N.M. Admin. Code § 15.1.24.13

Current through Register Vol. 35, No. 23, December 10, 2024

Section 15.1.24.13 - PARAMETERS; FUNDING; CASH REQUIREMENTS

A. All or an incremental amount of a progressive jackpot may be transferred to another progressive gaming machine at the same location provided that the progressive liability transfer is immediately documented on the progressive tracking log and the liability is maintained by the licensee offering the progressive until the progressive transfer is completed. Once a progressive award has been offered for play, it shall be permitted to remain until it is won by a player or transferred to other progressive games.

B. Any machine offering the jackpot to which all or an incremental amount of another progressive jackpot was distributed shall not require that more money be played on a single play to win the jackpot than the machine from which the incremental amount was distributed, and any machine offering the jackpot to which the incremental amount is distributed shall comply with the minimum theoretical payout requirement of these rules. The distribution shall be completed within thirty (30) days after the progressive jackpot is removed from play or within such longer period as the board or its designee may for good cause approve

C. The executive director or its designee, upon a showing of exceptional circumstances, may approve a reduction, elimination, distribution, or procedure not otherwise described in this subsection, which approval is confirmed in writing.

D. A licensee may limit a progressive jackpot to an amount that is equal to or greater than the amount of the jackpot when the limit is imposed. The licensee shall post a conspicuous notice of the limit at or near the gaming machine or machines to which the limit applies. The minimum jackpot amount, and the maximum jackpot amount if a maximum has been set, shall be posted.

E. The progressive jackpot and reserve pool shall be funded by the licensee at a contribution rate approved in advance by the board.

F. Unless the board has approved the payment of progressive jackpots by annuity, a licensee who operates a progressive gaming system shall maintain a minimum reserve of cash or cash equivalents equal to the total of all progressive jackpots that may be won at the location. The board or its designee shall approve all such cash reserves.

G. Records shall be maintained that record the amount shown on a progressive jackpot meter. Supporting documents shall be maintained to explain any reduction in the pay off amount from a previous entry.

N.M. Admin. Code § 15.1.24.13

15.1.24.13 NMAC - N, 5/31/00; A, 5/15/07, Amended by New Mexico Register, Volume XXVI, Issue 19, October 15, 2015, eff. 10/15/2015