Method and apparatus for providing insurance policies for gambling losses

• US 7,775,879 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:
  US11/676,987
• Publication Number:
  US 20070142111A1
• 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 computer readable medium which stores non-transitory instructions which, when executed by at least one processor, cause the at least one processor to:

(a) recognize a payment by a player of a premium amount for a gambling loss insurance policy, said premium amount being in addition to any wager amount made by the player; and

(b) access a database on a network server to determine whether the player qualifies for a payout under a gambling loss insurance policy, wherein the database comprises comprising the following data fields;

(i) a player identifier;

(ii) a gambling loss insurance policy identifier;

(iii) an insurance policy status identifier; and

(iv) gambling results associated with a particular insurance policy.

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

(a) recognize a payment by a player of a premium amount for a gambling loss insurance policy, said premium amount being in addition to any wager amount made by the player; and

(b) access a database on a network server to determine whether the player qualifies for a payout under a gambling loss insurance policy, wherein the database comprises the following data fields;

(i) a player identifier;

(ii) an insurance policy status identifier; and

(iii) gambling results associated with a particular insurance policy.