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US 11,562,628 B2Granted
Products and processes for processing information related to weather and other events
AssigneeCfph, LLC
InventorHoward W. Lutnick
Life of this patent
Estimating the term…
Abstract
According to an embodiment, a method includes receiving a plurality of bets, in which each bet defines a respective amounted wagered, a respective area, and a respective weather-related event. Data that represents the plurality of bets is displayed. An outcome of a weather-related event is determined and at least one winner is determined based on the bets and the outcome.
Claims15
A method comprising:
- displaying, by at least one processor, a geographic map on a graphical user interface;
- displaying, by the at least one processor, a plurality of indicators across various areas on the geographic map, each indicator representing a financial instrument whose value is based on a likelihood that a weather event will or will not occur at a location on the geographic map during a specified time period;
- detecting, by the at least one processor, a selection of an area on the geographic map displayed on the graphical user interface;
- in response to detecting selection of the area, generating, by the at least one processor, a first financial instrument whose value is based on a likelihood that a given weather related event will occur on the selected area;
- receiving, by the at least one processor, information from a weather service over a network;
- determining, by the at least one processor, whether the given weather event occurs on the area selected via the graphical user interface based on the information received from the weather service;
- and
- calculating, by the at least one processor, a payout from a pool of funds in response to determining that the given weather event occurred on the area selected via the graphical user interface.
5 more elements
An apparatus comprising:
- a memory;
- a network interface;
- at least one processor to:
- display a geographic map on a graphical user interface;
- display a plurality of indicators across various areas on the geographic map, each indicator representing a financial instrument whose value is based on a likelihood that a weather event will or will not occur at a location on the geographic map during a specified time period;
- detect a selection of a first area on the geographic map displayed on the graphical user interface;
- in response to detecting selection of the first area, receive a first bet defining a first wager that a given weather related event will occur on the first area selected on the graphical user interface;
- detect a selection of a second area on the geographic map displayed on the graphical user interface;
- in response to detecting selection of the second area, receive a second bet defining a second wager that the given weather related event will occur on the second area selected on the graphical user interface;
- and
- determine whether the first bet or the second bet is a winning bet based on whether the given weather related event occurred in the first area or the second area during a time period.
8 more elements
Dependencies are inferred from the claim text.