Bart Barden
Esports Technologies Files Patent for a Performance-Based Betting System
Esports Technologies Files Patent for a Performance-Based Betting System to Facilitate Wagering on Fluctuations in Financial Instruments
Patent Covers the Ability to Place Bets on Percentage Price Changes of Any Group of Financial Instruments Over a Set Period of Time, with Payout Via a Pari-Mutuel Pool
Esports Technologies, Inc. (Nasdaq: EBET), a leading global provider of award-winning advanced esports wagering products and technologies, announced today the filing of a new patent application for a âFinancial Instrument Performance-Based Pari-Mutuel Betting System and Method.â 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 âparticipantâ from the pool of financial instruments will win (i.e., 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, said, âThis 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.â
This filing is yet another addition to the portfolio of groundbreaking intellectual property Esports Technologies has built 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. For this innovative use of technology, Esports Technologies was selected as a finalist in the 2021 Tempest Esports Business Awards.
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.
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Bart Barden
Commission Unites Gogawi, Betway, Entain, GGBet, and Others in Supporting the Mission to Curb and Prevent Wagering Fraud in Esports
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Esports Technologies, Inc.(NASDAQ: EBET), a leading global provider of advanced esports wagering products and technology, today announced it has joined the Esports Integrity Commission (ESIC) in its mission to end match-fixing and corrupt betting activity in esports.
Founded in 2016, ESIC is a not-for-profit association that aims to unite the esports industry under shared values and visions to fight against corruption in any form. Its members protect the integrity of esports competitions, and include tournament operators, national federations, and leaders from the esports betting and media landscape such as Betway, Entain, and GGBet. Â
ESIC recently issued sanctions against 35 players for betting-related infractions concerning official matches on the Counter-Strike matchmaking platform ESEA. These sanctions meant that players were banned from ESIC member competitions. With ESICâs membership covering a large portion of key esports stakeholders such as ESL, DreamHack, WePlay, BLAST, LVP, Nodwin, Eden, Relog, UCC, Allied, Kronoverse, Estars and 247 Leagues, ESICâs regulatory reach is substantial. Â
Bart Barden, COO of Esports Technologies, said, âWe are committed to working closely with ESIC to safeguard the integrity of esports and esports betting. As esports continues to rise in popularity, our coalition will work to build fan and bettor trust in esports tournaments. When the public has trust and confidence in the esports industry, every stakeholder wins.â
Ian Smith, ESIC Commissioner, commented, âWe are delighted to welcome Esports Technologies as an anti-corruption supporter of ESIC. Our anti-corruption supporters play an important role in our mission to deter cheating and fraudulent activity within esports betting. By joining ESIC, Esports Technologies has displayed its commitment to maintaining the integrity of esports.â
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