1. (a) "Adjusted gross receipts" means:

   1. (1) the total of all cash and property (including checks received by a licensee, whether collected or not) received by a licensee from gambling games, including amounts that are distributed by a licensee under IC 4-35-7-12 ; minus

   2. (2) the total of:

      1. (A) all cash paid out to patrons as winnings for gambling games; and

      2. (B) uncollectible gambling game receivables, not to exceed the lesser of:

         1. (i) a reasonable provision for uncollectible patron checks received from gambling games; or

         2. (ii) two percent (2%) of the total of all sums, including checks, whether collected or not, less the amount paid out to patrons as winnings for gambling games.

            For purposes of this section, a counter or personal check that is invalid or unenforceable under this article is considered cash received by the licensee from gambling games.

2. (b) The term does not include amounts received from sports wagering conducted by a licensee under IC 4-38 .

As added by P.L.233-2007, SEC.21. Amended by P.L.205-2013, SEC.71; P.L.210-2013, SEC.12; P.L.293-2019, SEC.35.