January 6, 2022 Sports Betting, Legal, Technology

Esports Technologies wants to let people bet on financial instruments

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Company files for patent, draws parallel to horse racing.

Esports Technologies on Thursday said it has filed a new patent application for a “Financial Instrument Performance-Based Pari-Mutuel Betting System and Method.”

The Las Vegas-based global provider of esports wagering products and technologies said its proposed patent is for a system and method that implements an electronic betting experience for an event it says is comparable to horse racing, but using a group of financial instruments.

According to a statement from the company, bettors will be able to place bets on which “participant” from a designated pool of financial instruments will “win” – which it defined as experiencing the largest gain or the smallest drop – over a fixed period of time.

Esports Technologies said 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 company noted the same method could be used for any group of items that have a price or index or other numerical value that fluctuates over time.

This latest filing is in addition to several intellectual property patents Esports Technologies has sought 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.

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.

“This concept for pari-mutuel betting on price fluctuations in financial instruments and other assets creates an exciting new wagering experience,” Bart Barden, COO, Esports Technologies, said in a statement. “This technology would deliver fast-paced action and drive strong engagement among bettors.”

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