Escrow management structure

• US 20040231018A1
• Filed: 02/12/2004
• Published: 11/18/2004
• Est. Priority Date: 04/17/2000
• Status: Abandoned Application

• Current Assignee: Olson A. Wayne
• Original Assignee: Olson A. Wayne
• Inventors: Olson, A. Wayne
• Application Number:
  US10/777,344
• Publication Number:
  US 20040231018A1
• Time in Patent Office: Days
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method of allowing a customer to place a wager on a gaming action with a merchant through an electronic transaction is disclosed. The method comprises establishing a deposit account for the customer with an escrow account provider. Next, the wager for the gaming action is placed with the merchant. The escrow account provider will then determine whether the wager is for casino action or sports book action. Funds for the wager will be transferred from the deposit account of customer to a prescribed account of the escrow account provider depending on the type of wager. Next, the merchant is notified that the funds for the wager have been transferred. The escrow account provider will then verify that the merchant can cover the wager and as such will transfer funds for the wager from the prescribed account to an action account during the pendency of the gaming action. Finally, the funds will be transferred to either the merchant or the customer, depending on whether the customer has won or lost the wager.

Claims

1. A method of allowing a customer to place a wager on gaming action with a merchant through an electronic transaction, the method comprising the steps:

a) establishing a deposit account for the customer with an escrow account provider;

b) placing the wager for the gaming action with the merchant;

c) determining the type of wager;

d) transferring funds for the wager from the deposit account to a prescribed account depending on the type of wager;

e) notifying the merchant that the funds for the wager have been transferred;

f) verifying the merchant can cover the wager;

g) transferring the funds for the wager from the prescribed account to an action account during pendency of the gaming action; and

h) transferring funds for the wager from the action account to one of the merchant and the customer.

2. The method of claim 1 wherein the completion of the gaming action will result in one of a win and a loss, and step (h) comprises transferring funds to the customer for a win and transferring funds to the merchant for a loss.

3. The method of claim 1 wherein step (f) further comprises suspending play if the merchant does not have sufficient funds to cover the wager.

4. The method of claim 3 wherein step (f) further comprises resuming play when the merchant has funds to cover the wager.

5. The method of claim 1 wherein the merchant has a gaming post up account and step (f) comprises verifying the merchant can cover the wager with the funds in the gaming post-up account.

6. The method of claim 1 wherein the wager may be for either a sports book or a casino and step (c) comprises determining whether the wager is for the sports book or the casino.

7. The method of claim 6 wherein step (d) further comprises transferring funds to a casino cage for a casino action or transferring the funds to a gaming post up account for a sports book action.