1. A qualified organization may operate a charitable lottery if:
(a) The qualified organization is registered by the Chair to operate a charitable lottery pursuant to NRS 462.150; and
(b) The total value of all the prizes offered in charitable lotteries operated by the qualified organization during the same calendar year, including, without limitation, the value of all unclaimed cash prizes:
(1) Except as otherwise provided in subparagraph (2), does not exceed $500,000; or
(2) If the qualified organization is a qualified professional sports organization, does not exceed $2,000,000.
2. As used in this section, "qualified professional sports organization" means a qualified organization that is affiliated and co-branded with a professional sports team franchise which:
(a) Is a member of Major League Baseball, Major League Soccer, the National Basketball Association, the National Hockey League or the National Football League; and
(b) Plays the majority of its home games in this State.
The term does not include any minor league affiliate of any such team franchise, association or league.
(Added to NRS by 1991, 2258; A 1997, 294; 2015, 1483; 2019, 959)