TWI862380B - Method and apparatus for wager sell back option and related computer-readable medium - Google Patents

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, eachexercise 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.

Description

Method and apparatus for betting put options and related computer-readable media

This disclosure generally relates to wagering.

An organization, company, institution, or other entity that accepts or places bets for gamblers on the general outcome of an event (e.g., on the score or other attributes of a sporting event) is called a sports book. The role of a sports book is to act as a market maker for sports betting. A sports book accepts bets on teams or competitors and may maintain a spread in order to ensure a profit (i.e., a rake) for the sports book, such as by attempting to attract an equal dollar amount of bets on each team or competitor for a particular event, for example, regardless of the outcome of the bet. Sports betting registries often continually strive to improve profits, for example while maintaining the interest of current bettors and attracting new bettors.

According to one example, a request to place a bet on an event may be received from a user. An option to cancel the bet in exchange for a refund amount may be presented to the user for purchase. Presenting the option may include presenting at least a first usage time and a second usage time for selection by the user, the first usage time having a first fee associated with the first usage time and the second usage time having a second fee associated with the second usage time. The price of the option may be based on the fee associated with the usage time selected by the user. The selection of the first usage time may allow the user to cancel the bet in exchange for a refund amount at least before the first usage time, and the selection of the second usage time may allow the user to cancel the bet in exchange for a refund amount at least before the second usage time. The refund amount associated with each of the first usage time and the second usage time may be the same amount. An indication may be received that the user is purchasing the option. At the same time as the purchase, a selection of the first usage time and/or the second usage time by the user may also be received. An indication may be recorded (e.g., recorded 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 usage 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 was received relative to the usage time. If the indication is received at least before the selected usage time, the bet may be cancelled in exchange for a refund amount. In an alternative, if an indication is received after the selected time of use, for example, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, the selected time of use may pass without the user exercising the option/not receiving an indication that the user is exercising the option. Again, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event.

According to another example and/or additional examples, a request to place a bet on an event may be received from a user. A plurality of options to cancel a bet in exchange for a refund amount may be presented to the user for purchase, the plurality of options including at least a first option and a second option. The first option may have a first use time and a first price associated with the first option, and the second option may have a second use time and a second price associated with the second option. Selection of the first option may allow the user to cancel the bet in exchange for a refund amount at least before the first use time, and selection of the second option may allow the user to cancel the bet in exchange for a refund amount at least before the second use time. The refund amount associated with each of the first option and the second option 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 was received compared to the exercise time associated with the purchased option. If the indication is received at least before the exercise time associated with the purchased option, the bet may be canceled in exchange for a 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 bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, the exercise time associated with the purchased option may pass without the user exercising the option/receiving an indication that the user is exercising the purchased option. Again, the option may expire, the user's bet may remain intact/not be cancelled, and the user may win or lose the bet based on the outcome of the betted event.

According to another example and/or additional examples, a request to place a bet on an event may be received from a user. An option to cancel the bet may be presented to the user for purchase at a price. The option may include a plurality of usage times, the plurality of usage times including at least a first usage time and a second usage time. The first usage time may have a first refund amount associated with the first usage time and the second usage time may have a second refund amount associated with the second usage time. The second usage time may follow the first usage time. The option may allow the user to cancel the bet before and/or at the first time of use in exchange for a first refund amount, and/or at the first time of use and/or after the first time of use and before and/or at the second time of use in exchange for a 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 was received relative to the time of use associated with the option. If the indication is received before and/or at the first time of use associated with the option, the bet may be canceled in exchange for the first refund amount. If the instruction is received at and/or after the first time of use and before and/or at the second time of use associated with the option, the bet may be cancelled in exchange for the second refund amount. In the alternative, if the instruction is received at and/or after the second time of use associated with the option, the option may expire, the user's bet may remain intact/not cancelled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, all time of use associated with the option may pass without the user exercising the option/without receiving an instruction that the user is exercising the option. Again, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the event bet on.

According to another example and/or additional examples, a request to place a bet on an event may be received from a user. An option to cancel the bet may be presented to the user for purchase at 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. In response to the user exercising the option, the bet 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 bet.

In the following description, certain specific details are set forth in order to provide a thorough understanding of the various disclosed embodiments. However, those skilled in the relevant art will recognize that the embodiments may be practiced without one or more of these specific details, or with other methods, components, materials, etc. In other cases, well-known structures associated with computing systems, including client computing systems and server computing systems, and networks are not shown or described in detail to avoid unnecessarily obscuring the description of the embodiments.

Unless the context requires otherwise, in the following specification and throughout the claims, the word "comprise" and variations thereof (such as "comprises" and "comprising") are to be construed in an open, inclusive sense, that is, to mean "including but not limited to."

References throughout this specification to "one embodiment" or "an embodiment" mean that a particular feature, structure, or characteristic described in conjunction with that embodiment is included in at least one embodiment. Thus, the appearance of the phrase "in one embodiment" or "in an embodiment" in various places throughout this specification are not necessarily all referring to the same embodiment. Furthermore, particular features, structures, or characteristics may be combined in any suitable manner in one or more embodiments.

As used in this specification and the appended claims, the singular forms "a," "an," and "the" include plural references unless the context clearly dictates otherwise. It should also be noted that the term "or" is generally used in its sense including "and/or" unless the context clearly dictates otherwise.

The titles and abstracts of the disclosures provided herein are for convenience only and do not interpret the scope or meaning of the embodiments.

Figure 1 shows a schematic diagram of a networked environment 100 according to an illustrated embodiment, the networked environment including a plurality of servers and a plurality of clients, the clients being communicatively coupled to the servers via one or more networks, and the systems, devices, and methods for electronic sports betting registry betting may be part of the environment, or the systems, devices, and methods may be implemented in the environment.

The network environment 100 includes a plurality of server computing systems 102a-102n (collectively 102). The server computing systems 102 include processors that execute server instructions (ie, server software) stored on a computer-readable storage medium to provide server functions in the network environment 100. For example, the server computing system 102 may electronically generate, place, execute and/or track sports betting registry bets and sports betting registry ticket sell-back options and related transactions; determine refund amounts for exercising sports betting registry ticket sell-back options; and/or receive input regarding sports betting registry bets and sports betting registry ticket sell-back options and related transactions, which are stored in one or more databases or other computer-readable storage media 104a-104n (collectively 104). As used herein, the term sports betting registry means any service related to placing or tracking bets on the outcome of or otherwise relating to sporting events such as football, basketball, baseball, soccer or any other sporting event, match or contest, horse racing, political events, competitions, fights, public figure events, celebrity events, etc., including any public event for which the sports betting registry offers betting opportunities.

The network environment 100 includes a plurality of client computing systems 106a-106n (collectively 106) that are selectively communicatively coupled to one or more of the server computing systems 102 via one or more communication networks 108. The client computing systems 106 include one or more processors that execute one or more sets of communication instructions stored on any of a variety of non-transitory computer-readable storage media 110 (only one of which is illustrated in FIG. 1 ). The client computing system 106 may take various forms, such as a desktop personal computer, a laptop personal computer or a notebook personal computer, a tablet computer, a workstation, a minicomputer, a mainframe computer, or other computing device with a microprocessor or microcontroller capable of networked communications. The client computing system 106 may be communicatively coupled to the remainder of the network 108 via a wired communication channel, a wireless communication channel, or a combination of wired and wireless communication channels.

The network environment 100 includes a plurality of telecommunication devices 111 (only one is shown). Such telecommunication devices 111 may, for example, take the form of an Internet or Web enabled mobile phone (e.g., iPHONE.RTM.). The network environment 100 also includes a plurality of personal digital assistant (PDA) devices 112 (only one is shown). Such PDA devices 112 may, for example, take the form of an Internet or Web enabled PDA or tablet computer (e.g., iPHONE.RTM., iPAD.RTM., TREO.RTM., BLACKBERRY.RTM.), which may, for example, execute a set of browser commands or programs. The network environment 100 may include any number of a variety of other devices capable of some type of networked communication. The telecommunication device 110, the PDA device 112, and any other devices may be communicatively coupled to the remainder of the network 108 via a wired communication channel, a wireless communication channel, or a combination of wired and wireless communication channels.

The one or more communication networks 108 may take various forms. For example, the communication network 108 may include a wired communication link, a wireless communication link, an optical communication link, or a combination of a wired communication link, a wireless communication link, and/or an optical communication link. The one or more communication networks 108 may include a public network, a private network, an unsecured network, a secured network, or a combination of the above. The one or more communication networks 108 may use any one or more communication protocols, such as the TCP/IP protocol, the UDP protocol, the IEEE 802.11 protocol, and other telecommunications or computer networking protocols. The one or more communication networks 108 may include a network traditionally referred to as a computing network and/or a network traditionally referred to as a telecommunications network, or a combination of the two. In at least one embodiment, one or more communication networks 108 include the Internet, and in particular the World Wide Web (referred to herein as the "Web"). Thus, 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 of the client computing systems 106, telecommunication devices 110, and/or PDAs 112 execute browser software to request and display HTML source files or web pages 114.

The network environment 100 includes an interactive system for electronically generating, placing, executing and/or tracking sports betting registry bets and sports betting registry ticket sell-back options and related transactions; determining refund amounts for exercising sports betting registry ticket sell-back options; and/or receiving inputs for instructions regarding sports betting registry bets and sports betting registry ticket sell-back options and related transactions. The interactive system may include one or more server computing systems 102, a database 104, and one or more client systems 106, telecommunications devices 111, and/or PDAs 112.

One or more server computing systems 102 execute instructions stored on a non-transitory computer-readable storage medium that cause the server computing system 102 to electronically generate, place, execute and/or track sports betting registry bets and sports betting registry 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 PDAs 112; and provide communications to and between one or more client systems 106, telecommunications devices 111 and/or PDAs 112 during or in conjunction with such services.

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 a computer readable storage medium or a processor readable storage medium and executed by a computer or processor. Those skilled in the relevant art will appreciate that the illustrated embodiments and other embodiments may be practiced with other attached system configurations and/or other computing system configurations, including handheld devices, multiprocessor systems, microprocessor-based or programmable consumer electronics, personal computers ("PCs"), network PCs, minicomputers, mainframe computers, and the like. Embodiments may be practiced in distributed computing environments where tasks or actions are performed by remote processing devices connected via a communication network. In a distributed computing environment, the program engine may be located in a local memory storage device and a remote memory storage device.

2 shows an electronic sports betting registry betting environment 200 including a sports betting registry betting computer system 202, a payment computer system 262, an exemplary bettor A computer system 264, and an exemplary bettor B computer system 266, each of which is communicatively coupled via one or more communication channels, such as one or more local area networks (LANs) 208 or wide area networks (WANs) 210, which may be part of or connected to the network 108. For example, the server computing system 102 of FIG. 1 may include the sports betting registry betting computer system 202 and/or the payment computer system 262. Likewise, the plurality of client computing systems 106a-106n (collectively 106), telecommunications devices 111, and/or PDA devices 112 of FIG1 may include an exemplary player A computer system 264 and an exemplary player B computer system 266. Communications between the computer systems shown in FIG2 may also be performed by transferring data on non-transitory computer-readable media such as disks, flash drives, other memory devices, etc., which are readable by such computer systems.

The payment computer system 262 may include those computer systems of one or more of the various sports betting registry entities of a casino or other licensed sports betting organization. The exemplary bettor A computer system 264 and the exemplary bettor B computer system 266 may include any user computer system having a web browser or other sports betting registry betting or wagering application displaying a website, web page and/or web application, such as those provided by the sports betting registry of a casino or other licensed sports betting organization. Such websites, web pages, and/or web applications may include those websites, web pages, and/or web applications hosted and/or served by the sportsbook betting computer system 262, or those websites, web pages, and/or web applications hosted and/or served by a web server computer system that is accessible by the sportsbook betting computer system 262, the exemplary bettor A computer system 264, and the exemplary 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 .

The sportsbook betting computer system 202 may include computer systems that electronically generate, place, execute and/or track sportsbook bets and sportsbook ticket sell-back options and related transactions; determine refund amounts for exercising sportsbook ticket sell-back options; and/or receive input regarding sportsbook bets and sportsbook ticket sell-back options and related transactions, which are stored in one or more databases or other computer-readable storage media. Sports betting registry betting may include betting on any public event for which the sports betting registry provides betting opportunities, including but not limited to: sporting events, horse racing, political events, competitions, fights, public figure events, celebrity events, etc. As used herein, "event" or "sporting event" means any public event for which the sports betting registry provides betting opportunities. The sports betting registry betting computer system 202 may also provide a user interface for accepting bets from exemplary bettor A via exemplary bettor A computer system 264 and selling sports betting registry ticket resale options to exemplary bettor A, and accepting bets from exemplary bettor B via exemplary bettor B computer system 266 and selling sports betting registry ticket resale options to exemplary bettor B. For example, the user interface may be displayed as a web page served by the sports betting registry betting computer system 202, displayed within or on such web pages, or displayed as an interface for other applications, such other applications including various web pages and websites of sports betting registry operations, organizations, companies and individuals hosted and/or served by another web server computer system or other computer system, which other web server computer system or other computer system can be accessed via one or more local area networks (LANs) 208 or wide area networks (WANs) 210 that may be part of the network 108.

The sportsbook betting computer system 202 will sometimes be referred to herein in the singular, but this is not intended to limit the embodiment to a single device, because in a typical embodiment, there may be more than one sportsbook betting computer system or device involved, or there may be multiple different computing systems (e.g., a web server separate from a sportsbook betting server or a payment server, etc.) that each store and/or serve different items. Unless otherwise described, the construction and operation of the various blocks shown in FIG. 2 are of known design. Therefore, there is no need to further describe such blocks in detail herein, as those skilled in the art will understand such blocks.

The sportsbook betting 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 unit 212. The processing unit 212 may be any logical 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 may employ any known bus structure or architecture, including a memory bus with a memory controller, a peripheral bus, and a local bus. The system memory 214 includes a read-only memory ("ROM") 218 and a random access memory ("RAM") 220. A basic input/output system ("BIOS") 222, which may form part of the ROM 218, contains basic routines that help transfer information between components within the sportsbook betting computer system 202, such as during startup.

The sportsbook betting 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 a removable optical disk 232, and/or a magnetic disk drive 230 for reading from and writing to a magnetic disk 234. The optical disk 232 may be a digital video disk ("DVD"), and the magnetic disk 234 may be a magnetic floppy disk or diskette or other storage medium. The hard disk drive 224, the optical disk drive 228, and the 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 an interface or controller (not shown) coupled between such drives and the system bus 216, as known to those skilled in the art. The drives 224, 228, and 230 and their associated computer-readable storage media 226, 232, 234 may provide non-volatile and non-transitory storage of computer-readable instructions, data structures, program engines, and other data for the sportsbook betting computer system 202. Although a hard disk drive 224, an optical disk drive 228, and a magnetic disk drive 230 are used to illustrate the depicted sportsbook betting computer system 202, those skilled in the art will appreciate that other types of computer-readable storage media that can store computer-accessible data may be used, such as tape cards, flash memory, optical disks ("CDs"), Bernoulli cartridges, RAM, ROM, smart cards, solid-state drives, etc.

The sportsbook betting 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 253 and/or one or more Ethernet cards or other types of communication cards or components 254 for allowing communication via one or more local area networks (LANs) 208 or wide area networks (WANs) 210.

