Ohio Admin. Code 3775-16-06 - Reserve funds
(A)
Each sports
gaming proprietor must always maintain a reserve in an amount that is equal to
or greater than the amount necessary to ensure the sports gaming proprietor's
ability to cover the sum of all amounts accepted by a sports gaming proprietor
on sporting events whose outcomes have not been determined, money owed but
unpaid by the sports gaming proprietor to patrons on winning wagers, and the
funds held for patron accounts.
(B)
Reserve funds
must be held separate from operational funds in a manner approved by the
executive director.
(C)
The reserve funds must be held in the form of cash,
cash equivalents, payment processor reserves, payment processor receivables, an
irrevocable letter of credit, a bond, or a combination thereof.
(D)
Sports gaming
proprietors must notify the commission no less than ninety days prior to
ceasing operations and provide a written plan to settle any outstanding
liabilities and refund player account funds.
Notes
Promulgated Under: 119.03
Statutory Authority: 3775.02
Rule Amplifies: 3775.02, 3775.10
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