(1) Any organization seeking authorization from the department to conduct a Calcutta pool must supply the department the following information:
(a) the event underlying the Calcutta pool;
(b) the number of competitors in the underlying event (actual number or best estimate);
(c) the value of prizes to be awarded (a prize may be a percentage of the total wagers);
(d) any projected costs of administering the pool;
(e) the intended use of the proceeds of the pool;
(f) a copy of the rules of the Calcutta pool which will be publicly posted.
(2) All applications for authorization to conduct Calcutta pools should be received by the department at least ten working days before the start of the auction. The department may process an application received by FAX. An application may not receive approval if received by the department with less than ten working days before the start of the tournament.