{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/815/924/#25-recognition","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","topic":"815","topic_title":"Derivatives and Hedging","subtopic":"815-924","subtopic_title":"Entertainment—Casinos","section":{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"815-924-25-1","para":"25-1","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_DFBACB71-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Wagering contracts placed by bettors for which the odds of winning at the time the bets are placed with a casino are known or knowable (for example, certain sports and race wagers) are fixed-odds wagering contracts. The issuer of those contracts shall not account for such contracts under the guidance in Topic <a altsource=\"GUID-128369CC-8E3A-4A7E-8F25-33E42B0761E4.ditamap\" class=\"ditamap\">815</a> on derivatives and hedging. Rather, those contracts are revenue transactions for a casino and shall be recognized in accordance with Topic <a altsource=\"GUID-90450890-CA59-4C9A-A88C-D53D3DE3192F.ditamap\" class=\"ditamap\">606</a> on revenue from contracts with customers.</span></span></div></div>","snippet":"Wagering contracts placed by bettors for which the odds of winning at the time the bets are placed with a casino are known or knowable (for example, certain sports and race wagers) are fixed-odds wagering contracts. The …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5e839a23defe9e5efc07b86b13da8935b8450bf7f4fe27e3f0e674f18105a5f1","downloaded_from":"2026-09-10T01:40:04.850Z","last_downloaded_at":"2026-09-10T01:40:04.850Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478309","source_sha256":"59475d7cf3509672bc5366963b5b459508e2d9f66d1da4cd7b89c07b4fcd3f86"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a88d2bc43ed1eba1ceeb66025ce1cc6f27225187cf67b41f243a1701645446db","downloaded_from":"2026-09-10T01:40:04.850Z","last_downloaded_at":"2026-09-10T01:40:04.850Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478309","source_sha256":"59475d7cf3509672bc5366963b5b459508e2d9f66d1da4cd7b89c07b4fcd3f86"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:48a62bb960a3a64399a9343bf0eabe93e4bc14c78c45953fa51479c482ec7205","downloaded_from":"2026-09-10T01:40:04.850Z","last_downloaded_at":"2026-09-10T01:40:04.850Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478309","source_sha256":"59475d7cf3509672bc5366963b5b459508e2d9f66d1da4cd7b89c07b4fcd3f86"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:48a62bb960a3a64399a9343bf0eabe93e4bc14c78c45953fa51479c482ec7205","downloaded_from":"2026-09-10T01:40:04.850Z","last_downloaded_at":"2026-09-10T01:40:04.850Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478309","source_sha256":"59475d7cf3509672bc5366963b5b459508e2d9f66d1da4cd7b89c07b4fcd3f86"}}