METHOD, APPARATUS AND ARTICLE-OF-MANUFACTURE FOR THE CREATION, ISSUANCE, TRADING, AND EXERCISE OF REFUND OPTIONS FOR ATTENDANCE RIGHTS
Computer-related methods, apparatus, and/or articles of manufacture to permit/facilitate the creation, marketing, and/or distribution of options to purchase tickets or obtain refunds to a particular future event, particularly an elimination format competition, when the chosen competitor's qualification for such a game is currently uncertain, but where the uncertainty will be resolved prior to the commencement of the particular future event.
1 . A method for providing a marketplace for an option right to attend a future event, the method implemented on a computer system and comprising the steps of:
facilitating a creation of a contingent right to purchase a ticket to a future event coupled with an obligation to purchase the ticket, the future event being an event at which spectators pay to view activities having a restricted attendance, wherein the contingent right and the obligation to purchase the ticket vest upon an occurrence of a future outcome that is uncertain at the time of the creation of the contingent right;
providing an online marketplace for a seller to offer for sale the contingent right;
providing a valuation of the contingent right to the seller based on bidding activity by market participants;
providing a platform for a bidder to view the offer for sale and submit a bid to purchase the contingent right, the platform including a communication link wherein, when the bidder submits the bid, the seller receives the bid through the communication link and the seller has an option to accept or reject the bid;
allowing for a transfer of the contingent right from the seller to the bidder when the seller accepts the bid; and
allowing the bidder to resell the contingent right in the online marketplace.
2 . The method of claim 1 wherein the future outcome includes participation in the activities of the future event by certain participants that are uncertain at the time of the creation of the contingent right.
3 . The method of claim 2 wherein the certain participants include at least one of a team, an athlete, a band, and a performer.
4 . The method of claim 1 wherein the future outcome is an occurrence of the future event itself, which is uncertain at the time of the creation of the contingent right.
5 . The method of claim 1 wherein the online marketplace includes an auction.
6 . The method of claim 1 further comprising storing information on a plurality of future events, the information including one or more details regarding the future events.
7 . The method of claim 6 wherein the one or more details include at least one of a number of seats, a location of seats, a class of seats and their face values, and tentative times and dates for the future event.
8 . The method of claim 1 wherein the future event is a competitive sporting event with a playoff style elimination.
9 . A method for providing a marketplace for rights to attend a future event, the method implemented on a computer system and comprising the steps of:
receiving information from a ticket issuing authority regarding a ticket being allocated for a creation of an option right to attend a future event, the future event being a competitive sporting event at which spectators pay to view a competition having a restricted attendance, wherein the option right vests upon occurrence of a future outcome that is uncertain at the time of the creation of the option rights, and wherein the option right includes an obligation to purchase the ticket upon occurrence of the future outcome;
providing access for market participants to view the option right and an ability to search a plurality of option rights offered in the market based on specified search criteria;
providing market participants with an ability to post bids on option rights they are interested in acquiring, the option rights including specifications pertaining to a plurality of option factors;
verifying posted bids to determine whether the bids are accepted, rejected, or pending; and
performing at least one of (i) processing a payment if a bid is accepted, (ii) notifying a market participant that posted a bid that the bid is rejected, or (iii) forwarding pending bids to a market clearing mechanism configured to determine an optimal pricing to match supply and demand of the option rights.
10 . The method of claim 9 wherein the option factors include at least one of a participant competing, a round of play, a series of play, a number of seats, and a bid price.
11 . The method of claim 9 wherein the information includes at least one of a number of seats, a location of seats, a class of seats, a face value of a seat, a tentative time, and a tentative date.
12 . The method of claim 9 wherein the future outcome is participation in the activities of the future event by certain participants that are uncertain at the time of the creation of the option rights.
13 . The method of claim 12 wherein the participants include at least one of a team and an individual athlete.
14 . The method of claim 9 wherein the future outcome is occurrence of the future event itself, which is uncertain at the time of the creation of the option rights.
15 . The method of claim 9 wherein the access for market participants comprises access to an auction.
16 . The method of claim 9 further comprising storing information on a plurality of future events, the information including details regarding the future events.
17 . The method of claim 9 further comprising facilitating a revenue maximization objective by adjusting criteria associated with the option rights, the criteria including at least one of a minimum price reserve level and a volume offered.
18 . The method of claim 9 wherein the market clearing mechanism is configured to match open sell offers and purchase bids.
19 . The method of claim 9 wherein the market clearing mechanism is configured to keep a posted sell offer open for a defined period of time dependent upon the posted bids.
20 . The method of claim 9 wherein the market clearing mechanism is configured to close a posted sell offer if there are no matched purchase bids for the sell offer at the end of a defined period of time.