petek

Member Since:June 2009
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Voila!!!

Just posted this past Monday on the US Patent website...

http://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PALL&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.htm&r=1&f=G&l=50&s1=9773382.PN.&OS=PN/9773382&RS=PN/9773382
 
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Don't forget Miomni's versions who are now catering to Stations, TI, Westgate and several others.
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How delightfully condescending, but thank you for your input! As the oddsmaker for Nevada sportsbooks for the past 32 years, this is a patented project that will be featured in Nevada sportsbook apps soon. Please fire away.

http://www.covers.com/Editorial/Article/a62bcb1e-b51e-e711-80cb-44a8423171c1/Las-Vegas-betting-odds-oddsmaking-sports-betting-pointspreads-gambling-Peter-Korner


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Thanks Pete! I appreciate your input!
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Pete, I think it's a great idea! A flex parlay! Only you could have thought of that!

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Made for a phone app.

For example: Hoops or football

1) Select a four team parlay (say it pays 10/1)
2) Now, instead of having to move all four teams the same number of points (in the the bettors favor) to produce a 6-pt teaser (paying say, 3/2)
3) You can move each game (each individual point-spread) in any direction either improving your chance of winning (lowering the odds payout) or making it tougher (increasing your payout)
4) a Flex parlay (maybe with a max of 6 or 7 point range each way)

You may only move one of the four games, or all four! It just gives the player complete control of the payout.
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When we hand it in, they'll have an entire manual to lead them through the process A to Z. It goes through an investigative period (to approve the security) and an enforcement period (to approve that this type of transaction is legal) before we can be approved.


Pete

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OK. I did some research. I actually got a hold of the guy who has the patent on person-to-person exchange wagering. For one reason or another, he doesn't want anything to do with anyone.


Fortunately upon further review, I found out that his patent is useless in the United States as person-to-person exchange wagering is deemed illegal by Gaming Control Statutes and Regulations.


Why? Because in effect, when an individual accepts an offer, he/she is in fact "booking" the action. And unless that individual has proper licensing, that's not going to fly.


So I am glad my patent is targeted the way it is. The only one who can accept an offer is a legal, licensed sportsbook. It makes sense.


BTW, the project is done and we'll be handing the entire project over to the Gaming Control Board by the end of the calendar year.


Pete

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bigvern1013,


You have to be very careful when using the term "online". Most people don't realize that regulatory statutes first drummed up specifically stated that "online" use is prohibited (I'm talking specifically in Nevada now.) So someone (me?) has to challenge that order which will take a couple of years to overturn. Hence, we have applications that have been approved like my idea under the VPN heading or the like. Not "online" (and there's a difference by definition)


The idea itself is terrific. It's up to those who own those ideas (and there are many with a variety of patent ownerships) to get on the ball and begin to craft the procedure.


I know Nevada gets knocked continually from everything A-Z when it comes to sports wagering, but it does not preclude the fact that the Nevada Gaming Control Board is very high tech savvy and very open to new ideas. It's up to those who want those ideas to come to fruition to move on them. Cantor Gaming has been very aggressive with this market and I'm always looking forward to what they may do next. General talk of market based wagering is at a minimum in the public sector still. I think there has to be a balance between what ideas can be popular and what ideas could in fact, drive the sportsbooks out of their own business. P2P exchange wagering is great and popular globally but that might put a dent in the sportsbooks handle. Hence, I thought of the P2B version which includes that market. Not to create "an advantage" for the book, rather/also, an option for the player to have something new if they want it. The general public, before this recent Cantor uproar, didn't realize just how much the market for "laying" off really is.


We all know Nevada is a small player when it comes to putting things into practice and amount of money handled compared to the offshores. No doubt Nevada's influence is larger than its own model. If New Jersey and Delaware can create and expand it's sports betting market, everything moves up. Ideas like the one you mentioned is a natural.


But remember, because of regulations and the governing bodies that any state will have with sports wagering, change is slow. Nevada has been particularly slow but I think we'll evolve quickly very soon.


There are two things in Nevada that are continually resisted: Change and soccer wagering. (That's a joke!)


Pete

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Pipe-Light,


Anyone will be able to fund an account. All that is required is you are within Nevada's borders at the time you want to make an offer.


Pete

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%^$%,


Easy does it! No need to get in a huff. Just ask.


You can go to: http://www.uspto.gov/


Scroll down and "search by number": 8282471


That's my patent. The "person to person" patent is owned by a person named Aquilino (who apparently lives in New Jersey) . I can't answer your questions to him.


