purchase amount, the purchase price, and the point value for each trading unit associated with the one or more participants; and assigning the number of points to said user in response to said request.