Method of calculating the odds of a sports play using data fidelity
The present disclosure provides a method of calculating the odds of a sports play using data fidelity by using a historical database and extracting the most recent play data and the previous play data, and comparing the extracted play to a set of rules to determine if the data is accurate and should be used to calculate wagering odds or if the data is inaccurate or contains an error which prompts action by the system, such as suspending the current wager market until the data that is received is accurate. Also, the method provides a method of calculating the odds of a sports play using data fidelity by using a historical database and extracting the most recent wager market data or wager odds data and the previous wager market data or wager odd data and compares the data to a set of rules to determine if the data is accurate and if not notifying an administrator of the wagering network or wagering platform of a systematic error or issue.
1. A method of ensuring accuracy of calculated odds on a sports wagering network, the method comprising:
filtering at least one database for live event data;
extracting a most recent play from the at least one database;
extracting a play prior to the most recent play from the at least one database, thereby extracting data entries for the two most recent plays from a live event;
comparing the extracted data entries for the two most recent plays from the live event to a plurality of rules for suspending or not allowing a wager market from a play rules database;
based upon the comparison, determining that the extracted data entries are erroneous;
comparing extracted wager market data to system rule data from a system rules database;
based upon the comparison, determining that the extracted wager market data are erroneous;
based upon either comparison, suspending wager market activity on the sports wagering network; and
displaying at least one message that either the extracted data entries are erroneous or the extracted wager market data are erroneous to a system administrator.
2. The method of ensuring accuracy of calculated odds on the sports wagering network of claim 1 , further comprising:
initiating, with a base module, a play accuracy module and a system accuracy module.
3. The method of ensuring accuracy of calculated odds on the sports wagering network of claim 1 , further comprising:
regulating the wager market activity by recognizing a change in live event play data through predetermined thresholds.
4. The method of ensuring accuracy of calculated odds on the sports wagering network of claim 1 , further comprising:
regulating the wager market activity by recognizing a change in wager profit data through predetermined thresholds.
5. The method of ensuring accuracy of calculated odds on the sports wagering network of claim 1 , wherein the at least one displayed message instructs the system administrator to verify validity of wager odds or live event data through manual review.
6. The method of claim 1 , wherein both of the determining steps are performed in real time.
7. A system for ensuring accuracy of calculated odds on a sports wagering network, the system comprising:
a play rules database configured to store a plurality of rules for suspending or not allowing a wager market;
a play accuracy module configured to compare extracted play data with the plurality of rules for suspending or not allowing a wager market from the play rules database and determine that the extracted play data are erroneous;
a system rules database configured to store system rule data;
a system accuracy module configured to compare extracted wager market data with the system rule data from the system rules database and determine that the extracted wager market data are erroneous;
a base module configured to initiate the play accuracy module and the system accuracy module, wherein, based upon either comparison, wager market activity on the sports wagering network is suspended; and
a device configured to display a message that either the extracted data entries are erroneous or the extracted wager market data are erroneous to a system administrator.
8. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the play accuracy module is further configured to filter, query, compare, and extract data from the play rules database.
9. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 8 , wherein the play rules database is configured to contain rules based on potential system errors data is at least one of historical, recent, or previous play data.
10. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the system accuracy module is further configured to filter, query, compare, and extract data from the system database.
11. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 10 , wherein the system rules database is configured to contain rules based on potential system errors.
12. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the extracted and executed rules are configured to utilize a predetermined threshold.
13. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 12 , wherein the predetermined threshold is configured to be at least one predetermined number, time interval, or percentage.
14. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the play rules database is configured to contain rules based on potential system errors.
15. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the system rules database is configured to contain rules based on potential system errors.
16. The system for ensuring accuracy of calculated odds on the sports wagering network of claim 7 , wherein the message is displayed to an administrator by a notification.
17. The system of claim 7 , wherein the play accuracy module and the system accuracy module are both configured to perform respective determinations in real time.