Pete

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vanzack,


This IS exchange wagering. It's just different than what's out there. I can only offer (create) processes that I own. Traditional Betfair exchanges (patents) are covered by that company globally. Within the United States, another person has the rights to that process but chooses not do to anything about it (check the US Patent Office). So here, this is what I have and let me tell you, Cantor wishes it was available now. Half the things they were doing would be legal with my method.


Pinnacle could have an agent in Nevada, post offers and Cantor could have taken them. How easy. I know you said there was no market for this but how wrong can you be? And look at the handle size this one company was doing.


I appreciate your candid remarks but now that we've seen what is going on behind the scenes, I'm pretty confident that my roll of the dice will have some wheels to it. This may not affect you since you're not in Nevada but when you see how the government can come in and take over those that are not playing by the rules, you might start to think that paying your taxes is a lot better than sitting in the cooler.


This is just an option for those who want it, not for those like you who don't. Give it time to breathe.


Pete

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fadeonly,


You said I skirted your previous question above so I looked back at your original question. What does exchange wagering offer you that you don't already have? I can't answer that until you tell me all of the places you bet at. If none of them are with a sports exchange company, I offer you many reasons in my original opening post.


Pete

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nick69,


Your response is 25 years old.


Pete

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walktheline,


It's going to be very tough to hack this system, if at all. The Gaming Control Board likes what it sees in our security system and the company we're using is a global resource. Simply having a proxy server in the state has no shot of getting into our VPN.


Pete

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Wow! Such despise and hatred from posters! Nothing has changed in the last 3 years I see. LOL. That's OK, I'm used to critical remarks and take nothing personally because your rants are against the system I have, not me....I hope!


I need for everyone to understand something I should have clarified at the beginning. I'm in no position to give a lot of details until I get the OK from the Gaming Control Board. I don't want to jump the gun because approvals are pending and I don't want to be presumptuous in thinking anything is a lock to get this underway in a timely manner. Gaming works on their schedule, not ours. And that's the way we do things in Nevada.


First, no one's out "to get you". This is an acceptable way of sports wagering and there's advantages for everyone, not just the sportsbooks. This is simply another form of exchange wagering. I set it up this way because there is a need. I know this because I'm in the middle of 17 sportsbook hubs in this state and this "separate pool" would be great for a lot of situations. You're blasting a system you haven't even seen yet. All I'm asking is what you think of exchange wagering in Nevada? For most of you, it probably won't mean a thing because you won't be able to play.


Geez, why all the hate filled responses? I don't mind someone saying its an idea that they don't like but a reason why would have been nicer. Not these hack job, back-seat responses to something you haven't even seen yet. Is this the norm for introducing something new to the system and a little different from the other exchange companies?


I personally know this has a market. I understand you don't have my 26 years of experience as an oddsmaker in this state and contacts to the many sportsbooks and excellent Directors who run them. You don't have my perspective. But relax, all I'm asking is if you like the idea of exchange wagering or not? If not, why?


Pete

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vegasrebel417,


You're right on.


 


knicks031,


Send a resume to my website with CONTACT US. Always looking for talented people. (www.esportclub.com)


Pete

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walktheline,


Yes. You can play it on mostly anything.


Pete

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I don't think that would be an offer that would be taken. I think if you're a bettor trying to get the best of the number, you'll have an opportunity to see how far off the line you can make an offer but don't expect a bookmaker to be that aggressive.


Pete

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vanzack,


I see where you are missing some angles. In your first question, you fail to realize that your $100,000 offer is just one of thousands of offers on both sides of a game on the VPN. Any SB could take your offer and match it to $100,000 worth of offers on the other team right on the site, irregardless of action at the book. Your offer is easily taken any time of the week by any book. I guess you assumed there were absolutely no offers on the other team whatsoever on the VPN. Possible, but improbable.


On your second point, I think we're actually in agreement and not far off from each other. I don't expect any offer to be too far off the current line. Mostly shaded by the money line, but depending on the nature of the game, a point differential is nothing to be so miffed about, especially if its a college football game and the spread is 20+ points or higher. Really, a bookmaker is going to be scared to take -24 when he has -25 1/2 at his book? I think you underestimate aggressive large limit bookies.


Your third point about trust factor. I'm missing your point. Trust about what? I'm not making light of anything, I'm just confused as to what point you are exactly making.


Any form of wagering like this offers the gambler an opportunity to grab a line of his/her choice. That is not available here in Nevada yet. That's what I'm giving them.


