Method for computerized wagering

Abstract

A system and method for networked exchange are disclosed. A system for networked exchange comprises an internal proxy ( 140 ); an exchange processor ( 120 ) in communication with the internal proxy ( 140 ); a database ( 130 ) in communication with the internal proxy ( 140 ); an external proxy ( 150 ) in communication with the internal proxy ( 140 ); and, a communications network ( 110 ) connected to the external proxy. A method for networked exchange comprises 8 steps. Those steps are (1) specifying a mode of operations for an exchange; (2) identifying a commodity for the exchange; (3) listing information about the commodity; (4) accessing of the listing by a potential purchaser; (5) accessing the network-based exchange by the potential purchaser, (6) processing information generated by the potential purchaser, the information comprising a negotiation; (7) concluding the negotiation; and, (8) clearing the concluded negotiation.

What is claimed is:  
     
         1 . A method for computerized wagering comprising: 
 sending a first participant's offer for a wager on an event from a first client terminal to a server;    sending a second participant's offer for an opposite side of the wager from a second client terminal to the server;    with the server, matching the first participant's offer with the second participant's offer; and    after an outcome of the event has been determined, settling the wager between the first and second participants.    
     
     
         2 . The method of  claim 1  further comprising: 
 with the server, providing a real-time forum for the first and second participants to discuss the wager.  
 
     
     
         3 . The method of  claim 2  further comprising: 
 discussing odds using the real-time forum.  
 
     
     
         4 . The method of  claim 2  further comprising: 
 discussing point spreads using the real-time forum.  
 
     
     
         5 . The method of  claim 2  further comprising: 
 discussing winners using the real-time forum.  
 
     
     
         6 . The method of  claim 1  further comprising: 
 registering the first and second participants as members eligible to use the server for computerized wagering.  
 
     
     
         7 . The method of  claim 1  further comprising: 
 assigning respective accounts to the first and second participants.  
 
     
     
         8 . The method of  claim 7  further comprising: 
 before the first and second participants' offers are accepted, placing funds to cover the wager in the first and second participants' respective accounts.  
 
     
     
         9 . The method of  claim 8  further comprising: 
 preventing the first and second participants from canceling their respective offers while funds are being placed in their respective accounts.  
 
     
     
         10 . The method of  claim 8 , wherein funds are placed in at least one of the first and second participants' accounts using a credit card.  
     
     
         11 . The method of  claim 7 , wherein at least one of the first and second participants uses a credit card to place funds to cover the wager in its account, and wherein the method further comprises: 
 verifying funds to cover the wager of said at least one of the first and second participants are available; and    canceling the offer of said at least one of the first and second participants if funds are unavailable.    
     
     
         12 . The method of  claim 7  further comprising: 
 transferring funds involved in the wager from the first and second participants' respective accounts to a depository.  
 
     
     
         13 . The method of  claim 7 , wherein settling the wager comprises crediting an account of a winner of the wager.  
     
     
         14 . The method of  claim 1  further comprising: 
 paying a commission for the wager.  
 
     
     
         15 . The method of  claim 1 , wherein the event comprises a real-world event.  
     
     
         16 . The method of  claim 1 , wherein the first participant's offer is sent from the first client terminal to the server through an exchange provider.  
     
     
         17 . The method of  claim 1 , wherein the second participant's offer is sent from the second client terminal to the server through an exchange provider.  
     
     
         18 . The method of  claim 1 , wherein the first and second client terminals communicate with the server via a communications network.  
     
     
         19 . The method of  claim 18 , wherein the communications network comprises a wired medium.  
     
     
         20 . The method of  claim 18 , wherein the communications network comprises a wireless medium.  
     
     
         21 . A virtual interactive exchange that provides a trading forum, the virtual interactive exchange comprising: 
 a server;    a first client terminal operative to send a first participant's offer for a wager on an event to the server; and    a second client terminal operative to send a second participant's offer for an opposite side of the wager to the server;    wherein the server is operative to match the first participant's offer with the second participant's offer and is further operative to settle the wager between the first and second participants after an outcome of the event has been determined.    
     
     
         22 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to provide a real-time forum for the first and second participants to discuss the wager.  
     
     
         23 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to provide a real-time forum for the first and second participants to discuss odds.  
     
     
         24 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to provide a real-time forum for the first and second participants to discuss point spreads.  
     
     
         25 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to provide a real-time forum for the first and second participants to discuss winners.  
     
     
         26 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to register the first and second participants as members eligible to use the server for computerized wagering.  
     
     
         27 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to assign respective accounts to the first and second participants.  
     
