System and method of providing a guarantee in a lottery

• US 20050164767A1
• Filed: 01/27/2004
• Published: 07/28/2005
• Est. Priority Date: 01/27/2004
• Status: Abandoned Application

• Current Assignee: Integrated Group Assets Inc.
• Original Assignee: Integrated Group Assets Inc.
• Inventors: Wright, Robert J.
• Application Number:
  US10/766,656
• Publication Number:
  US 20050164767A1
• Time in Patent Office: Days
• US Class Current: 463/17
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/329 Regular and instant lottery, e.g. electronic scratch cards

Abstract

A system and method of assuming risk for a lottery. A guarantee of payment of a prize in a lottery is provided. The guarantee is in exchange for a stipulation of a percentage of ticket sales revenue in the lottery. In addition, the guarantee occurs prior to the ticket sales in the lottery. The percentage of the ticket sales in the lottery is received. Further, the prize can be a jackpot. In addition, the lottery prize can be a variable prize that progressively increases with a percentage of each ticket sold. The prize can also be a fixed prize. The guarantee can be that the payment of the prize will be paid even if the ticket sales are not sufficient in size to effect payment of the prize.

Claims

1. A method of assuming risk for a lottery, the method comprising:

providing a guarantee of payment of a prize in a lottery, wherein the guarantee is in exchange for a stipulation of a percentage of ticket sales revenue in the lottery, wherein the providing the guarantee occurs prior to the ticket sales revenue in the lottery; and

receiving the percentage of the ticket sales in the lottery.

2. The method of claim 1, further comprising receiving the percentage of ticket sales revenue.

3. The method of claim 1, wherein the prize is a jackpot.

4. The method of claim 1, wherein the prize is a portion of a jackpot.

5. The method of claim 1, wherein the prize is secondary.

6. The method of claim 1, wherein the guarantee guarantees that the payment of the prize will be paid even if the ticket sales revenue is not greater in size than the payment of the prize.

7. The method of claim 1, wherein the guarantee guarantees that the payment of the prize will be paid even if the percentage of the ticket sales revenue is not greater in size than the payment of the prize.

8. The method of claim 1, wherein the providing the guarantee is effectuated to a jurisdiction.

9. The method of claim 1, wherein the providing the guarantee assumes the risk of the lottery.

10. The method of claim 1, wherein the lottery can be played on a video lottery terminal.

11. The method of claim 1, wherein the lottery can be played on a computing device operably connected to the Internet.

12. The method of claim 1, wherein a lottery ticket for the lottery can be purchased at a point of sale location.

13. The method of claim 1, further comprising obtaining insurance to provide the guarantee of payment.

14. A lottery risk assumption system, comprising:

a prize guarantee system that provides a guarantee of payment of a prize in a lottery, wherein the prize guarantee system provides the guarantee in exchange for a stipulation for a percentage of ticket sales revenue in the lottery, wherein the prize guarantee system provides the guarantee prior to the ticket sales in the lottery; and

a receiving system that receives the percentage of the ticket sales revenue in the lottery.

15. The lottery risk assumption system of claim 14, wherein the prize is a jackpot.

16. The lottery risk assumption system of claim 14, wherein the prize is a portion of a jackpot.

17. The lottery risk assumption system of claim 14, wherein the prize is secondary.

18. The lottery risk assumption system of claim 14, wherein the guarantee guarantees that the payment of the prize will be paid even if the ticket sales revenue is not greater in size than the payment of the prize.

19. The method of claim 14, wherein the guarantee guarantees that the payment of the prize will be paid even if the percentage of the ticket sales revenue is not greater in size than the payment of the prize.

20. The lottery risk assumption system of claim 14, wherein the prize guarantee system provides the guarantee to a jurisdiction.

21. The lottery risk assumption system of claim 14, wherein the prize guarantee system assumes the risk of the lottery.

22. The lottery risk assumption system of claim 14, wherein the lottery can be played on a video lottery terminal.

23. The lottery risk assumption system of claim 14, wherein the lottery can be played on a computing device operably connected to the Internet.

24. The lottery risk assumption system of claim 14, wherein a lottery ticket for the lottery can be purchased at a point of sale location.

25. The lottery risk assumption system of claim 14, further comprising an insurance system that provides the guarantee of payment.

26. A method of assuming risk for a game of chance, the method comprising:

providing a guarantee of payment of a prize in a game of chance, wherein the guarantee is in exchange for a stipulation for a percentage of wages bet in the game of chance, wherein the providing the guarantee occurs prior to the betting of wages in the game of chance; and

receiving the percentage of wages bet in the game of chance.