The program engine may be stored in the system memory 214, such as an operating system 236, one or more applications 238, a refund amount determination module 240, program data 242, and a historical analysis module 244 capable of analyzing historical data of previous sporting events. The application 238 may include instructions that cause the processor 212 to accept bets from bettor A computer system 264, bettor B computer system 266, and/or other bettor computer systems and sell sports ticket sell-back options to the bettor A computer system, the bettor B computer system, and/or the other bettor computer systems. The application 238 and refund amount determination module 240 may include computer executable instructions and functionality to provide an interface for performing one or more of the following operations: placing sports betting registry bets, utilizing previously selected or purchased sports betting registry sell back options, and determining a refund amount when a bettor utilizes a previously selected or purchased sports betting registry sell back option based on an analysis of historical data of previous sporting events performed by the historical analysis module. The application 238 and the refund amount determination module 240 may deliver such services via the LAN 208 or the WAN 210 using one or more network protocols or a combination of one or more network protocols, including but not limited to the Hypertext Transfer Protocol (HTTP), the TCP/IP protocol, the UDP protocol, and the IEEE 802.11 protocol, as well as other telecommunication or computer networking protocols.

Application 238 may also include instructions for handling security such as passwords or other access protection and communication encryption, and also allow access to and exchange of data with sources such as an intranet, an extranet, or other networks as described below, and other server applications on server computing systems, such as those discussed further below. In particular, system memory 214 may include historical analysis modules or programs, such as historical analysis module 244, which are configured to analyze and perform statistical analysis of previous sporting events having characteristics in common with the current sporting event for which bets have been placed and sports betting registry put options have been purchased. For example, such analyses may be based on historical data regarding the results of previous sporting events of the same type as the current sporting event at corresponding game interruptions or corresponding intervals in the previous sporting events, and other corresponding factors at corresponding game interruptions or corresponding intervals in the previous sporting events.

Although shown as being stored in the system memory 214 in FIG. 2 , the operating system 236 , the application 238 , the refund amount determination module 240 , the program data 242 , and the history analysis module 244 may 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 .

An operator may enter commands and information into the sportsbook betting computer system 202 via 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 may include microphones, joysticks, game pads, tablet computers, scanners, etc. These and other input devices are connected to one or more of the processing units 212 via an interface 250 such as a serial port interface coupled 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") may be used. The monitor 252 or other display device is coupled to the system bus 216 via a video interface 254 such as a video adapter. The sportsbook betting computer system 202 may include other output devices such as speakers, printers, etc. The sportsbook betting computer system 202 may 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 sportsbook betting computer system 202 may operate in a networked environment using a logical connection to one or more payment computer systems 262 and a logical connection to one or more bettor computer systems (e.g., bettor A computer system 264 and/or bettor B computer system 266). Communications may be conducted via wired and/or wireless network architectures, such as 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.

The payment computer system 262 may be separate from or integrated with the sportsbook betting computer system 202 and may take the form of a known mainframe computer, minicomputer, workstation computer, personal computer (desktop or laptop). The payment 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 computer system 262 will sometimes be referred to herein in the singular, but this is not intended to limit the embodiments to a single payment computer system 262, as in typical embodiments, there may be more than one payment computer system 262 or device involved. Non-limiting examples of commercially available computer systems include, but are not limited to, 80.times.86 or Pentium series microprocessors from Intel Corporation, PowerPC microprocessors from IBM, Sparc microprocessors from Sun Microsystems, PA-RISC series microprocessors from Hewlett-Packard Company, or 68xxx series microprocessors from Motorola Corporation.

The processing unit 268 may be any logical 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 otherwise described, the construction and operation of the various blocks of the payment computer system 262 shown in FIG. 2 are of known design. Therefore, there is no need to further describe such blocks in detail herein, as those skilled in the relevant art will understand such blocks.

The system bus may employ any known bus structure or architecture, including a memory bus with a memory controller, a peripheral bus, and a local bus. The system memory 269 includes a read-only memory ("ROM") 270 and a random access memory ("RAM") 272. A basic input/output system ("BIOS") 271, which may form part of the ROM 270, contains basic routines that help transfer information between components within the peripheral computing system 114, such as during startup.

The payment computer system 262 may also include one or more media drives 273 (e.g., hard drive, magnetic disk drive, and/or optical disk drive) for reading from and writing to computer-readable storage media 274 (e.g., hard drive, magnetic disk drive, and/or optical disk). The computer-readable storage media 274 may, for example, take the form of removable media. For example, the hard drive may take the form of a Winchester drive, the optical disk may take the form of a DVD, and the magnetic disk may take the form of a magnetic floppy disk or diskette. The media drive 273 communicates with the processing unit 268 via one or more system buses. The media drive 273 may include an interface or controller (not shown) coupled between such drive and the system bus, as known to those skilled in the relevant art. The media drive 273 and the associated computer readable storage medium 274 of the media drive provide non-volatile and non-transitory storage of computer readable instructions, data structures, program engines and other data for the payment computer system 262. Although described as using computer-readable storage media 274 such as hard drives, optical disks, and magnetic disks, those skilled in the relevant art will understand that the payment computer system 262 may use other types of computer-readable storage media that can store computer-accessible personal data, such as tape cards, flash memory cards, optical disks ("CDs"), Bernoulli cartridges, RAM, ROM, smart cards, solid-state drives, etc.

Program engines such as operating systems, one or more applications, other programs or engines, and program data may be stored in the system memory 269. The program engines may include instructions for handling security such as passwords or other access protection and communication encryption. The system memory 269 may also include communications and server programs, such as a web server, which allows the computer system 262 to pay out money for winning bets and/or pay out money to bettors for refunds resulting from bettors exercising a sportsbook ticket sell-back option (e.g., during a designated break in play or other indicated period during a tournament). Other indicated time periods may be any time period from the moment a bet is placed until the entire sporting event or until any portion of a sporting event is completed. Payments may be made directly or electronically to an account associated with the bettor via a cash machine or receipt printer (not shown) connected to or integrated with the payment computer system 262. Electronic payments may be sent via the Internet and/or by web applications and/or other networks or electronic payment and deposit systems such as the Automated Clearing House (ACH) system, loan systems, etc. via network 108.

Although described as being stored in system memory 269, the operating system, applications, other programs/engines, program data, and/or browser may be stored on computer-readable storage media 274 of a media drive 273. An operator may enter commands and information into the payment computer system 262 via a user interface 275 by means of input devices such as a touch screen or keyboard 276 and/or a pointing device 277 such as a mouse. Other input devices may include microphones, joysticks, game pads, tablet computers, scanners (e.g., sports betting register ticket scanners), and the like. These and other input devices are connected to the processing unit 269 via an interface such as a serial port interface coupled to a system bus, but other interfaces such as a parallel port, game port, or wireless interface or universal serial bus ("USB") may be used. The display or monitor 278 may be coupled to the system bus via a video interface such as a video adapter. The payment computer system 262 may include other output devices such as speakers, printers, etc.

The payment computer system 262 includes instructions stored in a non-transitory computer-readable storage medium that cause the processor of the payment computer system 262 to pay winning bettor bets placed on a sporting event from various bettor computer systems via the sportsbook betting computer system 202 via the LAN 208 or WAN 210, including, for example, those bets from bettor A computer system 264 and bettor B computer system 266. For example, the sportsbook betting computer system 202 may pay or initiate payment of a ticket (paper or electronic ticket) indicating a bet placed on a bet placed by bettor A on a sporting event.

The payment computer system 262 also includes instructions stored in a non-transitory computer-readable storage medium that cause the processor of the payment computer system 262 to refund the bettor an amount determined and communicated by the refund amount determination module 240 of the sports betting registry betting computer system 202 when the bettor exercises a previously purchased sports betting registry ticket sell-back option during a designated game interruption or other indicated time period of the sports event on which the original bet was placed. Other indicated time periods may be any time period from the moment the bet is placed until the end of the entire sports event or until the end of any portion of the sports event.

For example, bettor A may have purchased an option to sell back a sportsbook ticket paid by the sportsbook betting computer system 202 during halftime of a betting sporting event to obtain a refund amount determined when the option is exercised. In some embodiments, this refund amount may not be reduced below a guaranteed predetermined minimum amount. To exercise the purchased option, at a certain time during the sporting event (e.g., halftime, between periods, between innings, or between quarters), bettor A sells back the sportsbook ticket issued by the sportsbook betting computer system 202 by taking the ticket to, sending it to, starting to send it to, or otherwise communicating it to (if the ticket is an electronic ticket) the payment computer system 262 so that the ticket is electronically scanned or read, so that a refund amount is determined (by the sportsbook betting computer system 202 or the payment distribution computer system) and receiving the determined refund amount. In some embodiments, the payment allocation computer system may wirelessly identify the bettor A computer system 264 (e.g., via a near field communication (NFC) or radio frequency identification (RFID) chip in the bettor A computer system 264 and/or the payment allocation computer system 262) to allow payment to be made to bettor A. Note that while the refund amount determination module 240 and the history analysis module 244 are shown as part of the sportsbook betting computer system 202, one or both of these modules may also be or may in fact be part of the payment computer system 262.

In the case where the refund amount determination module 240 is part of the payment computer system 262, the payment computer system 262 includes instructions stored in a non-transitory computer-readable storage medium, which cause the processor of the payment computer system 262 to receive additional information and analysis from the sports betting registration office betting computer system 202 to determine the refund amount. The additional information and analysis are historical statistics about the results of previous sporting events of the same type as the current sporting event being bet on, and correspond to the same game interruptions or corresponding intervals in the previous sporting events, and other corresponding factors when the same game was interrupted or corresponding intervals in the previous sporting events.

The bettor A computer system 264 may have one or more of the same or similar components as the previously described computer systems, such as: a processing subsystem 280, which includes one or more non-transitory processors and computer-readable memory; a media subsystem, which includes one or more drives and computer-readable storage media; and one or more user interface subsystems 282, which include one or more keyboards, keypads, displays, pointing devices, graphical interfaces, scanners and/or printers.

The bettor A computer system 264 includes program instructions stored in a non-transitory computer-readable storage medium, such as those of a web browser 284, which are configured to access the services of the sports betting registry betting computer system 202 and the payment computer system (e.g., for placing bets on sporting events remotely, purchasing sports betting registry ticket sell-back options, remotely exercising previously purchased sports betting registry ticket sell-back options, collecting refunds and payments, etc.). The browser 284 in the depicted embodiment is based on and operates using a markup language, such as Hypertext Markup Language (HTML), Extensible Markup Language (XML), or Wireless Markup Language (WML), which uses syntax delimiters of data added to a document to represent the structure of the document. Several Web clients or browsers are commercially available, such as those from Mozilla, Google, and Microsoft.

The bettor B computer system 266 may have one or more of the same or similar components as the previously described computer systems, such as: a processing subsystem 286, which includes one or more non-transitory processors and computer-readable memory; a media subsystem 288, which includes one or more drives and computer-readable storage media; and one or more user interface subsystems 290, which includes one or more keyboards, keypads, displays, pointing devices, graphical interfaces, scanners and/or printers.

For example, the bettor B computer system 266 includes program instructions stored in a non-transitory computer-readable storage medium, such as those of a Web browser 290, which are configured to access the services of the sportsbook betting computer system 202, similar to the program instructions of the Web browser 284 of the bettor A computer system 264 described above. Although only two exemplary bettor computer systems are described in FIG. 2, there may be fewer or more such bettor computer systems operably connected to the LAN 208 and/or the WAN 210 in various other embodiments.

3 is a diagram of an exemplary user interface 300 for bettor A to purchase a sports betting registry ticket sell-back option according to one illustrated embodiment, one or more portions of which may be displayed on a display of the sports betting registry betting computer system 202 or bettor A computer system 264. Bettor A may purchase a sports betting registry ticket sell-back option via the interface 300, for example, during the process of placing a bet on a corresponding sporting event. Additionally, a bettor may purchase a sports betting registry ticket sell-back option via interface 300 after placing a bet on a corresponding sporting event, before a designated game interruption or end of an indicated period during which the option may be exercised and at a time after a sports betting registry ticket indicating an initial bet has been received. There may be some circumstances that prohibit or suspend the purchase of a sell-back option after which a sports betting registry ticket has been issued, including but not limited to: score differential changes, key player injuries, key player removal 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 designated game interruption or indicated period of the corresponding sporting event (e.g., during halftime) for the bettor to receive compensation for the cancelled bet (i.e., the determined refund amount).

However, in some embodiments, all or some of the features and components of the user interface 300 described herein may be configured for use by a sportsbook employee or agent instead of or in addition to bettor A, such as to place bets and make put option purchases on behalf of bettor A. In other embodiments, neither the sportsbook nor bettor A need to use the bettor A interface to place bets and have put options purchased by bettor A. For example, bettor A enters the sportsbook and walks to an existing counter where an agent of the sportsbook is located. Bettor A then requests to place a bet on any of the betting types on any of the events (e.g., football, basketball, soccer, baseball, boxing, individual games, horse racing, political events, competitions, fights, public figure events, celebrity events, etc.) provided by the sports betting registry for betting. The types of bets or wagers may include, but are not limited to: straight, total score (i.e., win/lose), money line, teaser, future bet, win only (single action), win-draw-game canceled (double action), reverse bet, point buy, proposition bet, etc. Bettor A then requests the agent to include a sell option in Bettor A's bet, or the agent makes an offer to the bettor and the bettor accepts the offer from the agent to participate in the sell option. One or more of the above actions may be performed independently or in conjunction with Bettor A's interface. In an embodiment in which Bettor A declines to purchase or select the sports betting registry ticket sell option (or is never offered the sell option), and after the sports betting registry ticket indicating the initial bet has been issued, the sports betting registry may make an active offer to Bettor A so that Bettor A has the opportunity to purchase the sports betting registry ticket sell option at a time before the interruption of play or the end of the indicated period during which the option may be exercised. The quote to Player A may be displayed on a public display at the Sports Betting Registry premises, shown on a display on Player A's computer system, printed out and provided to Player A, posted on the Sports Betting Registry website, and/or communicated electronically via email, text message, fax, etc.

The additional cost of participating in the Sell Back Option, if any, is determined by the Sportsbook and may range from 0% to any percentage of the ticket price or amount wagered and/or any fixed dollar amount selected by the Sportsbook. At the discretion of the Sportsbook, the additional cost of participating in the Sell Back Option at the time the bet is placed may be higher or lower than the additional cost of participating in the Sell Back Option at a later time when the bet is purchased.

The refund amount (i.e., the value of the sports betting register ticket sell back option to bettor A) may be determined based on the current odds or odds of whether the bettor will win the wager placed at a specified play interruption or indicated time period of the event when the sports betting register ticket sell back option is exercised. The option may also include a minimum guaranteed amount (e.g., 20% of the wager amount, or other predetermined minimum amount) that will be refunded to the bettor if the bettor chooses to exercise the option. However, in some embodiments, there may not be a guaranteed percentage refund or other guaranteed refund amount. The currently calculated refund amount (i.e., the current value of the Sportsbook Ticket Sell Back Option) may be displayed to the bettor at the time of purchasing the Sportsbook Ticket Sell Back Option, or at any time from the moment the sporting event begins until (and including) the time period when the bettor can exercise the option. For example, this value may be displayed on a public display at the Sportsbook Registry facility, displayed on the display 302 of the bettor A interface, printed out and provided to the bettor, posted on the Sportsbook Registry website, and/or communicated electronically via email, text message, fax, etc.

