Internet based prediction market

Abstract

An Internet based prediction market wherein articles of property are wagered in peer-to-peer contests wherein title to the goods passes to the participant that best predicts the outcome of a future event. Information relating to property posted on the exchange website by members is presented for browsing by other members. The property is assigned an approximate value for wagering purposes, which value may be simply assigned by the posting member or based on independent appraisal sources. Members are allowed to enter into peer-to-peer contests wherein a first posted property owned by a first member is wagered against a second posted property owned by a second member in a structured betting exchange wherein title to the first and second properties is determined by predicting the outcome of a future event, such as the close of the Dow Jones Industrial Average at the New York Stock Exchange at the end of a given day, the price of gold at the close of trading of an agreed upon day, or any other event, such as the winner of sporting event. The member that correctly predicts, or most closely predicts, the outcome of the agreed upon event is declared the winner and title to the article wagered by the losing member transfers to the winning member. The market maker may realize revenue in the form of a posting fee paid by members upon listing of goods, and in the form of a percentage of the value of the goods transferred.

Dependencies are inferred from the claim text.