Iowa Admin. Code r. 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.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.