Florida Regulations 75-11.015: Chips and Tokens
Current as of: 2024 | Check for updates
|
Other versions
(1) All chips and tokens not in play or which are not available for play or use that day shall be locked in a secure location.
(2) Daily records must be kept for all chips and tokens issued including the date, time, table to which they were issued, the denomination(s), and total value.
(3) The face of each chip or token must include:
(a) The name and/or the logo of the facility that issued the chip or token; and,
(b) The value of the chip or token.
(4) The denomination of chips or tokens must be distinguishable from other chips or tokens when stacked.
(5) Chips or tokens purchased at a cardroom facility shall be redeemed by the cardroom operator for the appropriate cash value.
(6) Tournament chips shall:
(a) Be distinguishable from all other chips used at the cardroom facility;
(b) Not be redeemable for anything of value;
(c) Be only purchased at a buy-in or registration; and,
(d) Be used to compute the total points or units accumulated and the winner or winners of a tournament.
(7) Cardroom operators shall maintain records documenting the daily ending inventory of tokens and chips pursuant to Section 849.086(11)(a), F.S.
(8) If a cardroom operator elects to cross-cash chips with other licensed cardroom operators under the same ownership, each participating cardroom operator’s internal controls shall include procedures to:
(a) Ensure that cross-cashed chips and regular house chips are maintained separately;
(b) Designate a secure area under surveillance to maintain cross-cashed chips;
(c) Establish a threshold for the amount of cross-cashed chips accumulating on a partner cardroom’s behalf or designate a time frame for how long cross-cashed chips may remain in the cardroom operator’s possession;
(d) Account for the exchange of funds for the exact amount representing the accumulated chips; and,
(e) Transport cross-cashed chips back to their original cardroom.
(9) In the event partner cardrooms cross-cash chips, the cross-cashing procedures for each cardroom operator must be in agreement with those submitted by their partner cardroom operator.
Rulemaking Authority Florida Statutes § 550.0251(12), 849.086(4) FS. Law Implemented Florida Statutes § 849.086. History-New 1-7-97, Amended 4-12-06, 9-7-08, 7-21-14, Formerly 61D-11.015.
(3) The face of each chip or token must include:
(a) The name and/or the logo of the facility that issued the chip or token; and,
(b) The value of the chip or token.
(4) The denomination of chips or tokens must be distinguishable from other chips or tokens when stacked.
(5) Chips or tokens purchased at a cardroom facility shall be redeemed by the cardroom operator for the appropriate cash value.
(6) Tournament chips shall:
(a) Be distinguishable from all other chips used at the cardroom facility;
(b) Not be redeemable for anything of value;
(c) Be only purchased at a buy-in or registration; and,
(d) Be used to compute the total points or units accumulated and the winner or winners of a tournament.
(7) Cardroom operators shall maintain records documenting the daily ending inventory of tokens and chips pursuant to Section 849.086(11)(a), F.S.
(8) If a cardroom operator elects to cross-cash chips with other licensed cardroom operators under the same ownership, each participating cardroom operator’s internal controls shall include procedures to:
(a) Ensure that cross-cashed chips and regular house chips are maintained separately;
(b) Designate a secure area under surveillance to maintain cross-cashed chips;
(c) Establish a threshold for the amount of cross-cashed chips accumulating on a partner cardroom’s behalf or designate a time frame for how long cross-cashed chips may remain in the cardroom operator’s possession;
(d) Account for the exchange of funds for the exact amount representing the accumulated chips; and,
(e) Transport cross-cashed chips back to their original cardroom.
(9) In the event partner cardrooms cross-cash chips, the cross-cashing procedures for each cardroom operator must be in agreement with those submitted by their partner cardroom operator.
Rulemaking Authority Florida Statutes § 550.0251(12), 849.086(4) FS. Law Implemented Florida Statutes § 849.086. History-New 1-7-97, Amended 4-12-06, 9-7-08, 7-21-14, Formerly 61D-11.015.