Code of Massachusetts Regulations
205 CMR - MASSACHUSETTS GAMING COMMISSION
Title 205 CMR 240.00 - Adjusted Gross Sports Wagering and Adjusted Gross Fantasy Wagering Receipts Tax Remittance and Reporting
Section 240.02 - Computation of Adjusted Gross Sports Wagering and Adjusted Gross Fantasy Wagering Receipts
Universal Citation: 205 MA Code of Regs 205.240
Current through Register 1531, September 27, 2024
(1) Sports Wagering: In accordance with M.G.L. c. 23N, § 3, Adjusted Gross Sports Wagering Receipts shall be the total gross receipts from sports wagering less the sum of:
(i) the total of all winnings paid to
participants; and
(ii) all excise
taxes paid pursuant to federal law; provided, however, that the total of all
winnings paid to participants shall not include the cash equivalent of any
merchandise or thing of value awarded as a prize.
(a) Adjusted Gross Sports Wagering Receipts
shall be calculated daily and in accordance with the Operator's approved system
of internal controls.
(b) Any
amount that an Operator is unable to collect pursuant to any credit issued to a
patron to take part in sports wagering in accordance with 205 CMR, et
seq. shall be deemed an amount actually received for purposes of
calculating gross sports wagering receipts.
(c) Adjusted Gross Sports Wagering Receipts
shall not include any amount received by an Operator from credit extended or
collected by the Operator for purposes other than sports wagering.
(d) The accrual method of accounting shall be
used for the purposes of calculating the amount of the tax owed.
(2) Fantasy Contests: In accordance with M.G.L. c. 23N, § 3, Adjusted Gross Fantasy Wagering Receipts shall be the total gross receipts from fantasy contests as defined in M.G.L. c. 12, § 11MU, less only the total of all cash prizes paid to participants in the fantasy contests; provided, however, that the total of all cash prizes paid to participants shall not include the cash equivalent of any merchandise or thing of value awarded as a prize.
(a) Adjusted Gross Fantasy Wagering Receipts
shall be calculated daily and in accordance with the person or entity offering
fantasy contests' approved system of internal controls.
(b) Any amount that a person or entity
offering fantasy contests is unable to collect pursuant to any credit issued to
a patron to take part in fantasy contests in accordance with 205 CMR,
et seq. shall be deemed an amount actually received for
purposes of calculating gross fantasy wagering receipts.
(c) Adjusted Gross Fantasy Wagering Receipts
shall not include any amount received by a person or entity offering fantasy
contests from credit extended or collected by the person or entity for purposes
other than fantasy contests.
(d)
The accrual method of accounting shall be used for the purposes of calculating
the amount of the tax owed.
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