Method and apparatus for providing insurance policies for gambling losses

• US 7,775,878 B2
• Filed: 02/20/2007
• Issued: 08/17/2010
• 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:
  US11/676,919
• Publication Number:
  US 20070142109A1
• Time in Patent Office: 1,274 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 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 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) determine an insurance premium cost, from a plurality of different insurance premium costs, associated with a gambling loss insurance policy;

(ii) receive a confirmation to purchase the gambling loss insurance policy, the confirmation received from a player;

(iii) receive a payment for the insurance premium cost, wherein the payment is distinct from the confirmation and in addition to any wager amount;

(iv) determine an amount of loss generated by the player during a game play; and

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

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

3. The gaming system 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 gaming system of claim 1 wherein when executed by the at least one processor, the plurality of instructions further cause the at least one processor to provide the refund to the player.

5. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to determine the insurance premium cost based on at least one player-defined parameter.

6. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive the confirmation through a device.

7. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive the confirmation at a cashier'"'"'s station.

8. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive the payment through at least one of:

a device, a casino representative or a cashier'"'"'s station.

9. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to define at least one parameter associated with the gambling loss insurance policy.

10. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to cause an output at a device of an option to purchase the gambling loss insurance policy.

11. The gaming system device of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive a payment for the insurance premium cost by debiting an account associated with the player.

12. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive a payment for the insurance premium cost by debiting a credit balance on a device, the device being associated with the player.

13. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive a payment for the insurance premium cost in the form of currency from the player.

14. The gaming system device of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to register the player after the confirmation to purchase the gambling loss insurance policy is received.

15. The gaming system devise of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to transmit the insurance premium cost to a device and display information relating to the insurance premium cost to the player through the device.

16. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to transmit the confirmation to a device.

17. The gaming system of claim 1, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive information related to receiving the payment.

18. The gaming system of claim 1, wherein the gaming system comprises at least one of a gaming device operable to facilitate a wagering game, a server operatively connected to the gaming device and a handheld portable device operable to facilitate a wagering game.

19. The gaming system of claim 1, which includes a first device and a second device, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to cause the first device to:

(i) output an option at the second device to purchase the gambling loss insurance policy;

(ii) cause the second device to determine the insurance premium cost;

(iii) cause the second device to receive the confirmation to purchase the gambling loss insurance policy, the confirmation received from player; and

(iv) cause the second device to receive payment for the insurance premium cost for the gambling loss insurance policy, wherein the payment is distinct from the confirmation and in addition to any wager amount.

20. The gaming system of claim 1, which includes a first device, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to cause the first device to:

(a) determine the insurance premium cost, from a plurality of different insurance premium costs, associated with a gambling loss insurance policy;

(b) receive the confirmation to purchase the gambling loss insurance policy, the confirmation received from a player; and

(c) receive the payment for the insurance premium cost, wherein the payment is distinct from the confirmation and in addition to any wager amount.

21. The gaming system of claim 1, wherein the game play comprises at least one play of a game.

22. The gaming system of claim 4, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to provide the refund to the player at a cashier station.

23. The gaming system of claim 4, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to provide the refund to the player at a device.

24. The gaming system of claim 4, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to provide the refund to the player as a credit to an electronic account associated with the player.

25. The gaming system of claim 4, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to provide a preferred manner through which to provide the refund to the player.

26. The gaming system of claim 4, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to update an insurance database to reflect the refund being provided to the player.

27. The gaming system of claim 25, wherein when executed by the at least one processor, the plurality of instructions further cause the at least one processor to reference at least one player preference associated with the player to determine the preferred manner through which to provide the refund to the player.

28. The gaming system of claim 5, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to receive the at least one player-defined parameter from the player.

29. The gaming system of claim 28, wherein the at least one player-defined parameter comprises at least one of:

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

30. The gaming system of claim 9 wherein the at least one parameter comprises at least one of:

a timer period during which the gambling loss insurance policy is in effect, a number of game plays for which the gambling loss 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.

31. The gaming system of claim 9, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to define the parameters using a phone.

32. The gaming system of claim 30 wherein the coverage amount is based on either a percentage of losses or a fixed amount.

35. The gaming system of claim 20, which includes a second device, wherein when executed by the at least one processor, the plurality of instructions cause the at least one processor to cause the second device to:

(a) determine the amount of loss generated by the player during the game play;

(b) determine the refund based on the amount of loss and the gambling loss insurance policy; and

(c) provide the determined refund to the player.

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

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

(b) determine an insurance premium cost, from a plurality of different insurance premium costs, associated with the gambling loss insurance policy;

(c) receive a payment for the insurance premium cost, wherein the payment is distinct from the confirmation and in addition to any wager amount;

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

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

34. The non-transitory computer readable medium of claim 33, wherein the game play comprises at least one play of a game.