In one exemplary embodiment, user interface item 308 of user interface 300 is configured to display an indication of the type of bet placed (e.g., ABC), an indication of what sporting event (e.g., XYZ game) the bet was placed on, and the amount of the bet (e.g., $110). Before the ticket is issued, user interface item 302 is configured to display a prompt asking bettor A whether bettor A wants to purchase a sportsbook ticket sell-back option to obtain a minimum guaranteed percentage payout of the bet amount if the bettor exercises the option during a specified game break. In some embodiments, there may be no minimum guaranteed percentage refund or other guaranteed refund amount. User interface item 302 also indicates a prepaid and non-refundable cost or fee charged to the bettor for purchasing the option. For example, this fee may be a percentage of the bet (e.g., 2.5% of the bet). However, other percentage amounts, fixed fees, or combinations thereof may be selectively charged by the sportsbook betting computer system and will be indicated to the bettor via user interface item 302. In some embodiments, the sportsbook may choose to charge no fee or a refundable fee for purchasing the sportsbook ticket sell-back option, and this will be indicated to the bettor via user interface item 302.

The user interface item 302 also includes controls that can be selected by the bettor to indicate whether the bettor wants to purchase the sportsbook ticket sell-back option. For example, the user selects an icon or button 312 to indicate that the bettor wants to purchase the option, and selects an icon or button 314 to indicate that the bettor does not want to purchase the option. In an embodiment where the user interface item 302 is displayed on the sportsbook betting computer system 202, the interface 300 may also include a ticket print and retrieval component 316 that is configured to print a sportsbook ticket that indicates the bet and whether the sportsbook ticket sell-back option has been purchased. These instructions may be printed or otherwise encoded (e.g., on a bar code) on the sports betting register tickets distributed by the ticket printing and retrieval component 316.

In other embodiments (e.g., those in which the user interface item 302 is displayed on a bettor A computer system 264 that is remote from the sportsbook betting computer system 202), the sportsbook ticket may be electronically issued as an electronic ticket stored on the sportsbook betting computer system 202 and/or the bettor A computer system 264. The electronic sports betting register ticket is associated with the bettor via a code communicated to the bettor by the sports betting register betting computer system, the bettor's account or other bettor credentials, which can be verified when the electronic sports betting register ticket is used to place a bet on a winning bet or to redeem a payment amount for exercising a put option on a purchased sports betting register ticket.

In an embodiment where bettor A declines to purchase the sports betting registry ticket sell-back option via interface 300 after placing a bet on the corresponding sporting event at a time before the designated game interruption or indication period during which the option is available and after the sports betting registry ticket indicating the initial bet has been issued, bettor A may scan the sports betting registry ticket at a scanner (e.g., via various A machine readable symbol such as a barcode or QR code symbol, a radio frequency identification or RFID transponder, a near field communication (NFC) chip, or optical character recognition or OCR) that is part of the ticket printing and retrieval component 316 or located elsewhere (e.g., on the bettor A computer system 264) to obtain a sell option associated with the bet associated with the sportsbook ticket. In embodiments involving electronic tickets, bettor A may enter a code provided to bettor A when the ticket was issued or other credentials associated with the electronic ticket or bettor A in order to obtain a sell option associated with the bet indicated by the previously issued bettor A ticket.

FIG4 is a diagram of an exemplary user interface 400 for facilitating bettor A to use a sportsbook betting ticket sellback option, one or more portions of which may be displayed on a display of the sportsbook betting computer system 202, the payment computer system 262, or the bettor A computer system 264, according to one illustrated embodiment. Bettor A may, for example, use a sportsbook betting ticket sellback option (such as a sportsbook betting ticket sellback option purchased via the interface 300 of FIG3) via the interface 400 of FIG4 during a designated game interruption or indicated time period during which the previously purchased option is valid.

However, in some embodiments, all or some of the features and components of the user interface 400 described herein may be configured for use by a sportsbook employee teller or agent instead of or in addition to bettor A, such as to exercise the sell-back option purchase on behalf of bettor A and provide a refund to bettor A. In other embodiments, neither the sportsbook nor bettor A need to use the user interface 400 to exercise the sportsbook ticket sell-back option. For example, bettor A may approach a sportsbook teller, request to exercise the sportsbook sell-back option, hand the sportsbook ticket to the teller, and the teller provides the refund amount to bettor A in cash. If Bettor A chooses to exercise the Sportsbook Sellback Option, Bettor A may make the Sportsbook aware of the situation through any system that the Sportsbook prefers to use (whether electronic or open speech). For example, Bettor A may scan or insert the Sportsbook Ticket, or enter information related to the Sportsbook Ticket into an electronic information station, approach a Sportsbook Agent at the Sportsbook counter, or enter a code or scan the Sportsbook Ticket using an electronic handheld device, etc. However, with respect to bettor A, the kiosk, sportsbook agent and/or handheld device may use any combination of the features and components described herein of user interfaces 300 and 400, sportsbook betting system 202, payment computer system 262 and/or bettor A computer system to conduct sportsbook ticket sell-back option purchases, utilize sportsbook ticket sell-back options, determine sportsbook ticket refund amounts and/or pay refund amounts.

The period during which the Sportsbook Ticket Sellback Option may be exercised may be during all or part of any number of periods during a sporting event as determined by the Sportsbook. For example, the Sportsbook Ticket Sellback Option may be exercised during a single specific match break, multiple specific match breaks, or any match break. An interruption of play is defined as a stoppage of play for any reason and may include, but is not limited to, the following interruptions during various sports: halftime, quarters, between innings or half-innings in baseball, stoppages in play, between adjustment and overtime periods, during the caution lap in a car race, between periods in a hockey game, between rounds in a boxing match, before certain types of play (e.g., a field goal, an extra point, a free throw), and before certain events that may occur during the course of a game, including, but not limited to, a player being injured, a pitcher being dismissed, or a goalie being replaced. In some embodiments, the sports betting registry may determine that the sports betting registry ticket sellback option is available from the moment a bet is recorded until the end of a portion of a sporting event or the entire sporting event. This is defined as an indicated period and may be communicated to the bettor when the bet is placed. In one embodiment, the sports betting registry ticket sellback option is available during an ongoing match and all breaks in the match during the indicated period.

For example, during halftime of a sporting event where bettor A has placed a bet and purchased a halftime sports betting register ticket sell-back option, bettor A may approach the sports betting register betting computer system 202, approach a teller, employee or other agent using the sports betting register betting computer system 202, or utilize bettor A computer system 264 to exercise the option. Bettors may scan their sports betting register tickets at component 324 on the sports betting register betting computer system 202, which is configured to scan and read information encoded in machine-readable symbols on or in the sports betting register ticket at an RFID transponder. Component 324 may then print out a voucher or coupon that the bettor can redeem for cash, or in some alternative embodiments, distribute cash. In other embodiments, the bettor may receive instructions on how to obtain a refund at or through component 324, rather than receiving a voucher or cash. For example, component 324 may print, display, or otherwise communicate instructions for the bettor on how, when, and where to take the ticket to a cashier, a refund machine, etc. to complete the refund process. Component 324 may also communicate a refund code or other item that can be used alone or in conjunction with a ticket to allow the bettor to receive a refund or initiate an electronic transaction to deposit the bettor's account to provide a refund.

In some embodiments where the sportsbook ticket is an electronic ticket, bettor A may provide a code associated with the electronic ticket given to the bettor when the ticket is issued, or enter a voucher associated with bettor A and/or the issued electronic ticket, at the sportsbook betting computer system 202 or bettor A computer system 264. Bettor A may then be presented with a user interface item 318 that includes a prompt asking bettor A whether bettor A wants to exercise the sportsbook ticket sell-back option purchased for the sportsbook ticket. The user interface item 318 also displays the refund amount (i.e., the value of the sportsbook ticket sell-back option to bettor A). The user interface items 308 of the user interface 400 are also configured to display an indication of the type of bet placed (e.g., ABC), an indication of the type of sporting event (e.g., XYZ game) on which the bet is placed, and the amount of the bet (e.g., $110).

User interface item 318 also includes controls (e.g., user-selectable icons, dialog boxes, keys, switches, buttons) that can be selected by the bettor to indicate whether the bettor wants to use the sportsbook ticket sell-back option. For example, the user selects icon or button 320 to indicate that the bettor wants to use the option, and selects icon or button 322 to indicate that the bettor does not want to use the option. If bettor A selects icon or button 320 to indicate that bettor A wants to use the option, the refund amount will be distributed, sent, or otherwise issued to bettor A.

As mentioned above, the refund amount (i.e., the value of the sports betting register ticket sell back option to bettor A) may be determined when the sports betting register ticket sell back option is exercised based on the current odds or odds of whether the bettor will win the bet on which the bet was placed at a designated game interruption or indicated time period of the sporting event. The option may also include a minimum guaranteed amount that will be refunded to the bettor if the bettor chooses to exercise the option (e.g., 20% of the bet amount, or other predetermined minimum amount). However, in some embodiments, there may not be a guaranteed percentage refund or other guaranteed refund amount. The currently calculated refund amount (i.e., the current value of the Sportsbook Ticket Sell Back Option) may be displayed to the bettor at the time of purchasing the Sportsbook Ticket Sell Back Option, or at any time from the moment the bet is placed until (and including) the time period when the bettor can exercise the option. For example, this value may be displayed on a public display at the Sportsbook Registry facility, displayed on the display 318 of the bettor A interface, printed out and provided to the bettor, posted on the Sportsbook Registry website, and/or communicated electronically via email, text message, fax, etc. In some embodiments, bettor A may access and/or activate user interface 400 and scan or otherwise enter the bettor's ticket or ticket information so that user interface 400 displays the current refund amount (i.e., the current value of the sportsbook ticket sell-back option).

The current refund amount may be determined in any manner the sports betting registry chooses (i.e., the current value of the sports betting registry ticket sold back to the bettor A option). The sports betting registry may use a historical odds module, coin toss, or any system or method such sports betting registry chooses. In some cases, the sports betting registry may choose to outsource the determination of the current refund amount to an individual or entity that is believed to have special expertise in this area. Even when outsourced, the sports betting registry retains ultimate authority to determine the current refund amount.

The refund amount determined may be based on a statistical analysis of previous sporting events that have common characteristics with the current sporting event on which the bet was placed and the Sportsbook SellBack Option was purchased, and in some embodiments, based on intrinsic game factors. Such intrinsic game factors may include, but are not limited to, catastrophic player injuries, illnesses, or other disqualifications that occurred prior to the interruption of a specified game or prior to the end of an indicated period during which the Sportsbook Ticket SellBack Option may be exercised. In some embodiments, such analysis may be based on historical data regarding: the results of previous sporting events of the same type as the current sporting event at corresponding game interruptions or corresponding intervals in the previous sporting events, and other corresponding factors at corresponding game interruptions or corresponding intervals in the previous sporting events.

For example, if bettor A places a $110 bet on the Bears playing the Packers (home team) that the Packers will not win by more than 7 points and the halftime score is Bears 10 and Packers 17, the analysis will determine the percentage probability (based on historical NFL statistics) that the home team winning by 7 points at halftime will score at least one point in the second half. The sportsbook betting computer system 202 or payment computer system 262 will then use this probability to determine the amount to refund to bettor A at halftime for exercising the sportsbook ticket sell-back option. The percentage amount of the refund may also be further reduced (e.g., by one percentage point) as an additional charge to the bettor and the amount received by the sportsbook (i.e., the rake) will be increased as a result. Using this example, if the home team winning by 7 points at halftime has a 75% chance of getting at least one point in the second half and the sportsbook reduces the percentage or odds paid to the bettor, e.g., by one percentage point, the amount refunded to Bettor A if Bettor A exercises the put option would be (25%-1%)*$210=$50.40. However, in other instances using the same bet amount, based on the odds and the additional percentage charged by the sportsbook, if the determined amount for refund falls below the guaranteed refund amount (e.g., falls below 20% of the bet amount), the refund amount will instead be the guaranteed refund amount of 20% of the bet amount ($22).

In some embodiments, the determined amount to be refunded to a bettor when the bettor exercises a sportsbook ticket sellback option may also be based on, or adjusted based on, the current number of sportsbook ticket sellback options exercised against a particular winning team or losing team during a previous game interruption and/or the current designated game interruption or indication period to maintain a more even amount of sportsbook ticket sellback options exercised against each team in the sporting event. For example, if the current number or dollar value of put options exercised by Team A with respect to a sporting event significantly exceeds the current number or dollar value of put options exercised by Team B with respect to a sporting event, the determined amount to be refunded due to the exercise of the Sportsbook Tickets Put Option with respect to Team A may be reduced and/or the determined amount to be refunded due to the exercise of the Sportsbook Tickets Put Option with respect to Team B may be increased.

As described herein, a bettor may cash out a bet before the outcome of the bet (e.g., before the bet is determined to be a winning bet or a losing bet) in exchange for a cash-out price (or refund amount). For example, a bet on the outcome of a game may be cashed out before the game ends. When a bettor cashes out a bet, the bet may be abandoned, canceled, withdrawn, refunded, rendered invalid or unfulfillable, voided, deleted, transmitted to a betting counterparty (e.g., a counterparty that was required to pay a payout if the bet was won), or otherwise rendered such that the counterparty that was required to pay a payout on the bet if the bet is no longer a winning bet is required to pay the payout. For illustrative purposes, examples of various embodiments herein may describe such cashing out in exchange for "canceling" a bet. However, it should be understood that a bet need not be technically "canceled," but may instead be abandoned or otherwise cashed out.

Although many embodiments are described herein in which a bettor pays for the option to sell back or cash out a bet, it should be understood that in some embodiments, the bettor may not be charged for participating in the option to sell back. For example, a bettor who places a bet may be offered the opportunity to sell back a bet before the outcome of the bet is determined, for example, without charging the bettor (or charging the bettor) for the opportunity to sell back the option.

In some embodiments, a user may cash out a bet prior to the outcome of the bet in exchange for a refund amount or cash-out price determined at least in part based on: (1) risk management information associated with the counterparty to the bet; and/or (2) the current odds that the bet will be a winning bet; and/or (3) the current market value of the bet (e.g., as priced in the market used to exchange the bet).

The risk management information may include information related to pending bets associated with a counterparty to the bet (e.g., bets for and against an outcome accepted in a "betting registry" by a "casino operator" where the "casino operator" is the counterparty to the bet). In some embodiments, the risk management information may include information about the imbalance between: (1) potential gains from losing bets on a particular outcome; and (2) potential payouts on winning bets on a particular outcome.

In some embodiments, a "casino operator" may receive one or more bets on a particular outcome (e.g., a bet 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., a bet that the Seahawks will not beat the Patriots by 3.5 points, or equivalently, a bet that the Patriots will beat the Seahawks or lose to the Seahawks by less than 3.5 points). Such bets may be accepted by the "casino operator." The bets on the event (e.g., bets for or against the Seahawks) accepted by the "casino operator" may include the casino operator's "betting registry" for the particular event (e.g., a Patriots vs. Seahawks game). For bets on a game in which one team will beat another team, a "betting registry" of a "casino operator" (e.g., the counterparty to one or more bets placed by a user) may be considered "balanced" or "matched" if, for each bet outcome, the payoff on the losing bets will be sufficient to cover the payout on the winning bets. For example, a betting registry may be balanced if the total amount of bets present on one side of the bet (e.g., bets that the Patriots will win) is equal or substantially equal to the total amount of bets present on the other side of the bet (e.g., bets that the Seahawks will win or lose by less than 3.5 points).

