Esports Technologies has filed a new patent for financial betting a few days ago. We have taken a closer look at the betting system for you in the news below.
Financial betting: This is what you can bet on in the future
The financial betting system allows players to bet on price decreases and price increases of certain financial instruments in a given time period. Furthermore, there are some special functions. For example, bets can be placed on which stock will change the most in percentage terms, positively or negatively. The new system adds the bets to a pari-mutuel pool, within which the betting odds are calculated. The odds are based on betting turnover. Winners receive their payout from the funds in the pari-mutuel pool. The new patent is not only suitable for financial bets, but for all events based on a fixed initial value with a subsequent possible price change.
Barten Barden COO of Esports Technologies commented on his company's new product as follows:
“The concept for pari-mutuel betting on price fluctuations in financial instruments and other assets creates an exciting new betting experience. The technology will deliver fast-moving action and drive strong engagement among bettors.”
Is financial betting new to bookmakers?
Esports Technologies' patent is actually brand new in its form. The number of betting options, respectively markets, as well as the related settlement functions are unique. Of particular note is that Esports Technologies has incorporated automatic risk management for bookmakers. Of course, it is also true when looking at the history of online betting that financial betting itself is not an innovation. Betting opportunities on rising and falling stock prices or currency pairs have been offered by some bookmakers for many years, especially in the UK. In the past months, however, it had become apparent that corresponding offers had somewhat lost their trend. With the new module from Esports Technologies, financial betting could experience a new upswing.
Esports Technologies: New company with top development
Esports Technologies has only been around since September 2020. The company is based in Las Vegas and is listed on the stock exchange. The company has experienced an exhilarating boom. Esports Technologies provides its customers with complete betting offers that a) naturally focus on e-sports, but b) don't neglect classic sports either. The eSports betting offer includes over 500 tournaments with around 14,000 matches as well as live streams on 50 channels. Classic sports betting includes over 120 disciplines, with just over 45,000 live and over 75,000 pre-match events per month.
In 2021, the company acquired Aspire Global Group, which is considered one of the strongest casino providers in the gambling scene. In addition, Esports Technologies has obtained a license from the UK Gambling Commission. The company groups includes two well-known subsidiary companies:
- Esports Product Technologies Malta Ltd.
- Global E-Sports Entertainment Group LLC
The second patent of Esports Technologies
Back in November, Esports Technologies filed a patent for a private e-sports betting model. The system allows customers to subscribe to certain betting options. There is no longer a need to place each bet individually. The tips are played automatically based on the previous settings.
The betting module with its automatic odds modeling was nominated as “Esports Product of the Year” for the Sigma Europe Gaming Awards in 2021.