27. The method of claim 26, wherein the game of chance is poker.

28. The method of claim 26, wherein the game of chance is blackjack.

29. The method of claim 26, wherein the game of chance is a game that can be played on a slot machine.

30. The method of claim 26, wherein the game of chance is a game played in a casino.

31. The method of claim 26, wherein the game of chance can be played on a computing device operably connected to a network.

32. The method of claim 31, wherein the network is a wide area network.

33. The method of claim 31, wherein the network is a local area network.

34. The method of claim 31, wherein the network is the Internet.

35. A lottery system comprising:

a guarantee transmission module that transmits a guarantee through a network, wherein the guarantee guarantees the payment of a predetermined lottery prize;

a guarantee reception module that receives the guarantee through the network; and

a lottery creation module that establishes a lottery in which players can purchase tickets to win the predetermined lottery prize upon receipt of the guarantee from the guarantee reception module.

36. The lottery system of claim 35, wherein the lottery creation module provides an instruction to a point of sale location that allows the point of sale location to sell a ticket for the lottery.

37. The lottery system of claim 35, wherein the network is a local area network.

38. The lottery system of claim 35, wherein the network is a wide area network.

39. The lottery system of claim 35, wherein the network is the Internet.

40. The lottery system of claim 35, further comprising a risk module that upon the winning of the predetermined lottery prize determines if the tickets sales for the predetermined lottery prize are less than the predetermine lottery prize.

41. The lottery system of claim 40, wherein the risk module transmits a payment request through the network if the ticket sales for the predetermined lottery prize are less than the predetermined lottery prize.

42. The lottery system of claim 35, wherein the guarantee is provided in exchange for a stipulation of payment for a percentage of future ticket sales.

43. The lottery system of claim 35, further comprising a stipulation reception module that receives, through the network, the stipulation of payment for the percentage of future ticket sales.

44. The lottery system of claim 43, wherein the stipulation reception module is operably connected to the guarantee transmission module.

45. A game of chance guarantee system comprising:

a guarantee transmission module that transmits a guarantee through a network, wherein the guarantee guarantees the payment of a predetermined prize in a game of chance, wherein a prize can be won by winning the game of chance, wherein the game of chance is played according to a plurality of rules, wherein the guarantee is provided in exchange for a stipulation for a percentage of the wagers;

a guarantee reception module that receives the guarantee through the network; and

a game of chance creation module that establishes the game of chance upon receipt of the guarantee from the guarantee reception module, wherein players can make wagers in the game of chance.

46. The game of chance guarantee system of claim 45, wherein the game of chance creation module is housed within a gaming machine.

47. The game of chance guarantee system of claim 46, wherein the game of chance creation module establishes the game of chance by providing an instruction to a controller housed within the gaming machine to initiate the game of chance.

48. The game of chance guarantee system of claim 45, wherein the stipulation reception module receives, through the network, the stipulation of payment for the percentage of wagers.

49. The game of chance guarantee system of claim 45, wherein the network is a local area network.

50. The game of chance guarantee system of claim 45, wherein the network is a wide area network.

51. The game of chance guarantee system of claim 45, wherein the network is the Internet.

52. The game of chance guarantee system of claim 45, wherein the stipulation reception module is operably connected to the guarantee transmission module.

53. A method for guaranteeing a probabilistic lottery system, comprising:

providing a guarantee for a pre-determined prize, wherein the pre-determined prize can be advertised by a lottery operator, wherein the pre-determined prize is increased by a percentage of each ticket sale after each ticket sale; and

receiving a stipulation for a percentage of ticket sales in exchange for the providing the guarantee.

54. The method of claim 53, wherein the prize is a jackpot.

55. The method of claim 53, wherein the prize is a portion of a jackpot.

56. The method of claim 53, wherein the prize is secondary.

57. The method of claim 53, wherein the guarantee guarantees that the payment of the prize will be paid even if the ticket sales are not greater in size than the payment of the prize.

58. The method of claim 53, wherein the providing the guarantee is effectuated to a jurisdiction.

59. The method of claim 53, wherein the providing the guarantee assumes the risk of the lottery.

60. The method of claim 53, wherein the lottery can be played on a video lottery terminal.

61. The method of claim 53, wherein the lottery can be played on a computing device operably connected to the Internet.

62. The method of claim 53, wherein a lottery ticket for the lottery can be purchased at a point of sale location.

63. The method of claim 53, further comprising obtaining insurance to provide the guarantee of payment.