Current through Register Vol. XLI, No. 50, December 13, 2024
Section 178-5-5 - Account Wagering5.1. General. The association may offer a system of account wagering to patrons whereby wagers are debited and payouts credited to a sum of money, deposited in an account by the patron, that is held by the association. The association shall notify the patron, at the time of opening the account, of any rules the association has made concerning deposits, withdrawals, average daily balance, user fees, interest payments and any other aspect of the operation of the account. The association shall notify the patron whenever the rules governing the account are changed, the notification occurring before the new rules are applied to the account and including the opportunity for the patron to close or cash-in the account. The patron shall be considered to have accepted the rules of account operation upon opening or not closing the account. The association shall request authorization from the Racing Commission before a system of account wagering is offered.
5.2. Account Opening. 5.2.a. The association may offer to open for patrons:5.2.a.1. Short-term accounts that are operational only for the performance during which they were opened and only at the site where they were opened, whereby wagers are placed by the account holder at a self-service terminal;5.2.a.2. Long-term accounts that are operational for any performance offered by the association, whereby wagers are placed by the account holder at a self-service terminal, by telephone, or by internet; and5.2.a.3. Voucher accounts that are operational for any performance offered by the association, whereby wagers are placed by the account holder at any ticket issuing terminal. The patron may choose to credit winning payouts in cash and may choose to close or cash-in the account at any time.5.3. Refusals. 5.3.a. The association may reserve the right at any time to refuse to open an account, to accept a wager, or to accept a deposit.5.4. Patron Information.5.4.a. Each short-term or long-term account holder shall provide any personal information required by the association and the Racing Commission, including an address to which communications are to be delivered. The association shall provide, for each short-term or long-term account holder, a confidential account number and password to be used by the patron to confirm validity of every account transaction.5.5. Deposits.5.5.a. Deposits may be made in cash or by check. If the deposit is by check, the proceeds of the check may first need banker's clearance. Holding periods shall be determined by the association and advised to the account holder. A receipt for the deposit shall be issued to the account holder, but does not need to reflect the current account balance.5.6. Sufficient Account Balance.5.6.a. Each account holder shall be considered to be aware of the status of that account at all times. Wagers shall not be accepted which would exceed the available balance of that account. Any account not updated when a transaction is completed shall be inoperable until the transaction is posted and the account balance updated.5.7. Account Credits.5.7.a. When an account is entitled to a payout or refund, the monies shall be credited to the respective accounts, thus increasing the credit balance. It is the responsibility of the account holder to verify proper credits and, if in doubt, notify the association within the agreed upon time frame for consideration. Unresolved disputes may be forwarded to the Racing Commission by the association or the account holder. The Racing Commission shall consider no claim unless it is submitted in writing and accompanied by supporting evidence.5.8. Account Operation. 5.8.a. The association shall maintain complete records of every deposit, withdrawal, wager and winning payout for each short- and long-term account. Voucher accounts shall be recorded in a manner similar to a ticket. These records shall be made available to the Racing Commission upon request.5.8.b. For wagers made for an account by telephone, the association shall make a voice recording of the entire transaction and shall not accept any wager if the voice recording system is inoperable.5.8.c. Any account wagering system shall provide for the account holder's review and finalization of a wager before the association accepts it. Neither the account holder nor the association shall change a wager after the account holder has reviewed and finalized the wager. In the case of a wager made by telephone, the voice recording of the transaction shall be considered to be the actual wager, regardless of what was recorded by the pari-mutuel system.5.9. Account Closure. 5.9.a. The association may close any account when the holder of the account attempts to operate with an insufficient balance or when the account is dormant for a period approved by the Racing Commission. In either case, the association shall refund the remaining balance of the account.