All other things being equal, a casino operator may prefer that, for each possible outcome of a bet, the total potential payout on one side of the bet (e.g., bets on the Seahawks) be offset by the total payout on the other side (e.g., bets on the Patriots). Thus, a "casino operator" may prefer to keep its "betting register balanced," e.g., so that the total amount (exposure) on one side of the bet is equal to (or approximately equal to) the total amount (or potential losing bet payout) on the opposite side of the bet. In the above example, to the extent that the total amount bet on each side of the bet is equal, then regardless of the outcome of the bet, the funds the casino operator receives for the losing bets can be used to fund the payout on the winning bets. For example, all things being equal, the casino operator may prefer that the total amount wagered on the Patriots be equal to (or approximately equal to) the total amount wagered on the Seahawks. If the total amount wagered on the Seahawks is $100,000 and the total amount wagered on the Patriots is $100,000, the casino operator will have no risk regarding the outcome of the bets: the funds received from the losing bets (e.g., $100,000) will be sufficient to pay the payout on the winning bets (e.g., $100,000), regardless of who wins. (For purposes of illustration, fees, commissions, spreads, different odds, and other concepts have been ignored in this example.)

To the extent that the proceeds from losing bets on a particular outcome in an event would not be sufficient to cover all winning bets on that outcome, the casino operator (or other party responsible for paying winning bets) may be considered to have an exposure (or risk) to that outcome, and that party's "betting register" may be considered to be unbalanced. In some embodiments, risk management information may include information about such exposure, risk, and/or imbalance, e.g., as described herein.

In some embodiments, the betting payoff for total bets on one outcome (e.g., bets that the Seahawks will win by at least 3.5 points) may be unbalanced with 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 amount of bets received by a betting counterparty (e.g., a casino operator) on a particular outcome is different from the total amount of bets received by that counterparty on mutually exclusive outcomes, it may be determined that the total amount of bets against the counterparty is "unbalanced" to the extent that such amounts are different. For example, if 90% of the bets (accepted by the counterparty) are bets that outcome A will occur, and only 10% of the bets (accepted by the counterparty) are bets on one or more outcomes in which A does not occur, then the casino operator or other betting counterparty may be unbalanced.

In some embodiments, one or more bettors may be offered the opportunity to sell back existing bets on outcomes while bets are still pending (e.g., before an outcome can occur, such as for bets on a game, before the game ends). For example, a "casino operator" may offer various sellback prices to various bettors that will be paid to the bettors for selling back (or canceling, withdrawing, etc.) the bettors' bets. The sellback price (e.g., the price paid to the bettor in exchange for the bettor abandoning or selling back the bet, e.g., as described herein) may be determined based on risk management information. For example, the put-back amount may be determined based on one or more of: (1) the imbalance between bets against the casino operator and bets for the casino operator; and/or (2) the current market value of the bet (e.g., as determined based on the price offered to buy and sell the bet at the time of the betting exchange); and/or (3) the probability that the bet will be a winning bet.

In some embodiments, a "casino operator" or other entity may provide a cash-out amount to one or more users regarding one or more bets before the bet is determined to be a winning or losing bet (e.g., before an outcome defined by one or more bets). The cash-out price may be calculated based on, for example: (1) the probability of success of the selected outcome; and (2) any imbalance between bets placed in favor of the outcome and bets placed against the outcome (e.g., including or excluding any bets that have been placed otherwise) for the counterparty.

In some embodiments, the "casino operator" may price the cash-out price based at least in part on the current odds that the betting outcomes will occur, commission or other fee factors, and the imbalance between bets on one side of the bet (e.g., bets that the Patriots will win) and bets on the other side of the bet (e.g., bets that the Seahawks will win).

For example, in some embodiments, the imbalance between bets in favor of a particular outcome and bets against a particular outcome (e.g., in another scenario, bets in favor of and against the Patriots defeating the Seahawks). For example, the imbalance may include $30,000.

In some embodiments, the cash-out price offered (e.g., and paid) to cash out a bet may be determined based on a value based on the bet's chance of success minus fees and/or commissions or spreads (e.g., the price may be a calculated percentage of the amount betted). In some embodiments, the amount paid to the cash-out participant may include a calculated amount adjusted based on factors associated with risk management (e.g., an amount associated with the degree to which the "casino operator" has an imbalance between bets on this outcome and opposite bets that are the opposite of this type of bet.)

In some embodiments, to mitigate the casino operator's risk regarding a particular bet outcome, the casino operator may price the casino operator's cash outs regarding the relevant bets (before the bet outcome occurs) in a manner that is more favorable or less favorable to the betting counterparty. For example, if the casino operator accepts bets totaling $50,000 that the Seahawks will win but only accepts bets totaling $10,000 that the Patriots will win, the casino operator may have an unbalanced betting register. A bettor who bets on the Patriots may wish to cash out the bet before the Patriots vs. Seahawks game is over (i.e., before the bet outcome is determined). In this case, the "casino operator" holding all the bets may have an imbalance in the amount of bets on the outcome of the game, such as five times the amount of bets on the Seahawks as on the Patriots. If the Seahawks win, the casino operator may have to pay $50,000 to the winning bettors, but will only hold $10,000 from the losing bettors. Therefore, the casino operator will have a net liability of $40,000 due to the imbalance of bets in its betting register. Before the game is over, some bettors may wish to cash out their bets, such as by exercising the option to cash out bets (e.g., as described herein). The cash out price offered to cash out bets on the Seahawks may be more favorable to bettors, such as to encourage early cash out. To the extent that bets on the Seahawks are cashed out before the game is over, the casino operator can reduce the casino operator's potential net liability with respect to the outcome of the game. In other words, if the amount of cashing out on bets against the Seahawks is greater than the amount of cashing out on bets against the Patriots, the $40,000 imbalance in the betting register will be reduced before the game is over, resulting in a lower potential liability for the casino operator at the end of the game. For example, if $40,000 of bets on the Seahawks are cashed out before the outcome of the game, and no bets on the Patriots are cashed out, then at the end of the game, the casino will have $10,000 bets on the Seahawks and $10,000 bets on the Patriots, and the casino will now have a balanced betting register. (It should be understood that the numbers provided here are simplified numbers used to illustrate the concept, and these numbers ignore factors such as different odds offered for different bets, casino operator commissions, handling fees, etc.)

The more favorable price for cashing out a Seahawks bet before the game is over (e.g., to reduce the imbalance in the casino operator's betting register before the game is over) can be calculated in various ways. Ignoring the imbalance of the bet, the "casino operator" might otherwise want to cash out the Seahawks bet to obtain 70% of the expected value of the bet. (The expected value may be calculated by multiplying the current odds that a bet will win by the payout on that bet if the bet wins; e.g., if a bet with a $10 payout has a 40% chance of winning, the expected value of the bet may be $4.) However, because there is more volume backing the Seahawks to win, the casino operator may wish to encourage cashing out bets on the Seahawks, e.g., hoping that such pricing will tend to improve the overall balance of bets for and against a particular outcome when the outcome is determined. For example, the cash-out price for bets on the Seahawks may be more favorable to bettors (e.g., 80% of the expected value) than would be the case if the betting register was balanced (e.g., with equal volume of bets for and against the Patriots to win). Cashing out Seahawk bets will tend to improve the balance of the betting register.

In some embodiments, the cash-out price may be determined as follows. The current odds that a bet will be a winning bet may be determined. For example, based on the current score of the game at halftime (or other current game conditions), the current odds that the Seahawks will win may be determined. For example, if the Seahawks are leading by 20 points (e.g., at halftime), an 80% chance that the Seahawks will win by 3.5 points may be calculated. Thus, the "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, such as casino operator fees, risk funds, casino operator spreads, and other fees. For example, a total of $10 may be subtracted from this value to cover casino operator fees. A price of $70 may be calculated as the cash out price, and, for example, if the betting register is balanced, $70 may be offered to cash out a Seahawks bet. If the betting register is unbalanced due to an excess of bets in favor of the Seahawks, a modified cash out price may be offered to cash out bets on the Seahawks. For example, the cash out price may be increased by an amount such as $5, and thus a price of $75 (rather than $70) may be offered to cash out a $100 bet on the Seahawks during halftime. In some embodiments, the $10 fee 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 between the Seahawks bets and the Patriots bets will be slightly reduced. The cash out price may be updated after one or more users cash out bets placed by the one or more users, for example, to reflect a changed imbalance in the betting register.

On the other hand, cashing out a Patriot bet will tend to exacerbate the imbalance of the betting register. Therefore, in situations where cashing out a bet will exacerbate the imbalance of the betting register (e.g., in the above example, cashing out a bet on the Patriots), a less favorable cash out price may be offered to a bettor who wishes to cash out the bet. For example, during halftime, the expected value of a $100 bet on the Patriots may be calculated to be $20 based on a 20% probability of the Patriots winning. A fee of $10 may be subtracted from this price, resulting in a price of $10. Because cashing out a bet will tend to exacerbate the imbalance of the betting register, this price may be reduced by an amount such as $5, resulting in an offered cash out price of $5.

In some embodiments, the fee ($10 in the above example) may be increased (to reduce the cashout price and thus discourage cashouts that will exacerbate the imbalance) or decreased (to improve the cashout price and encourage cashouts that will improve the imbalance) based on the imbalance. For example, the percentage change in the fee may be determined based on the degree of imbalance. If, for a given betting outcome, the total payout (and/or other liabilities) will exceed the losing bet proceeds (and/or other proceeds) by a certain threshold amount, the fee may be reduced to balance the cashout or increased (to unbalance the cashout) by various associated threshold amounts or percentages. For example, fee percentage reductions between 0% and 100% may be assigned to various imbalance amounts. For example, when the betting register is balanced, 0% may apply, and when the betting register is unbalanced to the extent of $100,000 or more, 100% may apply. For each $1000 imbalance between $0 and $100,000, the fee may be reduced by 1%. Relatedly, the fee may be increased by a certain percentage based on the current imbalance level in order to cash out the imbalance. For example, for each $1000 imbalance, the fee may be increased by 1%. For example, if the current imbalance (potential liability in excess of wagering gains from bets) is $6,400, a cash-out fee of 6.4% may apply. In the above example, the $10 fee for cashing out a $100 Patriots bet could be increased by 6.4% to $10.64, resulting in an offered cash-out price of $9.36 for cashing out a $100 Patriots bet, and the fee for Seahawks bets could be reduced to $9.36, resulting in a cash-out price of $70.64. Other methods of pricing cash-outs based on risk could also be considered.

In some embodiments, the amount that can be added to or subtracted from the initial price (e.g., to encourage or discourage cashing out) can be determined based on the degree of imbalance. For example, the price difference can be based on the amount of risk exposure measured in absolute terms (e.g., the dollar amount of exposure) or relative terms (e.g., the percentage of bets in favor of one outcome compared to the percentage of bets against that outcome).

In some embodiments, risk management information may be updated over time, for example based on updated odds information and updated betting information (e.g., because bets are cashed out and the "imbalance" changes). Similarly, cash-out prices may be updated over time to reflect changed information. Thus, the cash-out price offered to a bettor at one time may be different from the cash-out price offered at another time.

It should be understood that betting may include betting on any outcome of any event, such as sporting events, political elections, and other events. For example, betting may include betting on the outcome of a particular inning or at-bat in a baseball game, or on the outcome of a particular dead ball or possession during a football game. In such examples, the degree of imbalance in the betting register of bets may be determined based on the degree to which the "casino operator" entity can cover potential payouts using the betting proceeds of losing bets.

Fig. 5 shows a method 500 for electronically processing a request to purchase a sports betting registry betting ticket sell-back option according to an illustrated embodiment. In some embodiments, the bettor may communicate the request to place a bet in any manner to a designated agent of the sports betting registry. The agent may then enter the bet into the sports betting registry betting computer system 202.

The method 500 begins at 502, where the sports betting registry betting computer system 202 shown in Figure 2 receives a request to place a bettor's bet on a bet regarding the outcome of an event.

At 504, the sportsbook betting computer system 202 receives an indication of whether the bettor has chosen to purchase an option to be exercised at will by the bettor during a break in play or an indication period so that the bettor receives compensation to cancel the bet.

At 506, if the received indication indicates that the bettor has elected to purchase an option, the sportsbook betting computer system 202 determines an option fee to be charged to the bettor for purchasing the option.

Additionally, in some embodiments, a sports ticket sell-back option may be automatically sold or included as part of a bet placed by a bettor, and the bettor may be automatically charged without prompting the bettor to indicate whether the bettor wishes to purchase the betting register ticket sell-back option.

FIG6 shows a method 600 for electronically determining an amount to be refunded to a bettor who is using a previously purchased sportsbook betting ticket to sell back an option according to an illustrated embodiment useful in the method of FIG5. For example, during a designated break in play during a sporting event, or in some embodiments, during any time from the moment a bet is placed until the end of the sporting event, the sportsbook betting computer system 202 may receive an indication that a bettor is using a purchased option, and in response to the received indication that a bettor is using a purchased option, the sportsbook betting computer system 202 determines an amount to be refunded to the bettor according to method 600. Although the method 600 described below includes determining the amount to be refunded to the bettor based on the odds of whether the bettor will win the bet, the amount to be refunded to the bettor may be based on anything. For example, the amount to be refunded to the bettor may be based on, including but not limited to, a chance method, a random method, a recommendation from an individual or entity, a vote, a fixed amount, etc. In various embodiments, the amount to be refunded to the bettor may be any percentage of the original bet placed by the bettor, a single amount, or any combination of the two.

The method 600 begins at 602, where the sportsbook betting computer system 202 shown in FIG. 2 determines the current odds (e.g., percentage odds) of whether a bettor will win a bet placed at a break or indication period of play.

At 604, the sportsbook wagering computer system 202 subtracts a determined amount (e.g., a percentage, a flat fee, or a combination of both) from a number reflecting the current odds (e.g., a percentage odds) to obtain a multiplier.

At 606, the sportsbook betting computer system 202 multiplies the multiplier by the amount that would be paid to the bettor if the bettor were to win the bet to obtain a bettor refund amount factor.

At 608, the sportsbook betting computer system 202 subtracts a determined amount (e.g., a percentage, a flat fee, or a combination of the two) from the bettor's refund amount factor to determine the amount to be refunded to the bettor.

The method may further include changing the determined amount refunded to the bettor at any time during the sporting event before a designated interruption or indicated period of play, or before the end of the event on which the bet was placed, the change in the determined amount being indicated by the electronic sports betting registry betting system.

The method may further include communicating the changed determined amount to the bettor in response to the change in the determined amount.

For example, the method may include communicating the determined amount to the bettor at any point in time from the moment the bet is recorded to a point in time during a break in play or an indicator period during the sporting event. Receiving an indication that the bettor intends to exercise an option may include receiving an indication that the bettor intends to exercise a purchased option during a break in play or an indicator period during the sporting event.

The method may further include communicating the determined amount to the punter in response to receiving an indication that the punter wishes to exercise the purchased option.

