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Can you summarize 1 COCR 207-2 RULE 6?
SPORTS BETTING REGULATIONS > RIGHTS AND DUTIES OF LICENSEES Effective 4/14/20
Short Summary
The provided legal document content covers various aspects of the rights and duties of licensees under the Colorado Limited Gaming Act. It emphasizes the responsibility of licensees to employ and maintain lawful methods of operation and prohibits the use of unlawful methods as determined by the Commission. Licensees are required to fully comply with the statutes, Rules and Regulations of the Commission, and promptly notify the Division of Gaming of any violations or suspected violations. The document also outlines the requirements for licensees to submit reports and notices to the Division of Gaming, including information on individuals with ownership or financial interests in the licensee. Licensees must make all papers, books, and records related to sports betting available for inspection by authorized entities and provide immediate access to the premises for inspection purposes. Compliance with notification and inspection requirements is essential, and failure to comply may result in disciplinary action. The document also addresses the presence of Key Employees during operation, identification requirements for support or key employee licensees, payment of winners within 24 hours, and the method of reserve to cover outstanding sports betting liability. It further specifies the need for licensees to adopt comprehensive house rules, prominently display them, and make them available for inspection. Amendments to the house rules must be filed with the Division. False or misleading advertising is prohibited, and specific regulations are outlined for the closing of Sports Betting Operations and Internet Sports Betting Operations. The document also covers the transfer of interest in licensees, time and place restrictions for sports betting, and the rights and duties related to pools, contests, and prohibited sports betting participants. Overall, these documents apply to licensees under the Colorado Limited Gaming Act and provide guidelines and requirements for their operations in various aspects of sports betting.
Whom does it apply to?
Licensees under the Colorado Limited Gaming Act, including Masters, Sports Betting Operators, Internet Sports Betting Operators, and Vendor Major licensees
What does it govern?
Rights and duties of licensees, employment and maintenance of lawful methods of operation, notification of violations, inspection of records and premises, payment of winners, adoption of house rules, advertising regulations, closing of operations, transfers of interest in licensees, time and place restrictions for sports betting, rights and duties related to pools and contests, display of licenses, financial reserves, prohibited sports betting participants
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Specific penalties for non-compliance or violation of the provisions are not mentioned.
Jurisdiction
Colorado