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Can you summarize 1 COCR 207-1 RULE 16 30-1613?
ACCOUNTING REGULATIONS > Promotional items.
Short Summary
This regulation, part of the Code of Colorado Regulations, applies to licensees who engage in promotions to increase business and gaming at their establishments. The regulation states that licensees may not deduct payouts made pursuant to the promotion from adjusted gross proceeds, except for money or tokens paid at face value directly to a patron as the result of a specific wager. Prior approval from the Division is required before offering and paying additional funds as a result of a specific wager. A specific wager is defined as two or more persons staking something of value on an uncertain event, with the winning party receiving everything that was staked. The regulation also prohibits deductions in the computation of adjusted gross proceeds for prizes, premiums, drawings, benefits, or tickets awarded as promotions that are redeemable for money, merchandise, or other promotional allowances.
Whom does it apply to?
Licensees who engage in promotions to increase business and gaming at their establishments
What does it govern?
Promotions to increase business and gaming at licensed establishments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Colorado