Terms Used In Louisiana Revised Statutes > Title 47 > Subtitle XI > Chapter 1 - General Provisions

• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Applicant: means a person, business, or legal entity who has submitted an application to the corporation seeking a permit or the renewal of a permit. See Louisiana Revised Statutes 47:9002
• Application: means the forms and schedules prescribed by the corporation upon which an applicant seeks a permit or the renewal of a permit. See Louisiana Revised Statutes 47:9002
• Board: means the board of directors of the Louisiana Lottery Corporation. See Louisiana Revised Statutes 47:9002
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: means the Louisiana Lottery Corporation. See Louisiana Revised Statutes 47:9002
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Lottery: means any game of chance approved by the corporation and operated pursuant to this Chapter and shall not include sports wagering authorized pursuant to this Subtitle. See Louisiana Revised Statutes 47:9002
• Major procurement: means any item, product, or service in the amount of one hundred thousand dollars or more, including but not limited to major advertising contracts, annuity contracts, prize products, and services unique to the Louisiana lottery, but not including materials, supplies, equipment, and services common to the ordinary operations of a corporation. See Louisiana Revised Statutes 47:9002
• Mobile application: means an application on a mobile phone or other device through which a player is able to register, fund, and place a wager with an operator on a sports event and receive a credit on their sports wagering account. See Louisiana Revised Statutes 47:9002
• operator: means a suitable person that holds a permit from the corporation to engage in the operation of a sports book on behalf of the corporation. See Louisiana Revised Statutes 47:9002
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permit: means any permit or authorization, or application therefor, issued pursuant to the provisions of this Subtitle. See Louisiana Revised Statutes 47:9002
• Person: means any individual, corporation, partnership, unincorporated association, or other legal entity. See Louisiana Revised Statutes 47:9002
• player: means an individual who places a wager on a sports event. See Louisiana Revised Statutes 47:9002
• President: means the president of the Louisiana Lottery Corporation, who shall also serve as chief executive officer of the corporation. See Louisiana Revised Statutes 47:9002
• Retail establishment: means a retail business that is permitted by the corporation to host a sports wagering mechanism. See Louisiana Revised Statutes 47:9002
• Sports book: means the offering of sports wagering by a sports wagering platform provider on the premises of a permitted retail establishment or through a sports wagering platform. See Louisiana Revised Statutes 47:9002
• Sports event: means any professional sport or athletic event, any collegiate sport or athletic event, any Olympic or international sports competition event, or any other special event or competition of relative skill as authorized by the corporation to be a sports event for purposes of this Chapter. See Louisiana Revised Statutes 47:9002
• Sports wagering: means the acceptance of a wager on a sports event or on a portion of a sports event or on the individual performance or statistics of an athlete or participant in a sports event or a combination of sports events, by any system or method of wagering. See Louisiana Revised Statutes 47:9002
• Sports wagering account: means an electronic financial record established with an operator for an individual patron in which the patron may deposit and withdraw funds for sports wagering and other authorized purchases and to which the operator may credit winnings or other amounts due to that patron or authorized by that patron. See Louisiana Revised Statutes 47:9002
• Sports wagering platform: means an integrated system of hardware, software, or applications, including mobile applications and servers, through which an operator conducts the business of offering sports wagering conducted in accordance with this Subtitle. See Louisiana Revised Statutes 47:9002
• Subtitle: means and includes all the Chapters in Subtitle II of this Title 47 and any other Title of the Louisiana Revised Statutes of 1950 except the provisions of Chapter 1 of Subtitle IV of Title 47 of the Louisiana Revised Statutes of 1950 and estate taxes for the assessment, collection, administration, and enforcement of taxes, fees, licenses, penalties, and interest due the state of Louisiana which have been delegated to the Department of Revenue. See Louisiana Revised Statutes 47:1501