U.S. patent application number 16/797060 was filed with the patent office on 2020-06-18 for wager sell back option.
The applicant listed for this patent is CFPH, LLC. Invention is credited to Lee Amaitis, Andrew Garrood.
Application Number | 20200193770 16/797060 |
Document ID | / |
Family ID | 52810107 |
Filed Date | 2020-06-18 |
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United States Patent
Application |
20200193770 |
Kind Code |
A1 |
Amaitis; Lee ; et
al. |
June 18, 2020 |
WAGER SELL BACK OPTION
Abstract
A user may purchase an option to cancel a wager in exchange for
a refund amount. In purchasing the option, the user may select an
exercise time from a plurality of exercise times, each exercise
time having an associated price, which price may be the price of
the option. The refund amount associated with each exercise time
may be the same amount. Responsive to a user exercising a purchased
option, a determination may be made as to whether the time of
exercise is at least prior to the selected exercise time. If so,
the wager may be canceled in exchange for the refund amount.
Inventors: |
Amaitis; Lee; (Las Vegas,
NV) ; Garrood; Andrew; (Las Vegas, NV) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
CFPH, LLC |
New York |
NY |
US |
|
|
Family ID: |
52810107 |
Appl. No.: |
16/797060 |
Filed: |
February 21, 2020 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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14485646 |
Sep 12, 2014 |
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16797060 |
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14025236 |
Sep 12, 2013 |
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14485646 |
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Current U.S.
Class: |
1/1 |
Current CPC
Class: |
G06Q 50/34 20130101;
G07F 17/3288 20130101; G07F 17/3244 20130101 |
International
Class: |
G07F 17/32 20060101
G07F017/32; G06Q 50/34 20060101 G06Q050/34 |
Claims
1. (canceled)
2. A method comprising: receiving, by at least one processor of a
server in networked communication with a plurality of computers
configured to receive and transmit data indicating wagers, over a
communication network, from a first remote device a request to
place at least one wager on an outcome of an event and a request to
purchase an option to receive a refund amount in exchange for
cancelling the at least one wager at a same time of placing the at
least one wager, in which the option is associated with a first
time having a first fee and a second time having a second fee;
after receiving the request to place the at least one wager and
prior to any determination of the at least one wager being a
winning wager or a losing wager, calculating, by the at least one
processor, the refund amount for the at least one wager based on a
current probability that the at least one wager will be the winning
wager and risk management information associated with the at least
one wager, in which calculating the refund amount comprises
calculating the refund amount based at least in part on an amount
of total potential liability associated with paying payouts on
winning wagers, of the at least one wager, resulting from the
outcome occurring; causing to be presented, by the at least one
processor over the communication network, to a graphical user
interface of an electronic display device of the first remote
device indicia representing the option to receive the refund amount
in exchange for cancelling the at least one wager after the request
to place the at least one wager is received and prior to any
determination of the at least one wager being the winning wager or
the losing wager; receiving, over the communication network by the
at least one processor from the first remote device, an indication
that the first remote device is exercising the option to receive
the refund amount in exchange for cancelling the at least one wager
after receiving the request to place the at least one wager and
prior to any determination of the at least one wager being the
winning wager or the losing wager; determining, by the at least one
processor, whether the first remote device exercised the option
prior to the first time or the second time; in response to
determining that the first remote device exercised the option prior
to the first time or the second time, automatically cancelling, by
the at least one processor, the at least one wager in exchange for
the refund amount; and transmitting, by the at least one processor
over the communication network, electronic signals to cause a
physical dispense at a second remote device of at least one of a
voucher or a payment amount as the refund amount.
3. The method of claim 2, in which calculating, by the at least one
processor, the refund amount comprises comparing (i) the amount of
total potential liability associated with paying payouts on winning
wagers resulting from the outcome occurring and (ii) an amount of
total potential proceeds associated with losing wagers resulting
from the outcome occurring.
4. The method of claim 2, in which the first remote device is given
a time limit to use at least a portion of the refund amount to
place another wager or forfeit the portion of the refund
amount.
5. The method of claim 2, further comprising: in response to the
first remote device exercising the option, presenting, by the at
least one processor over the communication network, the first
remote device with the graphical user interface to place another
wager using at least a portion of the refund amount.
6. The method of claim 2, in which calculating, by the at least one
processor, the refund amount comprises: determining that (i) a
potential total liability of payouts, in response to a specific
wager outcome occurring, exceeds (ii) potential total proceeds for
losing wagers, in response to the specific wager outcome
occurring.
7. The method of claim 2, in which the refund amount is increased
for cashing out a given wager, of the at least one wager, that
would result in a more balanced book.
8. The method of claim 2, in which the refund amount is decreased
for cashing out a given wager, of the at least one wager, that
would result in a less balanced book.
9. An apparatus comprising: at least one processor of an electronic
computer system comprising a server in networked communication with
a plurality of computers configured to receive and transmit data
indicating wagers; and at least one memory, in electronic
communication with the at least one processor, having instructions
stored thereon which, when executed by the at least one processor,
direct the at least one processor to: receive, over a communication
network, from a first remote device a request to place at least one
wager on an outcome of an event and a request to purchase an option
to receive a refund amount in exchange for cancelling the at least
one wager at a same time of placing at least one wager, in which
the option is associated with a first time having a first fee and a
second time having a second fee; after the request to place the at
least one wager is received and prior to any determination of the
at least one wager being a winning wager or a losing wager,
calculate the refund amount for the at least one wager based on a
current probability that the at least one wager will be the winning
wager and risk management information associated with the at least
one wager, in which calculating the refund amount comprises
calculating the refund amount based at least in part on an amount
of total potential liability associated with paying winning wagers
resulting from; cause to be presented, over the communication
network to the first remote device, at a graphical user interface
of an electronic display device of the first remote device, indicia
representing the option to receive the refund amount in exchange
for cancelling the at least one wager after the request to place
the at least one wager is received and prior to any determination
of the at least one wager being the winning wager or the losing
wager; receive, over the communication network, from the first
remote device an indication that the first remote device is
exercising the option to receive the refund amount in exchange for
cancelling the at least one wager after the request to place the at
least one wager is received and prior to any determination of the
at least one wager being the winning wager or the losing wager;
determine whether the first remote device exercised the option
prior to the first time or the second time; in response to
determining that the first remote device exercised the option prior
to the first time or the second time, automatically cancel the at
least one wager in exchange for the refund amount; and transmit,
over the communication network, electronic signals to cause a
physical dispense at a second remote device of at least one of a
voucher or a payment amount as the refund amount.
10. The apparatus of claim 9, in which calculating the refund
amount comprises comparing (i) the amount of total potential
liability associated with paying payouts on winning wagers
resulting from the outcome occurring and (ii) an amount of total
potential proceeds associated with losing wagers resulting from the
outcome occurring.
11. The apparatus of claim 9, in which the first remote device is
given a time limit to use at least a portion of the refund amount
to place another wager or forfeit the portion of the refund
amount.
12. The apparatus of claim 9, in which the instructions, when
executed by the at least one processor, further direct the at least
one processor to: in response to the first remote device exercising
the option, present, over the communication network, the first
remote device with the graphical user interface to place another
wager using at least a portion of the refund amount.
13. The apparatus of claim 9, in which calculating the refund
amount comprises: determining that (i) a potential total liability
of payouts, in response to a specific wager outcome occurring,
exceeds (ii) potential total proceeds for losing wagers, in
response to the specific wager outcome occurring.
14. The apparatus of claim 9, in which the refund amount is
increased for cashing out a given wager, of the at least one wager,
that would result in a more balanced book.
15. The apparatus of claim 9, in which the refund amount is
decreased for cashing out a given wager, of the at least one wager,
that would result in a less balanced book.
16. A non-transitory computer-readable medium having instructions
stored thereon which, when executed by at least one processor of at
least one computer system comprising a server in networked
communication with a plurality of computers configured to receive
and transmit data indicating wagers, direct the at least one
processor to: receive, over a communication network, from a first
remote device a request to place at least one wager on an outcome
of an event and a request to purchase an option to receive a refund
amount in exchange for cancelling the at least one wager at a same
time of placing at least one wager, in which the option is
associated with a first time having a first fee and a second time
having a second fee; after the request to place the at least one
wager is received and prior to any determination of the at least
one wager being a winning wager or a losing wager, calculate the
refund amount for the at least one wager based on a current
probability that the at least one wager will be the winning wager
and risk management information associated with the at least one
wager, in which calculating the refund amount comprises calculating
the refund amount based at least in part on an amount of total
potential liability associated with paying payouts on winning
wagers in the event that the outcome occurs; cause to be presented,
over the communication network, to the first remote device, at a
graphical user interface of an electronic display device of the
first remote device, indicia representing the option to receive the
refund amount in exchange for cancelling the at least one wager
after the request to place the at least one wager is received and
prior to any determination of the at least one wager being a
winning wager or a losing wager; receive, over the communication
network, from the first remote device an indication that the first
remote device is exercising the option to receive the refund amount
in exchange for cancelling the at least one wager after the request
to place the at least one wager is received and prior to any
determination of the at least one wager being a winning wager or a
losing wager; determine whether the first remote device exercised
the option prior to the first time or the second time in response
to determining that the first remote device exercised the option
prior to the first time or the second time, automatically cancel
the at least one wager in exchange for the refund amount; and
transmit, over the communication network, electronic signals to
cause a physical dispense at a second remote device of at least one
of a voucher or a payment amount as the refund amount.
17. The non-transitory computer-readable medium of claim 16, in
which the instructions, when executed by the at least one
processor, further direct the at least one processor to: calculate
the refund amount by comparing (i) the amount of total potential
liability associated with paying payouts on winning wagers
resulting from the outcome occurring and (ii) an amount of total
potential proceeds associated with losing wagers resulting from the
outcome occurring.
18. The non-transitory computer-readable medium of claim 16, in
which the instructions, when executed by the at least one
processor, further direct the at least one processor to: calculate
the refund amount by determining that (i) a potential total
liability of payouts, in response to a specific wager outcome
occurring, exceeds (ii) potential total proceeds for losing wagers,
in response to the specific wager outcome occurring.
19. The non-transitory computer-readable medium of claim 16, in
which the instructions, when executed by the at least one
processor, further direct the at least one processor to: present,
over the communication network, the first remote device with the
graphical user interface to place another wager using at least a
portion of the refund amount in response to the first remote device
exercising the option, in which the first remote device is given a
time limit to use a portion of the refund amount to place another
wager or forfeit the portion of the refund amount.
20. The non-transitory computer-readable medium of claim 16, in
which the refund amount is (i) increased for cashing out a given
wager, of the at least one wager, that would result in a more
balanced book or (ii) decreased for cashing out a given wager, of
the at least one wager, that would result in a less balanced book.
Description
[0001] This application is a continuation of U.S. patent
application Ser. No. 14/485,646 filed on Sep. 12, 2014 which is a
continuation in part of U.S. patent application Ser. No. 14/025,236
filed on Sep. 12, 2013, which are hereby incorporated herein by
reference in their entireties.
FIELD
[0002] This disclosure generally relates to wagering.
BACKGROUND
[0003] An organization, company, institution or other entity that
accepts bets or places wagers for bettors on the general outcome of
events (e.g., on scores or other attributes of sporting events) is
referred to as a sports book. The role of the sports book is to act
as a market maker for sports wagers. The sports book accepts wagers
placed on either team or competitor, and may maintain a point
spread which aims to ensure a profit (i.e., the vigorish) for the
sports book, e.g., regardless of the outcome of the wager, e.g., by
attempting to attract an equal dollar amount of wagers for each
team or competitor of a particular event. Sports books in general
are continually striving to improve profits, e.g., while
maintaining current bettors' interest and attracting new
bettors.
SUMMARY
[0004] According to one example, a request to place a wager on an
event may be received from a user. An option to cancel the wager in
exchange for a refund amount may be presented for purchase to the
user. Presenting the option may include presenting for selection by
the user at least a first exercise time and a second exercise time,
the first exercise time having a first fee associated therewith and
the second exercise time having a second fee associated therewith.
A price of the option may be based on the fee associated with the
exercise time selected by the user. Selection of the first exercise
time may allow the user to cancel the wager at least prior to the
first exercise time in exchange for the refund amount, and
selection of the second exercise time may allow the user to cancel
the wager at least prior to the second exercise time in exchange
for the refund amount. The refund amount associated with each of
the first and second exercise times may be the same amount. An
indication may be received that the user is purchasing the option.
With the purchase, a selection by the user of either the first
exercise time and/or the second exercise time may also be received.
An indication may be recorded (such as in/on a memory device,
paper, etc) that the user has paid for the option, the price of the
option being based on, for example, the fee associated with the
exercise time selected by the user. An indication may be received
that the user is exercising the option. A determination may then be
made as to when the indication is received as compared to the
exercise time. If the indication is received at least prior to the
selected exercise time, the wager may be canceled in exchange for
the refund amount. In the alternative, if the indication is
received after the selected exercise time, for example, the option
may expire, the user's wager may remain in place/not be canceled,
and the user may either win or lose the wager based on the outcome
of the event wagered on. As another alternative, the selected
exercise time may pass without the user exercising the
option/without receiving an indication that the user is exercising
the option. Again, the option may expire, the user's wager may
remain in place/may not be canceled, and the user may either win or
lose the wager based on the outcome of the event wagered on.
[0005] According to another and/or additional example, a request to
place a wager on an event may be received from a user. A plurality
of options to cancel the wager in exchange for a refund amount may
be presented to the user, the plurality of options including at
least a first option and a second option. The first option may have
associated therewith a first exercise time and a first price, and
the second option may have associated therewith a second exercise
time and a second price. Selection of the first option may allow
the user to cancel the wager at least prior to the first exercise
time in exchange for the refund amount, and selection of the second
option may allow the user to cancel the wager at least prior to the
second exercise time in exchange for the refund amount. The refund
amount associated with each of the first and second options may be
the same amount. An indication may be received that the user is
purchasing at least one of the first option and the second option.
An indication may be received that the user is exercising the
purchased option. A determination may then be made as to when the
indication is received as compared to the exercise time associated
with the purchased option. If the indication is received at least
prior to the exercise time associated with the purchased option,
the wager may be canceled in exchange for the refund amount. In the
alternative, if the indication is received after the exercise time
associated with the purchased option, for example, the option may
expire, the user's wager may remain in place/not be canceled, and
the user may either win or lose the wager based on the outcome of
the event wagered on. As another alternative, the exercise time
associated with the purchased option may pass without the user
exercising the purchased option/without receiving an indication
that the user is exercising the purchased option. Again, at the
option may expire, the user's wager may remain in place/may not be
canceled, and the user may either win or lose the wager based on
the outcome of the event wagered on.
[0006] According to another and/or additional example, a request to
place a wager on an event may be received from a user. An option to
cancel the wager may be presented for purchase to the user for a
price. The option may include a plurality of exercise times
including at least a first exercise time and a second exercise
time. The first exercise time may have a first refund amount
associated therewith and the second exercise time may have a second
refund amount associated therewith. The second exercise time may be
subsequent to the first exercise time. The option may allow the
user to cancel the wager prior to and/or at the first exercise time
in exchange for the first refund amount, and/or to cancel the wager
at and/or after the first exercise time and prior to and/or at the
second exercise time in exchange for the second refund amount. An
indication may be received that the user is purchasing the option.
An indication may be received that the user is exercising the
option. A determination may then be made as to when the indication
is received as compared to the exercise times associated with the
option. If the indication is received prior to and/or at the first
exercise time associated with the option, the wager may be canceled
in exchange for the first refund amount. If the indication is
received at and/or after the first exercise time and prior to
and/or at the second exercise time associated with the option, the
wager may be canceled in exchange for the second refund amount. In
the alternative, if the indication is received at and/or after the
second exercise time associated with the option, the option may
expire, the user's wager may remain in place/not be canceled, and
the user may either win or lose the wager based on the outcome of
the event wagered on. As another alternative, all exercise times
associated with the option may pass without the user exercising the
option/without receiving an indication that the user is exercising
the option. Again, the option may expire, the user's wager may
remain in place/may not be canceled, and the user may either win or
lose the wager based on the outcome of the event wagered on.
[0007] According to another and/or additional example, a request to
place a wager on an event may be received from a user. An option to
cancel the wager may be presented for purchase to the user for a
price. An indication may be received that the user is purchasing
the option. An indication may be received that the user is
exercising the option. Responsive to the user exercising the
option, the wager may be canceled in exchange for a refund amount.
The user may be required to use at least a portion of the refund
amount to place another wager.
