Cessation Plan

(1) Within five business days of providing notice of its intended cessation of activities pursuant to 205 CMR 258.01, the Sports Wagering Operation shall submit a plan to the Commission that addresses: (a) The distribution of winnings to patrons holding unredeemed Wagers; (b) The refund of pending Wagers that will not be paid out before the cessation of operation; (c) The distribution of funds in a patron's Sports Wagering Account maintained by a Sports Wagering Operator to that patron; (d) The closure of Sports Wagering Accounts maintained by the Sports Wagering Operator; (e) The closure of the Sports Wagering Operator's Sports Wagering Area, Sports Wagering Facility, or Sports Wagering Platform; (f) The Sports Wagering Operator's plan to satisfy outstanding debts and obligations, including excises taxes due to the Commission pursuant to M.G.L. c. 23N, § 14 and 205 CMR 240.00: Adjusted Gross Sports Wagering and Adjusted Gross Fantasy Wagering Receipts Tax Remittance and Reporting; (g) The Sports Wagering Operator's plan to communicate the cessation plan to the public, patrons, and vendors, including applicable timelines for cessation; and (Mass. Register #1512, 1/5/2024) 258.03: continued (h) A description of the status and current balance of the letter of credit or other financial assurance mechanism held by the Sports Wagering Operator pursuant to 205 CMR 238.12(6) and any information necessary to permit the Commission or its appointed conservator or receiver to access and use such letter of credit or other financial assurance mechanism to satisfy the obligations in 205 CMR 258.03(1)(a) through (f) to the extent feasible. The Commission or its designee shall review the cessation plan required pursuant to 205 CMR 258.03(1) and issue a determination approving or denying the plan, or requiring reasonable modifications or conditions to the plan. (3) Upon approval of the plan specified in 205 CMR 258.03(1), the Sports Wagering Operator shall publish notice of cessation in a form to be approved the Commission that shall include instructions on how patrons may: (a) Collect winnings on unredeemed Wagers; and (b) Collect remaining funds in their Sports Wagering Account. (4) The notice specified in 205 CMR 258.03(3) shall, within five business days be published in: (a) A conspicuous location in the Sports Wagering Area, Sports Wagering Facility, or on the Sports Wagering Platform; (b) On the Sports Wagering Operator's website and social media platforms; and A daily newspaper of general distribution in the Commonwealth, including on that newspaper's website.