Iowa Admin. Code r. 491-11.6

Current through Register Vol. 46, No. 24, May 15, 2024

Rule 491-11.6 - Gambling game-based tournaments

(1)Proposals. Proposals for terms, game rules, entry fees, prizes, dates, and procedures must be submitted in writing and approved by a commission representative before a facility conducts any tournament. Any changes to approved tournaments must be submitted to the commission representative for review and approval prior to being implemented. The written proposal or change shall be submitted to a commission representative at least 14 days in advance of the planned activity. Rules, fees, and a schedule of prizes must be made available to the player prior to entry.

(2)Limits. Tournaments must be based on gambling games authorized by the commission. Entry fees, less prizes paid, are subject to the wagering tax pursuant to Iowa Code section 99F.1I. In determining adjusted gross receipts, to the extent that prizes paid out exceed entry fees received, the facility shall be deemed to have paid the fees for the participants.

(3)Tournament chips. Tournament chips used as wagers in table game tournament proposals approved pursuant to this rule shall be imprinted with a number representing the value of the chip or shall be assigned a value. The facility shall provide that:

a. The assigned value of tournament chips be conspicuously displayed in the tournament area.

b. Internal controls which accoimt for all tournament chips and include reconciliation, handling and variance procedures are approved by a commission representative.

Iowa Admin. Code r. 491-11.6

ARC 8029B, lAB 8/12/09, effective 9/16/09; ARC 9987B, lAB 2/8/12, effective 3/14/12