Patent ID: 7722047

Claim:
A method of operating a gaming device including at least one memory device which stores a plurality of instructions, said method comprising: (a) enabling a player of the gaming device to make a payment, which makes the player eligible to make a plurality of insurance bets; (b) enabling the player to place a wager on a play of a game, said wager being distinct from said payment; (c) causing at least one processor to execute the plurality of instructions to determine whether the player is eligible to make a first one of the plurality of insurance bets in said play of the game; (d) if the player is eligible to make the first one of the plurality of insurance bets in said play of the game, enabling the player to make said first one of the plurality of insurance bets; (e) causing the at least one processor to execute the plurality of instructions to determine whether the player is eligible to make a second one of said plurality of insurance bets in said play of the game; (f) if the player is eligible to make the second one of the plurality of insurance bets in said play of the game, enabling the player to make said second one of the plurality of insurance bets; (g) causing the at least one processor to execute the plurality of instructions to generate an outcome for the play of the game; (h) causing the at least one processor to execute the plurality of instructions to determine if any insurance bets have been made by the player in said play of the game; (i) causing the at least one processor to execute the plurality of instructions to determine a payout based on the generated outcome and the wager placed by the player on said play of the game; (j) if said first one of the insurance bets was made, causing the at least one processor to execute the plurality of instructions to determine a payout based on the generated outcome and the first one of the insurance bets; (k) if said second one of the insurance bets was made, causing the at least one processor to execute the plurality of instructions to determine a payout based on the generated outcome and the second one of the insurance bets; and (l) causing any determined payouts to be provided to the player.