74-8791. Sports wagering receipts fund established; separate accounts for each facility; carry over of negative revenues.

470 words·~2 min read·/ks/chapter-74/74-8791

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

(a)There is hereby established in the state treasury the sports wagering receipts fund to be administered by the executive director of the Kansas lottery. Separate accounts shall be maintained in such fund for receipt of moneys from sports wagering conducted by each lottery gaming facility manager. All expenditures from the fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the executive director, or the executive director's designee, for the purposes set forth in this act.

(b)All revenues from sports wagering conducted by lottery gaming facility managers shall be paid weekly and electronically to the executive director, or as soon as reasonably possible based on the sporting event and the wager placed, but in no event prior to the completion and settling of all bets for the sporting events for which wagers were placed. The executive director shall remit all moneys received therefrom to the state treasurer in accordance with the provisions of K.S.A. 75-4215 , and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury and credit such remittance to the respective account in the sports wagering receipts fund maintained for the lottery gaming facility manager.

(c)The executive director shall allow lottery gaming facility managers to carry over negative sports wagering revenues and apply such amounts to returns filed for subsequent weeks. Sports wagering revenues for a week will be considered negative if the sum of the winnings paid to patrons wagering on such manager's sports wagering plus all voided wagers and excise taxes on sports wagering paid pursuant to federal law, exceeds the manager's total bets accepted from sports wagering by patrons. The negative amount of sports wagering revenues shall not be applied back to an earlier week, and moneys previously received by the Kansas lottery will not be refunded unless the manager ceases to manage sports wagering and the last return reported negative sports wagering revenues.

(1)The executive director shall certify weekly to the director of accounts and reports the percentages or amounts to be transferred from each account maintained in the sports wagering receipts fund to the lottery operating fund in accordance with the provisions of K.S.A. 74-8711 , and amendments thereto, as provided by the lottery gaming facility management contract. Upon receipt of the certification, the director of accounts and reports shall transfer amounts from each such account in accordance with the certification of the executive director.

(2)The executive director shall cause amounts remaining in each such account to be paid to the lottery gaming facility managers in accordance with each entity's respective contract with the Kansas lottery.