System and method for monitoring, aggregating and limiting individual user credit accounts for wagering, online gaming and iGaming
A sponsored system and method for a user of gaming portals to place wagers to voluntarily establish with the assistance of the system sponsor an appropriate gambling budget for the user and to voluntarily limit the available aggregate of debt to a personalized credit limit so that the user's predetermined gambling budget is not exceeded. The compulsive gambler and/or electronic gaming player is protected by the system's identification of gambling risk patterns and/or electronic gaming habits. The system provides a “risk backstop” to prevent the accrual of debt from betting or electronic game playing that is beyond the individual user's financial capacity.
1 . A method for operating a secure wagering and transaction system to establish a line of credit for a user of the system to employ for gambling within one or more gaming portals, the method comprising the steps of:
a) registering the user with the secure wagering and transaction system;
b) setting an initial credit balance X for the user to a credit threshold, wherein the credit threshold is calculated based upon a plurality of parameters, including the user's age, credit score, monthly salary, monthly rent or mortgage expense, monthly food expense, monthly health insurance and medical expenses, one or more of the plurality of parameters being received from the user, and other parameters of the one or more of the plurality of parameters being received from one or more external sources;
c) modifying the credit threshold upon a change in the plurality of parameters provided by the user and from the one or more external sources to generate a modified credit threshold and resetting the credit balance X to the modified credit threshold;
d) comparing a cost S of a gambling transaction requested by the user with a cash balance C previously established by the user within the secure wagering and transaction system,
e) wherein if the cost S is less than or equal to the cash balance C, updating the cash balance C within the secure wagering and transaction system to a new value C−S, authorizing the gambling transaction and skipping to step h),
f) comparing the difference S−C to the credit balance X previously established within the secure wagering and transaction system,
g) wherein if the difference S−C is less than or equal to the credit balance X, updating the cash balance C to zero, updating the credit balance X within the secure wagering and transaction system to a new value C+X−S, and authorizing the gambling transaction,
h) wherein if the secure wagering and transaction system has authorized the gambling transaction, processing the transaction request and making payment of the cost S of the gambling transaction to a gaming portal, and wherein if the secure wagering and transaction system has not authorized the gambling transaction, declining the transaction request.
2 . The method of claim 1 , wherein a source of the user's credit score is a credit facility to which the user gains access by virtue of a preexisting contractual relationship.
3 . The method of claim 2 , wherein the access to the credit facility is a credit card or debit card issued to, and held by the user.
4 . The method of claim 2 , wherein the access to the credit facility is via a home equity line of credit.
5 . The method of claim 1 , wherein the credit threshold is reviewed upon a request by the user, and recalculated based upon changes in the plurality of parameters.
6 . The method of claim 1 , wherein the credit threshold is continually reviewed and modified based upon the user's patterns of play and payment.
7 . A secure wagering and transaction system for establishing a line of credit for a user to employ for gambling within a gaming portal, the system comprising:
an interface configured to receive a request from the user via the gaming portal to place a gambling transaction having a cost S, a processor coupled to the interface;
a non-volatile memory having program code stored thereon, the program code operable when executed by the processor to:
setting an initial credit balance X for the user to a credit threshold, wherein the credit threshold is calculated based upon a plurality of parameters, including the user's age, credit score, monthly salary, monthly rent or mortgage expense, monthly food expense, monthly health insurance and medical expenses, one or more of the plurality of parameters being received from the user, and other parameters of the one or more of the plurality of parameters being received from one or more external sources;
modifying the credit threshold upon a change in the plurality of parameters provided by the user and from the one or more external sources to generate a modified credit threshold and resetting the credit balance X to the modified credit threshold;
perform a first comparison of the cost S of the gambling transaction requested by the user with a cash balance C previously established by the user within the secure wagering and transaction system,
wherein if the first comparison showed that the cost S was less than or equal to the cash balance C, update the cash balance C within the secure wagering and transaction system to a new value C−S, and authorize the gambling transaction,
wherein if the first comparison showed that the cost S was greater than the cash balance C, perform a second comparison of the difference S−C to the credit balance X previously established within the secure wagering and transaction system, and if the second comparison showed that the difference S−C was less than or equal to the credit balance X, update the cash balance C to zero, update the credit balance X within the secure wagering and transaction system to a new value C+X−S, and authorize the gambling transaction,
wherein if the gambling transaction was authorized by either the first comparison or, if conducted, the second comparison, process the transaction request and make payment of the cost S of the gambling transaction to the gaming portal, and otherwise decline the transaction request.
8 . The system of claim 7 , wherein the credit threshold is reviewed upon a request by the user, and recalculated based upon changes in the plurality of parameters.
9 . The system of claim 7 , Therein the credit threshold is continually reviewed and modified based upon the user's patterns of play and payment.
10 . The system of claim 7 , wherein the user's line of credit is obtained from one or more credit facilities that are subscribers to the system, and each credit facility has access in real time to the user's gaming activities on a gaming portal that is also a subscriber to the system, to the wagering transactions in which the user has participated, and to historical winnings and losses of the user on subscriber portals.