Intermediary payment system and method for gaming

Abstract

A method for enabling consumers in a gaming context to push funds from a traditional open loop account to a closed loop account, and back. At the request of a consumer, funds are transferred to an open loop account of an intermediary payment system that holds or keeps track of virtual closed loop accounts for each consumer and virtual closed loop accounts for individual games, casinos or gaming establishments. The consumer may use an associated closed loop card to place a bet at the gaming establishment that will cause funds to be transferred from the consumer's virtual closed loop account to the gaming establishment's closed loop account. Thereafter, the funds are transferred from the intermediary payment system to an open loop account belonging to the gaming establishment.

Description

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 depicts a general view of the major components of a system in accordance with an embodiment of the present invention.

FIG. 2 is a table that shows, sequentially, a relatively simple series of open and closed account balances for a single user/consumer and a single merchant in accordance with the present invention.

FIG. 3 is a table that shows, sequentially, a more detailed series of open and closed account balances for two users/consumers and, e.g., a single casino game in accordance with the present invention.

Claims

1. A method for bridging closed and open loop financial systems for the purpose of funding a closed loop gaming account, comprising: establishing a first account at a financial institution, the first account being associated with an open loop financial system and being accessible to a user to effect funds transfers into and out of the first account;establishing a second account at the financial institution, the second account also being associated with the open loop financial system and further being accessible to a gaming establishment that accepts payment via a closed loop financial system;establishing a third account at the financial institution, the third account being associated with the open loop financial system and belonging to a settlement service that is neither the user nor the gaming establishment, the settlement service keeping track of a closed loop account balance belonging to the user and a closed loop account balance belonging to the gaming establishment;receiving, at the settlement service, a request from the user that results in a transfer of funds from the first account to the third account, and which causes a corresponding increase in the closed loop account balance belonging to the user;receiving, at the settlement service, an indication from the gaming establishment to cause an amount of funds to be transferred from the closed loop account balance belonging to the user to the closed loop account balance belonging to the gaming establishment; andthereafter, transferring the amount of funds from the third account to the second account.

2. The method of claim 1, wherein the request is initiated from a telephone.

3. The method of claim 2, wherein the telephone is a cellular telephone.

4. The method of claim 1, wherein the request is initiated from a website.

5. The method of claim 1, further comprising communicating with the user via an interactive voice response (IVR) system associated with the settlement service.

6. The method of claim 1, further comprising establishing secure communications between the financial institution and the settlement service, and between the settlement service and the gaming establishment.

7. The method of claim 1, further comprising keeping track of a plurality of closed loop account balances belonging to a plurality of users and a plurality of closed loop account balances belonging to individual games of a gaming establishment.

8. The method of claim 1, wherein the gaming establishment is a casino.

9. The method of claim 1, wherein the financial institution is a bank.

10. The method of claim 1, wherein the indication is initiated by the use of a closed loop card.

11. A method of operating an intermediary payment system, comprising: establishing a bank account, at a financial institution, that is controlled by an intermediary entity, the bank account being associated with an open loop financial system, the intermediary entity establishing closed loop financial system sub-accounts for each of a plurality of consumers and each of a plurality of gaming devices that accept payment via the closed loop financial system;receiving a request, at the intermediary entity, from one of said consumers that results in funds being transferred from an open loop account belonging to said one of said consumers to said bank account that is controlled by said intermediary entity, said intermediary entity crediting said funds to the closed loop financial system sub-account belonging to said one of said consumers;receiving an indication, at the intermediary entity, from one of said transactional entities that said one of said consumers wagered a given value of funds within the closed loop financial system;debiting said given value of funds from said closed loop financial system sub-account belonging to said one of said consumers and crediting said given value of funds to the closed loop financial system sub-account belonging to said one of said gaming devices; andtransferring said given value of funds from said sub-account belonging to said one of said gaming devices to an open loop financial system bank account belonging to a casino that operates said one of said gaming devices.

12. The method of claim 11, wherein the request is initiated from a telephone.

13. The method of claim 12, wherein the telephone is a cellular telephone.

14. The method of claim 11, wherein the request is initiated from a website.

15. The method of claim 11, further comprising communicating with the consumer via an interactive voice response (IVR) system that is associated with the intermediary payment system.

16. The method of claim 11, further comprising establishing secure communications between the financial institution and the intermediary entity, and between the intermediary entity and the gaming device.

17. The method of claim 11, wherein the gaming device is a slot machine.

18. The method of claim 11, wherein the indication is initiated by the use of a closed loop card.

19. The method of claim 11, wherein a single given sub-account is associated with a plurality of gaming devices.

20. A method of transferring funds between an open loop financial system and a closed loop financial system of a casino, comprising: issuing an open loop card and a casino closed loop card to a consumer, the open loop card being associated with an open loop account and the casino closed loop card being associated with a casino closed loop account that can be used to wager money within the casino;receiving a request from the consumer, initiated from a mobile communications device, to transfer a selected amount of money from the open loop account to the casino closed loop account;transferring the selected amount of money from the open loop account to the casino closed loop account;receiving a notification that the consumer wagered an amount of money at a selected gaming machine within the casino;debiting the casino closed loop account by an amount equivalent to the value of money wagered; andcrediting a virtual casino closed loop account by the amount equivalent of the value of money wagered,wherein the casino closed loop account and the virtual casino closed loop account are provided for by an intermediary payment system that has an associated open loop account and that operates the casino closed loop account and virtual casino closed loop account as sub-accounts of the associated open loop account.