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Can you summarize 1 COCR 207-1 RULE 12 30-1249?
GAMING DEVICES AND EQUIPMENT > Calculation of adjusted gross proceeds of tournament play.
Short Summary
For purposes of slot machine tournament play only, the adjusted gross proceeds for the tournament shall be the total amount received by the licensee for all entry fees less the total amount paid to the winner(s) as prizes. The value of merchandise awarded as prizes shall be the actual cost of purchase paid by the licensee. Licensees awarding prizes of merchandise shall retain purchase invoices showing the cost of such merchandise. If the value of all prizes exceeds the amount received in tournament entry fees, the licensee may not declare a loss against adjusted gross proceeds.
Jurisdiction
Colorado