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Our Story
Marketmaker Software Ltd was the operator of live sports bet trading exchange Oddsfutures.

Marketmaker holds the distinction of being the first to invent, file, publish, and receive granted patents for the Cash Out sports betting UX, accomplishing this feat four years ahead of others, starting in 2007. Despite this, Betfair (NYSE: FLUT) launched the product without a license in 2011, falsely claiming its invention. Marketmaker began software development in Dublin, Ireland, as early as 2006, and our US patents on Cash Out functionality (‘721, ‘157) and Exchange SP functionality (‘205) were published in Q1 2007.

The claims in our 2007 filed intellectual property covered novel aspects of online wagering systems, including:

1. Systems and GUI for Wager-Related Cash Out Activities: Introducing computer-readable instructions enabling processor execution of wager-related Cash Out activities, facilitated by continuously updated pricing within a computer network.
2. Input Device Varieties: Incorporating various input devices such as wagering stations and mobile devices to access and interact with the wagering system.
3. Award Determination and Participant Eligibility: Determining awards based on outcomes and participant eligibility criteria, ensuring fair and transparent reward allocation.
4. Cash Settlement Awards: Providing options for full or partial cash out with variable premiums to the operator, including single bets or combinations of multiple bet selections, all calculated with dynamic pricing into a single cash out button.
5. Award Calculations: Calculating awards based on factors like probability and participant-originated wagers, ensuring accurate and equitable payouts.
6. Participant Options Post-Wager: Offering post-wager options such as termination, continuation, or generating new wagers, using parlays, enhancing user control and engagement into a single cash out button.
7. Transfer or Sale of Wager Entitlements: Allowing options for users to transfer or sell their wager entitlements or rights, providing flexibility and liquidity in the wagering process.

Our claims, and our technology, outlined a dynamic visual indicator interface for managing and offering cash settlement during live sports events, with various participant and functional award options. With a priority date of 2007, these innovations set the novel foundations for modern online sports betting systems.

In 2006 Marketmaker recognized horse racing and online betting markets needed to create new pre game and in play betting inventory. Moving beyond traditional binary bets, Marketmaker introduced innovative products with cutting-edge user experiences and multibet (parlay) settlement technologies, securing Irish and US patents in 2007. The company’s vision was to revolutionize sports betting with two new user experiences focused on retaining users through engagement, facilitating in-play bet divestment, and reactivating users.

Marketmaker’s founders had a long-term vision and a firm belief: combining two distinct sports betting product innovations and offering them during dynamic odds changes would revolutionize customer interaction and transform the entire industry. Their approach aimed to enhance the user experience by allowing bettors to navigate and potentially avoid unfavorable bet outcomes.

In 2006/2007, Marketmaker envisioned combining two, at the time, entirely novel and groundbreaking new types of wager inventory as sports betting features. The primary innovation was a single button for live-priced cash settlement with dynamically updating odds, reflecting effective risk management models for real-time on-field action. This allowed users to reactivate and divest, Cashing Out existing bets (‘721,’157) at or below par.

This feature, in order to work for our oddsfutures.com wesbite, relied on an uninterrupted, dynamic probability re-pricing cycle for each event on the field, seamlessly integrated into the betting user experience. These (‘721,’157) patents built on our (‘205) patent for exchange settlement in sports and horse racing markets, replacing and repricing standard SP (Starting Prices) data in horse racing, thereby enhancing the system’s overall novelty and functionality. We partnered with PA Sports (the Press Association), the official owners of the published SP product.

In 2007, Marketmaker secured US patents for two novel functional and technical sports betting innovations. Marketmaker was the first to invent and file for Cash Out betting, beating competitors by four years. From Q1 2007 to 2013, we sought to partner with major UK operators to license these products, whilst being partnered with PA Sport. We engaged in investment and liquidity-based horse racing product development discussions with Betfair (now Fanduel/Flutter Entertainment) and other operators.

The b2b software licensing route proved fruitless, despite commercialisation and investment discussions with Betfair and several other UK operators.

36 months after our initial NDA was signed with Betfair product development/Ventures, and by 2010, we had built and launched horse racing only markets on our Oddsfutures.com betting exchange. We incorporated our novel Cash Out bet divestment product (‘721, ‘157) to USA customers for Cash Out in late 2011, whilst using Exchange Settlement Prices (‘205) for underwriting onsite liquidity from our 2010 USA & EU launch date for horseracing markets.

Following our 2007 NDA discussions on investment, IP commercialization, and potential licensing with Betfair (now Fanduel/Flutter Entertainment), Betfair introduced our ‘205 patented technology without a license in early 2008. Additionally, Betfair launched our single button Cash Out UX (‘721,’157) in Q2 2011, while Marketmaker rolled out the Cash Out product for existing bets in Q3 2011.

