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Frequently Asked Questions Related to Gambling

Question: How long does an organization need to retain game pieces and records?

Answer: Redeemed and unsold pull tabs for a game must be retained for one year from the end of the quarter in which the activity was reported on a tax return. All other documents, including the deal's game information sheet and flare, purchase invoices or receipts documenting the cost of prizes, accounting and bank records, and receipts documenting eligible uses, must be retained for three years from the end of the quarter in which the activity was reported.

Question: Is it possible to buy in again into the same tournament if I lose?

Answer: This depends on the individual tournament. Some tournaments allow for buy-ins, while others do not.

Question: What are the different types of sports bets?

Answer: Parlays, Money Line Bets, Proposition Bet, Teasers and Spread Bets are the main different types.

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