Wager sell back option

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.

1 . (canceled) 
     
     
         2 . A method comprising:
 receiving, by at least one processor of a server in networked communication with a plurality of computers configured to receive and transmit data indicating wagers, 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 same time of placing the at least one wager, in which 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 wager and prior to any determination of the at least one wager being a winning wager or a losing wager, calculating, by the at least one processor, the refund amount for the at least one wager based on a current probability that the at least one wager will be the winning wager and risk management information associated with the at least one wager, in which calculating the refund amount comprises calculating the refund amount based at least in part on an amount of total potential liability associated with paying payouts on winning wagers, of the at least one wager, resulting from the outcome occurring;   causing to be presented, by the at least one processor over the communication network, to a graphical user interface of an electronic display device of the first remote device indicia representing the option to receive the refund amount in exchange for cancelling the at least one wager after the request to place the at least one wager is received and prior to any determination of the at least one wager being the winning wager or the losing wager;   receiving, over the communication network by the at least one processor from the first remote device, an indication that the first remote device is exercising the option to receive the refund amount in exchange for cancelling the at least one wager after receiving the request to place the at least one wager and prior to any determination of the at least one wager being the winning wager or the losing wager;   determining, by the at least one processor, whether the first remote device exercised the option prior to the first time or the second time;   in response to determining that the first remote device exercised the option prior to the first time or the second time, automatically cancelling, by the at least one processor, the at least one wager in exchange for the refund amount; and   transmitting, by the at least one processor over the communication network, electronic signals to cause a physical dispense at a second remote device of at least one of a voucher or a payment amount as the refund amount.   
     
     
         3 . The method of  claim 2 , in which calculating, by the at least one processor, the refund amount comprises comparing (i) the amount of total potential liability associated with paying payouts on winning wagers resulting from the outcome occurring and (ii) an amount of total potential proceeds associated with losing wagers resulting from the outcome occurring. 
     
     
         4 . The method of  claim 2 , in which the first remote device is given a time limit to use at least a portion of the refund amount to place another wager or forfeit the portion of the refund amount. 
     
     
         5 . The method of  claim 2 , further comprising:
 in response to the first remote device exercising the option, presenting, by the at least one processor over the communication network, the first remote device with the graphical user interface to place another wager using at least a portion of the refund amount.   
     
     
         6 . The method of  claim 2 , in which calculating, by the at least one processor, the refund amount comprises:
 determining that (i) a potential total liability of payouts, in response to a specific wager outcome occurring, exceeds (ii) potential total proceeds for losing wagers, in response to the specific wager outcome occurring.   
     
     
         7 . The method of  claim 2 , in which the refund amount is increased for cashing out a given wager, of the at least one wager, that would result in a more balanced book. 
     
     
         8 . The method of  claim 2 , in which the refund amount is decreased for cashing out a given wager, of the at least one wager, that would result in a less balanced book. 
     
     
         9 . An apparatus comprising:
 at least one processor of an electronic computer system comprising a server in networked communication with a plurality of computers configured to receive and transmit data indicating wagers; and   at least one memory, in electronic communication with the at least one processor, having instructions stored thereon which, when executed by the at least one processor, direct 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 same time of placing at least one wager, in which the option is associated with a first time having a first fee and a second time having a second fee; 
 after the request to place the at least one wager is received and prior to any determination of the at least one wager being a winning wager or a losing wager, calculate the refund amount for the at least one wager based on a current probability that the at least one wager will be the winning wager and risk management information associated with the at least one wager, in which calculating the refund amount comprises calculating the refund amount based at least in part on an amount of total potential liability associated with paying winning wagers resulting from; 
 cause to be presented, over the communication network to the first remote device, at a graphical user interface of an electronic display device of the first remote device, indicia representing the option to receive the refund amount in exchange for cancelling the at least one wager after the request to place the at least one wager is received and prior to any determination of the at least one wager being the winning wager or the losing wager; 
 receive, over the communication network, from the first remote device an indication that the first remote device is exercising the option to receive the refund amount in exchange for cancelling the at least one wager after the request to place the at least one wager is received and prior to any determination of the at least one wager being the winning wager or the losing wager; 
 determine whether the first remote device exercised the option prior to the first time or the second time; 
 in response to determining that the first remote device exercised the option prior to the first time or the second time, automatically cancel the at least one wager in exchange for the refund amount; and 
 transmit, over the communication network, electronic signals to cause a physical dispense at a second remote device of at least one of a voucher or a payment amount as the refund amount. 
   
