Esports Technologies Inc, a global provider of advanced esports wagering products and technologies, has filed a new patent for a “Financial Instrument Performance-Based Pari-Mutuel Betting System and Method.”
The system and method uses a group of financial instruments to implement an electronic betting experience for an event that is comparable to horse racing, allowing bettors to place bets on which “participant” from the pool of financial instruments will win (experience the largest gain or the smallest drop) over a fixed period.
Until a set time endpoint, wagers can be placed through the system. The system then places all the bets in a pari-mutuel pool and calculates new odds based on the size of each bet, paying out based on the finishing position of each item in the pool.
The provider says the same method can be used for any group of items that have a price or index or other numerical value that fluctuates over time as well.
Bart Barden, COO of Esports Technologies, commented: “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.”
In August 2021, Esports Technologies 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.