A point of sale system and method for consummating sales transactions and enabling sporting event betting. The point of sale system includes a cash register, an event server, and a customer interface. The cash register consummates point of sale transactions and accepts cash, credit and debit payments. The event server communicates with the cash register for communicating sporting event choices to the cash register. The customer interface communicates with the cash register and includes a display for displaying at least one of said sporting event choices to a customer. The customer interface includes an input module for enabling a customer to select at least one of said sporting event choices and for enabling a customer to place a wager on the selected sporting event choice. The system also includes a printer in communication with the cash register to print a transaction receipt including a description of the selected sporting event choice and the wager. The point of sale system communicates with a risk management server that calculates the odds of each wager. In one embodiment of the invention, the wager, the odds and a description of the sporting event are printed on the receipt in addition to the point of sale transactional information such descriptions of items purchased, cost of each item, subtotal, tax and total.