System and method for future value wagering

• US 6,110,042 A
• Filed: 07/14/1997
• Issued: 08/29/2000
• Est. Priority Date: 07/14/1997
• Status: Expired due to Term

• Current Assignee: IGT (International Game Technology)
• Original Assignee: Walker Digital LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Inventors: Jorasch, James A., Walker, Jay S.
• Primary Examiner(s): HARRISON, JESSICA
• Application Number:
  US08/892,080
• Time in Patent Office: 1,142 Days
• Field of Search: 463/25, 463/16, 463/17, 463/18, 463/19, 463/20, 463/21, 273/138.1, 273/138.2, 273/143 R, 273/292, 273/274, 705/1, 705/14, 705/35
• US Class Current: 463/25
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes

Abstract

A system and method enabling a casino to issue chips or credits to customers whose redemption and face value is set at some future date. In one embodiment, a controller and disburser is disclosed which receives as inputs financial data, data as to how the amount of money the player wants to spend, and the future redemption date. The controller then calculates the chips or credits and controls the disburser to issue the appropriate amount of chips or credits. A method is also disclosed describing the steps performed by the system.

Claims

1. A method for disbursing future value gaming tokens, said method comprising the steps of:

receiving a first signal associated with current value data representing a current financial value;

receiving a second signal associated with maturity data representing a maturity date;

retrieving discount rate data representing a discount rate;

determining future value data representing a future financial value, said step of determining based on said current value data, said maturity data and said discount rate data; and

disbursing future value gaming tokens representing said future financial value.

2. The method of claim 1 wherein said step of receiving a first signal further includes receiving currency representing said current financial value.

3. The method of claim 1 wherein said step of receiving a first signal further includes receiving gaming tokens representing said current financial value.

4. The method of claim 3 wherein said gaming tokens are gaming chips.

5. The method of claim 1 wherein said maturity date is a date on which face values of said future value gaming tokens are paid.

6. The method of claim 1 wherein the step of determining is performed by a slot machine.

7. The method of claim 1 wherein the step of determining is based on the formula FV=PV (1+r)ⁿ, wherein said future value data represents FV, said current value data represents PV, said discount rate data represents r and n is based on said maturity data.

8. The method of claim 1 wherein the step of disbursing future value gaming tokens includes the step of disbursing future value gaming chips.

9. The method of claim 1 wherein the step of disbursing future value gaming tokens includes the step of disbursing a negotiable instrument.

10. The method of claim 1 wherein the step of disbursing future value gaming tokens includes the step of storing future value data representing a value of said future value gaming tokens.

11. The method of claim 1 wherein said maturity data represents a maturity date more than five years in the future.

12. A method for disbursing future value gaming tokens, said method comprising the steps of:

receiving a first signal associated with current value data representing a current financial value;

retrieving exchange data representing a future value exchange ratio;

determining future value data representing a future financial value based on said current value data and said exchange data; and

disbursing future value gaming tokens representing said future financial value.

13. The method of claim 12 wherein said step of receiving a first signal further includes receiving currency representing said current financial value.

14. The method of claim 12 wherein said step of receiving a first signal further includes receiving gaming tokens representing said current financial value.

15. The method of claim 14 wherein said gaming tokens are gaming chips.

16. The method of claim 12 wherein the step of determining is performed by a slot machine.

17. The method of claim 12 wherein the step of disbursing future value gaming tokens includes the step of disbursing future value gaming chips.

18. The method of claim 12 wherein the step of disbursing future value gaming tokens includes the step of disbursing a negotiable instrument.

19. The method of claim 12 wherein the step of disbursing future value gaming tokens includes the step of storing future value data representing a value of said future value gaming tokens.

20. The method of claim 12 further comprising the steps of:

receiving a second signal associated with maturity data representing a maturity date; and

identifying exchange data associated with said maturity date.

21. The method of claim 20 wherein said maturity date is a date on which face values of said future value gaming tokens are paid.

22. The method of claim 20 wherein said maturity data represents a maturity date more than five years in the future.

23. The method of claim 12 wherein said exchange ratio represents a function of said maturity date and a discount rate.

24. A system for disbursing future value gaming tokens, said system comprising:

at least one input device for receiving current value data representing a current financial value, maturity data representing a future maturity date and discount rate data representing a discount rate;

a memory for storing said current value data, said maturity data and said discount rate data;

a processor operatively coupled to said input device and said memory, said processor processing said current value data, said maturity data and said discount rate data to derive future value data representing a future financial value, said processor causing said future value data to be stored in said memory; and

an output device coupled to said processor, said output device displaying said future financial value represented by said future value data, said output device for indicating the value of future value gaming tokens for disbursement; and

a disburser operatively coupled to said processor, said disburser for disbursing said future value gaming tokens, said future value gaming tokens representing said future financial value.

25. A system for disbursing future value gaming tokens, said system comprising:

an input device for receiving current value data representing a current financial value;

a memory for storing said current value data and exchange data representing a future value exchange ratio;

a processor operatively coupled to said input device and said memory, said processor processing said current value data and said exchange data to derive future value data representing a future financial value, said processor causing said future value data to be stored in said memory; and

an output device coupled to said processor, said output device displaying said future financial value represented by said future value data, said output device for indicating a value of future value gaming tokens for disbursement; and

a disburser operatively coupled to said processor, said disburser for disbursing said future value gaming tokens, said future value gaming tokens representing said future financial value.