The prepaid and non-refundable costs or fees charged to the bettor for purchasing the put option and the fees charged at 604 and 608 are determined by the sports betting registry. Such fees may vary depending on, for example, the individual sporting event, the type of bet, or even from time to time (e.g., the day of the week on which the bet is placed and/or the day of the week on which the sporting event occurs). At the discretion of the sports betting registry, some or all of these fees may be waived as a means of increasing interest among current bettors and attracting new bettors. In addition to waiving fees, the Sportsbook may also incentivize the purchase and/or redemption of the Sportsbook Ticket Put Option by offering casino compensation (“Vouchers”), which may include, but are not limited to: fees or discounted hotel rooms, show tickets, meals, beverages, gift certificates, etc.

FIG. 7 shows a method 700 for electronically publishing a ticket indicating a bet associated with a sports betting registry betting ticket sell-back option, according to one illustrated embodiment.

The method 700 begins at 702, where the sportsbook betting computer system 202 shown in FIG. 2 receives an indication that a bettor has placed a bet on a bet regarding an outcome of an event.

At 704, the sportsbook betting computer system 202 receives an indication that the bettor has paid an option fee to purchase an option that is to be exercised at will by the bettor during a break in play or during the indication period so that the bettor receives compensation for the cancelled bet.

At 706, the sportsbook register betting computer system 202 issues a ticket to the bettor indicating the bet associated with the purchased option. As mentioned above, the sportsbook register ticket may be an electronic ticket that is electronically issued, such as by providing the bettor with a code associated with the electronic ticket, or by associating the issued electronic ticket with a bettor account or other bettor credentials.

FIG. 8 shows a method 800 for electronically initiating payment to a bettor who is exercising a sell-back option on a sportsbook betting ticket that the bettor previously purchased, according to one illustrated embodiment.

Method 800 begins at 802, where the sportsbook betting computer system 202 or payment computer system 262 shown in Figure 2 receives an indication during a break or indication period of play that a bettor is exercising an option in order for the bettor to receive compensation to cancel a bet previously placed by the bettor on the outcome of the event.

At 804, the sportsbook betting computer system 202 or the payment computer system 262 determines an amount to be refunded to the bettor in response to the received indication that the bettor is exercising an option.

At 806, the sportsbook betting computer system 202 or the payment computer system 262 begins to pay the refund amount to the bettor. The refund amount to the bettor can be paid in currency, or in the form of a credit or any item of value to the bettor, including casino compensation ("gift coupons"), which includes but is not limited to: fees or discounted hotel room stays, show tickets, meals, beverages, gift certificates, etc.

At 806, the sportsbook betting computer system 202 or the payment computer system 262 then cancels the bet. For example, the bet may be removed from the sportsbook betting computer system 202 or otherwise indicated by the sportsbook betting computer system 202 as canceled, invalid, or no longer valid. Sellback Option with Multiple Use Options

According to another example of a sell-back option, in conjunction with a bettor/customer/user placing/betting a bet on an event with a wager amount W, and/or thereafter, the bettor may be presented with an opportunity to purchase an option to cancel/clear/sell-back the bet in exchange for a refund/refund amount/refund payment/cancellation amount/cancellation amount R. In conjunction with presenting the opportunity to purchase the option, the bettor may also be provided/presented with a plurality of (e.g., two or more) choices regarding when the option may be exercised, or in other words, a plurality of choices regarding when the option may expire. For example, there may be four choices, but fewer or more choices may be presented. Therefore, the bettor may have the option to purchase a first use time X1, a second use time X2, a third use time X3 and/or a fourth use time X4, or in other words, the option to have expired X1, X2, X3 and/or X4. According to this example, expired/use time X4 may follow/behind expired/use time X3, expired/use time X3 may follow/behind expired/use time X2, and expired/use time X2 may follow/behind expired/use time X1. According to another aspect of this example, regardless of which (which) of the expired/use time options the bettor may choose, the refund amount R may be the same. In addition, according to this example, each usage time may have an associated price/cost/expense, e.g., usage time X1 has price P1, usage time X2 has price P2, usage time X3 has price P3, and usage time X4 has 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 expiration time may have a larger price.

Thus, according to this exemplary sell-back option, in conjunction with placing/placing a bet and/or thereafter, the bettor may purchase an option to cancel/clear the bet as a reward for a refund amount R. In addition, the bettor may select how much time the bettor wants to make a decision about whether to cancel/clear the bet via the exercise of the option, including, for example, until and/or including the exercise time X1, until and/or including a later exercise time X2, until and/or including a further later exercise time X3, or until and/or including a further later exercise time X4. According to this example, the more time the bettor wants, the higher the price the bettor may pay for the option. Alternatively, each use time may have the same refund amount R, with the difference being that the punter may pay more to gain extra time to make a decision.

As an example, a bettor may place a $100 bet on a football game, such as a Packers vs. Bears game. In conjunction with and or after placing this bet, the bettor may be presented with the possibility of purchasing an option to clear/cancel the bet for a refund of 25% of the bet amount or $25. Additionally, the user may be presented with four expiration times, each with a different price: ● Cost $2.50: The bettor may exercise the option at any time up to and including the end of the first quarter (e.g., before the start of the second quarter) for a refund of $25. ● Cost $5.50: The bettor may exercise the option at any time up to and including the end of the second quarter (e.g., before the start of the third quarter) for a refund of $25. ● Cost $9.00: Bettors may exercise the option at any time up to and including the end of the third quarter (e.g., before the start of the fourth quarter) to receive a $25 refund. ● Cost $12.50: Bettors may exercise the option at any time up to and including the 2-minute warning in the fourth quarter (e.g., before the start of play after the 2-minute warning) to receive a $25 refund.

Thus, if the bettor decides to purchase an option, the bettor may select a desired expiration/use time for the option. The price of the option may be a price associated with the selected expiration/use time. Thereafter, the bettor may choose to use the option at any time up to and/or including, for example, the selected expiration/use time, and receive a refund amount R as a reward, thereby cancelling/clearing the original bet. If the expiration time passes without the bettor using the option, the option expires, the bettor's bet remains intact/uncanceled, and the user may win or lose the bet based on the outcome of the betted event.

Those skilled in the art will appreciate that, in conjunction with a bettor placing a bet, and or after that, the bettor may be presented with the possibility to purchase any one or more of a plurality of options to clear/cancel the bet, rather than presenting the bettor with the possibility to purchase an option with a plurality of exercise times from which the bettor may choose. Here, each option may have the same refund amount R, but each of which has a progressively longer exercise time and each of which has a progressively greater price. Using again the above example where a bettor may place a $100 bet on a football game (e.g., a Packers vs. Bears game), the bettor may be presented with the possibility of purchasing any one or more of four options to clear/cancel the bet for a refund of 25% of the bet amount or $25. ● Option 1: Cost $2.50 - The bettor may exercise the option at any time up to and including the end of the first quarter (e.g., before the start of the second quarter) to obtain a refund of $25. ● Option 2: Cost $5.50 - The bettor may exercise the option at any time up to and including the end of the second quarter (e.g., before the start of the third quarter) to obtain a refund of $25. ● Option 3: Cost $9.00 - Bettors may exercise this option at any time up to and including the end of the third quarter (e.g., before the start of the fourth quarter) to receive a $25 refund. ● Option 4: Cost $12.50 - Bettors may exercise this option at any time up to and including the 2-minute warning in the fourth quarter (e.g., before the start of play after the 2-minute warning) to receive a $25 refund.

Those skilled in the art will recognize that the above-described characteristics of this exemplary option are merely examples and that other variations are possible, including applying the option to sports other than football and to events other than sports.

Turning to a further exemplary aspect of this exemplary sell-back option, the refund/cancellation amount R that may be offered to a bettor in conjunction with each exercise/expiration time option for a given option (and that the bettor may subsequently receive upon exercising the option) may be a predetermined amount. In other words, at the time the bettor is offered to purchase the option/while the bettor is considering purchasing the option, the refund amount associated with each of the exercise/expiration time options may be determined and communicated to the bettor so that if the bettor purchases the option with the selected exercise time and later decides 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 let the punter know that if the punter purchases the option and later decides to exercise the option, the punter is guaranteed to receive a refund amount (e.g., exactly the determined refund amount, or at least at a minimum the determined refund amount).

The refund/cancellation amount R provided in conjunction with each exercise/expiration time selection of a given option may be determined in a variety of ways. For example, the refund amount R may be a set/constant amount regardless of the bet placed (e.g., regardless of the amount placed, regardless of the amount/potential amount that the bettor will definitely win (i.e., the payout) for the bet associated with the option, etc.). For example, the refund amount associated with each of the exercise times associated with the provided options may be the same amount, and this amount may be the same for all bettors. A sports betting registry, for example, may set the refund amount. As another example and/or additional example, the refund amount may vary depending on when the option is purchased by the bettor. For example, assuming that the option can be purchased until a certain set time (the set time may be: a certain time before and/or including the start of the event, a certain set time after the start of the event, etc.), the refund amount may vary depending on when the option is purchased relative to the set time. For example, assuming that the option can be purchased until one minute before the start of the betted event (the set time), if the option is purchased at any time during the day until the set time, the refund amount may be a first amount, and if the option is purchased thereafter, at any time until the set time, the refund amount may be a second amount. The closer the option is purchased to the set time, the less the refund amount may be. Alternatively, the refund amount may increase the closer the option is purchased to the set time. As the set time approaches, the refund amount may change at preset times (which may or may not be made known to the bettor), such as one week before, one day before, twenty-four hours before, one hour before, etc. As another example and/or additional example, for a given sporting event (e.g., assuming football), the refund amount may be the same amount for each game within a given day, or may be different across one or more of the games played within that day (e.g., each bettor who bets on game A and uses the associated option may receive a refund amount R1, and each bettor who bets on game B and uses the associated option may receive a different refund amount R2). As another example and/or additional example, the refund amount may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

According to another example and/or additional examples, the refund amount R may be determined based on the wager amount W of the bet associated with the option. For example, the refund amount may be a predetermined percentage of the wager amount W. The sports betting registry may set the percentage, for example. For example, if a bettor bets $100 on an event and the predetermined percentage is 25%, then when the option is exercised, the bettor may receive $25 ($100 x 25%), regardless of the time of exercise selected by the bettor (i.e., the refund amount associated with each time of exercise of the option provided to the bettor may be $25). The predetermined percentage may change depending on when the option is purchased. For example, assuming that the option can be purchased until a certain set time, the percentage may change depending on when the option is purchased relative to the set time. For example, assuming that the option can be purchased until one minute before the start of the game being bet on, the percentage may be a first amount if the option is purchased at any time during the day before the set time, and the percentage may be a second amount if the option is purchased thereafter, at any time until the set time. The closer the option is purchased to the set time, the percentage may decrease. Alternatively, the closer the option is purchased to the set time, the percentage may increase. As the set time approaches, the percentage may change at a preset time (which may or may not be made known to the bettor), such as one week before, one day before, twenty-four hours before, one hour before, etc. As another example and/or additional example, the percentage may change depending on the size of the bet amount W. For example, the larger the bet amount, the percentage may decrease. Alternatively, the larger the bet amount, the percentage may increase. As an example, the bet amounts may be categorized into multiple ranges, and a percentage is associated with each range. As another example and/or additional example, the percentage may change based on the bettor's estimated payout/potential payout for a bet associated with the option. For example, the larger the payout, the percentage may decrease. Alternatively, the larger the payout, the percentage may increase. As an example, the payout may be categorized into multiple ranges, and a percentage may be associated with each range. As another example and/or additional example, for a given sport (e.g., assuming football), the percentage may be the same for each game within a given day, or may be different across one or more of the games played within that day. As another example and/or additional example, the percentage may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

As another example and/or additional example where the refund amount R is determined based on the bet amount W, the bet amount may be broken down into multiple ranges, and each range may have an associated refund amount. For example, the refund amount may generally decrease for larger bet amounts. Alternatively, the refund amount may generally increase for larger bet amounts. As another example 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 that the option is available until a set time, the refund amount for one or more of the ranges may vary depending on when the option is purchased relative to the set time. Typically, the closer the option is purchased to the set time, the refund amount across the ranges may decrease. Alternatively, the closer the option is purchased to the set time, the refund amount across the ranges may increase. As the set time approaches, the refund amount across the ranges may change at preset times (which may or may not be made known to the bettor), such as one week before, one day before, twenty-four hours before, one hour before, etc. As another example and/or additional example, for a given sporting event (e.g., assuming football), the ranges and/or refund amounts across the ranges may be the same amount for each game within a given day, or may be different across one or more of the games played within that day. As another example and/or additional examples, the ranges and/or refund amounts across those ranges may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

The refund amount may be determined based on the bet amount in a manner other than that discussed herein. As another example and/or additional example, the sell back option may not be made available to the bettor for bet amounts of a specified size/amount or greater. As another example, the sell back option may not be made available to the bettor unless the bet amount has a minimum size/amount. A sports betting registry, for example, may specify a bet amount for which the option is available/not available. As yet another example and/or additional example, the bet amount used to determine the refund amount may have an upper limit. In other words, when a bettor places an amount greater than a specified upper limit amount, the bet amount used to determine the refund amount may be set at the upper limit amount. For example, assuming the refund amount may be a predetermined percentage (say 25%) of the bet amount W and the upper limit amount is $100, if the bettor places a bet of $110, the refund amount may be set at 25% of the upper limit amount of $100 (i.e., $25), rather than 25% of $110. The sportsbook may, for example, specify the upper limit amount. Other variations are possible.

According to another example and/or additional examples, the refund amount may be determined based on the estimated payout/potential payout that the bettor would definitely win on the bet associated with the option. For example, the refund amount may be a predetermined percentage of the payout/potential payout. The sportsbook registry may set the percentage, for example. For example, if the bettor is sure to win $100 on the bet and the predetermined percentage is 25%, then when the option is exercised, the bettor may receive $25 ($100 x 25%), regardless of the time of exercise selected by the bettor (i.e., the refund amount associated with each time the option is exercised provided to the bettor may be $25). As similarly discussed above, the predetermined percentage may change depending on when the option is purchased. For example, the closer the option is purchased to the set time, the percentage may decrease. Alternatively, the closer the option is purchased to the set time, the percentage may increase. As the set time approaches, the percentage may change at preset times (which may or may not be made known to the bettor), such as one week before, one day before, twenty-four hours before, one hour before, etc. As another example and/or additional examples, the percentage may change depending on the size of the payout/potential payout. For example, the larger the payout/potential payout, the percentage may decrease. Alternatively, the larger the payout/potential payout, the percentage may increase. As an example, the payout/potential payout may be categorized into multiple ranges, and a percentage is associated with each range. As another example and/or additional example, the percentage may vary depending on the amount bet. For example, the larger the amount bet, the percentage may decrease. Alternatively, the larger the amount bet, the percentage may increase. As an example, the amount bet may be categorized into multiple ranges, and a percentage is associated with each range. As another example and/or additional example, for a given sport (e.g., assuming football), the percentage may be the same for each game within a given day, or may be different across one or more of the games played within that day. As another example and/or additional example, the percentage may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

As another example and/or additional example where the refund amount R is determined based on the payout/potential payout, the payout/potential payout may be divided into multiple ranges, and each range may have 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 example and/or additional example, the refund amount for one or more of the ranges may change depending on when the option was purchased. For example, the closer the option was purchased to the set time, the refund amount across the ranges may decrease. Alternatively, the closer the option was purchased to the set time, the refund amount across the ranges may increase. As the set time approaches, the refund amounts across the ranges may change at preset times (which may or may not be made known to the bettor), such as one week before, one day before, twenty-four hours before, one hour before, etc. As another example and/or additional example, for a given sport (e.g., assuming football), the ranges and/or refund amounts across the ranges may be the same amount for each game within a given day, or may be different across one or more of the games played within that day. As another example and/or additional example, the ranges and/or refund amounts across the ranges may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

The refund amount may be determined based on the payout/potential payout in a manner other than that discussed herein. As another example and/or additional example, the sell-back option may not be made available to bettors for payouts/potential payouts of a specified size or greater. A sports betting registry may, for example, specify payouts/potential payouts for which the option is available/not available. As yet another example and/or additional example, the payout/potential payout used to determine the refund amount may have an upper limit. In other words, when the payout/potential payout is greater than a specified upper limit amount, the payout/potential payout used to determine the refund amount may be set at the upper limit amount. A sports betting registry may, for example, specify an upper limit amount. Other variations are possible.

