BetOnMarkets patent

[BinarySoft Chris]

I was just browsing some of the news items on the BetOnMarkets website, and noticed that they've had a US patent accepted (looks like it was originally submitted 7 years ago):

http://pic.betonmarkets.com/fog/US7206762.pdf

Another one of those incredibly irritating software patents - does this mean that BetsForTraders.com (or any new company which offers similar bets) are in direct violation of this patent if they offer a similar platform to US residents? (Perhaps BetsForTraders are already paying royalties?)

 

[Baldwreck]

Another one of those incredibly irritating software patents - does this mean that BetsForTraders.com (or any new company which offers similar bets) are in direct violation of this patent if they offer a similar platform to US residents? (Perhaps BetsForTraders are already paying royalties?)

Its a curious one this - I thought internet betting was illegal for US citizens (is that right?)

The company (BOM in an earlier guise) also made patent applications to both the GB Patents office and the European Patents office - the former was withdrawn and the latter refused.

There is some very curious "speak" in the patent granted in the US including this passage .."As a further consideration...the administrator of the system may wish to track bettors who are consistently successful at forecasting the direction of the financial markets. The administrator knows that under the assumption of efficient markets, no person may consistently forecast the financial markets, and therefore successful bettors are simply those who have been successful by chance. However, tracking successful bettors may provide useful information to the administrator, such as useful clues for tracking down this embodiment. The adminstrator MAY ALSO SELL OR PROVIDE THE INFORMATION COMPRISED OF THE ONGOING BETS OF SUCCESSFUL BETTORS TO THIRD PARTIES....."
I know there are not many followers of BOM on this forum - but for those that do use BOM do you recall any of this in their terms of business?

 

[BinarySoft Chris]

Its a curious one this - I thought internet betting was illegal for US citizens (is that right?)

The law in the USA passed in Sep 2006 means that it's illegal for banks/financial institutions to transfer money to gambling websites - this doesn't make online betting in itself illegal, but in practice it has meant that most poker sites, sports books and betting exchanges do not allow US citizens to sign up.

However, some online betting sites continue to accept registrations US citizens - including the betting exchanges hedgestreet.com (who only allow US citizens) and tradesports.com/intrade.com. I'm still not sure how many US citizens use those websites, or if it is legal for them to do so, but perhaps those two exchanges are considered to be mainly financial betting exchanges and so are not being actively pursued by the US government? After all, the dividing line between financial betting and trading on futures/options markets is extremely hazy (if the dividing line even exists at all), and the US govt would never ban futures/options/stock market trading!

The company (BOM in an earlier guise) also made patent applications to both the GB Patents office and the European Patents office - the former was withdrawn and the latter refused.

This is excellent news - I hope this sends out a message to all software companies (esp. financial software) that applying for software patents in Europe is a complete waste of time

 

[tightstops]

Its a curious one this - I thought internet betting was illegal for US citizens (is that right?)

The company (BOM in an earlier guise) also made patent applications to both the GB Patents office and the European Patents office - the former was withdrawn and the latter refused.

There is some very curious "speak" in the patent granted in the US including this passage .."As a further consideration...the administrator of the system may wish to track bettors who are consistently successful at forecasting the direction of the financial markets. The administrator knows that under the assumption of efficient markets, no person may consistently forecast the financial markets, and therefore successful bettors are simply those who have been successful by chance. However, tracking successful bettors may provide useful information to the administrator, such as useful clues for tracking down this embodiment. The adminstrator MAY ALSO SELL OR PROVIDE THE INFORMATION COMPRISED OF THE ONGOING BETS OF SUCCESSFUL BETTORS TO THIRD PARTIES....."
I know there are not many followers of BOM on this forum - but for those that do use BOM do you recall any of this in their terms of business?

just read the red words - probably vince stanzion whos a part owner legitimiseing his ability to pass on bets to people that other people have found knowing him for a fee of course