Esports Technologies has filed 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 allows 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 of time.
Bets can be placed through the system up until a set time endpoint. The system places all the wagers in a pari-mutuel pool and calculates new odds based on the size of each bet. The system 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.
Bart Barden, COO, 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.”