Turning to a further exemplary aspect of this exemplary sell-back option, the price associated with each time of use may be a set/constant amount regardless of the bet/amount betted and/or regardless of the payout/potential estimated payout that the bettor is certain to win. Thus, the same price may be presented to each bettor. The sports betting registry may set the price, for example. According to another example and/or additional example, one or more of the prices may be determined based on the bet amount W of the bet associated with the option. As yet another example and/or additional example, the bet amount used to determine the price may have an upper limit. In other words, when a bettor bets an amount greater than a specified upper limit amount, the bet amount used to determine the price may be set at the upper limit amount. According to another example and/or additional examples, one or more of the prices may be determined based on the payout/potential payout that the bettor estimates will definitely win for the bet associated with the option. As yet another example and/or additional example, the payout/potential payout used to determine the price may have an upper limit. In other words, when the payout/potential payout is greater than a specified upper limit amount, the payout/potential payout used to determine the price may be set at the upper limit amount. As yet another example and/or additional example, one or more of the prices may change depending on when the bettor purchases the option. For example, the closer the option is purchased to the set time, the one or more of the prices may decrease. Alternatively, the closer the option is purchased to the set time, the one or more of the prices may increase. As another example and/or additional example, for a given sporting event (e.g., assuming football), one or more of the prices may be the same amount for each game within a given day, or one or more of the prices may be different across games played within that day. As another example and/or additional examples, one or more of the prices may be the same across different sports (e.g., assuming football and baseball), and/or may be different across one or more different sports. Other variations are possible.

Turning to further exemplary aspects of this exemplary sell back option, the options for exercise/expiration times that may be provided to a punter in conjunction with a given option may be defined in a variety of ways. For example, one or more of the exercise times associated with a given option may be: ● one or more specific times of day, such as 12 noon, 1 p.m., etc. ● one or more specified amounts of time after the start of a sporting event, such as 15 minutes after the start of the event, 30 minutes after the start of the event, etc. ● one or more specified times during the event, such as the end of one or more quarters in football, the end of one or more innings or half-innings in baseball, one or more times in a hockey game (including rests), the end of one or more rounds in boxing, one or more furlongs in horse racing, such as the completion of one or more laps by a lead car after a race has started, etc.; and/or ● One or more occurrences of a specific event in a sports game, such as the occurrence of the first goal, the occurrence of the nth goal, the occurrence of a team scoring, the occurrence of the first team scoring z points, etc.

Those skilled in the art will recognize that other variations of expiration/expiration times are possible, including any of the above expiration/expiration times. For example, one or more of the expiration/expiration times provided in conjunction with an option may be a specific time of day, and another may be a specified time during a game, such as the end of a quarter in football. As another example, one or more of the expiration/expiration times provided in conjunction with an option may be before the start of a game and/or during the game.

According to a further exemplary aspect of this exemplary resale option, in conjunction with a bettor placing a bet/betting bet on an event, and/or thereafter, the option may be provided to the bettor. In either case, the bettor may be required to purchase the option when the option is provided, or may be given the opportunity to purchase the option at a later time. According to an example, there may be a set time at which the option is no longer available for purchase. As discussed herein, for example, the option may be available for purchase until a certain set time before and/or including the start of the event, a certain set time after the start of the event, etc. The option may be available for purchase until a certain set time before the first use/expiration time provided in conjunction with the option. For example, referring to the exemplary option offered in conjunction with the Packers vs. Bears game discussed herein, the option is available for purchase until a set time prior to the end of the first quarter, or in other words, until a set time prior to the application/expiration time at a cost of $2.50.

According to another example and/or additional examples, the number of choices of use/expiration times provided to a bettor may vary depending on when the bettor is offered to purchase the option and/or when the bettor decides to purchase the option. For example, again referring to the exemplary options provided in conjunction with the Packers vs. Bears match discussed herein, when a bettor places a bet on the match, the bettor may be offered the possibility of purchasing the option along with selecting any of the four use/expiration times. Assuming that the bettor declines to purchase the option at that time, but later decides that he/she wants to purchase the option, one, two, or three of the choices of use/expiration times may no longer be available. For example, a bettor may no longer be able to select a use/expiration time that costs $2.50. This may occur, for example, if the end of the first quarter is too close to the time the bettor decides to purchase the option and/or has already occurred when the bettor decides to purchase the option. As another example, assuming that a first bettor places a bet on a game at one time and a second bettor places a bet on the game at a second time later, the second bettor may be provided with choices that have fewer used/expired times than the first bettor. For example, the first bettor may be provided with all four choices, while the second bettor may be provided with three, two, or only one of the choices. This may occur, for example, if the first bettor places a bet before the game starts and the second bettor places a bet after the game starts (e.g., close to the first quarter and/or after the first quarter). Other variations are possible.

According to a further exemplary aspect of this exemplary sell-back option, once a bettor has selected an application/expiration time and purchased an option, there may be a specified point (e.g., a discrete point) during the time period until the selected application time when the bettor can apply the option. For example, the bettor may be allowed to apply the option only between tactics (i.e., when the action in the game stops). Alternatively, the bettor may be allowed to apply the option at any time during the time period until the selected application time. Other variations are possible. As another example, in the provided selection of application/expiration times provided to bettors for a given option, one or more of the application/expiration times may have different criteria regarding how and/or when the bettor may apply the option.

According to a further exemplary aspect of this exemplary sell-back option, a bettor may place a bet and pay a bet amount W with cash, using an established account, points (such as coupon points), credit, etc. Similarly, a bettor may purchase options with cash, using an established account, points (such as coupon points), credit, etc. Similarly, a refund amount R may be paid to the bettor in the form of cash, account debit, points (such as coupon points), credit, etc. According to one example, a user may place a bet, purchase options, and receive a refund in different forms: placing a bet with cash, purchasing options with credit, and receiving a refund in coupon points. According to another example, if the bets and/or options were placed in one form, the refund amount R may be requested to be paid in the same form. Other variations are possible.

According to another example of this exemplary sell-back option as applied to, for example, football (but other sports and/or events may apply), in conjunction with and/or after placing a bet with a wager amount W, the bettor may be presented with the possibility to purchase an option to clear/cancel the bet 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% and 30%, such as 25%. In addition, the bettor may be presented with up to four and/or possibly more (or fewer) exercise/expiration times, each with a different price: ● 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) to obtain a refund of $25. ● Cost $B: Bettors may exercise the option to receive a $25 refund at any time up to and including the end of the second quarter (e.g., before the start of the third quarter). ● Cost $C: Bettors may exercise the option to receive a $25 refund at any time up to and including the end of the third quarter (e.g., before the start of the fourth quarter). ● Cost $D: Bettors may exercise the option to receive a $25 refund at any time up to and including the 2-minute warning in the fourth quarter (e.g., before the start of play after the 2-minute warning).

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.

Each of the bets and/or associated sell-back options according to this example may be presented to, purchased by, and/or used by a bettor via the use of one or more computing systems, via the use of one or more employees/agents (e.g., employees/agents of a sports betting registry), or any combination of the foregoing as similarly discussed herein for other exemplary sell-back options. For example, each of the bets and/or associated sell-back options may be presented to, purchased by, and/or used by a bettor via the use of systems 100 and/or 200 and/or one or more employees/agents (e.g., employees/agents of a sports betting registry). For example, each of the bets and/or associated put options according to this example may be presented to the bettor, purchased by the bettor, and/or exercised by the bettor entirely electronically, entirely through the use of one or more employees/agents (e.g., employees/agents of a sports betting registry) (e.g., at the counter), or a combination of the foregoing. Similarly, each of the bets and/or associated put options according to this example may be managed electronically (e.g., through the use of systems 100 and/or 200), by one or more employees/agents (e.g., employees/agents of a sports betting registry), or any combination of the foregoing.

Those skilled in the art will recognize that the above-described characteristics of this exemplary option are merely examples and that other variations are possible, including applications to sports and to events other than sports.

Referring now to FIG. 9 , an exemplary method 900 for providing, purchasing, and using options is shown. At step 902, a request to place a bet on an event may be received from a user. At step 904, an option to cancel a bet in exchange for a refund amount may be presented to the user for purchase. Presenting the option may include presenting at least one first use time and one second use time for the user to select, the first use time having a first fee associated with the first use time and the second use time having a second fee associated with the second use time. The price of the option may be based on the fee associated with the use time selected by the user. The selection of a first usage time may allow the user to cancel the bet at least before the first usage time in exchange for a refund amount, and the selection of a second usage time may allow the user to cancel the bet at least before the second usage time in exchange for a refund amount. The refund amount associated with each of the first usage time and the second usage time may be the same amount. At step 906, an indication that the user is purchasing an option may be received. At the same time as the purchase, a selection of the first usage time and/or the second usage time by the user may also be received. At step 908, an indication that the user has paid for the option may be recorded (e.g., recorded in/on a memory device, paper, etc.), the price of the option being based on, for example, the fee associated with the usage 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 was received relative to the time of exercise (step 912). If the indication is received at least before the selected time of exercise, then at step 914, the bet may be canceled in exchange for a refund amount. In the alternative, if the indication is received after the selected time of exercise, for example, then at step 916, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, the selected time of exercise 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 bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event.

Referring now to FIG. 10 , another exemplary method 1000 for providing, purchasing, and using options is shown. At step 1002, a request to place a bet on an event may be received from a user. At step 1004, a plurality of options for canceling a bet in exchange for a refund amount may be presented to the user for purchase, the plurality of options including at least a first option and a second option. The first option may have a first use time associated with the first option and a first price, and the second option may have a second use time associated with the second option and a second price. The selection of the first option may allow the user to cancel the bet in exchange for a refund amount at least before the first use time, and the selection of the second option may allow the user to cancel the bet in exchange for a refund amount at least before the second use time. The refund amount associated with each of the first option and the second option 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 was received compared to the time of exercise associated with the purchased option (step 1010). If the indication was received at least before the time of exercise associated with the purchased option, then at step 1012, the bet may be cancelled in exchange for the refund amount. In the alternative, if an indication is received after the exercise time associated with the purchased option, for example, then at step 1014, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, the exercise time associated with the purchased option may pass without the user exercising the option/not receiving an indication that the user is exercising the purchased option. Again, at step 1014, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. Selling Options with Multiple Exercise Times

According to another example of a sell-back option, in conjunction with a bettor/customer/user placing a bet/bet on an event with a bet amount W, and/or thereafter, the bettor may be presented with an opportunity to purchase an option at a price P to cancel/clear/sell back the bet as a reward for a refund amount/refund amount/cancellation amount/cancellation amount R. According to this example, an option may have a plurality of (e.g., two or more) use/expiration times associated with it. For example, there may be four use/expiration times (but fewer or more use times may be used), such as: a first use time X1, a second use time X2, a third use time X3, and a fourth use time X4, or in other words, an option with four use times X1, X2, X3, and X4. According to this example, the use/expiration time X4 may follow/behind the use/expiration time X3, the use/expiration time X3 may follow/behind the use/expiration time X2, and the use/expiration time X2 may follow/behind the use/expiration time X1, but other variations are possible. Therefore, if a bettor purchases an option, the bettor may exercise the option/cancel the bet according to any of the use times X1, X2, X3, and/or X4. According to one aspect of this example, the price P of the option may be the same regardless of which use/expiration time the bettor may ultimately choose to exercise the option. According to another aspect of this exemplary option, each usage time may have a refund amount associated with the usage time, for example, usage time X1 has a refund amount R1, usage time X2 has a refund amount R2, usage time X3 has a refund amount R3, and usage time X4 has a refund amount R4. According to this example, one or more of the refund amounts R1, R2, R3, and R4 may be different, and in particular, each of the 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 expiration period may have a smaller refund amount. Nevertheless, other variations are possible, including R1 being less than R2, R2 being less than R3, and R3 being less than R4. Thus, according to this exemplary option, given that the event being bet on has a certain duration, for example, the amount of refund a bettor receives for exercising the option is based on, for example, when the option is exercised after the event has begun, or in other words, how much time is left in the event when the option is exercised.

Thus, according to this exemplary sell-back option, in conjunction with placing/placing a bet and/or thereafter, the bettor may purchase the option to cancel/clear the bet at a price P. When presenting the option, the bettor may also be presented with an associated table of use/expiration times, such as use/expiration times X1, X2, X3, and X4, associated with the option (where, for example, X1 < X2 < X3 < X4). For each use/expiration time, the bettor may also be presented with an associated refund amount, such as R1, R2, R3, and R4. Therefore, assuming that the punter purchases the option at price P, the punter may then choose to do any (or more) of the following: ●         Exercise the option (thereby cancelling/clearing/selling back the bet) at a time up to and/or including the time of exercise X1, and receive a refund amount of R1 as a reward; ●         Exercise the option (thereby cancelling/clearing/selling back the bet) at and/or after X1 and up to and/or including the time of exercise X2, and receive a refund amount of R2 as a reward; ●         Exercise the option (thereby cancelling/clearing/selling back the bet) at and/or after X2 and up to and/or including the time of exercise X3, and receive a refund amount of R3 as a reward; ●        exercise the option (thereby cancelling/clearing/selling back the bet) at and/or at a time after X3 and up to and/or including the time of exercise X4 and receive a refund of R4 in return; or ●         do not exercise the option, leave the bet as it is and win or lose the bet based on the outcome of the event betted.

Those skilled in the art will recognize that the above-described characteristics of this exemplary option are merely examples and that other variations are possible, including applications to sports and to events other than sports.

As an example, a bettor may place a $100 bet on a football game, such as a Packers vs. Bears game. In conjunction with and or after placing this bet, the bettor may be presented with the possibility of purchasing an option to clear/cancel the bet for, for example, $10. The option may also include four exercise/expiration times, each with a different refund amount: ●         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) to receive a refund of $25. ●         Time 2: Bettors may exercise the option at the end of the first quarter and/or after the end of the first quarter and any time up to and including the end of the second quarter (e.g., before the start of the third quarter) to receive a $20 refund. ●         Time 3: Bettors may exercise the option at the end of the second quarter and/or after the end of the second quarter and any time up to and including the end of the third quarter (e.g., before the start of the fourth quarter) to receive a $15 refund. ●         Time 4: Bettors may exercise the option at the end of the third quarter and/or after the end of the third quarter and any time up to and including the 2-minute warning in the fourth quarter (e.g., before the start of play after the 2-minute warning) to receive a $10 refund.

