§ 23-5-221

23-5-221. Definition. As used in this part, 'Calcutta pool' means a form of auction pool conducted by an organization authorized by the department. The Calcutta pool must be an auction pool in which: (1) a person's wager is equal to the person's bid; (2) the proceeds from the pool, minus administrative costs and prizes paid, are contributed to a charitable or nonprofit corporation, association, or cause; (3) the rules of the pool are publicly posted; (4) no more than one wager for each competitor is allowed; (5) at least 50% of the total pool is paid out in prizes; (6) persons may not bid or wager money on any elementary school or high school sports event; and (7) the underlying event has more than two entrants. History: En. Sec. 1, Ch. 550, L. 1987; amd. Sec. 60, Ch. 642, L. 1989; Sec. 23-5-1101, MCA 1987; redes. 23-5-221 by Code Commissioner, 1989; amd. Sec. 371, Ch. 56, L. 2009.