23-5-503. Rules. (1) The card or other device used for recording the sports pool or sports tab game must clearly indicate in advance of the sale of any chances the number of chances to be sold in that specific pool, the name of the event or series of events, the consideration to be paid for each chance, and the total amount or percentage to be paid to the winners. The sports tabs must be purchased from a sports tab game seller licensed under 23-5-513.
(2) Each sports tab or chance to participate in a sports pool must be sold for the same amount, which may not exceed $25, and the total amount paid to all winners of any individual sports pool or sports tab game may not exceed the value of $2,500. Chances for a series of events may be purchased all at once prior to the occurrence of the first event.
(3) (a) Except as provided in subsection (3)(b), the winners of any sports pool must receive a 100% payout of the value of the sports pool. The winner of a sports tab game must receive at least 90% of the total cost of the 100 sports tabs. The operator of the sports tab game may retain the remaining money for administration and other expenses.
(b) A nonprofit organization that maintains records and opens the records to inspection upon reasonable demand to verify that the retained portion is used to support charitable activities, scholarships or educational grants, or community service projects may retain up to 50% of the value of a sports pool or sports tab game.
(4) A person or nonprofit organization conducting a sports pool or sports tab game may purchase chances or sports tabs to participate in the sports pool or sports tab game but may not:
(a) retain any portion of the amount wagered in the sports pool or sports tab game, except as provided in subsection (3)(b);
(b) charge a fee for participating in the sports pool or sports tab game; or
(c) use the sports pool or sports tab game in any manner to establish odds or handicaps or to allow betting or booking against the person or nonprofit organization conducting the pool or game.