BRIEF DESCRIPTION OF THE DRAWINGS
[0008] In the drawings, identical reference numbers identify
similar elements or acts. The sizes and relative positions of
elements in the drawings are not necessarily drawn to scale. For
example, the shapes of various elements and angles are not drawn to
scale, and some of these elements are arbitrarily enlarged and
positioned to improve drawing legibility. Further, the particular
shapes of the elements as drawn, are not intended to convey any
information regarding the actual shape of the particular elements,
and have been solely selected for ease of recognition in the
drawings.
[0009] FIG. 1 is a schematic diagram of a networked environment,
including a number of servers and a number of clients
communicatively coupled to the servers by one or more networks, of
which systems, devices and methods for electronic sports book
wagering may be a part, or in which they may be implemented,
according to one illustrated embodiment.
[0010] FIG. 2 is a schematic diagram of an electronic sports book
wagering environment having example bettor computing systems, an
example sports book wagering computer system, and an example
payment disbursement computer system, according to one illustrated
embodiment.
[0011] FIG. 3 is a diagram of an example bettor user interface to
purchase a sports book wager ticket sell back option, according to
one illustrated embodiment.
[0012] FIG. 4 is a diagram of an example bettor user interface to
exercise a sports book wager ticket sell back option, according to
one illustrated embodiment.
[0013] FIG. 5 is a flow diagram showing a method of electronically
processing a request to purchase a sports book wager ticket sell
back option, according to one illustrated embodiment.
[0014] FIG. 6 is a flow diagram showing a method of electronically
determining an amount to refund a bettor who is exercising a sports
book wager ticket sell back option previously purchased by the
bettor that is useful in the method of FIG. 5, according to one
illustrated embodiment.
[0015] FIG. 7 is a flow diagram showing a method of electronically
issuing a ticket indicative of a wager associated with a sports
book wager ticket sell back option, according to one illustrated
embodiment.
[0016] FIG. 8 is a flow diagram showing a method of electronically
initiating payment to a bettor who is exercising a sports book
wager ticket sell back option previously purchased by the bettor,
according to one illustrated embodiment.
[0017] FIG. 9 is a flow diagram showing an example for offering,
purchasing, and exercising an option.
[0018] FIG. 10 is another flow diagram showing an example for
offering, purchasing, and exercising an option.
[0019] FIG. 11 is a further flow diagram showing an example for
offering, purchasing, and exercising an option.
[0020] FIG. 12 is a still further flow diagram showing an example
for offering, purchasing, and exercising an option.
[0021] FIG. 13 is a flow diagram showing an exemplary embodiment of
the invention.
[0022] FIG. 14 is a flow diagram showing an exemplary embodiment of
the invention.
DETAILED DESCRIPTION
[0023] In the following description, certain specific details are
set forth in order to provide a thorough understanding of various
disclosed embodiments. However, one skilled in the relevant art
will recognize that embodiments may be practiced without one or
more of these specific details, or with other methods, components,
materials, etc. In other instances, well-known structures
associated with computing systems including client and server
computing systems, as well as networks have not been shown or
described in detail to avoid unnecessarily obscuring descriptions
of the embodiments.
[0024] Unless the context requires otherwise, throughout the
specification and claims which follow, the word "comprise" and
variations thereof, such as, "comprises" and "comprising" are to be
construed in an open, inclusive sense, that is, as "including, but
not limited to."
[0025] Reference throughout this specification to "one embodiment"
or "an embodiment" means that a particular feature, structure or
characteristic described in connection with the embodiment is
included in at least one embodiment. Thus, the appearances of the
phrases "in one embodiment" or "in an embodiment" in various places
throughout this specification are not necessarily all referring to
the same embodiment. Furthermore, the particular features,
structures, or characteristics may be combined in any suitable
manner in one or more embodiments.
[0026] As used in this specification and the appended claims, the
singular forms "a," "an," and "the" include plural referents unless
the content clearly dictates otherwise. It should also be noted
that the term "or" is generally employed in its sense including
"and/or" unless the content clearly dictates otherwise.
[0027] The headings and Abstract of the Disclosure provided herein
are for convenience only and do not interpret the scope or meaning
of the embodiments.
[0028] FIG. 1 shows a networked environment 100, including a number
of servers and a number of clients communicatively coupled to the
servers by one or more networks, of which systems, devices and
methods for electronic sports book wagering may be a part, or in
which they may be implemented, according to one illustrated
embodiment.
[0029] The network environment 100 includes a number of server
computing systems 102a-102n (collectively 102). The server
computing systems 102 include processors that execute server
instructions (i.e., server software) stored on computer-readable
storage media to provide server functions in the network
environment 100. For example, the server computing systems 102 may
electronically generate, place, execute and/or track sports book
wagers and sports book ticket sell back options and related
transactions; determine refund amounts for exercising sports book
ticket sell back options; and/or receive input regarding
indications of sports book wagers and sports book ticket sell back
options and related transactions stored in one or more databases or
other computer-readable storage media 104a-104n (collectively 104).
The term sports book used herein means any service related to
placing wagers or tracking wagers placed on the outcomes of or
otherwise related to sporting events, such as football, basketball,
baseball, soccer, or any other sporting event, game or match, horse
racing, political events, competitions, contests, activities of
public figures, activities of celebrities, etc., including any
public event on which the sports book offers opportunities to
bet.
[0030] The network environment 100 includes a number of client
computing systems 106a-106n (collectively 106) selectively
communicatively coupled to one or more of the server computing
systems 102 via one or more communications networks 108. The client
computing systems 106 include one or more processors that execute
one or more sets of communications instructions stored on any of a
variety of non-transitory computer-readable storage media 110 (only
one illustrated in FIG. 1). The client computing systems 106 may
take a variety of forms, for instance desktop, laptop or notebook
personal computers, tablet computers, workstations, mini-computers,
mainframe computers, or other computational devices with
microprocessors or microcontrollers which are capable of networked
communications. The client computing systems 106 may be
communicatively coupled to the rest of the network 108 via wired,
wireless or a combination of wired and wireless communications
channels.
[0031] The network environment 100 includes a number of
telecommunications devices 111 (only one illustrated). Such
telecommunications devices 111 may, for example, take the form of
Internet or Web enabled cellular phones (e.g., iPHONE.RTM.). The
network environment 100 also includes a number of personal digital
assistant (PDA) devices 112 (only one illustrated). Such PDA
devices 112 may, for example, take the form of Internet or Web
enabled PDAs or tablet computers (e.g., iPHONE.RTM., iPAD.RTM.,
TREO.RTM., BLACKBERRY.RTM.), which may, for example, execute a set
of browser instructions or program. The network environment 100 may
include any number of a large variety of other devices that are
capable of some type of networked communications. The
telecommunications devices 110, PDA devices 112, as well as any
other devices, may be communicatively coupled to the rest of the
network 108 via wired, wireless or a combination of wired and
wireless communications channels.
[0032] The one or more communications networks 108 may take a
variety of forms. For instance, the communications networks 108 may
include wired, wireless, optical, or a combination of wired,
wireless and/or optical communications links. The one or more
communications networks 108 may include public networks, private
networks, unsecured networks, secured networks or combinations
thereof. The one or more communications networks 108 may employ any
one or more communications protocols, for example TCP/IP protocol,
UDP protocols, IEEE 802.11 protocol, as well as other
telecommunications or computer networking protocols. The one or
more communications networks 108 may include what are traditionally
referred to as computing networks and/or what are traditionally
referred to as telecommunications networks or combinations thereof.
In at least one embodiment, the one or more communications networks
108 includes the Internet, and in particular, the Worldwide Web
(referred to herein as "the Web"). Consequently, in at least one
embodiment, one or more of the server computing systems 102 execute
server software to serve HTML source files or Web pages 114a-114d
(collectively 114), and one or more client computing systems 106,
telecommunications devices 110 and/or PDAs 112 execute browser
software to request and display HTML source files or Web pages
114.
[0033] The network environment 100 includes an interactive system
for electronically generating, placing, executing and/or tracking
sports book wagers and sports book ticket sell back options and
related transactions; determining refund amounts for bettors
exercising sports book ticket sell back options; and/or receiving
input regarding indications of sports book wagers and sports book
ticket sell back options and related transactions. The interactive
system may include one or more server computing systems 102,
databases 104 and one or more client systems 106,
telecommunications devices 111, and/or PDA devices 112.
[0034] The one or more server computing systems 102 execute
instructions stored on non-transitory computer-readable storage
media that cause the server computing systems 102 to electronically
generate, place, execute and/or track sports book wagers and sports
book ticket sell back options, and determine and issue refund
amounts with respect to and/or between one or more client systems
106, telecommunications devices 111, and/or PDA devices 112, and
provide communications during or in connection with such services
to and between one or more client systems 106, telecommunications
devices 111, and/or PDA devices 112.
[0035] Although not required, the embodiments will be described in
the general context of computer-executable instructions, such as
program application engines, objects, or macros stored on computer-
or processor-readable storage media and executed by a computer or
processor. Those skilled in the relevant art will appreciate that
the illustrated embodiments as well as other embodiments can be
practiced with other affiliated system configurations and/or other
computing system configurations, including hand-held devices,
multiprocessor systems, microprocessor-based or programmable
consumer electronics, personal computers ("PCs"), network PCs,
mini-computers, mainframe computers, and the like. The embodiments
can be practiced in distributed computing environments where tasks
or acts are performed by remote processing devices, which are
linked through a communications network. In a distributed computing
environment, program engines may be located in both local and
remote memory storage devices.
[0036] FIG. 2 shows an electronic sports book wagering environment
200 comprising a sports book wagering computer system 202, a
payment disbursement computer system 262, example Bettor A computer
system 264 and example Bettor B computer system 266,
communicatively coupled by one or more communications channels, for
example one or more local area networks (LANs) 208 or wide area
networks (WANs) 210 that may be part of or connect to network 108.
For example, the server computing systems 102 of FIG. 1 may include
the sports book wagering computer system 202 and/or the payment
disbursement computer system 262. Likewise, the number of client
computing systems 106a-106n (collectively 106), telecommunications
devices 111, and/or PDA devices 112 of FIG. 1 may include the
example Bettor A computer system 264 and example Bettor B computer
system 266. Communication between the computer systems shown in
FIG. 2 may also be by transferring data on a non-transitory
computer-readable medium, such as a disk, flash drive, other memory
device, etc., that is readable by such computer systems.
[0037] The payment disbursement computer system 262 may include
those computer systems of one or more various sports book entities
of a casino or other licensed sports betting establishment. The
example Bettor A computer system 264 and example Bettor B computer
system 266 may include any user computer system having a Web
browser on which Web sites, Web pages and/or Web applications are
displayed or other sports book wagering or betting applications,
such as those provided by a sports book of a casino or other
licensed sports betting establishment, etc. Such Web sites, Web
pages and/or Web applications may include those hosted and/or
served by sports book wagering computer system 262, or those hosted
and/or served by a Web server computer system accessible by the
sports book wagering computer system 262, example Bettor A computer
system 264, and example Bettor B computer system 266. For example,
such a Web server computer system may be one or more of the server
computing systems 102 of FIG. 1.
[0038] Sports book wagering computer system 202 may include those
computer systems that electronically generate, place, execute
and/or track sports book wagers and sports book ticket sell back
options and related transactions; determine refund amounts for
exercising sports book ticket sell back options; and/or receive
input regarding indications of sports book wagers and sports book
ticket sell back options and related transactions, stored in one or
more databases or other computer-readable storage media. Sports
book wagers may include wagers on any public event on which the
sports book offers opportunities to bet, including, but not limited
to: sporting events, horse racing, political events, competitions,
contests, activities of public figures, activities of celebrities,
etc. An "event" or a "sporting event" as used herein means any
public event on which a sports book offers opportunities to bet.
The sports book wagering computer system 202 may also provide a
user interface to accept wagers from and sell sports book ticket
sell back options to example Bettor A via example Bettor A computer
system 264 and example Bettor B via example Bettor B computer
system 266. For example, the user interface may be displayed as,
within, or on Web pages served by the sports book wagering computer
system 202, or as interfaces of other applications, including those
various Web pages and Web sites of sports book operations,
organizations, companies and individuals hosted and/or served by
another Web server computer system or other computer system
accessible via one or more local area networks (LANs) 208 or wide
area networks (WANs) 210 that may be part of network 108.
[0039] The sports book wagering computer system 202 will at times
be referred to in the singular herein, but this is not intended to
limit the embodiments to a single device since, in typical
embodiments, there may be more than one sports book wagering
computer system or devices involved, or there may be multiple
different computing systems that each store and/or serve different
items (e.g., a Web server separate from a sports book wagering
server or payment disbursement server, etc.) Unless described
otherwise, the construction and operation of the various blocks
shown in FIG. 2 are of conventional design. As a result, such
blocks need not be described in further detail herein, as they will
be understood by those skilled in the relevant art.
[0040] The sports book wagering computer system 202 may include one
or more processing units 212a, 212b (collectively 212), a system
memory 214 and a system bus 216 that couples various system
components including the system memory 214 to the processing units
212. The processing units 212 may be any logic processing unit,
such as one or more central processing units (CPUs) 212a, digital
signal processors (DSPs) 212b, application-specific integrated
circuits (ASICs), field programmable gate arrays (FPGAs), etc. The
system bus 216 can employ any known bus structures or
architectures, including a memory bus with memory controller, a
peripheral bus, and a local bus. The system memory 214 includes
read-only memory ("ROM") 218 and random access memory ("RAM") 220.
A basic input/output system ("BIOS") 222, which can form part of
the ROM 218, contains basic routines that help transfer information
between elements within the sports book wagering computer system
202, such as during start-up.
[0041] The sports book wagering computer system 202 may include a
hard disk drive 224 for reading from and writing to a hard disk
226, an optical disk drive 228 for reading from and writing to
removable optical disks 232, and/or a magnetic disk drive 230 for
reading from and writing to magnetic disks 234. The optical disk
232 can be a digital video disc ("DVD"), while the magnetic disk
234 can be a magnetic floppy disk or diskette, or other storage
medium. The hard disk drive 224, optical disk drive 228 and
magnetic disk drive 230 may communicate with the processing unit
212 via the system bus 216. The hard disk drive 224, optical disk
drive 228 and magnetic disk drive 230 may include interfaces or
controllers (not shown) coupled between such drives and the system
bus 216, as is known by those skilled in the relevant art. The
drives 224, 228 and 230, and their associated computer-readable
storage media 226, 232, 234, may provide nonvolatile and
non-transitory storage of computer-readable instructions, data
structures, program engines and other data for the sports book
wagering computer system 202. Although the depicted sports book
wagering computer system 202 is illustrated employing a hard disk
224, optical disk 228 and magnetic disk 230, those skilled in the
relevant art will appreciate that other types of computer-readable
storage media that can store data accessible by a computer may be
employed, such as magnetic cassettes, flash memory, compact discs
("CD"), Bernoulli cartridges, RAMs, ROMs, smart cards, solid state
drives, etc.
[0042] The sports book wagering computer system 202 may include a
network interface 260 operably coupled to the system bus 216. The
network interface 260 may, for example, include one or more modems
252 and/or one or more Ethernet cards or other types of
communications cards or components 254 for enabling communications
via one or more local area networks (LANs) 208 or wide area
networks (WANs) 210.
[0043] Program engines can be stored in the system memory 214, such
as an operating system 236, one or more application programs 238,
refund amount determination modules 240, program data 242 and
historical analytics modules 244 capable of analyzing historical
data of previous sporting events. Application programs 238 may
include instructions that cause the processor(s) 212 to accept
wagers from and sell sports ticket sell back options to Bettor A
computer system 264, Bettor B computer system 266, and/or other
bettor computer systems. Application programs 238 and refund amount
determination modules 240 may include computer executable
instructions and functionality to provide an interface to perform
one or more of the following: place sports book wagers, exercise
previously selected or purchased sports book sell back options, and
determine refund amounts when bettors exercise previously selected
or purchased sports book sell back options based on the analysis of
historical data of previous sporting events by the historical
analytics module. Application programs 238 and refund amount
determination modules 240 may deliver such services over the LAN
208 or WAN 210 using one or more, or a combination of one or more
network protocols including, but not limited to, hypertext transfer
protocol (HTTP), TCP/IP protocol, UDP protocols, and IEEE 802.11
protocol, as well as other telecommunications or computer
networking protocols.
[0044] Application programs 238 may also include instructions for
handling security such as password or other access protection and
communications encryption and also enable access and exchange data
with sources such as corporate intranets, extranets, or other
networks as described below, as well as other server applications
on server computing systems such as those discussed further below.
