Patent ID: 8398483

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; before one or more breaks in play or one or more specific indicated periods associated with the event, providing to the bettor, by the at least one processor, an option to be exercised at will by the bettor during the one or more breaks in play or the one or more specific indicated periods associated with the event for the bettor to potentially receive compensation to cancel the wager; receiving an indication, by the at least one processor, of whether the bettor has selected to purchase the option to be exercised at will by the bettor during the one or more breaks in play or one or more specific indicated periods for the bettor to potentially receive compensation to cancel the wager; if the received indication indicates 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 the option fee; receiving an indication that the bettor has placed the wager; recording the wager and associating the wager with the purchased option; during a particular one of the one or more breaks in play or one or more specific indicated periods, receiving, by the at least one processor, an indication that the bettor is exercising the purchased option; and 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 amount to refund to the bettor changes dynamically based on a current percentage probability at the particular one of the one or more breaks in play or one or more specific indicated periods, of whether the bettor will win the bet for which the wager was made, and wherein the current percentage probability is based on historical data regarding outcomes of previous events of a same type as the event at a corresponding break in play or period to the particular one of the one or more breaks in play or one or more specific indicated periods; initiating a disbursement of the amount to refund to the bettor; and canceling the wager.