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Frequently Asked Questions Related to Gambling

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 is the Commission's role in regulating Class III gaming?

Answer: The regulatory scheme for Class III gaming is more complex than a casual reading of the statute might suggest. Although Congress clearly intended regulatory issues to be addressed in Tribal-State compacts, it left a number of key functions in federal hands, including approval authority over compacts, management contracts, and tribal gaming ordinances. Congress also vested the National Indian Gaming Commission (NIGC or Commission) with broad authority to issue regulations in furtherance of the purposes of the Indian Gaming Regulatory Act (IGRA). Accordingly, the Commission plays a key role in the regulation of Class II and III gaming.

Question: If a casino discharges a gaming debt, is this a reportable transaction?

Answer: No, since a casino does not meet the meaning of "applicable financial entity" per Internal Revenue Code section 6050P(a), there is no reporting requirement in the discharge of a gaming debt.

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