In particular, the system memory 214 may include historical
analytics modules or programs, for example historical analytics
module 244, configured to analyze and perform statistical analyses
of previous sporting events with characteristics in common with the
current sporting events on which wagers have been placed and for
which sports book sell back options have been purchased. For
example, these analyses may be based on historical data regarding
outcomes of previous sporting events of the same type as the
current sporting event at corresponding breaks in play or
corresponding intervals in the previous sporting events and other
corresponding factors at the corresponding breaks in play or
corresponding intervals in the previous sporting events.
[0045] While shown in FIG. 2 as being stored in the system memory
214, the operating system 236, application programs 238, refund
amount determination modules 240, program data 242 and historical
analytics modules 244 can be stored on the hard disk 226 of the
hard disk drive 224, the optical disk 232 of the optical disk drive
228 and/or the magnetic disk 234 of the magnetic disk drive
230.
[0046] An operator can enter commands and information into the
sports book wagering computer system 202 through input devices such
as a touch screen or keyboard 246 and/or a pointing device such as
a mouse 248, and/or via a graphical user interface. Other input
devices can include a microphone, joystick, game pad, tablet,
scanner, etc. These and other input devices are connected to one or
more of the processing units 212 through an interface 250 such as a
serial port interface that couples to the system bus 216, although
other interfaces such as a parallel port, a game port or a wireless
interface or a universal serial bus ("USB") can be used. A monitor
252 or other display device is coupled to the system bus 216 via a
video interface 254, such as a video adapter. The sports book
wagering computer system 202 can include other output devices, such
as speakers, printers, etc.
[0047] The sports book wagering computer system 202 can operate in
a networked environment using logical connections to one or more
remote computers and/or devices as described above with reference
to FIG. 1. For example, the sports book wagering computer system
202 can operate in a networked environment using logical
connections to one or more payment disbursement computer systems
262, and to one or more bettor computer systems, for example,
Bettor A computer system 264 and/or Bettor B computer system 266.
Communications may be via a wired and/or wireless network
architecture, for instance, wired and wireless enterprise-wide
computer networks, intranets, extranets, and the Internet. Other
embodiments may include other types of communications networks
including telecommunications networks, cellular networks, paging
networks, and other mobile networks.
[0048] The payment disbursement computer system 262 may be separate
from or integrated with the sports book wagering computer system
202 and may take the form of a conventional mainframe computer,
mini-computer, workstation computer, personal computer (desktop or
laptop). The payment disbursement computer system 262 may include a
processing unit 268, a system memory 269 and a system bus (not
shown) that couples various system components including the system
memory 269 to the processing unit 268. The payment disbursement
computer system 262 will at times be referred to in the singular
herein, but this is not intended to limit the embodiments to a
single payment disbursement computer system 262 since in typical
embodiments, there may be more than one payment disbursement
computer system 262 or other device involved. Non-limiting examples
of commercially available computer systems include, but are not
limited to, an 80.times.86 or Pentium series microprocessor from
Intel Corporation, U.S.A., a PowerPC microprocessor from IBM, a
Sparc microprocessor from Sun Microsystems, Inc., a PA-RISC series
microprocessor from Hewlett-Packard Company, or a 68xxx series
microprocessor from Motorola Corporation.
[0049] The processing unit 268 may be any logic processing unit,
such as one or more central processing units (CPUs), digital signal
processors (DSPs), application-specific integrated circuits
(ASICs), field programmable gate arrays (FPGAs), etc. Unless
described otherwise, the construction and operation of the various
blocks of the payment disbursement computer system 262 shown in
FIG. 2 are of conventional design. As a result, such blocks need
not be described in further detail herein, as they will be
understood by those skilled in the relevant art.
[0050] The system bus can employ any known bus structures or
architectures, including a memory bus with memory controller, a
peripheral bus, and a local bus. The system memory 269 includes
read-only memory ("ROM") 270 and random access memory ("RAM") 272.
A basic input/output system ("BIOS") 271, which can form part of
the ROM 270, contains basic routines that help transfer information
between elements within the peripheral computing system 114, such
as during start-up.
[0051] The payment disbursement computer system 262 may also
include one or more media drives 273 (e.g., a hard disk drive,
magnetic disk drive, and/or optical disk drive) for reading from
and writing to computer-readable storage media 274 (e.g., hard
disk, optical disks, and/or magnetic disks). The computer-readable
storage media 274 may, for example, take the form of removable
media. For example, hard disks may take the form of Winchester
drives, optical disks can take the form of DVDs, while magnetic
disks can take the form of magnetic floppy disks or diskettes. The
media drive(s) 273 communicate with the processing unit 268 via one
or more system buses. The media drives 273 may include interfaces
or controllers (not shown) coupled between such drives and the
system bus, as is known by those skilled in the relevant art. The
media drives 273, and their associated computer-readable storage
media 274, provide nonvolatile storage of computer-readable
instructions, data structures, program engines and other data for
the payment disbursement computer system 262. Although described as
employing computer-readable storage media 274 such as hard disks,
optical disks and magnetic disks, those skilled in the relevant art
will appreciate that payment disbursement computer system 262 may
employ other types of computer-readable storage media that can
store data accessible by a computer, such as magnetic cassettes,
flash memory cards, compact discs ("CD"), Bernoulli cartridges,
RAMs, ROMs, smart cards, solid state drives, etc.
[0052] Program engines, such as an operating system, one or more
application programs, other programs or engines and program data,
can be stored in the system memory 269. Program engines may include
instructions for handling security such as password or other access
protection and communications encryption. The system memory 269 may
also include communications and server programs, for example a Web
server that permits the payment disbursement computer system 262 to
disburse and/or initiate disbursement of payments to bettors for
winning bets and/or for refunds resulting from the bettor
exercising a sports book ticket sell back option (e.g., during a
specified break in play during a an event or other indicated
period). The other indicated period may be any period from the
moment the wager is placed through completion of the entire
sporting event or through completion of any portion of the sporting
event. The payments may be disbursed directly via a cash dispenser
or voucher printer (not shown) connected to or integrated with the
payment disbursement computer system 262, or electronically to an
account associated with the bettor. The electronic disbursements
may be sent over the Internet and/or via Web applications and/or
other networks or electronic payment and deposit systems such as
automated clearing house (ACH) systems, credit and debit systems,
etc, via network 108.
[0053] While described as being stored in the system memory 269,
the operating system, application programs, other programs/engines,
program data and/or browser can be stored on the computer-readable
storage media 274 of the media drive(s) 273. An operator can enter
commands and information into the payment disbursement computer
system 262 via a user interface 275 through input devices such as a
touch screen or keyboard 276 and/or a pointing device 277 such as a
mouse. Other input devices can include a microphone, joystick, game
pad, tablet, scanner (e.g., sports book ticket scanner), etc. These
and other input devices are connected to the processing unit 269
through an interface such as a serial port interface that couples
to the system bus, although other interfaces such as a parallel
port, a game port or a wireless interface or a universal serial bus
("USB") can be used. A display or monitor 278 may be coupled to the
system bus via a video interface, such as a video adapter. The
Payment disbursement computer system 262 can include other output
devices, such as speakers, printers, etc.
[0054] The payment disbursement computer system 262 includes
instructions stored in non-transitory computer-readable storage
media that cause the processor(s) of the payment disbursement
computer system 262 to pay bettors bets won that had been placed on
sporting events through the sports book wagering computer system
202 from various bettor computer systems over the LAN 208 or WAN
210, including, for example, those from Bettor A computer system
264 and Bettor B computer system 266. For example, the sports book
wagering computer system 202 may disburse or initiate disbursement
of a ticket (paper or electronic) indicating a wager placed for a
bet made on a sporting event by Better A.
[0055] The payment disbursement computer system 262 also includes
instructions stored in non-transitory computer-readable storage
media that cause the processor(s) of the payment disbursement
computer system 262 to refund bettors amounts determined and
communicated by the refund amount determination module 240 of the
sports book wagering computer system 202 when the bettor exercises
a previously purchased sports book ticket sell back option during a
specified break in play or other indicated period of the sporting
event on which the original bet was placed. The other indicated
period may be any period from the moment the wager is placed
through completion of the entire sporting event or through
completion of any portion of the sporting event.
[0056] For example, Bettor A may have purchased on option to sell
back the sports book ticket disbursed by the sports book wagering
computer system 202 during half time of the sporting event on which
the bet was made for a refund amount determined at the time the
option is exercised. In some embodiments, this refund amount may
not fall below a guaranteed pre-determined minimum amount. To
exercise the purchased option, at some time (e.g., half time,
between periods, between innings or quarters) during the sporting
event, Bettor A sells back the sports book ticket issued by the
sports book wagering computer system 202 by bringing, sending,
initiating sending or otherwise communicating the ticket (if
electronic) to the payment disbursement computer system 262 to have
the ticket electronically scanned or read, have the refund amount
determined (either by the sports book wagering computer system 202
or the payment distribution computer system) and receive the
determined refund amount. In some embodiments, the payment
distribution computer system may wirelessly authenticate the Bettor
A computer system 264 (e.g., via a near field communications (NFC)
or radio frequency identification (RFID) chip in the Bettor A
computer system 264 and/or the payment distribution computer system
262) to enable payment disbursement to Bettor A. Note that although
the refund amount determination module 240 and historical analytics
module 244 are shown as being part of the sports book wagering
computer system 202, one or both of these modules may also or
instead be part of the payment disbursement computer system
262.
[0057] In instances where the refund amount determination module
240 is part of the payment disbursement computer system 262, the
payment disbursement computer system 262 includes instructions
stored in non-transitory computer-readable storage media that cause
the processor(s) of the payment disbursement computer system 262 to
receive additional information and analyses from the sports book
wagering computer system 202 regarding historical statistical data
of outcomes of previous sporting events of the same type as the
current sporting event on which the bet was made and corresponding
to the same breaks in play or corresponding intervals in the
previous sporting events and other corresponding factors at the
same breaks in play or corresponding intervals in the previous
sporting events to determine a refund amount.
[0058] The Bettor A computer system 264 may have one or more
identical or similar components to the previously described
computer systems, for example a processing subsystem 280 including
one or more non-transitory processor and computer-readable
memories, a media subsystem including one or more drives and
computer-readable storage media, and one or more user interface
subsystems 282 including one or more keyboards, keypads, displays,
pointing devices, graphical interfaces, scanners and/or
printers.
[0059] The Bettor A computer system 264 includes program
instructions stored in non-transitory computer-readable storage
media such as those program instructions of a Web browser 284
configured to access the services of the sports book wagering
computer system 202 and the payment disbursement computer system
(e.g. to remotely place wagers on sporting events, purchase sports
book ticket sell back options, remotely exercise previously
purchased sports book ticket sell back options, collect refunds and
payments, etc.). The browser 284 in the depicted embodiment is
markup language based, such as Hypertext Markup Language (HTML),
Extensible Markup Language (XML) or Wireless Markup Language (WML),
and operates with markup languages that use syntactically delimited
characters added to the data of a document to represent the
structure of the document. A number of Web clients or browsers are
commercially available such as those from Mozilla, Google and
Microsoft.
[0060] The Bettor B computer system 266 may have identical or
similar components to the previously described computer systems,
for example a processing subsystem 286 including one or more
non-transitory processor and computer-readable memories, a media
subsystem 288 including one or more drives and computer-readable
storage media, and one or more user interface subsystems 290
including one or more keyboards, keypads, displays, pointing
devices, graphical interfaces scanners and/or printers.
[0061] For example, the Bettor B computer system 266 may include
program instructions stored in non-transitory computer-readable
storage media such as those program instructions of a Web browser
290 configured to access the services of the sports book wagering
computer system 202 similar to that of Web browser 284 of Bettor A
computer system 264 described above. Although there are only two
example bettor computer systems depicted in FIG. 2, there may be
fewer or more such bettor computer systems operably connected to
LAN 208 and/or WAN 210 in various other embodiments.
[0062] FIG. 3 is a diagram of an example user interface 300 for
Bettor A to purchase a sports book wager ticket sell back option,
one or more portions of which may be displayed on a display of the
sports book wagering computer system 202 or the Bettor A computer
system 264, according to one illustrated embodiment. Bettor A may
purchase a sports book ticket sell back option via the interface
300, for example, during the process of placing a wager on the
corresponding sporting event. Also, a bettor may purchase a sports
book ticket sell back option via the interface 300 after placing a
wager on the corresponding sporting event at some time before
completion of the specified break in play or indicated period in
which the option may be exercised and after having received the
sports book ticket indicating the initial wager. There may be some
instances after which the sports book ticket has been issued where
the purchase of a sell back option is barred or suspended,
including, but not limited to: changes in the point spread, key
players becoming injured, key players being removed from the
roster, catastrophic events for a particular team, etc. The
purchased option may be an option to be exercised by the bettor
during a specified break in play or indicated period of the
corresponding sporting event (e.g., during half time) for the
bettor to receive compensation (i.e., a determined refund amount)
for canceling the wager.
[0063] However, in some embodiments, all or some of the user
interface 300 features and components described herein may be
configured for the sports book employee or agent to use instead of
or in addition to Bettor A, such as to place wagers and make sell
back option purchases on behalf of Bettor A. In other embodiments,
neither the sports book nor Bettor A need use the Bettor A
interface to place the wager and have the sell back option
purchased by Bettor A. For example, Bettor A enters a sports book
and walks up to the existing counter that is manned by an agent of
the sports book. Bettor A then asks to make a wager on any of the
types of bets for any of the events offered for wagering by the
sports book (e.g., football, basketball, soccer, baseball, boxing,
individual competitions, horse racing, political events,
competitions, contests, activities of public figures, activities of
celebrities, etc.). The types of bets or wagers may include, but
are not limited to: straight, total score (i.e., over/under), money
line, teasers, future bets, if-win only (single action),
if-win-tie-cancel (double action), reverse wagers, buying points,
proposition bets, etc. Bettor A then requests that the agent
include the sell back option in his wager, or the agent makes a
proffer to the bettor and the bettor accepts the proffer from the
agent to participate in the sell back option. One or more of the
above acts may be performed independently or in conjunction with
the Bettor A interface. In one embodiment, where Bettor A declines
purchase or selection of the sports book ticket sell back option
(or had never been offered the sell back option) and after having
been issued the sports book ticket indicating the initial wager,
the sports book may make an unsolicited offer to Bettor A for
Bettor A to have the opportunity to purchase a sports book ticket
sell back option at some time before completion of the break in
play or indicated period in which the option may be exercised. The
offer to Bettor A may be displayed on a public display in the
establishment of the sports book, shown on a display of the Bettor
A computer system, printed out and provided to Bettor A, posted on
a sports book web site, and/or electronically communicated via
email, text message, fax, etc.
[0064] An added cost of participating in the sell back option, if
any, is determined by the sports book and can range from 0% to any
percentage of the ticket price or amount wagered and/or any fixed
dollar amount chosen by the sports book. At the discretion of the
sports book, an added cost of participating in the sell back option
at the time the wager is placed may be higher or lower than an
added cost of participating in the sell back option when purchased
at a later time.
[0065] The refund amount (i.e., the value of the sports book ticket
sell back option to Bettor A) may be determined at the time the
sports book ticket sell back option is exercised based on a current
probability or odds at the specified break in play of the event or
indicated period of whether the bettor will win the bet for which
the wager was made. The option may also include a minimum
guaranteed amount (e.g., 20 percent of the wager amount, or other
pre-determined minimum amount) to be refunded to the bettor should
the bettor choose to exercise the option. However, in some
embodiments, there may be no guaranteed percentage refund or other
guaranteed refund amount. The current calculated refund amount
(i.e., current value of the sports book ticket sell back option)
may be shown to the bettor at the time of the purchase of the
sports book ticket sell back option, or at any time from the moment
the sporting event begins to (and including) the period when the
bettor can exercise the option. For example, this value may be
displayed on a public display in the establishment of the sports
book, shown on the display 302 of Bettor A Interface, printed out
and provided to the bettor, posted on a sports book web site,
and/or electronically communicated via email, text message, fax,
etc.
[0066] In one example embodiment, user interface item 308 of user
interface 300 is configured to display an indication of the type of
bet placed (e.g., ABC), display an indication of which sporting
event on which the bet was placed (e.g., XYZ game) and the wager
amount (e.g., $110). Before the ticket is issued, user interface
item 302 is configured to display a prompt asking Bettor A whether
the Bettor A would like to purchase the sports book ticket sell
back option for a minimum guaranteed percent return of the wager
amount should the option be exercised by the bettor during the
specified break in play. In some embodiments, there may be no
minimum guaranteed percentage refund or other guaranteed refund
amount. The user interface item 302 also indicates the up-front and
non-refundable cost or fee charged to the bettor for the purchase
of the option. For example, this fee may be a percentage of the
wager (e.g., 2.5 percent of the wager). However, other percentage
amounts, flat fees or combinations thereof, may be selectively
charged by the sports book wagering computer system and will be
indicated to the bettor via the user interface item 302. In some
embodiments, the sports book may elect to charge no fee or a
refundable fee for the purchase of a sports book ticket sell back
option and this will be indicated to the bettor via the user
interface item 302.
