Patent ID: 8647195

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: determining, by at least one processor, an option for a bettor to cancel a wager the bettor had placed on an outcome of a sporting event; recording, by the at least one processor, an indication that the bettor has selected the option; wherein the indication indicates the bettor has selected to purchase the option; receiving an indication that the bettor has placed the wager; 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 based on 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, wherein the probability is based on historical data regarding outcomes of previous events of a same type as the event; and initiating a disbursement of the amount to refund to the bettor; and canceling the wager.