HB 1462 Summary

• Allows type II gaming retailers to retain profits from qualified drawings instead of returning all wagered amounts as prizes.

• Includes raffle ticket sales from qualified drawings where retailers retain profits in the calculation of the retailer's gross receipts.

• Requires retailers to display conspicuous information specifying whether they will retain profits or return all wagered amounts to patrons as prizes.

• Establishes new reporting requirements for retailers to disclose the amount of qualified drawing profits retained during each reporting period.

• Effective July 1, 2011.