Patent ID: 8475267

Claim:
A method of operating an electronic sports book wagering system including at least one processor and at least one non-transitory computer-readable medium coupled to the at least one processor, the method comprising: receiving, by the at least one processor, a request to place a wager of a bettor for a bet regarding an outcome of an event; receiving an indication that the bettor has placed the wager; receiving an indication, by the at least one processor, that the bettor has selected to purchase an option to be exercised at will by the bettor during a break in play or indicated period for the bettor to potentially receive compensation to cancel the wager; and based on the received indication that the bettor has selected to purchase the option, calculating, by the at least one processor, an option fee to charge the bettor for the purchase of the option; receiving an indication that the bettor has paid an option fee; recording the wager and associating the wager with the purchased option; during the break in play or the indicated period, receiving an indication that the bettor is exercising the purchased option; in response to the received indication that the bettor is exercising the purchased option, determining, by the at least one processor, an amount to refund to the bettor, wherein the determining the amount to refund to the bettor includes: determining a number reflecting a current probability at the break in play or indicated period of whether the bettor will win the bet for which the wager was made; to obtain a bettor refund amount factor, multiplying the number reflecting the current probability by an amount that would be paid to the bettor if the bettor were to win the bet; and subtracting a determined amount from the bettor refund amount factor in determining the amount to refund to the bettor; initiating a disbursement of the amount to refund to the bettor; and canceling the wager.