# ASC 815-924-25: Derivatives and Hedging — Entertainment—Casinos — 25 Recognition

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/815/924/#25-recognition)

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## ASC 815-924-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/815/924/#25-recognition)

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##### [815-924-25-1](https://asc.understandingaccounting.org/asc/815/924/#815-924-25-1)

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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 815 on derivatives and hedging. Rather, those contracts are revenue transactions for a casino and shall be recognized in accordance with Topic 606 on revenue from contracts with customers.