Current through September 24, 2024
(a) A book engaging
in global risk management may provide direction, management, consultation,
and/or instruction to the operator of a wagering pool located in a permissible
jurisdiction concerning:
1. The management of
risks associated with a wagering pool for a race or sporting event or any other
event for which the wagering pool is permitted to accept wagers;
2. The determination of where lines, point
spreads, odds, or other activity relating to betting or wagering are initially
set and the determination of whether to change such lines, point spreads, odds,
or other activity relating to betting or wagering;
3. Whether or not to accept or reject bets or
wagers, to pool bets or wagers, or to lay off bets or wagers;
4. The use, transmittal, and accumulation of
information and data for the purpose of providing global risk management;
and
5. Any other activity
associated with a wagering pool if approved in writing by the Executive
Director prior to a book commencing direction, management, consultation, and/or
instruction concerning the activity.
(b) A book which intends to provide global
risk management shall:
1. Enter into a
written agreement to provide global risk management with any operator of a
wagering pool to which the book proposes to provide global risk management. A
copy of such executed agreement with an operator of a wagering pool located
outside of Mississippi shall be provided to the Executive Director no later
than the date on which the book commences global risk management for the
operator of the wagering pool;
2.
Provide details to the Executive Director regarding any permissible
jurisdiction other than Mississippi where the book intends to provide global
risk management no later than the date on which the book commences global risk
management in such permissible jurisdiction;
3. No later than the date on which a book
commences global risk management, submit the book's systems of accounting and
internal control utilized for global risk management to the Executive Director.
Such systems must include provisions for complying with all federal laws and
regulations; and
4. Provide such
other information as the Executive Director may require concerning global risk
management.
(c) In
addition to the requirements contained in subsection (b) of this section, at
least 30 days prior to providing global risk management to a Mississippi
licensee, a book shall submit to the Executive Director the written agreement
for the global risk management provided to the Mississippi licensee. The
Executive Director may object in writing to such agreements in the Executive
Director's sole and absolute discretion. If the Executive Director objects to
an agreement, the book shall not provide global risk management to the
Mississippi licensee until the book has resubmitted the agreement to the
Executive Director, and the Executive Director has indicated in writing that he
does not object to the resubmitted agreement.
Miss. Code Ann.
§§
75-76-89,
75-76-103,
75-76-275.
