Method and apparatus for providing insurance policies for gambling losses

• US 7,771,275 B2
• Filed: 02/20/2007
• Issued: 08/10/2010
• Est. Priority Date: 02/21/1997
• Status: Expired due to Fees

• Current Assignee: IGT (International Game Technology)
• Original Assignee: IGT (International Game Technology)
• Inventors: Jorasch, James A., Tulley, Stephen C., Downs, Michael D., Walker, Jay S.
• Primary Examiner(s): Hotaling, II; John M.
• Assistant Examiner(s): D'AGOSTINO, PAUL ANTHONY
• Application Number:
  US11/676,835
• Publication Number:
  US 20070156465A1
• Time in Patent Office: 1,267 Days
• Field of Search: 463/25, 463/29
• 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 method according to some embodiments of the present invention provides for a game server to receive policy requirements of a user for a gambling loss insurance policy from a terminal. The game server determines a premium amount based on the policy requirements of the user and transmits information concerning the premium amount to the user.

Claims

1. A method of operating a gaming system, said method comprising:

(a) causing a processor to track game play of a player at one or more gaming devices;

(b) causing the processor to compile at least one statistic associated with the tracked game play of the player;

(c) receiving a request from the player for a gambling loss insurance policy;

(d) causing the processor to define at least one term associated with the gambling loss insurance policy;

(e) causing the processor to determine a premium amount, from a plurality of different premium amounts, based on the at least one term and the at least one statistic, wherein the premium amount is in addition to any wager amount; and

(f) causing the processor to enable the player to purchase the gambling loss insurance policy for the determined premium amount.

2. The method of claim 1, wherein causing the processor to define at least one term comprises causing the processor to define a refund function.

3. The method of claim 1, wherein causing the processor to compile at least one statistic associated with the tracked game play comprises causing the processor to define a timeframe over which data is to be collected for compiling the statistics.

4. The method of claim 1, wherein causing the processor to compile at least one statistic comprises causing the processor to determine an average wager.

5. The method of claim 1, wherein causing the processor to compile at least one statistic comprises causing the processor to determine an average period of time spent gambling by the player.

6. The method of claim 1, wherein causing the processor to compile at least one statistic comprises causing the processor to determine an average number of game starts made by the player in a gaming session.

7. The method of claim 1, wherein causing the processor to compile at least one statistic comprises causing the processor to determine a first gaming device, which is used by the player more than a second gaming device.

8. The method of claim 1, wherein causing the processor to compile at least one statistic comprises causing the processor to determine a first game type, which is used by the player more than a second game type.

9. The method of claim 1, further comprising causing the processor to assign a risk ranking to the player based on the at least one statistic.

10. The method of claim 1, further comprising causing the processor to assign a skill ranking to the player according to the at least one statistic.

11. The method of claim 1, further comprising causing the processor to deny the player an opportunity to purchase the gambling loss insurance policy based on the at least one statistic.

12. The method of claim 1, further comprising causing the processor to sell the gambling loss insurance policy to the player.

13. The method of claim 2, wherein causing the processor to define the refund function comprises causing the processor to define an amount to be refunded under the gambling loss insurance policy based on at least one of:

a flat refund, a percentage refund, a loss threshold, and a maximum refund amount.

14. The method of claim 3, wherein causing the processor to define the timeframe comprises causing the processor to select between an annual, lifetime or session timeframe.

15. The method of claim 9, wherein causing the processor to assign the risk ranking comprises causing the processor to assign the risk ranking from between a low and a high risk ranking.

16. The method of claim 15 wherein the premium is higher for a player assigned a high risk ranking than for a player assigned a low risk ranking.

17. The method of claim 10, further comprising causing the processor to adjust the premium based on the skill ranking.

18. The method of claim 12, further comprising causing the processor to provide the player with an insurance tracking card.

19. The method of claim 18, wherein causing the processor to provide the player with the insurance tracking card comprises causing the processor to provide the player with a magnetic stripe card.

20. The method of claim 18, further comprising causing the processor to detect usage of the insurance tracking card at a gaming device.

21. A gaming system comprising:

(a) at least one display device;

(b) at least one input device;

(c) at least one processor; and

(d) at least one memory device which stores a plurality of instructions which, when executed by the at least one processor, cause the at least one processor to operate with the at least one display device and the at least one input device to;

(i) track game play of a player at one or more gaming devices;

(ii) compile at least one statistic associated with the tracked game play of the player;

(iii) receive a request from the player for a gambling loss insurance policy;

(iv) define at least one term associated with the gambling loss insurance policy;

(v) determine a premium amount, from a plurality of different premium amounts, based on the at least one term and the at least one statistic, wherein the premium amount is in addition to any wager amount; and

(vi) enable the player to purchase the gambling loss insurance policy for the determined premium amount.

22. The gaming system of claim 21, wherein the processor comprises a network server processor.

23. The gaming system of claim 21, wherein the processor comprises a gaming device processor.

24. A computer readable medium which stores non-transitory instructions which, when executed by at least one processor, cause the at least one processor to:

track game play of a player at one or more gaming devices;

compile at least one statistic associated with the tracked game play of the player;

receive a request from the player for a gambling loss insurance policy;

define at least one term associated with the gambling loss insurance policy;

determine a premium amount, from a plurality of different premium amounts, based on the at least one term and the at least one statistic, wherein the premium amount is in addition to any wager amount; and

enable the player to purchase the gambling loss insurance policy for the determined premium amount.