     
         28 . The virtual interactive exchange of  claim 27 , wherein the server is further operative to place funds to cover the wager in the first and second participants' respective accounts before the first and second participants' offers are accepted.  
     
     
         29 . The virtual interactive exchange of  claim 28 , wherein the server is further operative to prevent the first and second participants from canceling their respective offers while funds are being placed in their respective accounts.  
     
     
         30 . The virtual interactive exchange of  claim 28 , wherein the server is further operative to place funds in at least one of the first and second participants' accounts using a credit card.  
     
     
         31 . The virtual interactive exchange of  claim 27 , wherein at least one of the first and second participants uses a credit card to place funds to cover the wager in its account, and wherein the server is further operative to verify funds to cover the wager of said at least one of the first and second participants are available and cancel the offer of said at least one of the first and second participants if funds are unavailable.  
     
     
         32 . The virtual interactive exchange of  claim 27 , wherein the server is further operative to transfer funds involved in the wager from the first and second participants' respective accounts to a depository.  
     
     
         33 . The virtual interactive exchange of  claim 27 , wherein the server is further operative to settle the wager by crediting an account of a winner of the wager.  
     
     
         34 . The virtual interactive exchange of  claim 21 , wherein the server is further operative to assess a commission for the wager.  
     
     
         35 . The virtual interactive exchange of  claim 21 , wherein the event comprises a real-world event.  
     
     
         36 . The virtual interactive exchange of  claim 21 , further comprising an exchange provider, and wherein the first client terminal is operative to send the first participant's offer to the server through the exchange provider.  
     
     
         37 . The virtual interactive exchange of  claim 21 , further comprising an exchange provider, and wherein the second client terminal is operative to send the second participant's offer to the server through the exchange provider.  
     
     
         38 . The virtual interactive exchange of  claim 21 , wherein the first and second client terminals communicate with the server via a communications network.  
     
     
         39 . The virtual interactive exchange of  claim 38 , wherein the communications network comprises a wired medium.  
     
     
         40 . The virtual interactive exchange of  claim 38 , wherein the communications network comprises a wireless medium.  
     
     
         41 . A method for computerized Calcutta wagering, the method comprising: 
 providing an electronic network-based auction forum comprising a server and a plurality of client terminals connected to the server via a communications network;    with the electronic network-based auction forum, auctioning rights to wager on entrants of an event;    placing proceeds of the auction in a pool; and    after winning entrants of the event have been determined, dividing the pool among highest bidders of the winning entrants.    
     
     
         42 . The method of  claim 41  further comprising: 
 with the electronic network-based auction forum, conducting a second auction associated with the event, wherein the first-mentioned auction and the second auction are based on different bid sizes, pool sizes, combinations of bid size and pool size, or splits of high bidders on high finishers.  
 
     
     
         43 . The method of  claim 41 , wherein the event comprises a sporting event.  
     
     
         44 . The method of  claim 41 , wherein the event comprises an individual event  
     
     
         45 . The method of  claim 41 , wherein the event comprises a round.  
     
     
         46 . The method of  claim 41 , wherein the event comprises a team championship.  
     
     
         47 . The method of  claim 41 , wherein the communications network comprises a wired medium.  
     
     
         48 . The method of  claim 41 , wherein the communications network comprises a wireless medium.  
     
     
         49 . A virtual interactive exchange that provides a trading forum, the virtual interactive exchange comprising: 
 a server;    a communications network; and    a plurality of client terminals connected to the server via the communications network;    wherein the server is operative to auction rights to wager on entrants of an event, place proceeds of the auction in a pool, and divide the pool among highest bidders of winning entrants after the winning entrants of the event have been determined.    
     
     
         50 . The virtual interactive exchange of  claim 49 , wherein the server is further operative to conduct a second auction associated with the event, wherein the first-mentioned auction and the second auction are based on different bid sizes, pool sizes, combinations of bid size and pool size, or splits of high bidders on high finishers.  
     
     
         51 . The virtual interactive exchange of  claim 49 , wherein the event comprises a sporting event.  
     
     
         52 . The virtual interactive exchange of  claim 49 , wherein the event comprises an individual event  
     
     
         53 . The virtual interactive exchange of  claim 49 , wherein the event comprises a round.  
     
     
         54 . The virtual interactive exchange of  claim 49 , wherein the event comprises a team championship.  
     
     
         55 . The virtual interactive exchange of  claim 49 , wherein the communications network comprises a wired medium.  
     
     
         56 . The virtual interactive exchange of  claim 49 , wherein the communications network comprises a wireless medium.  
     
