Esports Technologies announced Thursday the filing of a new patent application for a “Financial Instrument Performance-Based Pari-Mutuel Betting System and Method”. The system and method implements an electronic betting experience for an event that is comparable to horse racing, but using a group of financial instruments.
The system and method allow bettors to place bets on which “participant” from the pool of financial instruments will win - for example, experience the largest gain or the smallest drop - over a fixed period of time. Bets can be placed through the system up until a set time endpoint.
The system places all wagers in a pari-mutuel pool and calculates new odds based on the size of each bet. It pays out based on the finishing position of each item in the pool. The same method could also be used for any group of items that have a price or index, or other numerical value that fluctuates over time.
This filing is yet another addition to the portfolio of intellectual property Esports Technologies has built in less than a year. In August 2021, the company filed a provisional patent application for a technology that uses artificial intelligence to generate odds models for use in a betting algorithm for esports tournaments and various stages of a tournament. The company was later selected as a finalist in the 2021 Tempest Esports Business Awards for this achievement.
In June 2021, the company filed a patent covering a proprietary live streaming technology that layers sports and esports wagering across many of the most popular streaming platforms, including Twitch, YouTube, Facebook Gaming, and Hulu, among others.
In an official press release, Bart Barden, COO of Esports Technologies, spoke and said: "This concept for pari-mutuel betting on price fluctuations in financial instruments and other assets creates an exciting new wagering experience. This technology would deliver fast-paced action and drive strong engagement among bettors."