[0067] The user interface item 302 also includes controls
selectable by the bettor to indicate whether the bettor wants to
purchase the sports book ticket sell back option. For example, the
user selects icon or button 312 to indicate the bettor wants to
purchase the option and selects icon or button 314 to indicate that
the bettor does not want to purchase the option. In embodiments
where user interface item 302 is displayed on the sports book
wagering computer system 202, the interface 300 may also include a
ticket printing and retrieval component 316 configured to print a
sports book ticket indicating the wager and whether the sports book
ticket sell back option had been purchased. These indications may
be printed or otherwise encoded (e.g., on a bar code) on the sports
book ticket dispensed by the ticket printing and retrieval
component 316.
[0068] In other embodiments (e.g., those in which the user
interface item 302 is displayed on a Bettor A computer system 264
remote from the sports book wagering computer system 202), the
sports book ticket may be issued electronically as an electronic
ticket stored on the sports book wagering computer system 202
and/or Bettor A computer system 264. The electronic sports book
ticket is associated with the bettor via a code communicated to the
bettor via the sports book wagering computer system, an account of
the bettor, or other bettor credentials which may be verified at a
point when the sports book ticket is used to redeem a payment
amount for winning the bet placed or for exercising the purchased
sports book ticket sell back option.
[0069] In embodiments where Bettor A declines purchase of a sports
book ticket sell back option via the interface 300 after placing a
wager on the corresponding sporting event at some time before
completion of the specified break in play or indicated period in
which the option may be exercised and after having been issued the
sports book ticket indicating the initial wager, Bettor A may scan
the sports book ticket (e.g., via a machine-readable symbol such as
barcode or 2-D code symbol, radio frequency identification or RFID
transponder, near field communication (NFC) chip, or optical
character recognition or OCR) at a scanner that is part of the
ticket printing and retrieval component 316 or located elsewhere
(such as on the Bettor A computer system 264) to have the sell back
option associated with the wager associated with the sports book
ticket. In embodiments involving an electronic ticket, Bettor A may
input the code provided to Bettor A at the time the ticket was
issued or other credentials associated with the electronic ticket
or Bettor A in order to have the sell back option associated with
the wager indicated by the previously issued sports book
ticket.
[0070] FIG. 4 is a diagram of an example user interface 400 for
facilitating Bettor A to exercise a sports book wager ticket sell
back option, one or more portions of which may be displayed on a
display of the sports book wagering computer system 202, payment
disbursement computer system 262 or the Bettor A computer system
264, according to one illustrated embodiment. Bettor A may exercise
a sports book ticket sell back option (such as the one purchased
via interface 300 of FIG. 3) via the interface 400 of FIG. 4, for
example, during the specified break in play or indicated period
during which the previously purchased option is valid.
[0071] However, in some embodiments, all or some of the user
interface 400 features and components described herein may be
configured for the sports book employee, cashier or agent to use
instead of or in addition to Bettor A, such as to exercise sell
back option purchases on behalf of Bettor A and provide refunds to
Bettor A. In other embodiments, neither the sports book nor Bettor
A need use the user interface 400 to exercise the sports book
ticket sell back option. For example, Bettor A may approach a
sports book cashier, ask to exercise the sports book sell back
option, hand the cashier the sports book ticket, and the cashier
will provide the refund amount in cash to Bettor A. If Bettor A
chooses to exercise the sports book ticket sell back option, Bettor
A can make it known to the sports book via any system that the
sports book cares to use, whether it be electronic or open
utterance. For example, Bettor A can scan or insert the sports book
ticket, or input information related to the sports book ticket,
into an electronic kiosk, approach a sports book agent at the
counter of the sports book or enter a code or scan the sports book
ticket using an electronic handheld device, etc. However, with
respect to Bettor A, such a kiosk, sports book agent and/or
handheld device may use any combination of features and components
described herein of the user interfaces 300 and 400, the sports
book wagering system 202, payment disbursement computer system 262
and/or the Bettor A computer system to perform the sports book
ticket sell back option purchase, exercise the sports book ticket
sell back option, determine the sports book ticket refund amount
and/or to disburse the refund amount.
[0072] The period in which the sports book ticket sell back option
may be exercised may be during all or a portion of any number of
periods during the sporting event as determined by the sports book.
For example, sports book ticket sell back options may be exercised
during a single specific break in play, multiple specific breaks in
play or any break in play. A break in play is defined as stoppage
in play for any reason whatsoever and may include, but is not
limited to the following breaks in play during various sporting
events: half time period, quarter periods, between innings or
half-innings in baseball games, time-outs, between regulation time
and overtime periods, during caution laps of an auto race, the
period intermission of a hockey game, between rounds of a boxing
match, prior to specific types of plays (e.g., field goals,
two-point conversions, penalty kicks or shots), a period prior to a
specific event that might occur during the course of play including
but not limited to: an injury to a player, removal of a pitcher, or
changing of a goaltender. In some embodiments, the sports book may
determine that sports book ticket sell back options may be
exercised from the moment the wager is recorded through completion
of one of: a portion of the sporting event or the entirety of the
sporting event. This is defined as an indicated period and may be
communicated to the bettor at the time of placement of the wager.
In one embodiment, sports book ticket sell back options may be
exercised during both ongoing play as well as all breaks in play
during the indicated period.
[0073] For example, during half time of a sporting event for which
Bettor A has placed a wager and purchased a half time sports book
ticket sell back option, Bettor A may approach the sports book
wagering computer system 202, approach a cashier, employee or other
agent using the sports book wagering computer system 202, or
utilize the Bettor A computer system 264 to exercise the option.
The bettor may scan their sports book ticket at the component 324
on the sports book wagering computer system 202 that is configured
to scan and read information encoded in machine-readable symbols on
or RFID transponders on or in the sports book ticket. Component 324
may then print out a voucher or coupon that the bettor may redeem
for cash, or in some alternative embodiments, dispense cash. In
other embodiments, instead of receiving a voucher or cash, the
bettor may receive instructions at or via component 324 on how to
obtain a refund. For example, component 324 may print, display or
otherwise communicate instructions for the bettor on how, when and
where to proceed to a cashier, refund machine, etc. with the ticket
to complete the refund process. Component 324 may also communicate
a refund code or other item to use alone or in conjunction with the
ticket to enable the bettor to receive the refund or initiate an
electronic transaction to credit an account of the bettor to
provide the refund.
[0074] In some embodiments, where the sports book ticket is an
electronic ticket, Bettor A may provide a code associated with the
electronic ticket given to the Bettor at the time the ticket was
issued, or input credentials associated with Bettor A and/or the
issued electronic ticket at the sports book wagering computer
system 202 or the Bettor A computer system 264. User Interface item
318 may then be displayed to Bettor A including a prompt asking
Bettor A whether Bettor A would like to exercise the sports book
ticket sell back option purchased for that sports book ticket. User
Interface item 318 also displays the refund amount (i.e., the value
of the sports book ticket sell back option to Bettor A). User
interface item 308 of user interface 400 is also configured to
display an indication of the type of bet placed (e.g., ABC),
display an indication of which sporting event on which the bet was
placed (e.g., XYZ game) and the wager amount (e.g., $110).
[0075] The user interface item 318 also includes controls (e.g.,
user selectable icons, dialog boxes, keys, switches, buttons)
selectable by the bettor to indicate whether the bettor wants to
exercise the sports book ticket sell back option. For example, the
user selects icon or button 320 to indicate the bettor wants to
exercise the option and selects icon or button 322 to indicate that
the bettor does not want to exercise the option. If Bettor A
selects icon or button 320 to indicate the Bettor A wants to
exercise the option, then a refund amount will be dispensed, sent
or otherwise issued to Bettor A.
[0076] As mentioned above, the refund amount (i.e., the value of
the sports book ticket sell back option to Bettor A) may be
determined at the time the sports book ticket sell back option is
exercised based on a current probability or odds at the specified
break in play or indicated period of the sporting event of whether
the bettor will win the bet for which the wager was made. The
option may also include a minimum guaranteed amount (e.g., 20
percent of the wager amount, or other pre-determined minimum
amount) to be refunded to the bettor should the bettor choose to
exercise the option. However, in some embodiments, there may be no
guaranteed percentage refund or other guaranteed refund amount. The
current calculated refund amount (i.e., current value of the sports
book ticket sell back option) may be shown to the bettor at the
time of the purchase of the sports book ticket sell back option, or
at any time from the moment the wager is placed to (and including)
the period when the bettor can exercise the option. For example,
this value may be displayed on a public display in the
establishment of the sports book, shown on the display 318 of
Bettor A Interface, printed out and provided to the bettor, posted
on a sports book web site, and/or electronically communicated via
email, text message, fax, etc. In some embodiments, Bettor A may
approach and/or activate user interface 400 and scan or otherwise
input the bettor's ticket or ticket information for the user
interface 400 to display the current refund amount (i.e., the value
of the sports book ticket sell back option to Bettor A).
[0077] The current refund amount (i.e., the value of the sports
book ticket sell back option to Bettor A) can be determined in any
manner that the sports book chooses. The sports book may use a
historical probability model, a coin toss or whatever system or
method they choose. In some circumstances, the sports book may
choose to outsource determination of the current refund amount to
an individual or entity deemed to have special expertise in the
regard. Even when outsourced, the sports book retains ultimate
authority to determine the current refund amount.
[0078] The determined refund amount may be based on statistical
analyses of previous sporting events with characteristics in common
with the current sporting events on which wagers have been placed
and for which sports book sell back options have been purchased
and, in some embodiments, based on intrinsic game factors. These
intrinsic game factors may include, but are not limited to,
catastrophic player injury, illness or other disqualification
occurring before the specified break in play or before completion
of the indicated period during which the sports book ticket sell
back option may be exercised. In some embodiments, these analyses
may be based on historical data regarding outcomes of previous
sporting events of the same type as the current sporting event at
corresponding breaks in play or corresponding intervals in the
previous sporting events and other corresponding factors at the
corresponding breaks in play or corresponding intervals in the
previous sporting events.
[0079] For example, if Bettor A placed a wager of $110 on the Bears
playing the Packers (the home team) that the Packers would not win
by more than 7 points, and at half time the score is Bears 10 and
Packers 17, then the analysis would determine the percentage
probability (based on historical NFL statistical data) that a home
team winning by 7 points at half time gains at least one point in
the second half. The sports book wagering computer system 202 or
payment disbursement computer system 262 would then use this
probability to determine the amount to refund Bettor A at half time
for exercising the sports book ticket sell back option. The
percentage amount refunded may also be reduced further (e.g., by
one percentage point) as an additional charge to the bettor and
would thus increase the amount earned by the sports book
organization (i.e., the vigorish). Using the present example, if
the probability that a home team winning by 7 points at half time
gains at least one point in the second half is 75 percent and the
sports book organization reduces the percentage or odds paid to the
bettor, e.g., by one percentage point, then the amount refunded
Bettor A should Bettor A exercise the sell back option would be
(25%-1%)*$210=$50.40. However, in other examples using the same
wager amount, based on the probability and the additional
percentage charged by the sports book organization, if the
determined amount to refund falls below the guaranteed refund
amount (e.g., falls below 20 percent of the wager amount), the
amount refunded would instead be the guaranteed refund amount of 20
percent of the wager amount ($22).
[0080] In some embodiments, the determined amount to refund the
bettor when the bettor exercises the sports book ticket sell back
option may also be based on or adjusted according to the current
number of sports book ticket sell back options being exercised for
a particular winning or losing team during previous breaks in play
and/or the current specified break in play or indicted period to
keep a more even amount of sports book ticket sell back options
being exercised for each team of the sporting event. For example,
if the current number or dollar value of sell back options being
exercised for team A of the sporting event far outweighs that of
team B of the sporting event, then the determined amount to be
refunded for exercising sports book ticket sell back options for
team A may be reduced and/or the determined amount to be refunded
for exercising sports book ticket sell back option for team B may
be increased.
[0081] As described herein, bettors may cash out a wager in
exchange for a cash out price (or refund amount) prior to an
outcome of the wager (e.g., before the wager is determined to be a
winning or losing wager). For example, a bet on a game outcome may
be cashed out before the game ends. When a bettor cashes out a
wager, the wager may be surrendered, cancelled, withdrawn,
refunded, rendered invalid or unenforceable, voided, deleted,
transferred to the bet counterparty (e.g., a counterparty who is
required to pay a payout if the bet wins), or otherwise rendered so
that a counterparty required to pay a payout on the bet if the bet
is a winning bet no longer has to pay such payout. For purposes of
illustration, examples of various embodiments herein may describe
such cash outs in exchange for "cancelling" the wager. However, it
should be appreciated that the bet need not be technically
"cancelled," but instead may merely be surrendered or otherwise
cashed out.
[0082] Although many embodiments are described herein wherein
bettors pay for the option to sell back or cash out a bet, it
should be appreciated that in some embodiments, there may be no
charge to bettors for participating in the sell back option. For
example, a bettor who makes a bet may be provided an opportunity to
sell back the bet at a time before an outcome of the bet is
determined, e.g., without charging (or having charged) the bettor
for the opportunity to sell back the option.
[0083] In some embodiments, a user may cash out a wager prior to an
outcome of the wager in exchange for a refund amount or cash out
price that is determined based at least in part on (1) risk
management information associated with a counterparty to the wager
and/or (2) a current probability that the wager will be a winning
wager and/or (3) a current market value of the wager (e.g., as
priced in a market for exchanging wagers).
[0084] Risk management information may comprise information related
to pending wagers associated with the counterparty to the wager
(e.g., the wagers for and against an outcome that are accepted in a
"book" by a "house," wherein the "house" is a counterparty to the
wagers). In some embodiments, risk management information may
comprise information about an imbalance between (1) potential
proceeds from losing bets for a particular outcome and (2)
potential payouts on winning bets for the particular outcome.
[0085] In some embodiments, the "house" may receive one or more
bets on a particular outcome (e.g., that the Seahawks will beat the
Patriots by 3.5 points) and one or more bets on one or more
mutually exclusive outcomes (e.g, bets that the Seahawks will not
beat the Patriots by 3.5 points, or equivalently that the Patriots
will either beat the Seahawks or lose to the Seahawks by less than
3.5 points). These bets may be accepted by the "house". The bets on
the event accepted by the "house" (e.g, the bets in favor of or
against the Seahawks) may comprise the house's "book" for that
particular event (e.g., Patriots vs Seahawks game). For bets on a
game that one team will beat another team, the "book" of the
"house" (e.g., counterparty to one or more bets made by users) may
be considered "balanced" or "matched" if, for each betting outcome,
the proceeds of losing bets would be sufficient to cover the
payouts on winning bets. For example, the book may be balanced if
there is an equal or substantially equal total volume of bets on
one side of the bet (e.g., bets that the Patriots will win) as
there are on the other side of the bet (e.g., bets that the
Seahawks will either win or lose less than 3.5 points).
[0086] All other things being equal, the house may prefer that, for
each possible betting outcome, the total potential payouts on one
side of the bet (e.g., bets on the Seahawks) are offset by the
total proceeds of wagers on the other side (e.g., bets on the
Patriots). Thus, a "house" may prefer to keep their "books
balanced," e.g., such that the total volume (or exposure) on one
side of the bet is equal to (or approximately equal to) the total
volume (or potential losing bet proceeds) of a contrary side of the
bet. In the above example, to the extent that the total value of
wagers on each side of the bet are equal, then regardless of the
outcome of the bets, the funds received by the house on the losing
wagers can be used to fund the payouts on the winning wagers. For
example, all things being equal, the house may prefer that the
total amount bet on the Patriots is equal (or approximately equal)
to the total amount bet on the Seahawks. If a total of $100,000 is
bet on the Seahawks and a total of $100,000 is bet on the Patriots,
then the house should have no risk concerning the outcome of the
bet: regardless of who wins, funds received from the losing wagers
(e.g., $100,000) should be sufficient to pay the payouts on the
winning wagers (e.g., $100,000). (Fees, commissions, spreads,
differing odds, and other concepts have been ignored in this
example for purposes of illustration.)
