Esports Technologies has filed a patent for a “Financial Instrument Performance-Based Pari-Mutuel Betting System and Method” to offer a pool betting market to its customers. The new system provides an “electronic betting experience” using a group of financial instruments to strengthen player engagement. By using the system and method, bettors can wager on which “participant” from the pool of financial instruments will win, meaning the one which experiences the largest gain or the smallest drop over a fixed period of time.
“This concept for pari-mutuel betting on price fluctuations in financial instruments and other assets creates an exciting new wagering experience,” said Bart Barden, COO of Esports Technologies. “This technology would deliver fast-paced action and drive strong engagement among bettors.”
All wagers are placed in a pari-mutuel pool, and the system calculates new odds based on the size of each bet, paying out based on the finishing position of each item in the pool, whilst gamblers can place bets through the system up until a set time endpoint.
The move represents an expansion of the Nasdaq-listed company’s intellectual property portfolio, following the filing of its patent application for an AI-driven odds generation technological solution that was used in a betting algorithm for esports tournaments in August 2021.
Although a US-based enterprise, Esports Technologies consolidated its position in the European betting and esports space last year after securing a UK Gambling Commission (UKGC) license in December under the terms of an operator services agreement.
(All information was provided by SBCNews)