Virtual Wallet Transfers for Location-Based Gambling Accounts
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Solution Overview
Problem
Existing systems lack effective mechanisms to manage and transfer funds across multiple gambling accounts associated with different gaming operators while preventing unauthorized use and ensuring compliance with regulatory requirements.
Innovation Solution
A system that allows for the establishment of multiple accounts associated with different gaming operators, enabling fund transfers between them with pre-permissioning features to ensure compliance and prevent unauthorized use, using an intermediary to manage and maintain account consistency and monitor for fraud.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If funds are allowed to be transferred freely between wagering accounts, then user convenience and wagering flexibility are improved, but accountability and security deteriorate due to potential misuse
Solution Approach 1:
The patent introduces a virtual wallet as an intermediary layer between wagering accounts and gaming operators. This virtual wallet manages funds and authorizes transfers, providing both user convenience for wagering and enhanced accountability through detailed transaction tracking and approval mechanisms. The virtual wallet acts as a mediator that enables flexible wagering while maintaining security and accountability.
2Adaptability or versatility
If multiple accounts are established with different gaming operators, then wagering versatility is improved, but fund management complexity worsens
Solution Approach 1:
The virtual wallet provides a universal platform that works across multiple gaming operators and wagering accounts. It consolidates fund management functionality, allowing users to deposit, withdraw, and transfer funds across different accounts through a single interface. This multi-functional system eliminates the need to manage each account separately, reducing complexity while maintaining versatility.
Solution Approach 2:
The patent merges multiple wagering accounts and fund management functions into a single virtual wallet system. By combining account management, fund transfers, and wagering authorization into one unified platform, users can efficiently manage funds across multiple gaming operators without dealing with the complexity of individual account management.
3Reliability
If pre-permissioned transfers are implemented, then security and accountability are improved, but transfer speed and user convenience worsen due to additional authorization steps
Solution Approach 1:
The system implements pre-permissioning where users can pre-authorize transfer limits and conditions before actual wagering occurs. This preliminary action establishes security parameters in advance, allowing subsequent transfers to execute quickly within the pre-defined boundaries. The pre-permissioning process balances security requirements with transfer speed by setting boundaries upfront rather than checking every individual transaction.
Data Source
AI summary
Apparatus and method provide for wagering across multiple gaming operators operating at respective locations, using respective accounts accessible according to a location of a player. The first and second accounts may be linked to a linking account, and money is transferrable between the linking account and each of the first and second accounts. The second account may be accessible by a player to place wagers associated with a second gaming operator at a second location, but not to place wagers associated with a first gaming operator operating at a first location. While a player is currently located at the second location, an amount of money from the first account may be transferred to the linking account and the amount of money from the linking account may be transferred to the second account.