Method and apparatus for providing insurance policies for gambling losses
View Patent ↗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 computer readable medium which stores non-transitory instructions which, when executed by at least one processor, cause the at least one processor to:
(a) recognize a payment by a player of a premium amount for a gambling loss insurance policy, said premium amount being in addition to any wager amount made by the player; and
(b) access a database on a network server to determine whether the player qualifies for a payout under a gambling loss insurance policy, wherein the database comprises comprising the following data fields:
(i) a player identifier;
(ii) a gambling loss insurance policy identifier;
(iii) an insurance policy status identifier; and
(iv) gambling results associated with a particular insurance policy.
2. A computer readable medium which stores non-transitory instructions which, when executed by at least one processor, cause the at least one processor to:
(a) recognize a payment by a player of a premium amount for a gambling loss insurance policy, said premium amount being in addition to any wager amount made by the player; and
(b) access a database on a network server to determine whether the player qualifies for a payout under a gambling loss insurance policy, wherein the database comprises the following data fields:
(i) a player identifier;
(ii) an insurance policy status identifier; and
(iii) gambling results associated with a particular insurance policy.