"Adjusted gross receipts" means:

1. (1) the total of all cash and property (including checks received by a certificate holder, whether collected or not) received from authorized sports wagering offered by a certificate holder; minus

2. (2) the total of:

   1. (A) all cash paid out as winnings to sports wagering patrons, including the cash equivalent of any merchandise or thing of value awarded as a prize; and

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

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

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

         For purposes of this section, a counter or personal check that is invalid or unenforceable under this article is considered cash received by the certificate holder from sports wagering.

As added by P.L.293-2019, SEC.43. Amended by P.L.146-2020, SEC.1.