Montana § 23-5-221 Definition

Montana Statutes

§ 23-5-221 — Definition

Montana·Title 23 PARKS, RECREATION, SPORTS, AND GAMBLING·Ch. 5 GAMBLING·Part 2 Calcutta Pools

23-5-221 . Definition. As used in this part, "Calcutta pool" means a form of auction pool conducted by an organization authorized by the department. The Calcutta pool must be an auction pool in which:

(1)a person's wager is equal to the person's bid;

(2)the proceeds from the pool, minus administrative costs and prizes paid, are contributed to a charitable or nonprofit corporation, association, or cause;

(3)the rules of the pool are publicly posted;

(4)no more than one wager for each competitor is allowed;

(5)at least 50% of the total pool is paid out in prizes;

(6)persons may not bid or wager money on any elementary school or high school sports event; and

(7)the underlying event has more than two entrants.

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23-5-221 . Definition. As used in this part, "Calcutta pool" means a form of auction pool conducted by an organization authorized by the department. The Calcutta pool must be an auction pool in which:
(1) a person's wager is equal to the person's bid;
(2) the proceeds from the pool, minus administrative costs and prizes paid, are contributed to a charitable or nonprofit corporation, association, or cause;
(3) the rules of the pool are publicly posted;
(4) no more than one wager for each competitor is allowed;
(5) at least 50% of the total pool is paid out in prizes;
(6) persons may not bid or wager money on any elementary school or high school sports event; and
(7) the underlying event has more than two entrants.

Montana § 23-5-221 (Definition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

En. Sec. 1, Ch. 550, L. 1987; amd. Sec. 60, Ch. 642, L. 1989; Sec. 23-5-1101 , MCA 1987; redes. 23-5-221 by Code Commissioner, 1989; amd. Sec. 371, Ch. 56, L. 2009.