[0087] To the extent that losing bet proceeds in the event of a
particular outcome would not be sufficient to pay out all winning
bets on that outcome, the house (or other party liable for paying
out the winning bets) may be considered to have exposure (or risk)
for that outcome, and the party's "book" may be considered to be
imbalanced. In some embodiments, risk management information may
comprise information about such exposure, risk, and/or imbalance,
e.g., as described herein.
[0088] In some embodiments, bet proceeds on the total bets on one
outcome (e.g., bets that the Seahawks will win by at least 3.5) may
be imbalanced with the bets on one or more mutually exclusive
outcomes (e.g., bets that the Seahawks will not win by 3.5 points).
In such cases where the total volume of bets received by a betting
counterparty (e.g., house) on a particular outcome are different
from a total volume of bets received by the counterparty for a
mutually exclusive outcome, the total volume of bets for the
counterparty may be determined to be "imbalanced" to the extent to
which such amounts are not identical. E.g., ag house or other
betting counterparty may be imbalanced if 90% of the volume of bets
(accepted by the counterparty) are bets that outcome A will happen,
and only 10% of the volume of bets (accepted by the counterparty)
are bets on one or more outcomes wherein A does not happen.
[0089] In some embodiments, one or more bettors may be provided the
opportunity to sell back an existing bet on an outcome while the
bet is still pending (e.g., before the outcome can occur, such as
before an end of a game for a bet on the game). For example, the
"house" may offer various sellback prices to various bettors that
would be paid to the bettors for selling back (or cancelling,
withdrawing, etc.) their bets. The sell back price (e.g., price
paid to a bettor in exchange for the bettor surrendering or selling
back a bet, e.g., as described herein) may be determined based on
risk management information. For example, the sellback amount may
be determined based on one or more of (1) an imbalance between bets
made against the house and bets made in favor of the house, and/or
(2) a current market value of the bet (e.g., as determined based on
prices offered to buy and sell the bet on a betting exchange),
and/or (3) a probability that the bet will be a winning bet.
[0090] In some embodiments, the "house" or other entity may provide
cash-out amounts to one or more users concerning one or more bets
prior to the bets being determined to be winning or losing bets
(e.g., prior to an outcome defined by the one or more bets). The
cash out price may be calculated based on, e.g., (1) probability of
success of the selected outcome and (2) any imbalance for the
counterparty between bets placed in favor of the outcome and bets
placed against the outcome (e.g., including or not including any
bet that may have been placed otherwise).
[0091] In some embodiments, the "house" may price cash-out prices
based at least in part on a current probability that the bet
outcome will occur, a commission or other fee factor, and an
imbalance between bets on one side of the bet (e.g., that the
Patriots will win, and bets on another side of the bet (e.g., that
the Seahawks will win).
[0092] For example, in some embodiments, there may be an imbalance
between bets for and against a particular outcome (e.g., bets in
favor of and against the Patriots beating the Seahawks in another
context). For example, the imbalance may comprise $30,000.
[0093] In some embodiments, a cash-out price offered (e.g., and
paid) to cash-out a bet may be determined based on an value
determined based on a probability of success of the bet minus a fee
and/or commission or spread (e.g., the price may be a calculated
percentage of the wagered amount). In some embodiments, the amount
paid to cash-out participants may comprise a calculated amount
adjusted based on a factor associated with risk management (e.g.,
an amount associated with an extent to which the "house" has an
imbalance between bets on this outcome and counter bets that are
opposite to this this type of bet.
[0094] In some embodiments, in order to mitigate house risk on a
particular betting outcome, the "house" may price its cash-outs on
related bets (before the bet outcome occurs) in a way that is
either more favorable or less favorable to a counterparty to the
bet. For example, the "house" may have an unbalanced book if it
accepted $50,000 total of bets that the Seahawks will win but only
$10,000 total of bets that the Patriots will win. A bettor who bet
on the Patriots may wish to cash out the bet prior to an end of the
Patriots-Seahawks game, i.e., before the betting outcome is
determined. In this case, the "house" holding all the bets may have
an imbalance of betting volume on the outcome of the game, e.g.,
five times more volume on the Seahawks than on the Patriots. If the
Seahawks win, the house may have to pay $50,000 to the winning
bettors, but will only be holding $10,000 from the losing bettors.
Accordingly, the house will have a net liability of $40,000 due to
the imbalance of bets in its book. Before the end of the game, some
bettors may wish to cash out their bet, e.g., by exercising an
option to cash out the bet (e.g., as described herein). The cash
out price offered to cash out bets on the Seahawks may be more
favorable to the bettor, e.g., to encourage early cash-outs. To the
extent bets on the Seahawks are cashed out before the end of the
game, the house may reduce its potential net liability on the
game's outcome. Stated another way, if the volume of cash outs for
Seahawks bets is greater than the volume of cash outs for Patriots
bets, then the $40,000 imbalance in the book will be reduced before
the end of the game, resulting in a lower potential liability for
the house by game end. For example, if $40,000 of betting volume on
the Seahawks is cashed out prior to the game's outcome and none of
the Patriots bets are cashed out, then by the end of the game the
house will be holding $10,000 of bets on the Seahawks and $10,000
of bets on the Patriots, which at the time will be a balanced book.
(It should be appreciated that the numbers provided here are
simplified numbers for illustrating the concept, and these numbers
ignore factors like different odds provided to different bets,
house commissions, processing fees, etc.)
[0095] A more favorable price for cashing out a Seahawks bet before
the end of the game (e.g., to reduce the imbalance in the house's
book before game end) may be calculated a variety of ways. Ignoring
the imbalance of bets, the "house" might otherwise be willing to
cash out a Seahawks bet for 70% of its expected value. (Expected
value may be calculated by multiplying a current probability that
the bet will win by the payout on the bet if the bet wins; for
example, if there is a 40% chance that a bet having a $10 payout
will win, then the expected value of the bet may be $4.) However,
because there is already more volume in favor of the Seahawks
winning, the "house" may wish to encourage cash-outs of bets on the
Seahawks, e.g., in the hopes that such pricing will tend to improve
the overall balance of the bets in favor of and against a
particular outcome by the time the outcome is determined. For
example, the cash-out price for bets on the Seahawks may be more
favorable to the bettor (e.g., 80% of expected value) than they
would be if the book was balanced (e.g., with equal bet betting
volume for and against the Patriots winning). Seahawk bets that
cash out will tend to improve the balance of the book.
[0096] In some embodiments, cash out prices may be determined as
follows. A current probability that the bet will be a winning bet
may be determined. For example, based on a current score of a game
at half-time (or other current event conditions), a current
probability that the Seahawks will win can be determined. For
example, if the Seahawks are up by 20 points (e.g., at half-time),
an 80% probability may be calculated that the Seahawks will win by
3.5 points. Accordingly, an "expected value" of a $100 bet on the
Seahawks may be calculated to be $80. One or more fees may be
subtracted from the expected value, e.g., for house processing
fees, risk fees, spreads for the house, and other fees. For
example, a total of $10 may be subtracted from this value to cover
a house fee. A price of $70 may be calculated as a cash out price,
and $70 may be offered to cash out the Seahawks bet, e.g., if the
book is balanced. If the book is imbalanced by a surplus of betting
volume in favor of the Seahawks, an improved cash out price may be
offered to cash out the bet on the Seahawks. For example, the cash
out price may be increased by an amount such as $5, and thus a
price of $75 (instead of $70) may be offered to cash out the $100
bet on the Seahawks during half-time. In some embodiments, the $10
fees may be reduced by an amount such as $5, also resulting in a
cash out price of $75. If the bettor cashes out the $100 bet, the
imbalance of Seahawks-Patriots bets will be slightly reduced. Cash
out prices may be updated after one or more users cash out their
bets, e.g., to reflect the changed book imbalance.
[0097] On the other hand, cashing out Patriot bets will tend to
exacerbate the imbalance of the book. Accordingly, a less favorable
cash-out price may be offered to bettors wishing to cash out bets
where cashing out the bet would exacerbate a book imbalance (e.g.,
cashing out bets on the Patriots in the example above). For
example, an expected value of a $100 bet on the Patriots may be
calculated to be $20 during half-time based on a 20% chance of the
Patriots winning. Fees of $10 may be subtracted from this price,
resulting in a price of $10. Since cashing out the bet would tend
to exacerbate the book imbalance, this price may be reduced by an
amount such as $5, resulting in an offered cash out price of
$5.
[0098] In some embodiments, the fees ($10 in the above examples)
may be increased (to decrease the cash out price and thus
discourage cash outs that would exacerbate the imbalance) or
decreased (e.g., to improve the price and encourage cash outs that
would improve the balance) based on the imbalance. For example, a
percentage change in fees may be determined based on the extent of
imbalance. If for a given bet outcome, total payouts (and/or other
liabilities) would exceed losing bet proceeds (and/or other income)
by certain threshold amounts, the fees may be reduced for balancing
cashouts or increased (for imbalancing cash-outs) by various
associated threshold amounts or percentages. For example, a
percentage reduction in fees between 0% and 100% may be assigned to
various imbalance amounts. For example, 0% may apply when the book
is balanced, and a 100% reduction may apply when the book is
imbalanced by $100,000 or more. The fees may be reduced by 1% for
each $1000 of imbalance between $0 and $100,000. Relatedly, the
fees may be increased by a percentage for imbalancing cash outs
based on the current extent of imbalance. For example, the fees may
be increased by 1% for each $1000 of imbalance. For example, a
cashout fee of 6.4% may be applied if the current imbalance
(potential liabilities exceeding losing bet proceeds) is $6,400. In
the example above, the $10 fee for cashing out the $100 Patriots
bet may be increased by 6.4% to $10.64, resulting in an offered
cash out price of $9.36 for cashing out the $100 bet on the
Patriots; and the $10 fee on the Seahawks bet may be reduced to
$9.36, resulting in a cash out price of $70.64. Other methods of
pricing cash outs based on risk may also be considered.
[0099] In some embodiments, the amount that may be added or
subtracted from an initial price (e.g., to encourage or discourage
cash outs) may be determined based on the extent of the imbalance.
For example, the price difference may be based on the amount of
risk exposure, e.g., measured in absolute terms (e.g., dollars of
exposure) or relative terms (e.g., the percentage of bet volume for
one outcome compared to the percentage of bets against that
outcome).
[0100] In some embodiments, the risk management information may be
updated over time, e.g., based on updated probability information
and updated betting information (e.g., as bets are cashed out and
the "imbalance" changes). Similarly, cash out prices may be updated
over time to reflect the changed information. Thus, a cash out
price offered to a bettor at one time may be different from a cash
out price offered at another time.
[0101] It should be appreciated that the bets may comprise bets on
any outcome of any event, e.g., in sports, political elections, and
other events. For example, the bets may comprise a bet on the
outcome of a specific inning or at-bat in a baseball game or the
result of a particular down or ball possession during a football
game. In such examples, an extent of an imbalance in a book of bets
may be determined based on the extent to which the "house" entity
can cover the potential payouts using bet proceeds of losing
bets.
[0102] FIG. 5 shows a method 500 for electronically processing a
request to purchase a sports book wager ticket sell back option,
according to one illustrated embodiment. In some embodiments, the
bettor may communicate the request for a wager in any manner to a
designated agent of the sports book. The agent may then enter the
wager into the sports book wagering computer system 202.
[0103] The method 500 starts at 502, in which the sports book
wagering computer system 202 shown in FIG. 2 receives a request to
place a wager of a bettor for a bet regarding an outcome of an
event.
[0104] At 504, the sports book wagering computer system 202,
receives an indication of whether the bettor has selected to
purchase an option to be exercised at will by the bettor during a
break in play or an indicated period for the bettor to receive
compensation to cancel the wager.
[0105] At 506, if the received indication indicates the bettor has
selected to purchase the option, the sports book wagering computer
system 202 determines an option fee to charge the bettor for the
purchase of the option.
[0106] Also, in some embodiments, a sports ticket sell back option
may automatically be sold or included as part of the bet placed by
the bettor, and the bettor automatically charged without prompting
the bettor to indicate whether the bettor desires to purchase the
sports book ticket sell back option.
[0107] FIG. 6 shows a method 600 for electronically determining an
amount to refund a bettor who is exercising a sports book wager
ticket sell back option previously purchased by the bettor that is
useful in the method of FIG. 5, according to one illustrated
embodiment. For example, during the specified break in play during
the sporting event, or in some embodiments, during any time from
the point the wager is placed until the sporting event ends, the
sports book wagering computer system 202 may receive an indication
that the bettor is exercising the purchased option and in response
to the received indication that the bettor is exercising the
purchased option, the sports book wagering computer system 202
determines an amount to refund to the bettor according to the
method 600. Although the method 600 described below includes
determining an amount to refund to the bettor based on a
probability of whether the bettor will win the bet for which the
wager was made, the amount to refund to the bettor may be based on
anything. For example the amount to refund to the bettor may be
based on, including but not limited to: a probabilistic method, a
random method, recommendation from an individual or entity, voting,
a static amount, etc. In various embodiments, the amount to refund
to the bettor may be any percentage of the original bet made by the
bettor, a flat amount, or any combination thereof.
[0108] The method 600 starts at 602, in which the sports book
wagering computer system 202 shown in FIG. 2 determines a current
probability (e.g., percentage probability) at the break in play or
the indicated period of whether the bettor will win the bet for
which the wager was made.
[0109] At 604, the sports book wagering computer system 202
subtracts a determined amount (e.g., percentage, flat fee, or
combination thereof) from a number reflecting the current
probability (e.g., percentage probability) to obtain a
multiplier.
[0110] At 606, the sports book wagering computer system 202
multiplies the multiplier by an amount that would be paid to the
bettor if the better were to win the bet to obtain a bettor refund
amount factor.
[0111] At 608 the sports book wagering computer system 202
subtracts a determined amount (e.g., percentage, flat fee, or
combination thereof) from the bettor refund amount factor to
determine the amount to refund to the bettor.
[0112] The method may further include varying the determined amount
to refund to the bettor during the sporting event before the
specified break in play or the indicated period, or at any time
before the event on which the wager was placed ends, the varying of
the determined amount being indicated by the electronic sports book
wagering system.
[0113] The method may further include communicating the varied
determined amount to the bettor in response to the varying of the
determined amount.
[0114] For example, the method may include communicating the
determined amount to the bettor at any point from a time ranging
from the moment the wager is recorded to a point during the break
in play or the indicated period during the sporting event. The
receiving an indication that a bettor intends to exercise the
option may include receiving the indication that the bettor intends
to exercise the purchased option during the break in play or the
indicated period during the sporting event.
[0115] The method may further include communicating the determined
amount to the bettor in response to the received indication that
the bettor intends to exercise the purchased option.
[0116] The up-front and non-refundable cost or fees charged to the
bettor for the purchase of the sell back option as well as the fees
charged at 604 and 608 are determined by the sports book. Such fees
may vary depending, for example, on the individual sporting event,
type of wager, or even from time to time (e.g., the day of the week
the wager is placed and/or the day of the week the sporting event
occurs). At the discretion of the sports book, some or all of the
fees may be waived as a means of increasing current bettor's
interest and attracting new bettors. In addition to the waiving of
fees, the sports book may incentivize the purchase and/or
redemption of sports book ticket sell back options by offering
casino compensation ("comps") including but not limited to: free or
discounted hotel room stays, show tickets, meals, drinks, gift
certificates, etc.
[0117] FIG. 7 shows a method 700 for electronically issuing a
ticket indicative of a wager associated with a sports book wager
ticket sell back option, according to one illustrated
embodiment.
[0118] The method 700 starts at 702, in which the sports book
wagering computer system 202 shown in FIG. 2 receives an indication
that a bettor has placed a wager for a bet regarding an outcome of
an event.
[0119] At 704, the sports book wagering computer system 202
receives an indication that the bettor has paid an option fee to
purchase an option to be exercised at will by the bettor during a
break in play or an indicated period, for the bettor to receive
compensation to cancel the wager.
[0120] At 706, the sports book wagering computer system 202 issues
a ticket to the bettor indicative of the wager associated with the
purchased option. As mentioned above the sports book ticket may be
an electronic ticket that is issued electronically such as by
providing a code to the bettor associated with the electronic
ticket or associating the issued electronic ticket with a bettor
account or other bettor credentials.
[0121] FIG. 8 shows a method 800 for electronically initiating
payment to a bettor who is exercising a sports book wager ticket
sell back option previously purchased by the bettor, according to
one illustrated embodiment.
[0122] The method 800 starts at 802, in which the sports book
wagering computer system 202 or the payment disbursement computer
system 262 shown in FIG. 2 receives, during a break in play or an
indicated period, an indication that a bettor is exercising an
option for the bettor to receive compensation to cancel a wager
previously placed by the bettor on an outcome of an event.
