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.
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