N.Y. Comp. Codes R. & Regs. tit. 9 § 4820.26
Current through Register Vol. 46, No. 43, October 23, 2024
When any merchandise prize is awarded in a game of bingo, its value shall be its cost to the licensee or, if donated, its fair market value. The fair market value of merchandise prizes donated to the licensee shall not be reported as an expenditure in the financial statement of bingo operations. No merchandise prize shall be redeemable or convertible into cash directly or indirectly by the licensee. The provisions of this section shall not be construed so as to circumvent the statutory prize limits set forth in General Municipal Law 479(5) and 481(1)(a).
N.Y. Comp. Codes R. & Regs. Tit. 9 § 4820.26