5-1314. Event wagering authorized

335 words·~2 min read·/az/title-5/5-1314

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. Notwithstanding any other law relating to wagering except for title 5, chapter 1 and title 13, chapter 33, the operation of event wagering is lawful only if the event wagering is conducted in accordance with this chapter and any other relevant laws and rules.

B. Notwithstanding section 5-112, wagers on racing meetings or simulcasted races may be made, offered or received through the means that other wagers allowed by this chapter are made, offered or received unless otherwise prohibited by federal law.

C. Each event wagering operator shall adopt and adhere to a written, comprehensive policy outlining the house rules governing the acceptance of wagers and payouts. The policy and rules must be approved by the department before the event wagering operator accepts wagers. The policy and rules must be readily available to a bettor at any event wagering facility location and on any event wagering platform.

D. The department shall adopt rules regarding:

1. The manner in which an event wagering operator accepts wagers from and issues payouts to bettors, including payouts in excess of $10,000.

2. Reporting requirements necessary to comply with the bank secrecy act (P.L. 91-508; 84 Stat. 1114) and patriot act (P.L. 107-56; 115 Stat. 272) and for any other applicable laws and rules governing reporting suspicious wagers.

E. Each wager placed in accordance with this chapter is deemed to be an enforceable contract under law.

F. If the governing body of a sport or sports league, organization or association or other authorized entity that maintains official league data opts to provide official league data for the purposes of event wagering, an event wagering operator shall exclusively use official league data for purposes of tier two sports wagers unless the event wagering operator can demonstrate to the department that the governing body of a sport or sports league, organization or association or other authorized entity cannot provide a feed of official league data for tier two sports wagers in accordance with commercially reasonable terms, as determined by the department.