[0123] At 804, the sports book wagering computer system 202 or the
payment disbursement computer system 262, in response to the
received indication that the bettor is exercising the option,
determines an amount to refund to the bettor.
[0124] At 806, the sports book wagering computer system 202 or the
payment disbursement computer system 262 initiates a disbursement
of the amount to refund to the bettor. The refund to the bettor may
be paid in currency or in the form of a credit or any item that has
a value to the bettor, including casino compensation ("comps"),
including, but not limited to: free or discounted hotel room stays,
show tickets, meals, drinks, gift certificates, etc.
[0125] At 806, the sports book wagering computer system 202 or the
payment disbursement computer system 262 then cancels the wager.
For example, the wager may be removed from the sports book wagering
computer system 202 or otherwise indicated by the sports book
wagering computer system 202 as being canceled, invalid or no
longer in effect.
Sell Back Option with Multiple Exercise Choices
[0126] According to another example of a sell back option, in
connection with a bettor/patron/user placing/making a wager on an
event for a wager amount W and/or subsequently thereto, a bettor
may be presented with an opportunity to purchase an option to
cancel/purge/sell back the wager in return/exchange for a
refund/refund amount/refund payment/cancelation amount/cancelation
payment of R. In connection with presenting the opportunity to
purchase the option, the bettor also may be provided/presented with
a plurality (e.g., two or more) of choices as to when the option
may be exercised, or in other words, with a plurality of choices as
to when the option may expire. For example, there may be four
choices, although fewer or more choices may be presented. Hence,
the bettor may have the choice to purchase the option with a first
exercise time of X1, a second exercise time of X2, a third exercise
time of X3, and/or a fourth exercise time of X4, or in other words,
an option with an expiry of X1, X2, X3, and/or X4. According to
this example, expiry/exercise time X4 may be subsequent to/after
expiry/exercise time X3, expiry/exercise time X3 may be subsequent
to/after expiry/exercise time X2, and expiry/exercise time X2 may
be subsequent to/after expiry/exercise time X1. According to a
further aspect of this example, regardless of which selection(s) of
exercise/expiry time(s) the bettor may choose, the refund amount R
may be the same. In addition, according to this example, each
exercise time may have an associated price/cost/fee, such as
exercise time X1 having a price P1, exercise time X2 having a price
P2, exercise time X3 having a price P3, and exercise time X4 having
a price P4. According to this example, one or more of prices P1,
P2, P3, and P4 may be different and in particular, each of prices
P1, P2, P3, and P4 may be different. According to one example, P1
may be less than P2, P2 may be less than P3, and P3 may be less
than P4. In other words, a longer expiry time may have a larger
price.
[0127] Hence, according to this example sell back option a bettor,
in connection with placing/making a wager and/or subsequently
thereto, may purchase an option to cancel/purge the wager in return
for a refund amount R. In addition, the bettor may make a selection
as to how much time the bettor would like to make the decision as
to whether to cancel/purge the wager through the exercise of the
option including, for example, up to and/or including an exercise
time X1, up to and/or including a later exercise time X2, up to
and/or including a still later exercise time X3, or up to and/or
including a still later exercise time X4. According to this
example, the more time the bettor would like, the higher the price
the bettor may pay for the option. Again, each exercise time may
have the same refund amount of R with the difference being that the
bettor may pay more for additional time to make a decision.
[0128] As an example, a bettor may place a $100 wager on a football
game, such as the Packers vs. the Bears. In connection with
making/placing this wager and or subsequently thereto, the bettor
may be presented the possibility of purchasing an option to
purge/cancel the wager for a refund amount of 25% of the wager
amount, or $25. In addition, the user may be presented with four
expiry times, each with a different price: [0129] Cost $2.50: The
bettor may exercise the option at any time up to, and possibly
including, the end of the first quarter (e.g., before the start of
the second quarter) for a refund of $25. [0130] Cost $5.50: The
bettor may exercise the option at any time up to, and possibly
including, the end of the second quarter (e.g., before the start of
the third quarter) for a refund of $25. [0131] Cost $9.00: The
bettor may exercise the option at any time up to, and possibly
including, the end of the third quarter (e.g., before the start of
the fourth quarter) for a refund of $25. [0132] Cost $12.50: The
bettor may exercise the option at any time up to, and possibly
including, the 2 minute warning in the fourth quarter (e.g., before
the start of play after the 2 minute warning) for a refund of
$25.
[0133] Hence, the bettor, if deciding to purchase the option, may
select a desired expiry/exercise time for the option. The price of
the option may be the price associated with the selected
expiry/exercise time. Thereafter, the bettor may choose to exercise
the option at any time up to and/or including, for example, the
selected expiry/exercise time and receive in return the refund
amount R, thereby canceling/purging the original wager. If the
expiry time passes without the bettor exercising the option, the
option expires, the bettor's wager remains in place/is not
canceled, and the bettor either wins or loses the wager based on
the outcome of the event wagered on.
[0134] One skilled in the art will recognize that rather than a
bettor being presented with the possibility of purchasing an option
and that option having a plurality of exercise times the bettor may
select from, in connection with a bettor making/placing a wager and
or subsequently thereto, the bettor may be presented the
possibility of purchasing any one or more of a plurality of options
to purge/cancel a wager. Here, each option may have the same refund
amount R, but with each option having a progressively longer
exercise time, and each option having a progressively larger price.
Using the above example again where a bettor may place a $100 wager
on a football game, such as the Packers vs. the Bears, the bettor
may be presented the possibility of purchasing any one or more of
four options to purge/cancel the wager for a refund amount of 25%
of the wager amount, or $25: [0135] Option 1: Cost $2.50--The
bettor may exercise the option at any time up to, and possibly
including, the end of the first quarter (e.g., before the start of
the second quarter) for a refund of $25. [0136] Option 2: Cost
$5.50--The bettor may exercise the option at any time up to, and
possibly including, the end of the second quarter (e.g., before the
start of the third quarter) for a refund of $25. [0137] Option 3:
Cost $9.00--The bettor may exercise the option at any time up to,
and possibly including, the end of the third quarter (e.g., before
the start of the fourth quarter) for a refund of $25. [0138] Option
4: Cost $12.50--The bettor may exercise the option at any time up
to, and possibly including, the 2 minute warning in the fourth
quarter (e.g., before the start of play after the 2 minute warning)
for a refund of $25.
[0139] One skilled in the art will recognize that the above
described characteristics of this example option are merely
examples and that other variations are possible, including the
application of the option to sports other than football and to
events other than sports.
[0140] Turning to further example aspects of this example sell back
option, the refund/cancelation amount R that a bettor may be
offered in connection with each exercise/expiry time choice of a
given option (and may subsequently receive upon exercising the
option) may be a predetermined amount. In other words, at the time
the offer to purchase the option is made to the bettor/at the time
the bettor is contemplating the purchase of the option, the refund
amount associated with each of the exercise/expiry times choices
may be determined and may be conveyed to the bettor such that if
the bettor were to purchase the option with a selected exercise
time and later decide to exercise the option, the bettor may know
the refund amount he/she will receive. The refund amount may be a
guaranteed amount. In other words, the refund amount may be such
that the bettor knows that if the bettor purchases the option and
later decides to exercise the option, the bettor is guaranteed to
receive the refund amount (e.g., exactly the determined refund
amount or at least at a minimum, the determined refund amount).
[0141] The refund/cancelation amount R offered in connection with
each exercise/expiry time choice of a given option may be
determined in various fashions. For example, the refund amount R
may be a set/constant amount, regardless of the wager made (e.g.,
regardless of the amount wagered, regardless of the
amount/potential amount the bettor stands to win (i.e., the payout)
on the wager associated with the option, etc.). For example, the
refund amount associated with each of the exercise times associated
with an offered option may be the same amount, and this amount may
be the same for all bettors. A sports book, for example, may set
the refund amount. As a further and/or additional example, the
refund amount may vary depending on when the option is purchased by
a bettor. For example, assuming the option may be purchased up to
some set time (which may be some time before and/or including the
start of an event, some set time into the event, etc.), the refund
amount may vary depending on when the option is purchased relative
to that set time. For example, assuming the option may be purchased
up to one minute before the start of an event wagered on (set
time), the refund amount may be a first amount if the option is
purchased any time up to one day prior to that set time, and may be
a second amount if purchased any time thereafter up to the set
time. The refund amount may decrease the closer to the set time the
option is purchased. Alternatively, the refund amount may increase
the closer to the set time the option is purchased. The refund
amount may change at preset times (which may or may not be made
known to the bettor) as the set time approaches, e.g.: one week
before, one day before, twelve hours before, one hour before, etc.
As another and/or additional example, for a given sporting event
for example, say football, the refund amount(s) may be the same
amount for every game on a given day, or may be different across
one or more of the games played on that day (e.g., every bettor
that wagers on game A and exercises an associated option may
receive refund amount R1 and every bettor that wagers on game B and
exercises an associated option may receive a different refund
amount R2). As another and/or additional example, the refund
amount(s) may be the same across different sporting events for
example, say football and baseball, and/or may be different across
one or more different sporting events. Other variations are
possible.
[0142] According to another and/or additional example, the refund
amount R may be determined as a function of the wager amount W of
the wager associated with the option. For example, the refund
amount may be a predetermined percentage of the wager amount W. A
sports book, for example, may set the percentage. For example, if a
bettor wagers $100 on an event and the predetermined percentage is
25%, upon exercising the option the bettor may receive $25
($100.times.25%) regardless of the exercise time the bettor selects
(i.e., the refund amount associated with each exercise time of the
option offered to the bettor may be $25). The predetermined
percentage may vary depending on when the option is purchased. For
example, assuming the option may be purchased up to some set time,
the percentage may vary depending on when the option is purchased
relative to that set time. For example, assuming the option may be
purchased up to one minute before the start of an event wagered on,
the percentage may be a first amount if the option is purchased any
time up to one day prior to that set time, and may be a second
amount if purchased any time thereafter up to the set time. The
percentage may decrease the closer to the set time the option is
purchased. Alternatively, the percentage may increase the closer to
the set time the option is purchased. The percentage may change at
preset times (which may or may not be made known to the bettor) as
the set time approaches, e.g. one week before, one day before,
twelve hours before, one hour before, etc. As another and/or
additional example, the percentage may vary depending on the size
of the wager amount W. For example, the percentage may decrease the
larger the wager amount. Alternatively, the percentage may increase
the larger the wager amount. As an example, wager amounts may be
classified into ranges with a percentage associated with each
range. As another and/or additional example, the percentage may
vary according to the payout/potential-estimated payout a bettor
stands to win on the wager associated with the option. For example,
the percentage may decrease the larger the payout. Alternatively,
the percentage may increase the larger the payout. As an example,
payouts may be classified into ranges, with a percentage associated
with each range. As another and/or additional example, for a given
sporting event for example, say football, the percentage(s) may be
the same for every game on a given day, or may be different across
one or more of the games played on that day. As another and/or
additional example, the percentage(s) may be the same across
different sporting events, for example say football and baseball,
and/or may be different across one or more different sporting
events. Other variations are possible.
[0143] As another and/or additional example of the refund amount R
being determined as a function of the wager amount W, wager amounts
may be broken into ranges with each range having an associated
refund amount. For example, the refund amount may generally
decrease the larger the wager amount. Alternatively, the refund
amount may generally increase the larger the wager amount. As
another and/or additional example, the refund amount for one or
more of the ranges may vary depending on when the option is
purchased. For example, assuming the option may be purchased up to
some set time, the refund amount for one or more of the ranges may
vary depending on when the option is purchased relative to that set
time. In general, the refund amounts across the ranges may decrease
the closer to the set time the option is purchased. Alternatively,
the refund amounts across the ranges may increase the closer to the
set time the option is purchased. The refund amounts across the
ranges may change at preset times (which may or may not be made
known to the bettor) as the set time approaches, e.g. one week
before, one day before, twelve hours before, one hour before, etc.
As another and/or additional example, for a given sporting event
for example, say football, the ranges and/or refund amount(s)
across the ranges may be the same amount for every game on a given
day, or may be different across one or more of the games played
that day. As another and/or additional example, the ranges and/or
refund amounts across the ranges may be the same across different
sporting events, for example say football and baseball, and/or may
be different across one or more different sporting events. Other
variations are possible.
[0144] Refund amounts may be determined as a function of wager
amounts in other fashions than those discussed herein. As a further
and/or additional example, for wager amounts of a specified
size/amount or larger, the sell back option may not be made
available to a bettor. As another example, the sell back option may
not be made available to a bettor unless the wager amount is of a
minimum size/amount. A sports book for example, my specify the
wager amount to which the option is available/not available. As a
still further and/or addition example, the wager amount used to
determine the refund amount may have a ceiling. In other words,
when a bettor wagers an amount greater than a specified ceiling
amount, the wager amount used to determine the refund amount may be
set at the ceiling amount. For example, assuming the refund amount
may be a predetermined percentage of the wager amount W, say 25%,
and that the ceiling amount is $100, if a bettor wagers $110, the
refund amount may be set at 25% of the ceiling amount of $100
(i.e., $25) rather than 25% of $110. A sports book for example, my
specify the ceiling amount. Other variations are possible.
[0145] According to another and/or additional example, the refund
amount may be determined as a function of the
payout/potential-estimated payout a bettor stands to win on the
wager associated with the option. For example, the refund amount
may be a predetermined percentage of the payout/potential payout. A
sports book, for example, may set the percentage. For example, if a
bettor stands to win $100 on a bet and the predetermined percentage
is 25%, upon exercising the option the bettor may receive $25
($100.times.25%) regardless of the exercise time the bettor selects
(i.e., the refund amount associated with each exercise time of the
option offered to the bettor may be $25). As similarly discussed
above, the predetermined percentage may vary depending on when the
option is purchased. For example, the percentage may decrease the
closer to the set time the option is purchased. Alternatively, the
percentage may increase the closer to the set time the option is
purchased. The percentage may change at preset times (which may or
may not be made known to the bettor) as the set time approaches,
e.g. one week before, one day before, twelve hours before, one hour
before, etc. As another and/or additional example, the percentage
may vary depending on the size of the payout/potential payout. For
example, the percentage may decrease the larger the
payout/potential payout. Alternatively, the percentage may increase
the larger the payout/potential payout. As an example,
payout/potential payouts may be classified into ranges with a
percentage associated with each range. As another and/or additional
example, the percentage may vary according to the wager amount. For
example, the percentage may decrease the larger the wager amount.
Alternatively, the percentage may increase the larger the wager
amount. As an example, wager amounts may be classified into ranges,
with a percentage associated with each range. As another and/or
additional example, for a given sporting event for example, say
football, the percentage(s) may be the same for every game on a
given day, or may be different across one or more of the games
played on that day. As another and/or additional example, the
percentage(s) may be the same across different sporting events, for
example say football and baseball, and/or may be different across
one or more different sporting events. Other variations are
possible.
[0146] As another and/or additional example of the refund amount R
being determined as a function of the of the payout/potential
payout, payouts/potential payouts may be broken into ranges with
each range having an associated refund amount. For example, the
refund amount may generally decrease the larger the
payout/potential payout. Alternatively, the refund amount may
generally increase the larger the payout/potential payout. As
another and/or additional example, the refund amount for one or
more of the ranges may vary depending on when the option is
purchased. For example, the refund amounts across the ranges may
decrease the closer to the set time the option is purchased.
Alternatively, the refund amounts across the ranges may increase
the closer to the set time the option is purchased. The refund
amounts across the ranges may change at preset times (which may or
may not be made known to the bettor) as the set time approaches,
e.g. one week before, one day before, twelve hours before, one hour
before, etc. As another and/or additional example, for a given
sporting event for example, say football, the ranges and/or refund
amounts across the ranges may be the same amount for every game on
a given day, or may be different across one or more of the games
played on that day. As another and/or additional example, the
ranges and/or refund amounts across the ranges may be the same
across different sporting events, for example say football and
baseball, and/or may be different across one or more different
sporting events. Other variations are possible.
[0147] Refund amounts may be determined as a function of
payouts/potential payouts in other fashions than those discussed
herein. As a further and/or addition example, for payouts/potential
payouts of a specified size or larger, the sell back option may not
be made available to a bettor. A sports book for example, my
specify the payouts/potential payouts to which the option is
available/not available. As a still further and/or addition
example, the payouts/potential payouts used to determine the refund
amount may have a ceiling. In other words, when a payout/potential
payout is greater than a specified ceiling amount, the
payout/potential payout used to determine the refund amount may be
set at the ceiling amount. A sports book for example, my specify
the ceiling amount. Other variations are possible.
