Regulation .32 Wager Payouts.
Regulation .32 Wager Payouts.LinkCopy Citation
A.
A sports wagering licensee shall prepare and timely file IRS Form W-2G, Certain Gambling Winnings, in accordance with IRS rules and regulations.
B.
A sports wagering licensee shall pay a sports wager payout of $50,000 or more:
(1)
By cash or check; or
(2)
On the request of a bettor, any combination of cash, sports wagering ticket or voucher, check, or other method of payment approved by the Commission.
C.
A sports wagering licensee shall develop procedures to obtain personal identifying information from any individual who places any single wager in an amount of $10,000 or greater on a sporting event while physically present in a facility.
D.
To ensure compliance with §C of this regulation, a sports wagering licensee shall, prior to accepting any sports wager in excess of $3,000 or making a payout in excess of $3,000 on a winning sports wager:
(1)
Create a bettor identification file and identify the bettor;
(2)
Obtain and record the bettor’s Social Security number in the bettor identification file; and
(3)
Record, on a log, the following information:
(a)
Date of the wager or payout;
(b)
Name of the bettor;
(c)
Name and signature of the sports wagering employee authorizing the acceptance of the wager; and
(d)
Name and signature of the sports wagering employee identifying the bettor and generating the sports wagering ticket or making the payout.
E.
A sports wagering licensee shall monitor for and report all suspicious activity related to sports wagering transactions.