International Game Technology has been granted a patent for a sporting event wagering system that links the probability of winning a progressive award to the odds of a sporting event wager. The system generates chances to win the award based on the odds of the event, independent of the wager’s outcome. GlobalData’s report on International Game Technology gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on International Game Technology, Cashless payment settlement was a key innovation area identified from patents. International Game Technology's grant share as of July 2024 was 59%. Grant share is based on the ratio of number of grants to total number of patents.
Progressive award system linked to sporting event wagers
The patent US12073690B2 describes a sophisticated sporting event wagering system that integrates a progressive award mechanism. This system utilizes a processor and a memory device to manage wagers placed on various sporting events. When a user places a wager on a specific outcome of a sporting event, the system automatically associates a certain number of chances to win a progressive award based on the odds of that outcome. Notably, the progressive award is managed independently of the wagering system and can be won through gameplay that is unrelated to the sporting events themselves. Each wager generates a ticket voucher that details the wager amount and the associated chances for winning the progressive award, which is determined independently of the sporting event's outcome.
Additionally, the patent outlines the functionality of a progressive award controller that operates separately from the wagering system. This controller is responsible for maintaining the progressive award and determining winning chances based on the number of chances associated with redeemed winning wagers. The system allows for multiple sporting events and outcomes, with the odds and chances for winning the progressive award being calculated independently. The claims also highlight that the system can accommodate various types of sporting events, including live, historic, and electronic events, and can trigger events based on user identity or wager amounts. Overall, this patent presents a novel approach to enhancing the wagering experience by linking traditional betting with a chance-based award system.
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