N.Y. Comp. Codes R. & Regs. tit. 9 § 5329.14

Current through Register Vol. 46, No. 45, November 2, 2024

Section 5329.14 - Parlay card wagers

This section applies to parlay card wagers and not parlay wagers.

(a)Requirements for parlay card wagers.

Each operator that offers parlay card wagers shall disclose fully, accurately and unambiguously on all parlay card wagering forms:

(1) the amounts to be paid to winners, the method by which such amounts are to be determined and aggregate payout amount;

(2) the minimum and maximum betting limits, if any;

(3) the effect of ties or draws in sports events;

(4) the effect of a sports event not being played on the date specified and of other occurrences that will cause selections to be invalid;

(5) the procedure for claiming winnings, including, without limitation, the documentation a patron must present to claim winnings;

(6) the requirement that a parlay card wager must consist of at least three selections that have not become invalid under applicable house rules or the wager will be void and will be refunded;

(7) the rights, if any, reserved by the operator, including, without limitation, the right to eliminate any selection prior to the acceptance of a wager, or to withhold payouts of specified amounts until the outcome of each proposition offered by the parlay card has been determined;

(8) the requirement that the point spreads, if any, printed on the parlay card wagering form when the wager is accepted will be used to determine the outcomes of the wagers; and

(9) that the operator's house rules apply to parlay cards unless otherwise stated on the parlay card wagering form.

(b)Payout.

(1) An operator may limit, with commission approval, the aggregate amount to be paid to winners on a parlay card. Any such aggregate limit shall not be less than an amount disclosed on the parlay card (the aggregate limit).

(2) When an operator knows or reasonably should know that actual payouts on a parlay card will be limited by an aggregate limit, the operator shall cease accepting wagers on such parlay card and making payouts on such parlay card.

(3) When an operator ceases accepting wagers and making payouts on a parlay card pursuant to paragraph (2) of this subdivision, if the parlay card, patron receipts and related documentation are distinguishable from the parlay card, receipts and documentation as to which the operator has ceased accepting wagers, then the operator may accept wagers on only those sports events listed on the parlay card whose outcomes have not been determined, in which case such parlay card shall be considered a different parlay card for purposes of this subdivision.

(4) After the outcome of the final sports event offered on a parlay card has been determined, the operator shall determine the total amount of all winning wagers on such parlay card from all patrons. If such total amount exceeds the aggregate limit, the operator, unless paragraph (5) of this subdivision applies, may pay each winning wager, instead of the amount that would have been due in the absence of such aggregate limit, an amount equal to the amount of such winning wager multiplied by such aggregate limit and divided by the total amount of all winning wagers (including payouts made prior to the suspension of payouts) that would otherwise have been made without regard to such aggregate limit.

(5) Notwithstanding the aggregate limit, if an operator pays a winner of a parlay card wager more than 10 percent of the aggregate limit before the outcome of every proposition offered by such parlay card has been determined, such operator shall pay every winner of a wager on such parlay card the proper payout amount stated on such parlay card in full and without regard to any aggregate limit.

(6) In specific cases, the commission, only in writing, may waive the requirements of this subdivision or impose requirements more restrictive than the requirements of this subdivision.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5329.14

Adopted New York State Register June 26, 2019/Volume XLI, Issue 26, eff. 6/26/2019