METHOD AND APPARATUS FOR PROVIDING INSURANCE POLICIES FOR GAMBLING LOSSES
A system and method for providing a gambling loss insurance policy automatically computes insurance premiums and processes gambling sessions covered by the gambling loss insurance policies. The players may purchase the insurance policies using various means such as coins, earned winnings, or credit cards. The gambling loss insurance system provides a high level of flexibility for the players to define specific parameters of the insurance policy. Additionally, the players may purchase the insurance policies directly from the gaming machine, a custom terminal on casino floor, or cage personnel having access to a centralized network server.
1 . A method comprising:
associating a gambling loss insurance policy with a player;
determining a player identifier at a first gaming device, wherein the player identifier identifies the player;
determining whether the gambling loss insurance policy is active for game play by the player at the first gaming device;
transmitting gambling results from the first gaming device to a network server;
determining through the player identifier that the player is playing at a second gaming device;
determining whether the gambling loss insurance policy is active for game play by the player at the second gaming device;
transmitting gambling results from the second gaming device to the network server;
determining a net loss associated with gambling results from the first and second gaming devices; and
determining a refund based on the net loss and the gambling loss insurance policy.
2 . The method of claim 1 further comprising providing the refund.
3 . The method of claim 2 wherein providing the refund comprises providing a refund through one or more of: a cashier's station, a casino representative, a financial account associated with the player, and a gaming device.
4 . The method of claim 1 wherein determining the player identifier comprises receiving a player tracking card.
5 . The method of claim 1 wherein determining the player identifier comprises receiving a player biometric.
6 . The method of claim 1 wherein determining the player identifier comprises receiving an input code from the player.
7 . The method of claim 1 further comprising selling the gambling loss insurance policy to the player.
8 . The method of claim 1 further comprising storing the gambling results from the first and second gaming devices in memory operatively associated with the network server.
9 . The method of claim 1 wherein the first gaming device comprises at least one of: a slot machine, a video poker machine, and a keno machine.
10 . A system comprising:
a communication interface; and
a processor operatively coupled to the communication interface and adapted to:
receive a player identifier from a first gaming device;
determine whether the player identifier identifies a player associated with an insurance policy;
receive first session gambling loss information associated with the player from the first gaming device;
receive the player identifier from a second gaming device;
receive second session gambling loss information associated with the player from the second gaming device;
determine a net gambling loss from the first session gambling loss and the second session gambling loss; and
determine a refund based on the net gambling loss and the insurance policy.
11 . A computer readable medium comprising software with instructions to:
receive a player identifier from a first gaming device;
determine whether the player identifier identifies a player associated with an insurance policy;
receive first session gambling loss information associated with the player from the first gaming device;
receive the player identifier from a second gaming device;
receive second session gambling loss information associated with the player from the second gaming device;
determine a net gambling loss from the first session gambling loss and the second session gambling loss; and
determine a refund based on the net gambling loss and the insurance policy.