True to Marketmaker’s vision and investment thesis, the ‘205 exchange settlement price product significantly enhanced Betfair’s early lay liquidity. Concurrently, Betfair and PA Sport litigated in the UK High Court over the use of the trademarked term SP. Despite this, the ‘205 feature, which Marketmaker had proposed for B2B licensing, was praised by Betfair founder Andrew Black as “a tough mathematical and logical challenge,” and “the biggest single add-on to the exchange since it launched,” with the “scope to become an important product and the foundation stone for a variety of advances (cash out) down the line.”

During this period, Betfair faced allegations (subsequently settled) in federal wire fraud cases related to tennis trading. Additionally, as a listed company, Betfair was found to have paid illegal dividends totaling over £60m to its founders and shareholders, some of whom Marketmaker had been negotiating licensing with, in 2007.

Using our own capital and leveraging our IP and innovations, Oddsfutures successfully launched horse racing markets in partnership with PA Sport track feeds in 2010. By 2012, Oddsfutures expanded its offerings to include extensive sports betting markets. However, despite our efforts, operators and exchanges refused to license Oddsfutures’ standard commercial API trading access or provide paid access to market odds data.

Fast forward to today, the Cash Out feature has become the cornerstone of in-play sports betting, emerging as the industry’s most significant user activation feature and a primary driver of global in-play sports betting liquidity.

In fact, if Cash Out were considered as its own individual sport, it would rank as the largest sport in the world, by betting volume.

  • Offering a ‘Get me Out’ UX button so users can divest and ‘Cash Out’ an existing bet to profit from odds prices.

  • Offering an ’exchange SP’ UX mechanism to lock in a bet settlement exit price at an agreed point in the future.

US patented in 2007, both innovations were offered by 2010 on our oddsfutures exchange before the exchange was closed in 2013 due to competitive factors.

Marketmaker’s Intellectual Property (IP) is now cited over 50 times by multiple b2b & b2c sports betting suppliers and operators including Winview Inc, Colossus Bets, Bspot, Game Play Network Inc, Diogenes, Air Play Network, and also from the financial software sector by the Toronto Sock Exchange, (TSX Inc.) and by Wall Street software provider Trading Technologies International Inc.

Today
Marketmaker offers proprietary real-time in play prop bet pricing technology and consulting expertise. Marketmaker supplies proprietary quant driven models as well as our USA  licensed Cash Out and Exchange SP intellectual property.

Today, our licencing offering for operators and software vendors combines enterprise tax efficient R&D bundled with live price data. A typical Marketmaker solution is delivered under a contracted research collaboration partnership.

IP Listing

Graphical User Interface for Cash Settled Bet Divestment in Odds Based Markets

United States Patent 10,713,721 B2

The novelty of this patent lies in its method and system for providing a unique, year 2007 novel, user interface for trading and cash settling live sports bets, at par value or below par, prior to the outcome of the bet in an online betting marketplace. It integrates a computing device or system equipped with a graphical user interface that allows users to select and trade on time-varying odds for different outcomes in sporting events. This interface facilitates direct and simplified actions for buying and selling bets, showcasing odds selection buttons, buy and sell options, and a seamless transition between interfaces for placing and divesting bets. The 2007 incorporation of dynamic displays for odds in the button was novel and a seed change for the industry, countdowns to trading expiry, and settlement values of bets enhanced the user experience by providing relevant, real-time information efficiently, thereby bringing the user into a continuous loggedin bet cycle.

Cash Out Option

United States Patent No: US 10,115,157 (PDF)

The novelty of this patent lies in its system for processing and serving the users a simplified settlement option. This system enables dynamic interaction with short and long positions on bets on sporting events, represented by varying odds over time. It uniquely integrates a graphical user interface for users to interact with these positions through a grid, facilitating bet trading based on offsite impacts on an exogenous index, continuously calculated, before the outcome of the event. With a 2007 priority date, it combines technology, finance, and sports betting in an innovative way, allowing bet settlements to dynamically present to the user as an option to settle prior to the sporting event’s outcome.

On the webpage link above search using “control “F”  helpful search terms include: ‘option’  ‘a bet‘  ‘divestment‘  ‘button’  ‘612‘ or ‘single action of the user.

Cash Out user interaction is delivered with button number 612 (depicted in diagram no 7).

This is the optional bet divestment button for the operator to sell a new divestment bet and the user to optionally click on it in a ‘single action of the user’ in order to ‘avoid exposure to the outcome of the event’

Exchange SP’s

United States Patent No: US 8,510,205 (PDF)

This UX creates bet inventory like exchange SP’s, launched by Betfair in early 2008, as would typically be utilised in horse racing markets on a betting exchange.

The novelty of this patent lies in its development of a bet product based on odds expectations for simplifying and conducting bet settlements on betting odds markets. It introduces a system for processing bets contingent on odds-based markets, rather than final settlement outcomes, which includes mechanisms for receiving odds and forecasts, registering bets prior to a specified time, and confirming payouts or liabilities based on the actual odds at a given specified time ahead, or as programmed in the system of continuous settlement evaluation. Specifically, this system facilitates the trading of bets by adjusting odds to a normalized market, simplifying participation in bet settlement markets related to various sporting events.