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US 12,749,373 B2Granted
Wager sell back option
AssigneeCfph, LLC
InventorsLee Amaitis, Andrew Garrood
Life of this patent
Estimating the term…
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, each exercise 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.
Claims15
A method comprising:
- receiving from a user a request to place a wager on an event;
- presenting for purchase before a start of an event to the user an option to cancel the wager in exchange for a refund amount,
- wherein presenting the option includes presenting for selection by the user at least a first exercise time and a second exercise time, the first exercise time having a first fee associated therewith and the second exercise time having a second fee associated therewith, wherein the first fee, the second fee, and the refund amount for the first exercise time and the second exercise time are determined at the time of presenting the option,
- wherein a price of the option is based on the fee associated with the exercise time selected by the user,
- wherein selection of the first exercise time allows the user to cancel the wager at least prior to the first exercise time in exchange for the refund amount,
- wherein selection of the second exercise time allows the user to cancel the wager at least prior to the second exercise time in exchange for the refund amount, and
- receiving an indication that the user is purchasing the option at a particular time, including receiving a selection by the user of either the first exercise time or the second exercise time;
- recording an indication that the user has paid for the option, wherein a price of the option is based on the fee associated with the exercise time selected by the user;
- at least prior to the selected exercise time, receiving an indication that the user is exercising the option;
- and
- responsive to the user exercising the option, cancelling the wager in exchange for the refund amount,
- wherein the refund amount associated with each of the first and second exercise times is based on an amount of time before the start of the event that the option is purchased.
9 more elements
An apparatus comprising:
- at least one processor configured to:
- receive before a start of an event, over a communication network, from a first remote device a request to place at least one wager on an outcome of an event and a request to purchase an option to receive a refund amount in exchange for cancelling the at least one wager before a first time having a first fee or before a second time having a second fee;
- cause to be presented, over the communication network to the first remote device, at a graphical user interface of a display device of the first remote device, indicia representing the option to receive the refund amount at the first time or the second time in exchange for cancelling the at least one wager, wherein the first fee, the second fee, and the refund amount for the first time and the second time are determined at the time of presenting the graphical user interface;
- and
- record an indication that the first remote device paid for the option, wherein a price of the option is based on the first fee or the second fee associated with the first time or second time selected by the first remote device;
- responsive to the first remote device paying for the option, cancel the at least one wager in exchange for the refund amount,
- wherein the refund amount associated with each of the first and second times is based on an amount of time before a start of the event that the option is purchased.
4 more elements
A non-transitory computer-readable medium having instructions stored thereon which, when executed by at least one processor, controls the at least one processor to:
- receive, over a communication network, from a first remote device a request to place at least one wager on an outcome of an event and a request to purchase an option to receive a refund amount in exchange for cancelling the at least one wager at a first time having a first fee or a second time having a second fee;
- cause to be presented before a start of an event, over the communication network to the first remote device, at a graphical user interface of a display device of the first remote device, indicia representing the option to receive the refund amount at the first time or the second time in exchange for cancelling the at least one wager, wherein the first fee, the second fee, and the refund amount for the first time and the second time are determined at the time of presenting the option;
- and
- record an indication that the first remote device paid for the option, wherein a price of the option is based on the first fee or the second fee associated with the first time or second time selected by the first remote device;
- responsive to the first remote device paying for the option, cancel the at least one wager in exchange for the refund amount,
- wherein the refund amount associated with each of the first and second times is based on an amount of time before the start of the event that the option is purchased.
3 more elements
Dependencies are inferred from the claim text.