Section 3775-16-06 - Reserve funds(A) Each sports gaming proprietor must always maintain a reserve in an amount that is equal to or greater than the amount necessary to ensure the sports gaming proprietor's ability to cover the sum of all amounts accepted by a sports gaming proprietor on sporting events whose outcomes have not been determined, money owed but unpaid by the sports gaming proprietor to patrons on winning wagers, and the funds held for patron accounts.(B) Reserve funds must be held separate from operational funds in a manner approved by the executive director.(C) The reserve funds must be held in the form of cash, cash equivalents, payment processor reserves, payment processor receivables, an irrevocable letter of credit, a bond, or a combination thereof.(D) Sports gaming proprietors must notify the commission no less than ninety days prior to ceasing operations and provide a written plan to settle any outstanding liabilities and refund player account funds.Ohio Admin. Code 3775-16-06
Effective: 10/15/2022
Five Year Review (FYR) Dates: 10/15/2027
Promulgated Under: 119.03
Statutory Authority: 3775.02
Rule Amplifies: 3775.02, 3775.10