26. A method for redeeming a future value gaming token representing a future financial value, said method comprising the steps of:

receiving future value data representing a value of a future value gaming token and redemption data representing a redemption date;

retrieving maturity data representing a maturity date and discount rate data representing a discount rate;

determining a redemption value of said future value gaming token at said redemption date based on said future value data, said discount rate data, said maturity data and said redemption data; and

disbursing financial credit, said financial credit representing said redemption value.

27. A system for redeeming a future value gaming token representing a future financial value, said system comprising:

at least one input device for receiving future value data representing a value of a future value gaming token and redemption data representing a redemption date;

a memory for storing said future value data, said redemption data, maturity data representing a future maturity date and discount rate data representing a discount rate;

a processor operatively coupled to said input device and said memory, said processor processing said future value data, discount rate data, maturity data and said redemption data to derive redemption value data representing a redemption value of said future value gaming token at said redemption date, said processor causing said redemption value data to be stored in said memory; and

a disburser operatively coupled to said processor, said disburser for disbursing said financial credit representing said redemption value.

28. A method for conducting a game of chance, said method comprising the steps of:

providing a first plurality of gaming tokens representing a current value and a second plurality of gaming tokens representing a future value;

receiving financial value from a participant;

disbursing a third plurality of gaming tokens to said participant having a present value commensurate with said financial value, said third plurality of gaming tokens being a subset of one of said first and second plurality of gaming tokens;

receiving a gaming token from said third plurality of gaming tokens, said gaming token representing a wager on a game of chance;

determining an outcome of said game of chance; and

disbursing a gaming token based on said outcome.

29. An article of manufacture comprising:

a computer readable medium having computer readable program code embodied thereon, said computer readable medium configured to perform the steps of;

receiving current value data representing a current financial value;

receiving maturity data representing a maturity date;

retrieving discount rate data representing a discount rate;

determining future value data representing a future financial value, said step of determining based on said current value data, said maturity data and said discount rate data; and

initiating disbursement of future value gaming tokens representing said future value.

30. A device for disbursing future value gaming tokens, said device comprising:

means for receiving current value data representing a current financial value, maturity data representing a future maturity date and discount rate data representing a discount rate;

means for storing said current value data, said maturity data and said discount rate data;

means for processing operatively coupled to said means for receiving and said means for storing, said means for processing utilizing said current value data, said maturity data and said discount rate data to derive future value data representing a future financial value, said means for processing causing said future value data to be stored in said means for storing; and

means for displaying coupled to said processor for displaying said future financial value represented by said future value data, said means for displaying for indicating the value of future value gaming tokens for disbursement; and

means for disbursing operatively coupled to said means for processing for disbursing said future value gaming tokens, said future value gaming tokens representing said future financial value.

31. A device for disbursing future value gaming tokens, said device comprising:

means for receiving current value data representing a current financial value;

means for storing said current value data and exchange data representing a future value exchange ratio;

means for processing operatively coupled to said means for receiving and said means for storing, said means for processing utilizing said current value data and said exchange data to derive future value data representing a future financial value, said means for processing causing said future value data to be stored in said means for storing; and

means for displaying coupled to said means for processing for displaying said future financial value represented by said future value data, said means for displaying for indicating a value of future value gaming tokens for disbursement; and

means for disbursing operatively coupled to said means for processing for disbursing said future value gaming tokens, said future value gaming tokens representing said future financial value.

32. A device for redeeming a future value gaming token representing a future financial value, said device comprising:

means for receiving future value data representing a value of a future value gaming token and redemption data representing a redemption date;

means for storing said future value data, said redemption data, maturity data representing a future maturity date and discount rate data representing a discount rate;

means for processing operatively coupled to said means for receiving and said means for storing, said means for processing utilizing said future value data, discount rate data, maturity data and said redemption data to derive redemption value data representing a redemption value of said future value gaming token at said redemption date, said means for processing causing said redemption value data to be stored in said means for storing; and

means for disbursing operatively coupled to said means for processing for disbursing financial credit representing said redemption value.

33. A slot machine comprising:

a gaming device of the type wherein a play generates one of multiple possible outcomes;

a wager selector indicating a wager;

a memory device storing a first set of data correlating possible outcomes to current value payout information and a second set of data correlating possible outcomes to future value payout information; and

a payout selector indicating which of said first set of data and said second set of data the gaming device is to access for determining a payout.

34. The slot machine of claim 33 further including a processor operative to execute said gaming device and initiate a payout based on the indication of said payout indicator.

35. A slot machine comprising:

memory means for storing payouts, each payout corresponding to a gaming result;

gaming means, responsive to a player input, for providing a gaming result for each play;

payout selector means for providing an indication of the valuation of said payouts, said indication being selectable between a current valuation and a future valuation; and

processor means, coupled to said memory means, said gaming means and said payout selector means, said processor responsive to each said gaming result, for selecting from said memory means a payout in accord with said gaming result and causing said payout to be valued in accordance with said indication of valuation.