     
     
         10 . The apparatus of  claim 9 , in which calculating the refund amount comprises comparing (i) the amount of total potential liability associated with paying payouts on winning wagers resulting from the outcome occurring and (ii) an amount of total potential proceeds associated with losing wagers resulting from the outcome occurring. 
     
     
         11 . The apparatus of  claim 9 , in which the first remote device is given a time limit to use at least a portion of the refund amount to place another wager or forfeit the portion of the refund amount. 
     
     
         12 . The apparatus of  claim 9 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 in response to the first remote device exercising the option, present, over the communication network, the first remote device with the graphical user interface to place another wager using at least a portion of the refund amount.   
     
     
         13 . The apparatus of  claim 9 , in which calculating the refund amount comprises:
 determining that (i) a potential total liability of payouts, in response to a specific wager outcome occurring, exceeds (ii) potential total proceeds for losing wagers, in response to the specific wager outcome occurring.   
     
     
         14 . The apparatus of  claim 9 , in which the refund amount is increased for cashing out a given wager, of the at least one wager, that would result in a more balanced book. 
     
     
         15 . The apparatus of  claim 9 , in which the refund amount is decreased for cashing out a given wager, of the at least one wager, that would result in a less balanced book. 
     
     
         16 . 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 networked communication with a plurality of computers configured to receive and transmit data indicating wagers, direct 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 same time of placing at least one wager, in which the option is associated with a first time having a first fee and a second time having a second fee;   after the request to place the at least one wager is received and prior to any determination of the at least one wager being a winning wager or a losing wager, calculate the refund amount for the at least one wager based on a current probability that the at least one wager will be the winning wager and risk management information associated with the at least one wager, in which calculating the refund amount comprises calculating the refund amount based at least in part on an amount of total potential liability associated with paying payouts on winning wagers in the event that the outcome occurs;   cause to be presented, over the communication network, to the first remote device, at a graphical user interface of an electronic display device of the first remote device, indicia representing the option to receive the refund amount in exchange for cancelling the at least one wager after the request to place the at least one wager is received and prior to any determination of the at least one wager being a winning wager or a losing wager;   receive, over the communication network, from the first remote device an indication that the first remote device is exercising the option to receive the refund amount in exchange for cancelling the at least one wager after the request to place the at least one wager is received and prior to any determination of the at least one wager being a winning wager or a losing wager;   determine whether the first remote device exercised the option prior to the first time or the second time   in response to determining that the first remote device exercised the option prior to the first time or the second time, automatically cancel the at least one wager in exchange for the refund amount; and   transmit, over the communication network, electronic signals to cause a physical dispense at a second remote device of at least one of a voucher or a payment amount as the refund amount.   
     
     
         17 . The non-transitory computer-readable medium of  claim 16 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 calculate the refund amount by comparing (i) the amount of total potential liability associated with paying payouts on winning wagers resulting from the outcome occurring and (ii) an amount of total potential proceeds associated with losing wagers resulting from the outcome occurring.   
     
     
         18 . The non-transitory computer-readable medium of  claim 16 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 calculate the refund amount by determining that (i) a potential total liability of payouts, in response to a specific wager outcome occurring, exceeds (ii) potential total proceeds for losing wagers, in response to the specific wager outcome occurring.   
     
     
         19 . The non-transitory computer-readable medium of  claim 16 , in which the instructions, when executed by the at least one processor, further direct the at least one processor to:
 present, over the communication network, the first remote device with the graphical user interface to place another wager using at least a portion of the refund amount in response to the first remote device exercising the option,   in which the first remote device is given a time limit to use a portion of the refund amount to place another wager or forfeit the portion of the refund amount.   
     
     
         20 . The non-transitory computer-readable medium of  claim 16 , in which the refund amount is (i) increased for cashing out a given wager, of the at least one wager, that would result in a more balanced book or (ii) decreased for cashing out a given wager, of the at least one wager, that would result in a less balanced book.