Turning to a further exemplary aspect of this exemplary sell-back option, a refund/cancellation amount R that may be provided to a bettor for each exercise/expiration time of a given option and that the bettor may subsequently receive upon exercising the option may be a predetermined amount. In other words, at the time the bettor is offered to purchase the option/while the bettor is considering purchasing the option, a refund amount may be determined and communicated to the bettor so that if the bettor purchases the option and later decides to exercise the option, the bettor may know the refund amount he/she will receive based on when the option is exercised. The refund amount may be a guaranteed amount.

As similarly discussed herein, one or more of the refund amounts for each of the associated joint exercise times for a given option may be a set/constant amount, may be related to the amount wagered W (e.g., each refund amount may be a set percentage of the amount wagered R), may be related to the payout/potential payout on the wager, may vary depending on when the option is exercised, may or may not vary across games/events of the same type and/or different types, etc., or any combination of the foregoing. Again, if the refund amount is related to the amount wagered and/or the payout, a cap amount may be used, as similarly discussed herein. As also discussed herein, if the bet amount and/or payout is too large, and/or unless the bet amount and/or payout is of a minimum size, then the sell-back option according to this example may not be made available to the bettor. Other variations are possible.

As similarly discussed herein, the price associated with this exemplary sell-back option may be a set/constant amount regardless of the bet/amount betted and/or regardless of the payout/potential estimated payout that the bettor may definitely win. Thus, the same price may be presented to each bettor. The sports betting registry may set the price, for example. According to another example and/or additional examples, the price may be determined based on the bet amount of the bet associated with the option and/or based on the payout/potential estimated payout that the bettor may definitely win for the bet associated with the option. Again, if the price is related to the bet amount and/or payout, a cap amount may be used, as similarly discussed herein. As another and/or additional example, the price may vary depending on when the option is purchased by the punter, may or may not vary across matches/events of the same type and/or different types, etc., or any combination of the above. Other variations are possible.

As similarly discussed herein, according to this example, the use/expiration times for a given option may be defined in a variety of ways, including defining one or more use times in different ways. For example, one or more of the use/expiration times associated with the option may be a specific time of day, and another may be a specified time during a game, such as the end of a quarter in football. As another example, one or more of the use/expiration times may be before the start of the game and/or during the game with which the option is associated. Other variations are possible.

According to a further exemplary aspect of this exemplary resale option, the option can be provided to the bettor in conjunction with the bettor's placing/betting bets on the event, and/or thereafter. In either case, the bettor may be required to purchase the option when the option is provided, or the bettor may be given the opportunity to purchase the option at a later time. According to an example, there may be a set time at which the option is no longer available for purchase. As discussed herein, for example, the option may be available for purchase until a certain time before and/or including the start of the event, a certain set time after the start of the event, etc. The option may be available for purchase until a certain time before the first use/expiration time provided in conjunction with the option. Other variations are possible.

According to another example and/or additional examples, the number of expiration/expiration times associated with an option may vary/change depending on when the bettor is offered to purchase the option and/or when the bettor decides to purchase the option. For example, referring again to the exemplary options provided in conjunction with the Packers vs. Bears game discussed herein, when the bettor places a bet on the game, the bettor may be offered the possibility to purchase the option and four expiration/expiration times. Assuming the bettor declines to purchase the option at that time, but later decides that he/she wants to purchase the option, one, two, or three of the expiration/expiration times may no longer be associated with the option. For example, the option may no longer include "Expiration Time 1". This may occur, for example, if the bettor decides to purchase the option too close to the end of the first quarter and/or the end of the first quarter has already occurred. As another example, assuming that a first bettor places a bet on a game at one time and a second bettor places a bet on the game at a second time later, the second bettor may be provided with options that have fewer use/expiration times than the first bettor. For example, the first bettor may be provided with options that have all four use/expiration times, while the second bettor may be provided with options that have three, two, or only one of the use/expiration times. This may occur, for example, if the first bettor places a bet before the game starts and the second bettor places a bet after the game starts (e.g., close to the first quarter and/or after the first quarter). Other variations are possible.

According to a further exemplary aspect of this exemplary sell-back option, once a bettor has purchased an option, there may be designated points (e.g., discrete points) during the time period until each use time at which the bettor can use the option. For example, a bettor may be allowed to use the option only between tactics (i.e., when the action in the game stops). Alternatively, a bettor may be allowed to use the option at any time during the time period until the use time. Other variations are possible. As another example, one or more of the use/expiration times associated with an option may have different criteria regarding how and/or when a bettor may use the option.

Each of the bets and/or associated sell-back options according to this example may be presented to, purchased by, and/or exercised by a bettor via the use of one or more computing systems, via the use of one or more employees/agents (e.g., employees/agents of a sports betting registry), or any combination of the foregoing as similarly discussed herein for other exemplary sell-back options. For example, each of the bets and/or associated sell-back options may be presented to, purchased by, and/or exercised by a bettor via the use of systems 100 and/or 200 and/or one or more employees/agents (e.g., employees/agents of a sports betting registry). For example, each of the bets and/or associated put options according to this example may be presented to the bettor, purchased by the bettor, and/or exercised by the bettor entirely electronically, entirely through the use of one or more employees/agents (e.g., employees/agents of a sports betting registry) (e.g., at the counter), or a combination of the foregoing. Similarly, each of the bets and/or associated put options according to this example may be managed electronically (e.g., through the use of systems 100 and/or 200), by one or more employees/agents (e.g., employees/agents of a sports betting registry), or any combination of the foregoing.

Referring now to FIG. 11 , an exemplary method 1100 for providing, purchasing, and using options is shown. At step 1102, a request to place a bet on an event may be received from a user. At step 1104, an option to cancel a bet may be presented to the user for purchase at a price. The option may include a plurality of use times, including at least a first use time and a second use time. The first use time may have a first refund amount associated with the first use time and the second use time may have a second refund amount associated with the second use time. The second use time may follow the first use time. The option may allow the user to cancel the bet before and/or at the first time of use in exchange for a first refund amount, and/or at the first time of use and/or after the first time of use and before and/or at the second time of use in exchange for a second refund amount. At step 1106, an indication that the user is purchasing the option may be received. At step 1108, an indication that the user is exercising the option may be received. A determination may then be made as to when the indication was received relative to the time of use associated with the option (step 1110). If the indication is received before and/or at the first time of use associated with the option, then at step 1112, the bet may be canceled in exchange for the first refund amount. If the indication is received at and/or after the first time of use and before and/or at the second time of use associated with the option, then at step 1114, the bet may be canceled in exchange for the second refund amount. In the alternative, if the indication is received at and/or after the second time of use associated with the option, then at step 1116, the option may expire, the user's bet may remain intact/not canceled, and the user may win or lose the bet based on the outcome of the betted event. As another alternative, all times of use 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 bet may remain intact/not cancelled, and the user may win or lose the bet based on the outcome of the event bet on.

According to another exemplary aspect of any of the sell-back options discussed herein, for example, if a bettor purchases an option and subsequently decides to exercise the option, the bettor may be required to use all or at least a defined portion of the refund amount (which portion may be set, for example, by the sportsbook) to place another bet or bets. According to one example, the bettor may not be allowed to combine the refund amount with the bettor's additional funds (e.g., cash, points, etc.) when placing new bets. According to another example and/or additional examples, the bettor may be allowed to combine the refund amount with the bettor's additional funds (e.g., cash, points, etc.) when placing new bets. The punter may be informed of the restriction when the punter is presented with the opportunity to purchase the option and/or while the punter is purchasing the option.

According to one example, when a bettor exercises the option, the bettor may be required to immediately use the refund amount (or a defined portion of the refund amount) to place one or more new bets. For example, if the option is exercised electronically as discussed herein, the bettor may be presented with an interface for placing one or more new bets. If the option is exercised via an employee/agent (e.g., an employee/agent of a sports betting registry), the employee/agent may require the bettor to place additional bet(s).

According to another example and/or additional example, when the bettor uses the option, the bettor may not be required to immediately use the refund amount (or a defined portion of the refund amount) to place one or more new bets. Instead, the bettor may be given an unlimited amount of time to use the refund amount (or a defined portion of the refund amount) to place one or more new bets. As another example and/or additional example, the bettor may be given a certain time limit to use the refund amount (or a defined portion of the refund amount) to place one or more new bets. If the bettor does not place a new bet when the time comes, the bettor may lose/lose the refund. As another example, the bettor may be given until a specific event to use the refund amount (or a defined portion of the refund amount) to place one or more new bets. If the bettor does not place a new bet when the event comes, the bettor may forfeit/lose the refund. For example, if the bettor exercises the option at halftime of a football game, the bettor may not have until the end of the game to place a new bet. Other events are possible.

As another example, a bettor may be given a progressive schedule of times/events to use the refund amount. For example, assuming that a bettor may be required to use the entire refund amount to place one or more new bets, the bettor may have the entire refund amount available for new bets until time T1. After T1, the bettor may lose a defined percentage/portion of the refund amount, and must use the remaining refund amount until a later time T2. After T2, the bettor may lose another defined percentage/portion of the refund amount, and must use the remaining refund amount until a later time T3, and so on. As an example, if the bettor does not bet a defined portion before the trigger, the bettor may only lose a portion of the refund amount at each time/event transition. According to another example, the bettor may lose a portion of the refund amount at each trigger, regardless of what the bettor has betted so far. Other variations are possible. As an 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 to place new bets until time T1. If the bettor fails to place a new bet when T1 arrives, then from T1 to T2, the bettor may now have $7.50 to place one or more new bets, and so on.

As another example and/or additional example, once the bettor decides to place one or more new bets using the refund amount, the bettor may be required to place/use all of the refund amount on the one or more bets at that time. As another example and/or additional example, assuming that the bettor may be given a set amount of time and/or until a defined event occurs to use the refund amount, once the bettor decides to place one or more new bets using the refund amount, the bettor may be required to place/use all of the refund amount on the one or more bets at that time. As another example and/or additional example, the bettor may be allowed to place bets using the refund amount at any time before the set time/defined event.

According to another exemplary aspect of any of the options discussed herein, a bettor may only be able to use the purchased option if the bettor wins the bet associated with the option. Alternatively, a bettor may only be able to use the purchased option if the bettor loses the bet associated with the option.

Referring now to FIG. 12 , an exemplary method 1200 for providing, purchasing, and exercising options is shown. At step 1202 , a request to place a bet on an event may be received from a user. At step 1204 , an option to cancel the bet may be presented to the user for purchase at a price. At step 1206 , an indication that the user is purchasing the option may be received. At step 1208 , an indication that the user is exercising the option may be received. At step 1210 , in response to the user exercising the option, the bet 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 bet.

Figure 13 is another flow chart showing the process for cashing out a bet.

In block 1302, a plurality of bets on outcomes may be received, such as by a casino operator entity, such as via a server. The plurality of bets may include one or more bets that a particular outcome will occur. In some embodiments, the plurality of bets may also include one or more bets that contradict the particular outcome. The plurality of bets may include a betting registry of bets on an event.

In some embodiments, an option to cash out a bet before it is resolved may also be received (e.g., a bettor may purchase such an option as described herein).

In block 1304, a request to cash out one of the bets before the outcome of the bets is resolved (e.g., before the game is over) may be received, for example, from a user/bettor. The request may be received by an entity associated with a casino operator.

In some embodiments, the request may be received in conjunction with an option to cash out a bet previously purchased by the bettor. In some embodiments, the request may be received in response to an invitation to request cash out. In some embodiments, an invitation to cash out a bet may be provided to a bettor holding a bet that tends to unbalance the betting register of the bettor.

In block 1306, a cash-out amount may be calculated for the user's bets based at least in part on risk management information associated with the plurality of bets.

In block 1308, the user's bet may be cashed out by paying the user a cash-out amount and withdrawing (or canceling, etc.) the user's bet before the results are resolved.

It should be understood that the communications described herein may be via a computer interface, such as a touch screen. For example, a user's screen may display indicia indicating a cash-out opportunity, such as including a calculated cash-out price. The user may request a cash-out by pressing a button on the touch screen. A cash-out confirmation may be displayed on the screen.

Figure 14 is another flow chart showing the process for cashing out a bet.

In block 1402, a request to place a bet on an event may be received from a user, for example, by a server associated with a casino operator.

In block 1404, the option to cancel the bet may be presented to the user for purchase.

In block 1406, an indication may be received that the user is purchasing an option.

In block 1408, an indication that the user is exercising an option may be received, such as by a server.

In block 14010, a refund (or sell-back) amount may be calculated for the option based at least in part on risk management information regarding multiple bets placed on the event.

In block 1412, the bet may be cancelled (eg, withdrawn, voided, etc.) in exchange for a calculated refund amount.

The above description of the illustrated embodiments (including the contents described in the summary) is not intended to be exhaustive or to limit the embodiments to the precise form disclosed. Although specific embodiments and examples are described herein for illustrative purposes, various equivalent modifications may be made without departing from the spirit and scope of the present disclosure, as will be recognized by those skilled in the art. The teachings of the various embodiments provided herein may be applied to other systems that may not be the exemplary sports betting registry betting computer system described above. In some embodiments, one or more of the payment computer system and the sports betting registry betting computer system may be a system or controlled by an entity. In addition, in some embodiments, the features and functionality described above may be implemented on an independent system.

For example, the foregoing detailed description has been illustrated by using block diagrams, schematics, and examples to illustrate various embodiments of devices and/or processes. To the extent such block diagrams, schematics, and examples contain one or more functions and/or operations, those skilled in the art will understand that each function and/or operation within such block diagrams, flow charts, and examples may be implemented individually and/or collectively by a wide range of hardware, software, firmware, or virtually any combination of the foregoing. In one embodiment, the subject matter of the present invention may be implemented via an application specific integrated circuit (ASIC). However, those skilled in the art will recognize that all or part of the embodiments disclosed herein may 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 any combination of the foregoing, and that designing circuits and/or writing program code for software and/or firmware based on this disclosure will be well within the skill of those of ordinary skill in the art.

In addition, those skilled in the art will appreciate that the mechanisms taught herein can be distributed as program products in a variety of forms, and that the exemplary embodiments apply equally regardless of the specific type of signal-bearing media used to actually perform the distribution. Examples of signal-bearing media include, but are not limited to, the following: recordable type media such as portable disks and memories, hard drives, DVDs, CD ROMs, digital tapes, and computer memories; and other non-transitory computer-readable storage media.

The various embodiments described above can be combined to provide further embodiments.

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 claims, but should be construed to include the full scope of all possible embodiments and equivalents, to which the claims are entitled. Therefore, the claims are not limited by this disclosure.