[0148] Turning to further example aspects of this example sell back
option, the price associated with each exercise time may be a
set/constant amount, regardless of the wager made/amount wagered
and/or regardless of a payout/potential-estimated payout a bettor
may stand to win. Hence, each bettor may be presented with the same
price(s). A sports book, for example, may set the price(s).
According to another and/or additional example, one or more of the
prices may be determined as a function of the wager amount W of the
wager associated with the option. As a still further and/or
addition example, the wager amount used to determine the price(s)
may have a ceiling. In other words, when a bettor wagers an amount
greater than a specified ceiling amount, the wager amount used to
determine the price(s) may be set at the ceiling amount. According
to another and/or additional example, one or more of the prices may
be determined as a function of the payout/potential-estimated
payout a bettor stands to win on the wager associated with the
option. As a still further and/or addition example, the
payouts/potential payouts used to determine the price(s) may have a
ceiling. In other words, when a payout/potential payout is greater
than a specified ceiling amount, the payout/potential payout used
to determine the price(s) may be set at the ceiling amount. As a
further and/or additional example, one or more of the prices may
vary depending on when the option is purchased by a bettor. For
example, one or more of the prices may decrease the closer to a set
time the option is purchased. Alternatively, one or more of the
prices may increase the closer to the set time the option is
purchased. As another and/or additional example, for a given
sporting event for example, say football, one or more of the prices
may be the same amount for every game on a given day, or may be
different across one or more of the games played on that day). As
another and/or additional example, one or more of the prices may be
the same across different sporting events for example, say football
and baseball, and/or may be different across one or more different
sporting events. Other variations are possible.
[0149] Turning to further example aspects of this example sell back
option, the choices of exercise/expiry times that a bettor may be
offered in connection with a given option may be defined in various
fashions. For example, one or more of the exercise times associated
with a given option may be: [0150] one or more specific times of
day, such a 12 noon, 1 PM, etc; [0151] one or more specified
amounts of time into a sporting event, such as 15 minutes into an
event, 30 minutes into the event, etc; [0152] one or more specified
times during an event such as end of one or more quarters in
football, end of one or more innings or half innings in baseball,
one or more times in a hockey event including intermission, end of
one or more rounds in boxing, one or more furlongs in a horse race,
completion of one or more laps by a lead car, e.g., in auto racing,
etc.; and/or [0153] one or more occurrences of a specific event
within a sporting event such as, the occurrence of the first field
goal, the occurrence of the nth field goal, the occurrence of a
team scoring, the occurrence of the first team to score z points,
etc.
[0154] One skilled in the art will recognize that other variations
of exercise/expiry times are possible including any variations of
the above. For example, one or more of the exercise/expiry times
offered in connection with an option may be a specific time of day
and another may be a specified time during an event such as end of
a quarter in football. As another example, one or more of the
exercise/expiry times offered in connection with an option may be
before the start of an event and/or during the event.
[0155] According to further example aspects of this example sell
back option, the option may be offered to a bettor in connection
with the bettor placing/making a wager on an event and/or
subsequently thereto. In either instance, the bettor may be
required to purchase the option when offered, or may be given the
opportunity to purchase the option at a later time. According to
one example, there may be a set time when the option is no longer
available for purchase. As discussed herein, for example, the
option may be available for purchase up to some set time before
and/or including the start of an event, some set time into the
event, etc. The option may be available for purchase up to some set
time before the first exercise/expiry time offered in connection
with option. For example, referring to the example option discussed
herein offered in connection with the Packers vs. the Bears, the
option may be available for purchase up to some set time before the
end of the first quarter or in other words, some set time before
the exercise/expiry time that costs $2.50.
[0156] According to another and/or additional example, the number
of choices of exercise/expiry times offered to a bettor may change
depending on when the offer to purchase the option is made to a
bettor and/or when a bettor decides to purchase the option. For
example, referring again to the example option discussed herein
offered in connection with the Packers vs. the Bears, when a bettor
places a wager on the game, the bettor may be offered the
possibility to purchase the option along with selecting any one of
the four exercise/expiry times. Assuming the bettor declines to
purchase the option at that time, but then later decides he/she
would like to purchase the option, one, two, or three of the
choices of exercise/expiry times may no longer be available. For
example, the bettor may no longer have the choice of selecting the
exercise/expiry time that costs $2.50. This may occur for example,
if the end of the first quarter is too close to and/or has already
occurred at the time the bettor decides to purchase the option. As
another example, assuming a first bettor places a wager on the game
at one time and a second bettor places a wager on the game at later
second time, the second bettor may be offered a fewer selection of
exercise/expiry times than the first bettor. For example, the first
bettor may be offered all four choices, while the second bettor may
be offered three, two, or just one of the choices. This may occur
for example, if the first bettor places a wager well before the
start of the game and the second bettor places a wager after the
start of the game, such as to close to and/or after the first
quarter. Other variations are possible.
[0157] According to further example aspects of this example sell
back option, once a bettor has selected an exercise/expiry time and
purchased the option, there may be designated points (e.g.,
discrete points) during the period of time leading up to the
selected exercise time at which the bettor may exercise the option.
For example, the bettor may be allowed to exercise an option only
between plays, i.e., at a stoppage of action in a game.
Alternatively, the bettor may be allowed to exercise the option at
any time during the period of time leading up to the selected
exercise time. Other variations are possible. As another example,
of the offered choices of exercise/expiry times offered to a bettor
for a given option, one or more of the exercise/expiry times may
have different criteria as to how and/or when the bettor may
exercise the option.
[0158] According to further example aspects of this example sell
back option, a bettor may place a bet and pay the wager amount W
with cash, using an established account, points, such as comp
points, credits, etc. Similarly, the bettor may purchase the option
with cash, using an established account, points, such as comp
points, credits, etc. Similarly, the refund amount R may be paid to
the bettor in cash, crediting of an account, in points, such as
comp points, credits, etc. According to one example, the user may
place the wager, purchase the option, and receive the refund in
different forms: place the wager in cash, purchase the option with
credits, receive the refund in comp points. According to another
example, if the wager and/or option is placed in one form, the
refund amount R may be required to be paid in the same form. Other
variations are possible.
[0159] According to another example of this sell back option as
applied to football for example (although other sports and/or
events may apply), in connection with making/placing a wager with
wager amount W and/or subsequently thereto, a bettor may be
presented the possibility of purchasing an option to purge/cancel
the wager for a refund amount R which may be a defined percentage
of the wager amount W. The defined percentage may be a value
between 20-30%, such as 25%. In addition, the bettor may be
presented with up to four and/or possibly more (or less)
exercise/expiry times, each with a different price: [0160] Cost $A:
The bettor may exercise the option at any time up to, and possibly
including, the end of the first quarter (e.g., before the start of
the second quarter) for a refund of $25. [0161] Cost $B: The bettor
may exercise the option at any time up to, and possibly including,
the end of the second quarter (e.g., before the start of the third
quarter) for a refund of $25. [0162] Cost $C: The bettor may
exercise the option at any time up to, and possibly including, the
end of the third quarter (e.g., before the start of the fourth
quarter) for a refund of $25. [0163] Cost $D: The bettor may
exercise the option at any time up to, and possibly including, the
2 minute warning in the fourth quarter (e.g., before the start of
play after the 2 minute warning) for a refund of $25.
[0164] Cost A may be a cost between $2.40 and $2.60, such as $2.50,
cost B may be a cost between $5.40 and $5.60, such as $5.50, cost C
may be a cost between $8.90 and $9.10, such as $9.00, and cost D
may be a cost between $12.40 and $12.60, such as $12.50. Other
variations are possible. Other costs and percentages may be
used.
[0165] Each of a wager and/or an associated sell back option
according to the present example may be presented to, purchased by,
and/or exercised by a bettor through the use of one or more
computing systems, through the use of one or more employees/agents
(of a sports book for example) or any combination thereof as
similarly discussed herein for other example sell back options. For
example, each of a wager and/or an associated sell back option may
be presented to, purchased by, and/or exercised by a bettor through
the use of system 100 and/or 200 and/or one or more
employees/agents (of a sports book for example). For example, each
of a wager and/or an associated sell back option according to the
present example may be presented to, purchased by, and/or exercised
by a bettor entirely electronically, entirely though the use of one
or more employees/agents (of a sports book for example) (such as
over the counter), or some combination thereof. Similarly, each of
a wager and/or an associated sell back option according to the
present example may be managed electronically, such as through the
use of system 100 and/or 200, by one or more employees/agents (of a
sports book for example), or any combination thereof.
[0166] One skilled in the art will recognize that the above
described characteristics of this example option are merely
examples and that other variations are possible, including the
application to sports and to events other than sports.
[0167] Referring now to FIG. 9, there is shown an example method
900 for offering, purchasing, and exercising an option. At step
902, a request to place a wager on an event may be received from a
user. At step 904, an option to cancel the wager in exchange for a
refund amount may be presented for purchase to the user. Presenting
the option may include presenting for selection by the user at
least a first exercise time and a second exercise time, the first
exercise time having a first fee associated therewith and the
second exercise time having a second fee associated therewith. A
price of the option may be based on the fee associated with the
exercise time selected by the user. Selection of the first exercise
time may allow the user to cancel the wager at least prior to the
first exercise time in exchange for the refund amount, and
selection of the second exercise time may allow the user to cancel
the wager at least prior to the second exercise time in exchange
for the refund amount. The refund amount associated with each of
the first and second exercise times may be the same amount. At step
906, an indication may be received that the user is purchasing the
option. With the purchase, a selection by the user of either the
first exercise time and/or the second exercise time may also be
received. At step 908, an indication may be recorded (such as in/on
a memory device, paper, etc) that the user has paid for the option,
the price of the option being based on, for example, the fee
associated with the exercise time selected by the user. At step
910, an indication may be received that the user is exercising the
option. A determination may then be made as to when the indication
is received as compared to the exercise time (step 912). If the
indication is received at least prior to the selected exercise
time, at step 914 the wager may be canceled in exchange for the
refund amount. In the alternative, if the indication is received
after the selected exercise time, for example, at step 916 the
option may expire, the user's wager may remain in place/not be
canceled, and the user may either win or lose the wager based on
the outcome of the event wagered on. As another alternative, the
selected exercise time may pass without the user exercising the
option/without receiving an indication that the user is exercising
the option. Again, at step 916 the option may expire, the user's
wager may remain in place/may not be canceled, and the user may
either win or lose the wager based on the outcome of the event
wagered on.
[0168] Referring now to FIG. 10, there is shown another example
method 1000 for offering, purchasing, and exercising an option. At
step 1002, a request to place a wager on an event may be received
from a user. At step 1004, a plurality of options to cancel the
wager in exchange for a refund amount may be presented to the user,
the plurality of options including at least a first option and a
second option. The first option may have associated therewith a
first exercise time and a first price, and the second option may
have associated therewith a second exercise time and a second
price. Selection of the first option may allow the user to cancel
the wager at least prior to the first exercise time in exchange for
the refund amount, and selection of the second option may allow the
user to cancel the wager at least prior to the second exercise time
in exchange for the refund amount. The refund amount associated
with each of the first and second options may be the same amount.
At step 1006, an indication may be received that the user is
purchasing at least one of the first option and the second option.
At step 1008, an indication may be received that the user is
exercising the purchased option. A determination may then be made
as to when the indication is received as compared to the exercise
time associated with the purchased option (step 1010). If the
indication is received at least prior to the exercise time
associated with the purchased option, at step 1012 the wager may be
canceled in exchange for the refund amount. In the alternative, if
the indication is received after the exercise time associated with
the purchased option, for example, at step 1014 the option may
expire, the user's wager may remain in place/not be canceled, and
the user may either win or lose the wager based on the outcome of
the event wagered on. As another alternative, the exercise time
associated with the purchased option may pass without the user
exercising the purchased option/without receiving an indication
that the user is exercising the purchased option. Again, at step
1014 the option may expire, the user's wager may remain in
place/may not be canceled, and the user may either win or lose the
wager based on the outcome of the event wagered on.
[0169] Sell Back Option with Multiple Exercise Times
[0170] According to another example of a sell back option, in
connection with a bettor/patron/user placing/making a wager on an
event for a wager amount W and/or subsequently thereto, a bettor
may be presented with an opportunity to purchase an option for a
price P to cancel/purge/sell back the wager in return for a refund
amount/refund payment/cancelation amount/cancelation payment of R.
The option, according to this example, may have a plurality (e.g.,
two or more) of exercise/expiry times associated with it. For
example, there may be four exercise/expiry times (although fewer or
more exercise times may be used) such as: a first exercise time of
X1, a second exercise time of X2, a third exercise time of X3, and
a fourth exercise time of X4, or in other words, an option with
four exercise times of X1, X2, X3, and X4. According to this
example, exercise/expiry time X4 may be subsequent to/after
exercise/expiry time X3, exercise/expiry time X3 may be subsequent
to/after exercise/expiry time X2, and exercise/expiry time X2 may
be subsequent to/after exercise/expiry time X1, although other
variations are possible. Accordingly, if a bettor purchases the
option, the bettor may exercise the option/cancel the wager
according to any one of the exercise times X1, X2, X3, and/or X4.
According to an aspect of this example, regardless of which
exercise/expiry time the bettor may eventually choose to exercise
the option against, the price P of the option may be the same.
According to a further aspect of this example option, each exercise
time may have a refund amount associated with it, such as exercise
time X1 having a refund amount R1, exercise time X2 having a refund
amount R2, exercise time X3 having refund amount R3, and exercise
time X4 having a refund amount R4. According to this example, one
or more of refund amounts R1, R2, R3, and R4 may be different and
in particular, each of refund amounts R1, R2, R3, and R4 may be
different. According to one example, R1 may be more than R2, R2 may
be more than R3, and R3 may be more than R4. In other words, a
longer expiry time may have a smaller refund amount. Nonetheless,
other variations are possible including R1 being less than R2, R2
being less than R3, and R3 being less than R4. Hence, according to
this example option, given an event wagered on of a certain
duration, for example, the refund amount a bettor receives for
exercising the option is based on, for example, when into the event
the option is exercised or in other words, how much time is
remaining in the event when the option is exercised.
[0171] Hence, according to this example sell back option a bettor,
in connection with placing/making a wager and/or subsequently
thereto, may purchase an option for a price P to cancel/purge the
wager. At the time the option is presented, an associated table for
example, of exercise/expiry times, such as exercise/expiry times
X1, X2, X3, and X4 (where, e.g., X1<X2<X3<X4), associated
with the option may also be presented to the bettor. For each
exercise/expiry time, the bettor may also be presented with an
associated refund amount, such as R1, R2, R3, and R4. Hence,
assuming the bettor purchases the option for a price P, the bettor
may subsequently choose to do any one (or more) of: [0172] Exercise
the option (thereby canceling/purging/selling back the wager) at
some time up to and/or including exercise time X1 and receive in
return refund amount R1; [0173] Exercise the option (thereby
canceling/purging/selling back the wager) at some time at and/or
after X1 and up to and/or including exercise time X2 and receive in
return refund amount R2; [0174] Exercise the option (thereby
canceling/purging/selling back the wager) at some time at and/or
after X2 and up to and/or including exercise time X3 and receive in
return refund amount R3; [0175] Exercise the option (thereby
canceling/purging/selling back the wager) at some time at and/or
after X3 and up to and/or including exercise time X4 and receive in
return refund amount R4; or [0176] Not exercise the option, leaving
the wager in place, and either winning or losing the wager based on
the outcome of the event wagered on.
[0177] One skilled in the art will recognize that the above
described characteristics of this example option are merely
examples and that other variations are possible, including the
application to sports and to events other than sports.
[0178] As an example, a bettor may place a $100 wager on a football
game, such as the Packers vs. the Bears. In connection with
making/placing this wager and or subsequently thereto, the bettor
may be presented the possibility of purchasing an option to
purge/cancel the wager for a price, such as $10. The option may
also include four exercise/expiry times, each with a different
refund amount: [0179] Exercise Time 1: The bettor may exercise the
option at any time up to, and possibly including, the end of the
first quarter (e.g., before the start of the second quarter) for a
refund of $25. [0180] Exercise time 2: The bettor may exercise the
option at any time at and/or after the end of the first quarter and
up to, and possibly including, the end of the second quarter (e.g.,
before the start of the third quarter) for a refund of $20. [0181]
Exercise time 3: The bettor can exercise the option at any time at
and/or after the end of the second quarter and up to, and possibly
including, the end of the third quarter (e.g., before the start of
the fourth quarter) for a refund of $15. [0182] Exercise time 4:
The bettor can exercise the option at any time at and/or after the
end of the third quarter and up to, and possibly including, the 2
minute warning in the fourth quarter (e.g., before the start of
play after the 2 minute warning) for a refund of $10.
