Acceptance of Wagers

Acceptance of Wagers (a) Books may not accept wagers unless made with cash, chips, tokens, or other representatives of value approved by the Executive Director, or against credits made to a Wagering account as approved by the Executive Director or on credit extended in accordance with the licensee’s internal controls and the regulations of the Commission. A Wagering account must be established by a patron with the licensee, and an initial verification of the account must be done in-person by a patron at the licensee’s premises before the acceptance of any wager that will utilize a Wagering account. (b) A book shall accept wagers only on its licensed premises, and only at betting stations or kiosks/terminals approved by the Executive Director or through an on-site computerized Wagering system that has been approved by the Executive Director. (c) A book shall not knowingly accept money or its equivalent ostensibly as a wager upon an event whose outcome has already been determined. A licensed sports pool shall not accept a wager on an event unless the date and time at which the outcome of the event is determined can be confirmed from reliable sources satisfactory to the Executive Director or from records created and maintained by the book in such manner as the Executive Director may approve. (d) As part of its internal controls submission, a book shall provide the Executive Director with a catalog of the type of events that it intends to accept wagers on. The Executive Director reserves the right to prohibit the acceptance of wagers, and may order the cancellation of wagers and require refunds on any event for which wagering would be contrary to the public policies of the State. (e) No book or agent or employee of a book may accept a wager from a person who the book, agent, or employee knows or reasonably should know is placing the wager for the benefit of another for compensation, or is placing the wager in violation of state or federal law. (f) No book may hold a patron’s money or its equivalent on the understanding that the book will accept the money as a wager only upon the occurrence of a specified, future contingency, unless a betting ticket documenting the wager and contingency is issued immediately when the book receives the money or its equivalent. (g) A race book or sports pool may not accept wagers on a race or sporting event unless the wagering proposition is posted. Propositions may be posted by electronic or manual means, including printed media. (h) A book may not unilaterally rescind any wager without the prior written approval of the Executive Director.