Importance

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Abstract

A single cash deposite may be used for multiple race/multiple day wagering. As a receipt for the deposit, a ticket, having a form upon which a proposed wager may be entered, is issued with a system-generated transaction identification code. The code corresponds to a memory location wherein information concerning credit balance and any outstanding wager is recorded for the transaction. To place a bet, the ticket form is filled in with proposed wager information. The ticket is then inserted into a terminal and read. The memory location corresponding to the code is accessed and any outstanding wager information contained therein is compared to the race results. If same coincide, indicating a winner, the value of the outstanding wager is calculated and added to the stored credit balance. The proposed wager is compared to possible valid wagers on the upcoming race and, if same coincide, the proposed wager is accepted, the value thereof is deducted to update the credit balance, the previous transaction is closed out, and a new code corresponding to the new transaction is assigned. Information concerning the accepted wager and the updated credit balance is stored in the memory as a new transaction record, at a location therein corresponding to the new code. The read ticket is retained and a new ticket is issued containing the new code, an acknowledgment of the credit balance, an acknowledgment of the accepted wager and a form upon which may be entered information relating to a further proposed wager on a subsequent race. Thus, outstanding wagers are paid, completed transactions closed out, proposed wagers accepted and recorded, credit balances updated and a receipt for same issued, all in a single confidential automatic operation.

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First Claim