23-5-221. Definition.
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.
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.