From the above discussion, it will be appreciated that the present invention can be embodied in a variety of embodiments, including but not limited to the following:

Embodiment 1: A method comprising: Receiving, by at least one processor, a request to place a first bet on a first outcome of a game from a user; Receiving, by the at least one processor, at least one other bet from at least one other user, the at least one other bet comprising at least one of: (1) another bet on the first outcome of the game and (2) a different bet on a second outcome of the game, the second outcome being mutually exclusive with the first outcome such that the first outcome and the second outcome cannot both occur in the game; Before one of the outcomes occurs, calculating a refund amount for the first bet based on a current probability that the first bet will be a winning bet and risk management information associated with the first bet and the at least one other bet; Prior to one of the outcomes occurring, causing, by the at least one processor, an option to receive a refund amount in exchange for canceling the bet to be presented to the user; Prior to one of the outcomes occurring, receiving an indication that the user is exercising the option to receive the refund amount in exchange for canceling the bet; and In response to the user exercising the option, canceling the bet in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 2: A method as in Embodiment 1, wherein when presenting the option to the user, an amount of the refund amount is calculated and presented to the user.

Embodiment 3: A method as in Embodiment 1, wherein the user is given a time limit to use at least a portion of the refund amount to place another bet or to lose at least a portion of the refund amount.

Embodiment 4: The method of Embodiment 1 further comprises: In response to the user exercising the option, presenting an interface to the user for using at least a portion of the refund amount to place another bet.

Embodiment 5: The method of Embodiment 1, wherein the action of calculating the refund amount includes: Determining that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result; Determining the price based on the action of determining that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result.

Embodiment 6: The method of Embodiment 1, wherein the refund amount is calculated based on the amount by which a potential total payout liability in the event for a particular betting outcome exceeds the potential total gain for losing bets in the event for the particular betting outcome.

Embodiment 7: A method as in Embodiment 1, wherein the refund amount is increased for a bet that would result in a more balanced betting register if the cash-out occurs.

Embodiment 8: The method of embodiment 1, wherein the refund amount is reduced for a bet that would result in an unbalanced betting register if the cash-out occurs.

Embodiment 9: A device comprising: At least one processor; and At least one memory in electronic communication with the at least one processor, the at least one memory storing instructions that, when executed by the at least one processor, direct the at least one processor to perform the following operations: Receiving a request from a user to place a first bet on a first result of a game; Receiving at least one other bet from at least one other user, the at least one other bet comprising at least one of the following: (1) another bet on the first result of the game and (2) a different bet on a second result of the game, the second result being mutually exclusive with the first result such that the first result and the second result cannot both occur in the game; Before one of the outcomes occurs, calculate a refund amount for the first bet based on a current probability that the first bet will be a winning bet and risk management information associated with the first bet and the at least one other bet; Before one of the outcomes occurs, cause an option to receive a refund amount in exchange for canceling the bet to be presented to the user; Before one of the outcomes occurs, receive an indication that the user is exercising the option to receive the refund amount in exchange for canceling the bet; and In response to the user exercising the option, cancel the bet in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 10: The apparatus of embodiment 9, wherein when presenting the option to the user, an amount of the refund amount is calculated and presented to the user.

Embodiment 11: The apparatus of embodiment 9, wherein the user is given a time limit to use at least a portion of the refund amount to place another bet or to lose at least a portion of the refund amount.

Embodiment 12: The apparatus of embodiment 9, wherein the instructions, when executed by the at least one processor, further direct the at least one processor to perform the following operations: In response to the user exercising the option, presenting an interface to the user for using the at least a portion of the refund amount to place another bet.

Embodiment 13: The apparatus of Embodiment 9, wherein the action of calculating the refund amount includes: Determining that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result; Determining the price based on the action of determining that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result.

Embodiment 14: An apparatus as in Embodiment 9, wherein the refund amount is calculated based on the amount by which a potential total payout liability in the event for a particular betting outcome exceeds the potential total gain for losing bets in the event for the particular betting outcome.

Embodiment 15: An apparatus as in Embodiment 9, wherein the refund amount is increased for a bet that would result in a more balanced betting register for a cash out.

Embodiment 16: The apparatus of embodiment 9, wherein for a bet where a cash-out would result in an unbalanced betting register, the refund amount is reduced.

Embodiment 17: A device comprising: A component for receiving a request from a user to place a first bet on a first outcome of a game; A component for receiving at least one other bet from at least one other user, the at least one other bet comprising at least one of the following: (1) another bet on the first outcome of the game and (2) a different bet on a second outcome of the game, the second outcome being mutually exclusive with the first outcome such that the first outcome and the second outcome cannot both occur in the game; A calculation component for calculating a refund amount for the first bet before one of the outcomes occurs, based on a current probability that the first bet will be a winning bet and risk management information associated with the first bet and the at least one other bet; a causing component for causing an option to be presented to the user to receive a refund amount in exchange for cancelling the bet before one of the outcomes occurs; a receiving component for receiving an indication that the user is exercising the option to receive the refund amount in exchange for cancelling the bet before one of the outcomes occurs; and a cancelling component for cancelling the bet in response to the user exercising the option to cancel the bet in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another bet.

Embodiment 18: The apparatus of Embodiment 17, wherein the refund amount is calculated based on the amount by which a potential total payout liability in the event for a particular betting outcome exceeds the potential total gain for losing bets in the event for the particular betting outcome, and wherein the refund amount is one of: (1) increasing the refund amount for a bet that would result in a more balanced betting register if cashed out and (2) decreasing the refund amount for a bet that would result in an unbalanced betting register if cashed out.

Embodiment 19: The device of embodiment 17 further comprises: A presentation component for presenting an interface to the user in response to the user exercising the option to use at least a portion of the refund amount to place another bet, wherein the user is given a time limit to use at least a portion of the refund amount to place another bet or to lose at least a portion of the refund amount.

Embodiment 20: The apparatus of embodiment 17, wherein the component for calculating the refund amount is configured to: Determine that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result; and Determine the price based on the action of determining that a potential total payout liability in the event of a specific betting result exceeds the potential total return on bets for losses in the event of the specific betting result.

100…Network environment 102a-102n…Server computing system 104a-104n…Computer readable storage medium 106a-106n…Client computing system 108…Communication network 110…Computer readable storage medium 111…Telecommunication device 112…Personal digital assistant (PDA) device 114a-114d…HTML source file or web page 200…Electronic sports betting registry betting environment 202…Electronic sports betting registry betting computer system 208…Local area network 210…Wide area network 212a…Processing unit 212b…Digital signal processor 214…System memory 216…System bus 218…Read-only memory (“ROM”) 220…Random access memory (“RAM”) 222…Basic input/output system (“BIOS”) 224…Hard disk drive 226…Hard disk 228…Optical disk drive 230…Magnetic disk drive 232…Optical disk 234…Magnetic disk 236…Operating system 238…Application program 240…Refund amount determination module 242…Program data 244…History analysis module 246…Keyboard 248…Mouse 250…Interface 252…Display/Monitor 253…Modem 254…Video Interface 260…Network Interface 262…Payment Computer System 264…Bettor A Computer System 266…Bettor B Computer System 268…Processing Unit 269…System Memory 270…Read-Only Memory (“ROM”) 271…Basic Input/Output System (“BIOS”) 272…Random Access Memory (“RAM”) 273…Media Drive 274…Computer Readable Storage Media 275…User Interface 276…Keyboard 277…Pointing Device 278…Display/Monitor 280…processing subsystem 282…user interface subsystem 284…web browser 286…processing subsystem 288…media subsystem 290…user interface subsystem 300…user interface 302…user interface item 308…user interface item 312…icon or button 314…icon or button 316…print and retrieve component 318…user interface item 320…icon or button 322…icon or button 324…component 400…user interface 500-506,600-608,700-706,800-808,900-916,1000-1014,1100-1116,1200-1210,1300-1308,1400-1412…Methods

In the drawings, the same reference numerals identify similar elements or actions. The sizes and relative positions of the elements in the drawings are not necessarily drawn to scale. For example, the shapes and angles of various elements are not drawn to scale, and some of these elements are arbitrarily enlarged and positioned to improve drawing legibility. In addition, the specific shapes of the drawn elements are not intended to convey any information about the actual shape of the specific elements, and are merely selected for ease of identification in the drawings.

Figure 1 is a schematic diagram of a networked environment according to an illustrated embodiment, the networked environment includes a plurality of servers and a plurality of clients, the clients being communicatively coupled to the servers via one or more networks, and the systems, devices and methods for electronic sports betting registry betting may be part of the environment, or the systems, devices and methods may be implemented in the environment.

2 is a schematic diagram of an electronic sports betting registry betting environment according to an illustrated embodiment, the electronic sports betting registry betting environment having an exemplary bettor calculation system, an exemplary sports betting registry betting computer system, and an exemplary payment computer system.

3 is an illustration of an exemplary bettor user interface for purchasing a sportsbook betting ticket sell-back option according to one illustrated embodiment.

4 is a diagram of an exemplary bettor user interface for utilizing a sports betting registry betting ticket sell-back option according to one illustrated embodiment.

5 is a flow chart showing a method for electronically processing a request to purchase a sports betting registry betting ticket put option according to one illustrated embodiment.

6 is a flow chart showing a method useful in the method of FIG. 5 for electronically determining an amount to refund to a bettor who is exercising a sell-back option on a sportsbook betting ticket previously purchased by the bettor according to an illustrated embodiment.

7 is a flow chart showing a method for electronically publishing a ticket indicating a bet associated with a sports betting registry betting ticket sell-back option according to one illustrated embodiment.

8 is a flow chart showing a method for electronically initiating payment to a bettor who is exercising a sell-back option on a sportsbook betting ticket that the bettor previously purchased, according to one illustrated embodiment.

FIG. 9 is a flow chart showing an example for providing, purchasing, and exercising options.

FIG. 10 is another flow chart showing an example for providing, purchasing, and exercising options.

FIG. 11 is another flow chart showing an example for providing, purchasing, and exercising options.

FIG. 12 is another flow chart showing an example for providing, purchasing, and exercising options.

FIG. 13 is a flow chart showing an exemplary embodiment of the present invention.

FIG. 14 is a flow chart showing an exemplary embodiment of the present invention.

300…User interface 302,308…User interface item 312,314…Icon or button 316…Print and retrieve component

Claims (9)

A method for betting on a sell-back option, the method comprising: Receiving, via a communication network, from a first remote device, a request to place at least one bet on an outcome of a game and a request to purchase an option to receive a refund amount in exchange for canceling the at least one bet at the same time as the at least one bet is placed, by at least one processor of a server in networked communication with a plurality of computers configured to receive and send data indicating bets, wherein 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 bet and before any determination that the at least one bet is a winning bet or a losing bet, calculating, by the at least one processor, the refund amount for the at least one bet based on a current market value of the at least one bet, wherein calculating the refund amount comprises: determining a total potential liability amount from all bets placed on each possible outcome of the event; and in response to determining an imbalance between the total potential liability amounts, calculating the refund amount to be proportional to the total potential liability amount for the outcome of the event placed by the at least one bet; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, the at least one processor causes a graphical user interface of an electronic display device of the first remote device to present a mark indicating the option to receive the refund amount in exchange for canceling the at least one bet through the communication network; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, the at least one processor receives an indication from the first remote device through the communication network that the first remote device is exercising the option to receive the refund amount in exchange for canceling the at least one bet; Determining, by the at least one processor, whether the first remote device has exercised the option before the first time or the second time; In response to determining that the first remote device has exercised the option before the first time or the second time, automatically canceling, by the at least one processor, the at least one bet in exchange for the refund amount; and Sending, by the at least one processor, an electronic signal through the communication network to cause at least one of a voucher or an amount to be physically distributed at a second remote device as the refund amount. The method of claim 1, wherein calculating the refund amount by the at least one processor comprises comparing (i) a total potential liability amount associated with paying out payouts for winning bets resulting from the occurrence of the outcome and (ii) a total potential gain amount associated with losing bets resulting from the occurrence of the outcome. A method as claimed in claim 1, wherein the first remote device is given a time limit to use at least a portion of the refund amount to place another bet or to lose that portion of the refund amount. The method of claim 1, further comprising: In response to the first remote device exercising the option, presenting the graphical user interface to the first remote device via the communication network through the at least one processor for using at least a portion of the refund amount to place another bet. The method of claim 1, wherein calculating the refund amount by the at least one processor comprises: Determining that (i) a potential total payout liability in response to a particular betting outcome exceeds (ii) a potential total gain on losing bets in response to the particular betting outcome. A method as claimed in claim 1, wherein the refund amount is increased for a given bet of at least one of the bets registered where the cashing out would result in a more balanced bet. A method as claimed in claim 1, wherein the refund amount is reduced for a given bet of at least one bet that would result in an unbalanced bet registration if the cash-out occurred. An apparatus for placing a put option on a bet, comprising: At least one processor of an electronic computer system including a server in networked communication with a plurality of computers configured to receive and send data indicating a bet; and At least one memory in electronic communication with the at least one processor, the at least one memory having instructions stored thereon, the instructions, when executed by the at least one processor, directing the at least one processor to: Receiving, via a communication network, a request to place at least one bet on an outcome of a game from a first remote device and a request to purchase an option to receive a refund amount in exchange for canceling the at least one bet at the same time as the at least one bet is placed, wherein the option is associated with a first time with a first fee and a second time with a second fee; After receiving the request to place the at least one bet and before any determination that the at least one bet is a winning bet or a losing bet, calculating the refund amount for the at least one bet based on a current market value of the at least one bet, wherein calculating the refund amount includes: Determining a total potential liability amount from all bets placed on each possible outcome of the event; and In response to determining an imbalance between the total potential liability amounts, calculating the refund amount so that it is proportional to the total potential liability amount for the outcome of the event placed by the at least one bet; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, causing a mark representing the option to receive the refund amount in exchange for canceling the at least one bet to be presented to the first remote device via the communication network at a graphical user interface of an electronic display device of the first remote device; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, receiving an indication from the first remote device via the communication network that the first remote device is exercising the option to receive the refund amount in exchange for canceling the at least one bet; Determining whether the first remote device exercised the option before the first time or the second time; In response to determining that the first remote device exercised the option before the first time or the second time, automatically canceling the at least one bet in exchange for the refund amount; and An electronic signal is sent via the communication network to cause at least one of a voucher or an amount to be physically distributed at a second remote device as the refund amount. 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 a networked communication with a plurality of computers configured to receive and send data indicating bets, direct the at least one processor to perform the following operations: Receiving, via a communication network, from a first remote device a request to place at least one bet on an outcome of a game and a request to purchase, at the same time as the at least one bet is placed, an option to receive a refund amount in exchange for canceling the at least one bet, wherein 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 bet and before any determination that the at least one bet is a winning bet or a losing bet, calculating the refund amount for the at least one bet based on a current market value of the at least one bet, wherein calculating the refund amount comprises: Determining a total potential liability amount from all bets placed on each possible outcome of the event; In response to determining an imbalance between the total potential liability amounts, calculating the refund amount so that it is proportional to the total potential liability amount of the outcome of the event placed by the at least one bet; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, causing a mark indicating the option to receive the refund amount in exchange for canceling the at least one bet to be presented to the first remote device at a graphical user interface of an electronic display device of the first remote device via the communication network; After receiving the request to place the at least one bet and before any determination that the at least one bet is the winning bet or the losing bet, receiving an indication from the first remote device via the communication network that the first remote device is exercising the option to receive the refund amount in exchange for canceling the at least one bet; Determining whether the first remote device has exercised the option before the first time or the second time; In response to determining that the first remote device has exercised the option before the first time or the second time, automatically canceling the at least one bet in exchange for the refund amount; and Sending an electronic signal via the communication network to cause at least one of a voucher or an amount to be physically distributed at a second remote device as the refund amount.