Section 1900.1160  Redemption of Wagers

a)         A master sports wagering licensee shall redeem any winning ticket it has issued that has not expired.

b)         A ticket shall expire one year after the date of the conclusion of the sports event or combination of sports events that is the subject of the wager.

c)         The proceeds of any winning ticket that expires shall be deposited into the Sports Wagering Fund and deducted from the adjusted gross sports wagering receipts in the same manner as a redeemed wager, pursuant to Section 1900.1040.

d)         A master sports wagering licensee, other than one holding a license pursuant to Section 25-45 of the Act, shall provide for in-person redemption of winning wagers at least eight hours per day, five days per week.

e)         All wagers shall be redeemed in United States currency.  The currency amount may be provided to the patron in any form that has been documented in the internal control system, subject to the following minimum requirements:

1)         Any wager redeemed in person for an amount of $1,000 or less shall provide the patron the option of receiving cash or chips issued by the master sports wagering licensee pursuant to an owners license or organizational gaming license.

2)         Any wager redeemed in person for an amount greater than $1,000 shall provide the patron the option of receiving a check issued at the time of redemption.

f)         A master sports wagering licensee may provide for redemption of winning tickets or refund of void or canceled wagers by U.S. Mail.  In that case, the licensee must document methods in its internal control system to provide for compliance with all other rules, including but not limited to:

1)                  Age verification;

2)                  Compliance with the self-exclusion program; and

3)                  Identification of illegal or suspicious activity.