23-5-221. Definition.
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/mt/title-23/chapter-5/part-2/23-5-221·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.