METHOD AND APPARATUS FOR PROVIDING INSURANCE POLICIES FOR GAMBLING LOSSES

• US 20070142109A1
• Filed: 02/20/2007
• Published: 06/21/2007
• Est. Priority Date: 02/21/1997
• Status: Active Grant

• Current Assignee: IGT (International Game Technology)
• Original Assignee: IGT (International Game Technology)
• Inventors: Jorasch, James, Downs, Michael, Walker, Jay, Tulley, Stephen
• Granted Patent: US 7,775,878 B2
• Time in Patent Office: Days
• US Class Current: 463/25
• CPC Class Codes: G06Q 10/02 Reservations, e.g. for tickets, services or events
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3234 about the performance of a gaming system, e.g. revenue, diagnosis of the gaming system
• CPC Class Codes: G07F 17/3237 about the players, e.g. profiling, responsible gaming, strategy/behavior of players, location of players
• CPC Class Codes: G07F 17/3239 Tracking of individual players
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes
• CPC Class Codes: G07F 17/3255 Incentive, loyalty and/or promotion schemes, e.g. comps, gaming associated with a purchase, gaming funded by advertisements
• CPC Class Codes: G07F 17/40 for devices for accepting orders, advertisements, or the like

Abstract

A system and method for providing a gambling loss insurance policy automatically computes insurance premiums and processes gambling sessions covered by the gambling loss insurance policies. The players may purchase the insurance policies using various means such as coins, earned winnings, or credit cards. The gambling loss insurance system provides a high level of flexibility for the players to define specific parameters of the insurance policy. Additionally, the players may purchase the insurance policies directly from the gaming machine, a custom terminal on casino floor, or cage personnel having access to a centralized network server.

Claims

1. A method comprising:

receiving a confirmation to purchase a gambling insurance policy, the confirmation received from a player;

determining an insurance premium cost associated with the gambling insurance policy;

receiving a payment for the insurance premium cost, wherein the payment is distinct from the confirmation;

determining an amount of loss generated by the player during a game play; and

determining a refund based on the amount of loss and the gambling insurance policy.

2. The method of claim 1 wherein the payment is temporally distinct from the confirmation.

3. The method of claim 1 wherein the payment is physically distinct from the confirmation such that the player must perform two distinct actions to provide the confirmation and the payment.

4. The method of claim 1 further comprising providing the refund amount to the player.

5. The method of claim 4 wherein providing the refund comprises providing the refund at a cashier station.

6. The method of claim 4 wherein providing the refund comprises providing the refund at a gaming device.

7. The method of claim 4 wherein providing the refund comprises providing the refund as a credit to an electronic account associated with the player.

8. The method of claim 4 wherein providing the refund further comprises determining a preferred manner through which to provide the refund.

9. The method of claim 8 wherein determining the preferred manner comprises referencing at least one player preference associated with the player.

10. The method of claim 4 further comprising updating an insurance database to reflect providing the refund.

11. The method of claim 1 wherein determining the insurance premium cost comprises calculating the insurance premium cost based on at least one player-defined parameter.

12. The method of claim 11 further comprising receiving the at least one player-defined parameters from the player.

13. The method of claim 12 wherein receiving the player-defined parameters comprises receiving input relating to at least one of:

a loss at which the gambling insurance policy pays a claim, an amount of each bet, and a time period over which the gambling insurance policy is in effect.

14. The method of claim 1 wherein receiving the confirmation comprises receiving the confirmation through a gaming device.

15. The method of claim 1 wherein receiving the confirmation comprises a casino representative receiving the confirmation.

16. The method of claim 1 wherein receiving the confirmation comprises receiving the confirmation at a cashier'"'"'s station.

17. The method of claim 1 wherein receiving payment comprises receiving payment through at least one of a gaming device, a casino representative, and a cashier'"'"'s station.

18. The method of claim 1 further comprising defining parameters associated with the insurance policy.

19. The method of claim 18 wherein defining parameters associated with the gambling insurance policy comprises defining at least one parameter from a group comprising:

a timer period during which the gambling insurance policy is in effect, a number of game plays for which the gambling insurance policy is in effect, a wager amount per game play, a coverage amount, a type of gaming device, and a threshold of losses above which the refund is paid.

20. The method of claim 19 wherein the coverage amount is based on either a percentage of losses or a fixed amount.

21. The method of claim 18 wherein defining parameters comprises defining the parameters using a phone.

22. The method of claim 1 further comprising outputting at a gaming device an option to purchase the gambling insurance policy.

23. The method of claim 1 wherein receiving payment comprises debiting an account associated with the player.

24. The method of claim 1 wherein receiving payment comprises debiting a credit balance on a gaming device associated with the player.

25. The method of claim 1 wherein accepting payment comprises receiving currency from the player.

26. The method of claim 1 wherein receiving confirmation to purchase the gambling insurance policy comprises registering the player.

27. The method of claim 1 further comprising transmitting the insurance premium cost to a gaming device and displaying information relating to the insurance premium cost to the player through the gaming device.

28. The method of claim 1 further comprising transmitting the confirmation to a network server from a gaming device.

29. The method of claim 1 further comprising receiving, at a network server, information related to receiving the payment.

30. A method comprising:

outputting at a gaming device an option to purchase a gambling insurance policy;

receiving a confirmation to purchase the gambling insurance policy, the confirmation received from a player; and

after receiving confirmation, receiving payment for the gambling insurance policy.

31. A system comprising:

a processor adapted to;

receive a confirmation to purchase a gambling insurance policy, the confirmation received from a player;

determine an insurance premium cost associated with the gambling insurance policy;

receive a payment for the insurance premium cost, wherein the payment is distinct from the confirmation;

determine an amount of loss generated by the player during game play; and

determine a refund based on the amount of loss and the gambling insurance policy.

32. The system of claim 31 further comprising a user interface and wherein the processor is operatively coupled to the user interface.

33. The system of claim 32 wherein the user interface comprises a gaming device.

34. The system of claim 33 wherein the processor is remotely positioned from the gaming device.

35. A computer readable medium comprising software with instructions to:

receive a confirmation to purchase a gambling insurance policy, the confirmation received from a player;

determine an insurance premium cost associated with the gambling insurance policy;

receive a payment for the insurance premium cost, wherein the payment is distinct from the confirmation;

determine an amount of loss generated by the player during game play; and

determine a refund based on the amount of loss and the gambling insurance policy.