[0183] Turning to further example aspects of this example sell back
option, the refund/cancelation amounts R that a bettor may be
offered for each exercise/expiry time of a given option and may
subsequently receive upon exercising the option may be
predetermined amounts. In other words, at the time the offer to
purchase the option is made to the bettor/at the time the bettor is
contemplating the purchase of the option, the refund amounts may be
determined and may be conveyed to the bettor such that if the
bettor were to purchase the option and later decide to exercise the
option, the bettor may know the refund amount he/she will receive
based on when the option is exercised. The refund amounts may be
guaranteed amounts.
[0184] As similarly discussed herein, one or more of the refund
amounts for each of the associated exercise times of a given option
may be a set/constant amount, may be a function of the amount
wagered W (e.g., each refund amount may be a set percentage of the
wager amount R), may be a function of the payout/potential payout
on the wager, may vary depending on when the option is purchased,
may or may not vary across games/events of the same and/or
different types, etc., or any combination thereof. Again, if the
refund amounts are a function of the wager amount and/or payout, a
ceiling amount may be used as similarly discussed herein. As also
discussed herein, a sell back option according to this example may
not be made available to a bettor if the wager amount and/or payout
is too large and/or unless the wager amount and/or payout is of a
minimum size. Other variations are possible.
[0185] As similarly discussed herein, the price associated with
this example sell back option may be a set/constant amount,
regardless of the wager made/amount wagered and/or regardless of a
payout/potential-estimated payout a bettor may stand to win. Hence,
each bettor may be presented with the same price. A sports book,
for example, may set the price. According to another and/or
additional example, the price may be determined as a function of
the wager amount W of the wager associated with the option and/or
as a function of the payout/potential-estimated payout a bettor may
stand to win on the wager associated with the option. Again, if the
price is a function of the wager amount and/or payout, a ceiling
amount may be used as similarly discussed herein. As a further
and/or additional example, the price may vary depending on when the
option is purchased by a bettor, may or may not vary across
games/events of the same and/or different types, etc., or any
combination thereof. Other variations are possible.
[0186] As similarly discussed herein, the exercise/expiry times for
a given option according to this example may be defined in various
fashions, including one or more exercise times being defined in
different fashions. For example, one or more of the exercise/expiry
times associated with the option may be a specific time of day and
another may be a specified time during an event such as end of a
quarter in football. As another example, one or more of the
exercise/expiry times may be before the start of an event and/or
during the event the option is associated with. Other variations
are possible.
[0187] According to further example aspects of this example sell
back option, the option may be offered to a bettor in connection
with the bettor placing/making a wager on an event and/or
subsequently thereto. In either instance, the bettor may be
required to purchase the option when offered, or may be given the
opportunity to purchase the option at a later time. According to
one example, there may be a set time when the option is no longer
available for purchase. As discussed herein, for example, the
option may be available for purchase up to some time before and/or
including the start of an event, some set time into the event, etc.
The option may be available for purchase up to some time before the
first exercise/expiry time offered in connection with the option.
Other variations are possible.
[0188] According to another and/or additional example, the number
of exercise/expiry times associated with an option may change/vary
depending on when the offer to purchase the option is made to a
bettor and/or when a bettor decides to purchase the option. For
example, referring again to the example option discussed herein
offered in connection with the Packers vs. the Bears, when a bettor
places a wager on the game, the bettor may be offered the
possibility to purchase the option along with the four
exercise/expiry times. Assuming the bettor declines to purchase the
option at that time, but then later decides he/she would like to
purchase the option, one, two, or three of the exercise/expiry
times may no longer be associated with the option. For example, the
option may no longer include "Exercise time 1". This may occur for
example, if the end of the first quarter is too close to and/or has
already occurred at the time the bettor decides to purchase the
option. As another example, assuming a first bettor places a wager
on the game at one time and a second bettor places a wager on the
game at later second time, the second bettor may be offered an
option with fewer exercise/expiry times than the first bettor. For
example, the first bettor may be offered an option with all four
exercise/expiry times, while the second bettor may be offered an
option with three, two, or just one of the exercise/expiry times.
This may occur for example, if the first bettor places a wager well
before the start of the game and the second bettor places a wager
after the start of the game, such as to close to and/or after the
first quarter. Other variations are possible.
[0189] According to further example aspects of this example sell
back option, once a bettor has purchased the option, there may be
designated points (e.g., discrete points) during the period of time
leading up to each exercise time at which the bettor may exercise
the option. For example, the bettor may be allowed to exercise an
option only between plays, i.e., at a stoppage of action in a game.
Alternatively, the bettor may be allowed to exercise the option at
any time during the period of time leading up to an exercise time.
Other variations are possible. As another example, one or more of
the exercise/expiry times associated with an option may have
different criteria as to how and/or when the bettor may exercise
the option.
[0190] Each of a wager and/or an associated sell back option
according to the present example may be presented to, purchased,
and/or exercised by a bettor through the use of one or more
computing systems, through the use of one or more employees/agents
(of a sports book for example) or any combination thereof as
similarly discussed herein for other example sell back options. For
example, each of a wager and/or an associated sell back option may
be presented to, purchased, and/or exercised by a bettor through
the use of system 100 and/or 200 and/or one or more
employees/agents (of a sports book for example). For example, each
of a wager and/or an associated sell back option according to the
present example may be presented to, purchased, and/or exercised by
a bettor entirely electronically, entirely though the use of one or
more employees/agents (of a sports book for example) (such as over
the counter), or some combination thereof. Similarly, each of a
wager and/or an associated sell back option according to the
present example may be managed electronically, such as through the
use of system 100 and/or 200, by one or more employees/agents (of a
sports book for example), or any combination thereof.
[0191] Referring now to FIG. 11, there is shown an example method
1100 for offering, purchasing, and exercising an option. At step
1102, a request to place a wager on an event may be received from a
user. At step 1104, an option to cancel the wager may be presented
for purchase to the user for a price. The option may include a
plurality of exercise times including at least a first exercise
time and a second exercise time. The first exercise time may have a
first refund amount associated therewith and the second exercise
time may have a second refund amount associated therewith. The
second exercise time may be subsequent to the first exercise time.
The option may allow the user to cancel the wager prior to and/or
at the first exercise time in exchange for the first refund amount,
and/or to cancel the wager at and/or after the first exercise time
and prior to and/or at the second exercise time in exchange for the
second refund amount. At step 1106, an indication may be received
that the user is purchasing the option. At step 1108, an indication
may be received that the user is exercising the option. A
determination may then be made as to when the indication is
received as compared to the exercise times associated with the
option (step 1110). If the indication is received prior to and/or
at the first exercise time associated with the option, at step 1112
the wager may be canceled in exchange for the first refund amount.
If the indication is received at and/or after the first exercise
time and prior to and/or at the second exercise time associated
with the option, at step 1114 the wager may be canceled in exchange
for the second refund amount. In the alternative, if the indication
is received at and/or after the second exercise time associated
with the option, at step 1116 the option may expire, the user's
wager may remain in place/not be canceled, and the user may either
win or lose the wager based on the outcome of the event wagered on.
As another alternative, all exercise times associated with the
option may pass without the user exercising the option/without
receiving an indication that the user is exercising the option.
Again, at step 1116 the option may expire, the user's wager may
remain in place/may not be canceled, and the user may either win or
lose the wager based on the outcome of the event wagered on.
Option Restrictions
[0192] According to another example aspect of any of the sell back
options discussed herein, for example, if a bettor purchases an
option and later decides to exercise the option, the bettor may be
required to use all or at least a defined portion (which portion
may be set by a sports book for example) of the refund amount to
place another wager or wagers. According to one example, the bettor
may not be allowed to combine the refund amount with additional
funds (e.g., cash, point credits, etc) of the bettor when placing
the new wager. According to another and/or additional example, the
bettor may be allowed to combine the refund amount with additional
funds (e.g., cash, point credits, etc) of the bettor when placing
the new wager. The bettor may be notified of the restriction at the
time the bettor is presented with an opportunity to purchase an
option and/or when the bettor is purchasing the option.
[0193] According to one example, at the time the bettor exercises
the option, the bettor may be required to immediately use the
refund amount (or a defined portion thereof) to place one or more
new wagers. For example, if exercising the option electronically as
discussed herein, the bettor may be presented with an interface to
place a new wager(s). If exercising the option through an
employee/agent (of a sports book for example), the employee/agent
may require the bettor to place another wager(s).
[0194] According to another and/or additional example, at the time
the bettor exercises the option, the bettor may not be required to
immediately use the refund amount (or a defined portion thereof) to
place one or more new wagers. On the contrary, the bettor may be
given an indefinite amount of time to use the refund amount (or a
defined portion thereof) to place a new wager(s). As another and/or
additional example, the bettor may be given a certain time limit to
use the refund amount (or a defined portion thereof) to place a new
wager(s). If the bettor does not place a new wager by that time,
the bettor may forfeit/lose the refund. As another example, the
bettor may be given until a certain event to use the refund amount
(or a defined portion thereof) to place a new wager(s). If the
bettor does not place a new wager by that event, the bettor may
forfeit/lose the refund. For example, if the bettor exercises an
option at halftime of a football game, the bettor may have until
the end of the game to place a new wager. Other events are
possible.
[0195] As a further example, the bettor may be given a graduated
time/event schedule to use the refund amount. For example, assuming
a bettor may be required to use the entire refund amount to place
new wager(s), the bettor may have the entire refund amount
available for new wagers up to a time T1. After T1, the bettor may
lose a defined percentage/portion of the refund amount and have
until a later time T2 to use the remaining refund amount. After T2,
the bettor may lose another defined percentage/portion of the
refund amount and have until a later time T3 to use the remaining
refund amount, etc. As one example, the bettor may only lose a
portion of the refund amount at each time/event transition if the
bettor has not wagered a defined portion prior to that trigger.
According to another example, the bettor may lose a portion of the
refund amount at each trigger regardless of what the bettor has
wagered thus far. Other variations are possible. As one example,
assuming the bettor has a refund amount of $10 and loses 25% of the
refund amount at each of T1, T2, etc., the bettor may have $10 for
new wagers up to time T1. If the bettor has failed to place a new
wager by T1, from T1 to T2 the bettor may now have $7.50 to place a
new wager(s), etc.
[0196] As a further and/or additional example, once a bettor
decides to place a new wager(s) using the refund amount, the bettor
may be required to wager/use all of the refund amount at that time
on one or more wagers. As another and/or additional example,
assuming the bettor may be given a set amount of time and/or until
the occurrence of a defined event to use the refund amount, once
the bettor decides to place a new wager(s) using the refund amount,
the bettor may be required to wager/use all of the refund amount at
that time on one or more wagers. As another and/or additional
example, the bettor may be allowed to place wagers using the refund
amount at any time prior to the set time/defined event.
[0197] According to another example aspect of any of the sell back
options discussed herein, a bettor may only be able to exercise a
purchased option if the bettor is winning the wager associated with
the option. Alternatively, a bettor may only be able to exercise a
purchased option if the bettor is losing the wager associated with
the option.
[0198] Referring now to FIG. 12, there is shown an example method
1200 for offering, purchasing, and exercising an option. At step
1202, a request to place a wager on an event may be received from a
user. At step 1204, an option to cancel the wager may be presented
for purchase to the user for a price. At step 1206, an indication
may be received that the user is purchasing the option. At step
1208, an indication may be received that the user is exercising the
option. At step 1210, responsive to the user exercising the option,
the wager may be canceled in exchange for a refund amount. The user
may be required to use at least a portion of the refund amount to
place another wager.
[0199] FIG. 13 is a still further flow diagram showing a process
for cashing out a bet.
[0200] In block 1302, a plurality of bets on an outcome may be
received, e.g., by a house entity, e.g., via a server. The
plurality of bets may comprise one or more bets that a specific
outcome will occur. In some embodiments, the plurality of bets may
also comprise one or more bets that are mutually inconsistent with
the specific outcome occurring. The plurality of bets may comprise
a book of bets concerning an event.
[0201] In some embodiments, an option to cash out the bet before
the bet is resolved may also be received (e.g., a bettor may
purchase such an option as described herein).
[0202] In block 1304, a request to cash out one of the bets before
the bet outcome is resolved (e.g., before an end of the game) may
be received, e.g., from a user/bettor. The request may be received
by an entity associated with the house.
[0203] In some embodiments, the request may be received in
connection with an option to cash out the bet that was previously
purchased by the bettor. In some embodiments, the request may be
received responsive to an invitation to request a cash out. In some
embodiments, an invitation to cash out a bet may be provided to
bettors holding bets that tend to imbalance a book of bets.
[0204] In block 1306, a cash-out amount may be calculated for the
user's bet based at least in part on risk management information
associated with the plurality of bets.
[0205] In block 1308, the user's bet may be cashed out by paying
the user the cash-out amount and withdrawing (or canceling, etc.)
the user's bet before the outcome is resolved.
[0206] It should be appreciated that the communications described
herein may be via computer interface, such as a touch screen. For
example, a user's screen may display an indicia indicating an
opportunity to cash out, e.g., including a calculated cash out
price. The user may press a button on the touch screen to request
the cash out. Cash out confirmation may be displayed on the
screen.
[0207] FIG. 14 is a still further flow diagram showing a process
for cashing out a bet.
[0208] In block 1402, a request to place a wager on an event may be
received from a user, e.g., by a server associated with a
house.
[0209] In block 1404, an option to cancel the wager may be
presented to the user for purchase.
[0210] In block 1406, an indication that the user is purchasing the
option may be received.
[0211] In block 1408, an indication that the user is exercising the
option may be received, e.g., by the server.
[0212] In block 14010, a refund (or sell back) amount may be
calculated for the option based at least in part on risk management
information concerning a plurality of bets on the event.
[0213] In block 1412, the wager may be cancelled (e.g., or
withdrawn or voided, etc.) in exchange for the calculated refund
amount.
[0214] The above description of illustrated embodiments, including
what is described in the Abstract, is not intended to be exhaustive
or to limit the embodiments to the precise forms disclosed.
Although specific embodiments of and examples are described herein
for illustrative purposes, various equivalent modifications can be
made without departing from the spirit and scope of the disclosure,
as will be recognized by those skilled in the relevant art. The
teachings provided herein of the various embodiments can be applied
to other systems, not necessarily the exemplary sports book
wagering computer system described above. In some embodiments, one
or more of the payment disbursement computer systems and the sports
book wagering computer system may be one system or controlled by
one entity. Also, in some embodiments, the features and
functionality described above may be implemented on one stand-alone
system.
[0215] For instance, the foregoing detailed description has set
forth various embodiments of the devices and/or processes via the
use of block diagrams, schematics, and examples. Insofar as such
block diagrams, schematics, and examples contain one or more
functions and/or operations, it will be understood by those skilled
in the art that each function and/or operation within such block
diagrams, flowcharts, or examples can be implemented, individually
and/or collectively, by a wide range of hardware, software,
firmware, or virtually any combination thereof. In one embodiment,
the present subject matter may be implemented via Application
Specific Integrated Circuits (ASICs). However, those skilled in the
art will recognize that the embodiments disclosed herein, in whole
or in part, can be equivalently implemented in standard integrated
circuits, as one or more computer programs running on one or more
computers (e.g., as one or more programs running on one or more
computer systems), as one or more programs running on one or more
controllers (e.g., microcontrollers) as one or more programs
running on one or more processors (e.g., microprocessors), as
firmware, or as virtually any combination thereof, and that
designing the circuitry and/or writing the code for the software
and or firmware would be well within the skill of one of ordinary
skill in the art in light of this disclosure.
[0216] In addition, those skilled in the art will appreciate that
the mechanisms taught herein are capable of being distributed as a
program product in a variety of forms, and that an illustrative
embodiment applies equally regardless of the particular type of
signal bearing media used to actually carry out the distribution.
Examples of signal bearing media include, but are not limited to,
the following: recordable type media such as portable disks and
memory, hard disk drives, DVDs, CD ROMs, digital tape, and computer
memory; and other non-transitory computer-readable storage
media.
[0217] The various embodiments described above can be combined to
provide further embodiments.
[0218] These and other changes can be made to the embodiments in
light of the above-detailed description. In general, in the
following claims, the terms used should not be construed to limit
the claims to the specific embodiments disclosed in the
specification and the claims, but should be construed to include
all possible embodiments along with the full scope of equivalents
to which such claims are entitled. Accordingly, the claims are not
limited by the disclosure.
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