     
         57 . A method for computerized wagering comprising: 
 selling shares of stock associated with respective entrants in an event;    with an electronic network-based exchange system comprising a server and a plurality of client terminals connected to the server via a communications network, trading shares of stock associated with the respective entrants in the event; and    after an outcome of the event has been determined, distributing proceeds raised in the selling of the shares of stock to stock shareholders of a winning entrant.    
     
     
         58 . The method of  claim 57 , wherein the outcome of the event results in a plurality of winning entrants, and wherein the proceeds raised in the selling of the shares of stock are distributed to stock shareholders of the plurality of winning entrants.  
     
     
         59 . The method of  claim 57 , wherein the event comprises a real-world event.  
     
     
         60 . The method of  claim 57 , wherein the event comprises a plurality of smaller events.  
     
     
         61 . The method of  claim 60 , wherein the event comprises a championship, and wherein the smaller events comprise individual team games.  
     
     
         62 . The method of  claim 60 , wherein the event comprises an election, and wherein the smaller events comprise primaries.  
     
     
         63 . The method of  claim 57 , wherein the respective entrants comprise movies and the event comprises the Oscars.  
     
     
         64 . The method of  claim 57  further comprising clearing a trade of shares of stock.  
     
     
         65 . The method of  claim 57  further comprising selling an option to purchase shares of stock associated with an entrant in the event.  
     
     
         66 . The method of  claim 57  further comprising registering a participant as a member eligible to trade shares of stock with the electronic network-based exchange system.  
     
     
         67 . The method of  claim 57  further comprising assigning an account to a participant of the electronic network-based exchange system.  
     
     
         68 . The method of  claim 67  further comprising preventing the participant from trading more stock than is in his account.  
     
     
         69 . The method of  claim 67  further comprising preventing the participant from trading more money than is in his account.  
     
     
         70 . The method of  claim 67  further comprising limiting an amount of stock in the participant's account.  
     
     
         71 . The method of  claim 67  further comprising limiting an amount of money in the participant's account.  
     
     
         72 . The method of  claim 57 , wherein the communications network comprises a wired medium.  
     
     
         73 . The method of  claim 57 , where in the communications network comprises a wireless medium.  
     
     
         74 . A virtual interactive exchange that provides a trading forum, the virtual interactive exchange comprising: 
 a server;    a communications network; and    a plurality of client terminals connected to the server via the communications network;    wherein the server is operative to sell shares of stock associated with respective entrants in an event, trade shares of stock associated with the respective entrants in the event, and distribute proceeds raised in the selling of the shares of stock to stock shareholders of a winning entrant after an outcome of the event has been determined.    
     
     
         75 . The virtual interactive exchange of  claim 74 , wherein the outcome of the event results in a plurality of winning entrants, and wherein the server is further operative to distribute proceeds raised in the selling of the shares of stock to stock shareholders of the plurality of winning entrants.  
     
     
         76 . The virtual interactive exchange of  claim 74 , wherein the event comprises a real-world event.  
     
     
         77 . The virtual interactive exchange of  claim 74 , wherein the event comprises a plurality of smaller events.  
     
     
         78 . The virtual interactive exchange of  claim 77 , wherein the event comprises a championship, and wherein the smaller events comprise individual team games.  
     
     
         79 . The virtual interactive exchange of  claim 77 , wherein the event comprises an election, and wherein the smaller events comprise primaries.  
     
     
         80 . The virtual interactive exchange of  claim 74 , wherein the respective entrants comprise movies and the event comprises the Oscars.  
     
     
         81 . The virtual interactive exchange of  claim 74 , wherein the server is further operative to clear a trade of shares of stock.  
     
     
         82 . The virtual interactive exchange of  claim 74 , wherein the server is further operative to sell an option to purchase shares of stock associated with an entrant in the event.  
     
     
         83 . The virtual interactive exchange of  claim 74 , wherein the server is further operative to register a participant as a member eligible to trade shares of stock.  
     
     
         84 . The virtual interactive exchange of  claim 74 , wherein the server is further operative to assign an account to a participant.  
     
     
         85 . The virtual interactive exchange of  claim 84 , wherein the server is further operative to prevent the participant from trading more stock than is in his account.  
     
     
         86 . The virtual interactive exchange of  claim 84 , wherein the server is further operative to prevent the participant from trading more money than is in his account.  
     
     
         87 . The virtual interactive exchange of  claim 84 , wherein the server is further operative to limit an amount of stock in the participant's account.  
     
     
         88 . The virtual interactive exchange of  claim 84 , wherein the server is further operative to limit an amount of money in the participant's account.  
     
     
         89 . The virtual interactive exchange of  claim 74 , wherein the communications network comprises a wired medium.  
     
     
         90 . The virtual interactive exchange of  claim 74 , wherein the communications network comprises a wireless medium.