Esports Technologies has filed a patent for a ‘”Financial Instrument Performance-Based Pari-Mutuel Betting System and Method’ to offer a pool betting market for its customers.
Developed by the esports betting operator with the aim of strengthening player engagement and delivering a faster betting service to its customers, the new system uses an ‘electronic betting experience’ using a group of financial instruments.
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.
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 from the filing of its patent application for an AI-driven odds generation technological solution, used in a betting algorithm for esports tournaments in August 2021.
In addition to its established esports markets, the Nasdaq-listed operator maintains that its new system can be used for “any group of items that have a price index or other numerical vertical that fluctuates over time”.
Bart Barden, COO, Esports Technologies, 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.”
Although a US-based enterprise, Esports consolidated its position in the European betting and esports space last year after securing a UK Gambling Commission (UKGC) licence in December under the terms of an operator services agreement.
After acquiring Aspire Global’s B2C operations for $76 million (€68m), the company incorporated including UK-focused online sports betting and casino brands Karamba, Hopa, and Griffon Casino as well as continental European operators BetTarget, Dansk777 and GenerationVIP, into its suite of brands.