Electronic gaming device with improved redemption options

An electronic sweepstakes gaming system for a game of skill or a game of chance comprising:

• a gaming machine with remote redemption options, the gaming machine including:
• a payment acceptance device for accepting payment from a player;
• at least one display screen that displays symbols, a player's balance and game status information;
• at least one game module adapted for storing gaming information, operating a game and determining a payout to a player;
• a control electronics in communication with the at least one game module for processing the payout to the player;
• and
• a payout dispenser for offering a redeemable value payout to the player in a non-cash form;
• a point of sale exchange device located apart from the gaming machine that is configured to receive a player's redeemable value payout in a non-cash form and to communication with a remotely located exchange center to offer the player an item of value in exchange for the player's redeemable value payout that is in a non-cash form;
• the exchange center being configured to:
• accept a player's redeemable payout value in a non-cash form,
• determine an exchange rate value for the redeemable value,
• offer an item of value in exchange for the player's redeemable payout value,
• calculate an appropriate amount of the item of value equal to the redeemable value,
• process a sale of the redeemable value in exchange for the appropriate amount of the item of value, and
• a set of preferred providers for storing the item of value, wherein the preferred providers have access to a universal exchange system interface.

A method of offering remote redemption options for a redeemable value generated at a sweepstakes gaming device, comprising:

• providing a gaming machine on which a player may play a game and receive a redeemable value,
• establishing a redeemable value from the play of the game by the player,
• cashing out the redeemable value in a non-cash tender from the game to the player,
• offering apart from the gaming machine a point of sale exchange device,
• accepting the redeemable value into the point of sale exchange device,
• establishing a connection between the point of sale exchange device and an exchange center,
• offering a player an item of value in exchange for the player's redeemable value,
• conducting an exchange transaction purchasing an item of value with the player's redeemable value,
• establishing a value amount for the item of value in a member's exchange account,
• offering the player the option to receive the item of value or sell the item of value in the exchange center for an exchange rate, and
• offering a player an option to redeem a positive balance in the member's exchange account.