(1) Within five
business days of providing notice of its intended cessation of activities
pursuant to
205
CMR 258.01, the Sports Wagering Operation
shall submit a plan to the Commission that addresses:
(a) The distribution of winnings to patrons
holding unredeemed Wagers;
(b) The
refund of pending Wagers that will not be paid out before the cessation of
operation;
(c) The distribution of
funds in a patron's Sports Wagering Account maintained by a Sports Wagering
Operator to that patron;
(d) The
closure of Sports Wagering Accounts maintained by the Sports Wagering
Operator;
(e) The closure of the
Sports Wagering Operator's Sports Wagering Area, Sports Wagering Facility, or
Sports Wagering Platform;
(f) The
Sports Wagering Operator's plan to satisfy outstanding debts and obligations,
including excises taxes due to the Commission pursuant to M.G.L. c. 23N, §
14 and
205 CMR
240.00: Adjusted Gross Sports Wagering and
Adjusted Gross Fantasy Wagering Receipts Tax Remittance and
Reporting;
(g) The Sports
Wagering Operator's plan to communicate the cessation plan to the public,
patrons, and vendors, including applicable timelines for cessation;
and
(h) A description of the status
and current balance of the letter of credit or other financial assurance
mechanism held by the Sports Wagering Operator pursuant to
205
CMR 238.12(6) and any
information necessary to permit the Commission or its appointed conservator or
receiver to access and use such letter of credit or other financial assurance
mechanism to satisfy the obligations in
205
CMR 258.03(1)(a) through (f)
to the extent feasible.
(2) The Commission or its designee shall
review the cessation plan required pursuant to
205
CMR 258.03(1) and issue a
determination approving or denying the plan, or requiring reasonable
modifications or conditions to the plan.
(3) Upon approval of the plan specified in
205
CMR 258.03(1), the Sports
Wagering Operator shall publish notice of cessation in a form to be approved
the Commission that shall include instructions on how patrons may:
(a) Collect winnings on unredeemed Wagers;
and
(b) Collect remaining funds in
their Sports Wagering Account.
(4) The notice specified in
205
CMR 258.03(3) shall, within
five business days be published in:
(a) A
conspicuous location in the Sports Wagering Area, Sports Wagering Facility, or
on the Sports Wagering Platform;
(b) On the Sports Wagering Operator's website
and social media platforms; and
(c)
A daily newspaper of general distribution in the Commonwealth, including on
that newspaper's website.
