Patent ID: 7775878

Claim:
A gaming system comprising: (a) at least one display device; (b) at least one input device; (c) at least one processor; and (d) at least one memory device which stores a plurality of instructions which, when executed by the at least one processor, cause the at least one processor to operate with the at least one display device and the at least one input device to: (i) determine an insurance premium cost, from a plurality of different insurance premium costs, associated with a gambling loss insurance policy; (ii) receive a confirmation to purchase the gambling loss insurance policy, the confirmation received from a player; (iii) receive a payment for the insurance premium cost, wherein the payment is distinct from the confirmation and in addition to any wager amount; (iv) determine an amount of loss generated by the player during a game play; and (v) determine a refund based on the amount of loss and the gambling loss insurance policy.