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 his 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.