Description:
Invention Summary
An innovative rewards system based on the success of sports wagering tickets and the marketing potential of free-to-participate contests and giveaways. This technology allows customers to enter wagers without payment and receive rewards based on real-time wagering events. This spin on wagering tickets is a unique rewards system that will keep customers returning for more.
Market Opportunity
The betting industry has enjoyed a boost within the last five years, particularly in the United States. Per IBISWorld, 2018 marked a crucial year for the betting industry largely due to the U.S. Supreme Court’s decision to strike down a 1992 legislation banning sports betting. Following the decision, the industry enjoyed a 4.5% boost in revenues as more states in the U.S. legalized sports betting. With sports betting taking up 53% of the total market’s segmentation, this increase is expected to improve the industry’s performance in the years following 2019 by an annualized rate of 2% to $238 billion.
With industry growth comes increasing demand for new, innovative ways to implement wagering and random outcome systems into businesses. Due to the fact that users of this technology do not need to pay to place wagers, this system can cater to both higher and lower income customers. According to IBISWorld, the betting and lottery industry’s performance remains consistent even through poor overall economic performance because consumers will switch to less costly systems. This opens the door for this rewards system because a market will always be present regardless of economic activity.
Features and Benefits
• Random outcomes system based on the thrill of betting and the success of contests and giveaways.
• Unique rewards and loyalty system designed to increase customer participation and returning business.
• Intuitive system automatically tracks winnings and non-winnings based on random outcomes of real-time betting events.
• Simple design allows for ease of implementation for businesses.
• Grid-based interface increases playability.
Intellectual Property
U.S. Utility Patent No.: 15/376,347