Wash. Admin. Code § 230-15-400

Current through Register Vol. 25-01, January 1, 2025

Section 230-15-400 - Accounting for player-supported jackpot funds

Class F or house-banked licensees must:

(1) Maintain a separate bank account in a bank, mutual savings bank, or credit union in Washington state for holding player-supported jackpot (PSJ) funds; and

(2) Deposit only funds from PSJs into the account; and

(3) Not make payouts from the PSJ funds until licensees have first deposited the funds in the PSJ account. However, licensees may pay out prizes won during the gambling day and deduct administrative expenses before licensees deposit the funds; and

(4) Transfer or deposit the PSJ funds into the PSJ account or with an armored car service no later than the second banking day after the close of business; and

(5) Identify all deposits or transfers of PSJ funds by the type of PSJ fund and date of collection. Licensees must keep the validated deposit receipts or transfer information as a part of their required daily records or have online access to their player-supported jackpot bank accounts; and

(6) Transfer the amount from the PSJ account to the cage or general account before the end of the month if PSJ prizes are paid from the cage or general account. The licensee must keep the transfer information as part of the written records; and

(7) Reconcile the account balance in their bank statement to the PSJ prize balance on their PSJ prize fund accrual record each month. "Reconcile" means the licensee must compare the two balances, resolve any differences, and document the comparison and the differences in writing. Licensees must keep the reconciliation as part of their records.

Wash. Admin. Code § 230-15-400

Amended by WSR 14-11-021, filed 5/9/14, effective 7/1/2014

Statutory Authority: RCW 9.46.070. 10-11-087 (Order 669), § 230-15-400, filed 5/17/10, effective 7/1/10; 09-19-051 (Order 660), § 230-15-400, filed 9/11/09, effective 1/1/10; 07-10-034 (Order 611), § 230-15-400, filed 4/24/07, effective 1/1/08.