System and method for peer to peer race and sports wager exchange

Abstract

A peer to peer wager exchange system allows wagers on race and sporting events to be exchanged between bettors. A wager exchange server may be provided to facilitate wager exchanges by accepting exchange requests and acceptances. Exchange requests may be published or otherwise distributed to bettors that may be interested in the wagers identified in the exchange requests. Upon acceptance, the system may assign a wager from the requesting bettor to the accepting bettor and transfer payment from the accepting bettor to the requesting bettor. When a final determining event occurs at the race or sporting event, a payout may be provided to the accepting bettor if the wager is a winning wager.

What is claimed is: 
     
         1 . A wager exchange system for one or more race or sporting events comprising:
 one or more communication devices configured to receive an exchange request from one or more first bettors, wherein the exchange request comprises wager information identifying a wager on the one or more race or sporting events and a requested amount for the wager;   one or more storage devices configured to store the wager information and a plurality of bettor accounts, wherein the wager information is associated with a first bettor account of the plurality of bettor accounts; and   one or more controllers configured to associate the wager information with a second bettor account of the plurality of bettor accounts after receipt of an acceptance message for the exchange request from one or more second bettors;   wherein the one or more controllers electronically transfer funds from the one or more second bettors to the one or more first bettors after receipt of the acceptance message.   
     
     
         2 . The wager exchange system of  claim 1 , wherein the one or more communication devices are configured to receive the exchange request only during an exchange period. 
     
     
         3 . The wager exchange system of  claim 1 , wherein the one or more controllers are further configured to transmit a notification to one or more terminals via the one or more communication devices after the exchange request is received. 
     
     
         4 . The wager exchange system of  claim 1 , wherein the one or more controllers are further configured to evaluate the wager to determine if the wager is a winning wager. 
     
     
         5 . The wager exchange system of  claim 1 , wherein the one or more communication devices are further configured to receive race and sports information from an external data feed. 
     
     
         6 . The wager exchange system of  claim 1 , wherein the one or more communication devices are further configured to receive wager information from one or more wager booking servers. 
     
     
         7 . The wager exchange system of  claim 1  further comprising a display screen and one or more input devices for operating the wager exchange system. 
     
     
         8 . A peer to peer wager exchange system for race or sporting events comprising:
 one or more wager booking servers configured to accept one or more wagers on race or sporting events from bettors;   one or more first terminals configured to transmit one or more exchange requests from one or more requesting bettors, each of the one or more exchange requests identifying one of the one or more wagers and a requested amount;   one or more second terminals configured to transmit one or more acceptance messages from one or more accepting bettors in response to the one or more exchange requests; and   a wager exchange server configured to:
 receive the one or more exchange requests; 
 receive the one or more acceptance messages; and 
 assign the wager identified in the one or more exchange requests to the one or more accepting bettors. 
   
     
     
         9 . The peer to peer wager exchange system of  claim 8 , wherein the wager exchange server is further configured to transfer payment totaling the requested amount from the one or more accepting bettors to the one or more requesting bettors. 
     
     
         10 . The peer to peer wager exchange system of  claim 8 , wherein the wager exchange server is further configured to transfer payment to the one or more accepting bettors if the wager identified in the one or more exchange requests is a winning wager. 
     
     
         11 . The peer to peer wager exchange system of  claim 8  further comprising a data feed configured to provide race and sports information to the wager exchange server. 
     
     
         12 . The peer to peer wager exchange system of  claim 8 , wherein the wager exchange server only accepts exchange requests during one or more predefined exchange periods. 
     
     
         13 . The peer to peer wager exchange system of  claim 8 , wherein the one or more first terminals are portable electronic devices configured to communicate wirelessly. 
     
     
         14 . The peer to peer wager exchange system of  claim 8 , wherein the one or more second terminals are portable electronic devices configured to communicate wirelessly. 
     
     
         15 . A method of exchanging wagers with a peer to peer wager exchange system comprising:
 receiving a wager from a first bettor, wherein the wager is one selected from the group consisting of a multi-leg wager on a set of races and a wager on a sporting event;   after a first portion of the set of races or sporting event is complete, receiving an exchange request from the first bettor, the exchange request including a requested amount for the wager;   transmitting a notification to one or more second bettors identifying the wager and the requested amount in the exchange request;   receiving an acceptance message from one of the one or more second bettors;   assigning the wager from the first bettor to the second bettor from which the acceptance message was received; and   transferring payment of at least the requested amount from an account of the second bettor to an account of the first bettor.   
     
     
         16 . The method of  claim 15  further comprising transferring a winning amount to the second player if the wager is a winning wager. 
     
     
         17 . The method of  claim 15  further comprising presenting the exchange request on a terminal. 
     
     
         18 . The method of  claim 15  further comprising presenting the exchange request on a public display screen at one or more wagering venues. 
     
     
         19 . The method of  claim 15  further comprising rejecting the exchange request if the exchange request is received outside one or more predefined exchange periods. 
     
     
         20 . The method of  claim 15  further comprising receiving race and sports information describing the race or sporting event from a data feed, wherein the race and sports information determines if the wager is a winning wager.