Pre-authorized casino credit instrument
A casino credit access instrument comprises a source of funds for a player, such as for placing wagers to play casino-style games or to purchase other goods or services. The instrument defines a period of timed during which credit may be accessed up to a predetermined amount, defines a redemption period during which any accessed credit may be re-paid, and defines settlement terms if the instrument is not redeemed. Credit may be granted based upon financial collateral, which collateral may be executed upon to settle the instrument. The instrument provides a convenient source of funding for player at low risk to the casino or other lender.
1. A method of providing casino credit to a player of a casino comprising the steps of:
accepting input from a player at a kiosk for an application for credit, said application including information identifying said player and information regarding two or more sources of financial collateral not associated with said casino;
transmitting said application to an account server, the account server processing said application and determining if at least one qualifying criteria for issuance of casino credit has been met;
when the at least one qualifying criteria is satisfied, the account server defining at least two casino credit instruments, each casino credit instrument having features including a maximum credit limit, a credit access period defining a time period during which credit may be redeemed and after which the casino credit instrument is settled, redemption provisions and settlement provisions, and wherein terms of said features of at least two of said casino credit instruments differ from one another;
receiving information of said at least two casino credit instruments at said kiosk and displaying said information of said casino credit instruments on a display of said kiosk;
accepting input at the kiosk from said player of a selected one of said casino credit instruments;
providing credit upon request by said player during said credit access period up to said maximum credit limit for said selected casino credit instrument;
permitting said player to redeem all or part of any credit accessed during said credit access period based upon said redemption terms for said selected casino credit instrument; and
when said player does not redeem all of said accessed credit, settling said casino credit instrument based upon said settlement terms.
2. The method in accordance with claim 1 further comprising the step of receiving input from said player regarding a designated order of settlement for said two or more sources of financial collateral and wherein said step of settling comprises executing upon at least one of said two or more sources of financial collateral based upon said order of settlement designated by said player.
3. The method in accordance with claim 1 wherein said at least one element of financial collateral is selected from the group consisting of: cash, a check, monies associated with a bank account, a credit card, a debit card or personal property, in the possession of the player or a third party other than the casino.
4. The method in accordance with claim 1 wherein said step of accepting an application comprises receiving electronic data from said player relative to an electronic application form.
5. The method in accordance with claim 1 wherein terms of said redemption provisions comprise a redemption time period.
6. The method in accordance with claim 1 wherein said redemption time period has a start time which follows an end time of said credit access period.
7. The method in accordance with claim 1 wherein said maximum credit limit equals a value of said two or more sources of financial collateral.
8. The method in accordance with claim 1 wherein terms of said settlement provisions include an order of execution upon elements of said two or more sources of financial collateral.
9. The method in accordance with claim 1 further comprising charging one or more fees in association with the selected casino credit instrument.
10. The method in accordance with claim 9 wherein said one or more fees comprise a fee for issuing the selected casino credit instrument or a transaction fee for said player accessing said credit.
11. A gaming system comprising:
at least one gaming device at a casino, said at least one gaming device configured to present at least one wagering game in response to a wager by a player;
at least one account server in communication with said at least one gaming device, the at least one account server comprising a non-transitory computer readable storage medium; and at least one casino credit instrument comprising data stored on the computer readable storage medium of said at least one account server, said data comprising:
(a) data regarding at least two elements of financial collateral associated with a party other than said casino;
(b) data which defines a pre-determined maximum credit amount which is accessible by at least one identified player, which maximum credit amount is based, at least in part, upon said at least two elements of financial collateral;
(c) data which defines a period of time during which said at least one identified player may access credit;
(d) data which defines a period of time during which any credit which is accessed there from may be redeemed and after which the casino credit instrument is settled; and
(e) data which defines settlement terms upon which any accessed credit which is not redeemed is settled, which settlement terms include at least terms of executing upon said at least two elements of financial collateral, including an order of settlement upon said at least two elements of financial collateral.
12. The gaming system in accordance with claim 11 wherein said at least one gaming device comprises a game server which is configured to present said at least one wagering game to a player utilizing a remote electronic device.
13. The gaming system in accordance with claim 12 wherein said remote electronic device is selected from the group consisting of: a PDA, a cellular phone, a laptop computer, a desktop computer and a tablet.
14. The gaming system in accordance with claim 11 wherein said at least one gaming device comprises a gaming machine having a housing, at least one electronically controlled device configured to display game information, at least one player input device and at least one gaming machine controller.
15. The gaming system in accordance with claim 11 wherein said at least one account server is configured to allow said at least one identified player to access funds from said casino credit instrument up to said credit limit during said credit access period.
16. The gaming system in accordance with claim 15 further comprising a kiosk in communication with said at least one account server, said kiosk configured to issue currency to said at least one identified player in an amount of said accessed funds.
17. The gaming system in accordance with claim 16 wherein said at least one gaming device is configured to indicate monetary value credits in an amount corresponding to said accessed funds, said credit for use by said at least one identified player in placing one or more wagers.
18. The gaming system in accordance with claim 11 wherein said casino credit instrument is associated with a player account corresponding to said at least one identified player.
19. A method of providing casino credit to a player of a casino comprising the steps of:
accepting input from the player at a kiosk for an application for credit, said application including information identifying said player;
receiving from the player an electronic or paper check as collateral for the casino credit;
transmitting said application and information from said check to an account server, the account server processing said application and determining if at least one qualifying criteria for issuance of casino credit has been met without accessing a checking account associated with said check;
when the at least one qualifying criteria is satisfied, the account server defining a casino credit instrument defining a maximum credit limit, a credit access period defining a time period during which credit may be redeemed and after which the casino credit instrument is settled, redemption terms, and settlement terms;
providing credit upon request by said player during said credit access period up to said maximum credit limit for said casino credit instrument;
permitting said player to redeem all or part of any credit accessed during said credit access period based upon said redemption terms for said casino credit instrument;
when said player redeems all of said accessed credit, voiding said check based on said redemption terms; and
when said player does not redeem all of said accessed credit, cashing said check and settling said casino credit instrument based upon said settlement terms.