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 - 30 . (canceled) 
     
     
         31 . A method comprising:
 receiving, by at least one processor, from a user a request to place a first wager on a first outcome of an event;   receiving, by the at least one processor, from at least one other user at least one other wager, the at least one other wager comprising at least one of (1) another wager on the first outcome of the event and (2) a different wager on a second outcome of the event that is mutually exclusive to the first outcome such that the first outcome and the second outcome cannot both occur in the event;   prior to an occurrence of the outcome, calculating a refund amount for the first wager based on a current probability that the first wager will be a winning wager and risk management information associated with the first wager and the at least one other wager;   causing to be presented to the user, by the at least one processor, an option to receive a refund amount in exchange for cancelling the wager prior to an occurrence of the outcome;   receiving an indication that the user is exercising the option to receive the refund amount in exchange for cancelling the wager prior to an occurrence of the outcome; and   responsive to the user exercising the option, cancelling the wager in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another wager.   
     
     
         32 . The method of  claim 31 , wherein an amount of the refund amount is calculated and presented to the user at a time the option is presented to the user. 
     
     
         33 . The method of  claim 31 , wherein the user is given a time limit to use at least a portion of the refund amount to place another wager or forfeit the at least portion of the refund amount. 
     
     
         34 . The method of  claim 31 , further comprising:
 responsive to the user exercising the option, presenting the user with an interface to place another wager using the at least a portion of the refund amount.   
     
     
         35 . The method of  claim 31 , wherein the act of calculating the refund amount comprises:
 determining that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome;   determining the price based on the act of determining that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome.   
     
     
         36 . The method of  claim 31 , in which the refund amount is calculated based on the amount which a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome. 
     
     
         37 . The method of  claim 31 , in which the refund amount is increased for cashing out a bet that would result in a more balanced book. 
     
     
         38 . The method of  claim 31 , in which the refund amount is decreased for cashing out a bet that would result in a less balanced book. 
     
     
         39 - 40 . (canceled) 
     
     
         41 . An apparatus comprising:
 at least one processor; 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 from a user a request to place a first wager on a first outcome of an event; 
 receive from at least one other user at least one other wager, the at least one other wager comprising at least one of (1) another wager on the first outcome of the event and (2) a different wager on a second outcome of the event that is mutually exclusive to the first outcome such that the first outcome and the second outcome cannot both occur in the event; 
 prior to an occurrence of the outcome, calculate a refund amount for the first wager based on a current probability that the first wager will be a winning wager and risk management information associated with the first wager and the at least one other wager; 
 cause to be presented to the user an option to receive a refund amount in exchange for cancelling the wager prior to an occurrence of the outcome; 
 receive an indication that the user is exercising the option to receive the refund amount in exchange for cancelling the wager prior to an occurrence of the outcome; and 
 responsive to the user exercising the option, cancel the wager in exchange for a refund amount, wherein the user is required to use at least a portion of the refund amount to place another wager. 
   
     
     
         42 . The apparatus of  claim 41 , wherein an amount of the refund amount is calculated and presented to the user at a time the option is presented to the user. 
     
     
         43 . The apparatus of  claim 41 , wherein the user is given a time limit to use at least a portion of the refund amount to place another wager or forfeit the at least portion of the refund amount. 
     
     
         44 . The apparatus of  claim 41 , wherein the instructions, when executed by the at least one processor, further direct the at least one processor to:
 responsive to the user exercising the option, present the user with an interface to place another wager using the at least a portion of the refund amount.   
     
     
         45 . The apparatus of  claim 41 , wherein the act of calculating the refund amount comprises:
 determining that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome;   determining the price based on the act of determining that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome.   
     
     
         46 . The apparatus of  claim 41 , in which the refund amount is calculated based on the amount which a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome. 
     
     
         47 . The apparatus of  claim 41 , in which the refund amount is increased for cashing out a bet that would result in a more balanced book. 
     
     
         48 . The apparatus of  claim 41 , in which the refund amount is decreased for cashing out a bet that would result in a less balanced book. 
     
     
         49 . An apparatus comprising:
 means for receiving from a user a request to place a first wager on a first outcome of an event;   means for receiving from at least one other user at least one other wager, the at least one other wager comprising at least one of (1) another wager on the first outcome of the event and (2) a different wager on a second outcome of the event that is mutually exclusive to the first outcome such that the first outcome and the second outcome cannot both occur in the event;   means for calculating, prior to an occurrence of the outcome, a refund amount for the first wager based on a current probability that the first wager will be a winning wager and risk management information associated with the first wager and the at least one other wager;   means for causing to be presented to the user an option to receive a refund amount in exchange for cancelling the wager prior to an occurrence of the outcome;   means for receiving an indication that the user is exercising the option to receive the refund amount in exchange for cancelling the wager prior to an occurrence of the outcome; and   means for cancelling the wager in exchange for a refund amount responsive to the user exercising the option, wherein the user is required to use at least a portion of the refund amount to place another wager.   
     
     
         50 . The apparatus of  claim 49 ,
 in which the refund amount is calculated based on the amount which a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome, and in which the refund amount is one of (1) increased for cashing out a bet that would result in a more balanced book and (2) decreased for cashing out a bet that would result in a less balanced book.   
     
     
         51 . The apparatus of  claim 49 , further comprising:
 means for presenting the user with an interface to place another wager using the at least a portion of the refund amount responsive to the user exercising the option,   wherein the user is given a time limit to use at least a portion of the refund amount to place another wager or forfeit the at least portion of the refund amount.   
     
     
         52 . The apparatus of  claim 49 , wherein the means for calculating the refund amount is configured to:
 determine that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome; and   determine the price based on the act of determining that a potential total liability of payouts in the event of a specific bet outcome exceeds potential total proceeds for losing bets in the event of the specific bet outcome.