Bernard J Albanese

20030046218, Mar 6, 2003

Oct 5, 2001

09/972480

Bernard Albanese - Towaco NJ, US
Barry Mindes - Wayne NJ, US

G06F017/60

705/037000

This invention relates to novel options-based financial instruments, and a related system and method that automates market trading of the novel instruments. The invention protects positions against short-term market movements by inducing users on the opposite sides of a transaction to trade in equal or near equal dollar volumes. The system includes an automated price quotation capability for the instruments, that operates at computer speeds, without human intervention—specialists and market makers are not necessary. Through the use of feedback techniques, the system induces traders on the opposite sides of a transaction to trade in near equal numbers of round lots, minimizing the system's financial exposure from unbalanced trading. The system also fully automates the trading of the financial instruments themselves, plus the attendant functions (inventory control, billing, reporting, etc.), so that users may interact with the system on-line, without human intervention. The novel financial instruments have the characteristic that they allow trading directly in the price movement of the underlying security (stock, bond, currency, etc.), while providing superior financial leverage as compared to investing directly in the underlying security.

20070293310, Dec 20, 2007

May 4, 2007

11/800189

Barry Mindes - Wayne NJ, US
Bernard Albanese - Towaco NJ, US

G06F 19/00

463028000

A computer system for providing fixed-odds pari-mutuel wagering for wagering on entries in a race including: at least one processor; and a computer-readable memory operatively connected to the at least one processor, with instructions capable of performing steps comprising: (a) opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race; (b) evaluating each proposed wager at the initial fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation; (c) accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the determination in step (b); (d) based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; (e) optionally providing a subsequent pari-mutuel pool, comprising the steps of: (A) providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race; (B) evaluating each proposed wager at the optionally modified fixed-odds to determine whether a combination of wagers, in whole or part, would satisfy a predetermined pari-mutuel calculation; (C) accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the determination in step (B); and (D) based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering; (f) optionally repeating step (e); and (g) closing the wagering system.

20080076544, Mar 27, 2008

Oct 21, 2005

11/665680

Barry Mindes - Wayne NJ, US
Bernard Albanese - Towaco NJ, US

INTERACTIVE SYSTEMS WORLDWIDE, INC. - West Patterson NJ

A63F 3/08

463028000, 463030000

The present invention relates to a wagering system that satisfies pari-mutuel regulations while offering patrons fixed-odds at the time the wager is made. More specifically, the present invention is directed to a method of providing a fixed-odds pari-mutuel wagering system for wagering on entries in a race wherein the system may include the steps of opening the wagering system with an initial pari-mutuel pool at initial fixed-odds for each entry in the race; batching the bets received at the fixed odds in a given entry and evaluating each proposed wager at the initial fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the initial fixed-odds, in whole or in part, based on the previous determination; placing rejected, in whole or in part, wagers in a queue for later evaluation; based on one or more predetermined criteria, closing the initial pari-mutuel pool to further wagering; providing a subsequent pari-mutuel pool with optionally modified fixed-odds for each entry in the race, batching and evaluating each new proposed wager and each previously rejected wager placed in the queue at the optionally modified fixed-odds, to determine whether it would satisfy a predetermined pari-mutuel calculation; accepting or rejecting each proposed wager at the optionally modified fixed-odds, in whole or in part, based on the previous determination; based on one or more predetermined criteria, closing the subsequent pari-mutuel pool to further wagering; optionally repeating the previous steps as necessary before closing the wagering system.

58429212, Dec 1, 1998

Jul 26, 1996

8/692884

Barry M. Mindes - Wayne NJ
Bernard J. Albanese - Towaco NJ
Richard Hecht - Bloomfield CT

International Sports Wagering, Inc. - Little Falls NJ

G06F 1500
A63F 924

463 16

Improvements are described for a data processing system and method that allows a betting "house" to maintain a betting pool on a contest involving two or more contestants by controlling the terms (the betting odds and/or handicaps) for the contestants so that bettors are encouraged to place bets that will bring the betting pool (the "book") into balance. The system and method provides for "hedging" of bets in light of changing betting terms, such that bettors can guarantee profits or minimize losses before the contest is complete. Incoming bets may be placed in a queue before being processed, and their effect on pool balance evaluated before accepting or rejecting the bets. Bets in the queue may be accepted only in matching sets on all of the participating contestants, so as to prevent any imbalance of the betting pool. Alternatively, the bets may be rejected with an indication of the change in betting terms which would be required if the bets are to be accepted. Bets may be placed on the finishing order of the contestants, such that there will be multiple winning bets for a single contest.