Kansas Statutes 74-8791. Sports wagering receipts fund established; separate accounts for each facility; carry over of negative revenues
Terms Used In Kansas Statutes 74-8791
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Executive director: means the executive director of the Kansas lottery. See Kansas Statutes 74-8702
- Kansas lottery: means the state agency created by this act to operate a lottery or lotteries pursuant to this act. See Kansas Statutes 74-8702
- Lottery gaming facility: means that portion of a building used for the purposes of operating, managing and maintaining lottery facility games. See Kansas Statutes 74-8702
- Lottery gaming facility manager: means a corporation, limited liability company, resident Kansas American Indian tribe or other business entity authorized to construct and manage, or manage alone, pursuant to a lottery gaming facility management contract with the Kansas lottery, and on behalf of the state, a lottery gaming enterprise and lottery gaming facility. See Kansas Statutes 74-8702
- Sporting event: means any professional or collegiate sport or athletic event, motor race event or any other special event authorized by the commission that has not occurred at the time wagers are placed on such event. See Kansas Statutes 74-8702
- Sports wagering: includes , but is not limited to, single game wagers, teaser wagers, parlays, over-under wagers, moneyline wagers, pools, exchange wagering, in-game wagers, in-play wagers, proposition wagers, straight wagers and such other wagers approved by the commission. See Kansas Statutes 74-8702
- Sports wagering revenues: means wagering revenue generated from sports wagering that is an amount equal to the total wagers less any voided wagers, federal excise taxes, free plays or other promotional credits and any amounts paid as prizes. See Kansas Statutes 74-8702
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) There is hereby established in the state treasury the sports wagering receipts fund to be administered by the executive director of the Kansas lottery. Separate accounts shall be maintained in such fund for receipt of moneys from sports wagering conducted by each lottery gaming facility manager. All expenditures from the fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the executive director, or the executive director’s designee, for the purposes set forth in this act.
(b) All revenues from sports wagering conducted by lottery gaming facility managers shall be paid weekly and electronically to the executive director, or as soon as reasonably possible based on the sporting event and the wager placed, but in no event prior to the completion and settling of all bets for the sporting events for which wagers were placed. The executive director shall remit all moneys received therefrom to the state treasurer in accordance with the provisions of Kan. Stat. Ann. § 75-4215, and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury and credit such remittance to the respective account in the sports wagering receipts fund maintained for the lottery gaming facility manager.
(c) The executive director shall allow lottery gaming facility managers to carry over negative sports wagering revenues and apply such amounts to returns filed for subsequent weeks. Sports wagering revenues for a week will be considered negative if the sum of the winnings paid to patrons wagering on such manager’s sports wagering plus all voided wagers and excise taxes on sports wagering paid pursuant to federal law, exceeds the manager’s total bets accepted from sports wagering by patrons. The negative amount of sports wagering revenues shall not be applied back to an earlier week, and moneys previously received by the Kansas lottery will not be refunded unless the manager ceases to manage sports wagering and the last return reported negative sports wagering revenues.
(d) (1) The executive director shall certify weekly to the director of accounts and reports the percentages or amounts to be transferred from each account maintained in the sports wagering receipts fund to the lottery operating fund in accordance with the provisions of Kan. Stat. Ann. § 74-8711, and amendments thereto, as provided by the lottery gaming facility management contract. Upon receipt of the certification, the director of accounts and reports shall transfer amounts from each such account in accordance with the certification of the executive director.
(2) The executive director shall cause amounts remaining in each such account to be paid to the lottery gaming facility managers in accordance with each entity’s respective contract with the Kansas lottery.