Maybe this is not for you on an assortment of levels, but we do have a market for this. Please read my very first sentence I wrote you in my very first post to you. "This is NOT for the average American gambler". I never said it was from the beginning so you're fighting your own words trying to make sense of something I never intimated.


Pete

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Maybe something got lost in the sauce. Your opinions are well received but I think you're advancing this far beyond what you may understand at this time.


Exchange wagering is a very successful way of doing business. All I'm doing is making it available in Nevada and changed the format to INCLUDE sportsbooks, which is exactly my business.


Nothing more. To have grave doubts about its success would be to argue the existing exchange formats. That's ridiculous. This will be available to whoever wants it. Even my clients, the sportsbooks don't have to use it. It's an additional tool they can use as it is for bettors who want a different line (at their own price of their choosing).


I'm not avoiding any issue. I'm just announcing exchange wagering in Nevada that's not been available before. Either enjoy it, or walk away.


Advantages? You're funding an account with a real brick and mortar legal establishment where you'll never have to worry your account will be confiscated or you can be prosecuted. I work with the law in my business. That's my job.


Pete

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vanzack,


1) This is an instant for the sportsbooks at the genesis of this idea. When will a sportsbook take an offer that doesn't match? Easy.


Example: Sportsbook X is up for the day entering the last game of the night. They're so heavy on one side of the game that a loss takes away most to all of their day's profits. The director decides to take his win and run. The director will balance the action despite the juice difference and take away the decision making. At most he loses a sparse amount on that juice difference but comes out big for the day.


2) Reduced juice is only one aspect of a betting line. Maybe everyone is at -3 and you want -2 1/2 at whatever juice. That's now a possibility. And now, this will be legal for Nevada residents and visitors. The options you listed are not legal in Nevada.


3) Books won't have knowledge of who's putting up the offer. Likewise, the bettor won't know who matched theirs. Hence, no profiling! Matched offers are by need, nothing else. Totally unbiased.


Matching bets now comes from two venues for the sportsbooks allowing plenty of more action. If someone comes up to the counter and wants to place a wager above their normal limits, the SB can now look at this additional pool of wagers and can take the wager over the counter and match it through the VPN.


SB's in Nevada will more likely take a large football wager at the beginning of the week where they can work to balance that action over the entire week. When a whale comes to town and wants to plunk a big wager 30 minutes before kickoff, the SB can immediately look to see if they can match this and not risk an entire day on one wager so late in the week. Options like this are great for the books and allow bettors what they want.


Cantor Gaming, upon their arrival in Nevada spoke of increasing volume and settling for smaller holds so I beg to differ on that. More handle will increase profits at a lesser hold percentage. No one has a problem with that here.


Pete

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vanzack,


Great post and I will answer them in just a bit.


Pete

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Gaming and federal regulators have been moving forward but slowly. Casino style gaming will come first particularly because the stigma of sports wagering still has a grip on the moral majority. Right now, I'm interested in launching all sorts of technologies in Nevada and any other state that can break through the federal grip. It's maddening for all of us interested in sports wagering, but when it comes, it'll come on with tremendous popularity and windfall for the governing bodies.


Since 2009, I've been trying to keep The Sports Club the leading oddsmaking firm in Nevada which I've done since 2005 and cultivating new ideas to get into the public light like this one. More to come afterwards.


Pete

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FadeOnly,


You're never prisoner to any line. This type of process allows you to bet only the number and odds you select. You always get the best of a situation. As long as your offer isn't so far off the current consensus, there's a pretty good chance it will be scooped up by one of the sportsbooks.


Pete

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I reposted this in the football forum. With more exposure there, please use that forum for any questions. Thanks.


 


Pete

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vanzack,


It's a long day for me. I'll be around for sure. Your comments (good and critical) will be very welcome and please ask questions! Thx.


Pete

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If you're a bettor who plays every day (be it for $10, $100 or $1000) wouldn't you want to get the best of the line with every play? Tired of laying -110 each way? Here's your outlet to get what you want. You're never late on a steam play. Just post what you want and there's an excellent chance it will get picked up by one of 20 sportsbook hubs in the state.


Pete

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vanzack,


You are correct. This is not for the average American gambler. Nevada behind the times? For sure, but that's what regulatory environments face sometimes. But this is new in the sense that anyone can walk up to even the smallest sportsbook in the state and plunk down as much as you want and they may be able to take the wager where they WOULDN'T before. Isn't the global complaint about Nevada is they won't take a wager? Well, now go right ahead and post it.


Pete

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You can access it from anywhere (PC or otherwise) on our VPN as long as you are within Nevada's borders.


Pete

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