{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/815/924/","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.","number":"815-924","topic":"815","title":"Entertainment—Casinos","area":"Broad Transactions","paragraphs":4,"summary":"This Subtopic applies the derivatives and hedging guidance of Topic 815 to casinos and to the casino operations of other entities. Its single substantive rule is a scope-out: fixed-odds wagering contracts — bets where the odds of winning are known or knowable when placed (e.g., certain sports and race wagers) — are not accounted for as derivatives by the casino that issues them. Instead, the casino treats them as revenue transactions under Topic 606.","concepts":["fixed-odds wagering contract","sports and race wagers","derivative scope exception","casino operations","revenue from contracts with customers","embedded derivatives","issuer accounting"],"categories":["Derivatives and hedging","Revenue","Industry-specific","Recognition"],"level":"intermediate","topic_title":"Derivatives and Hedging","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"815-924-00-1","para":"00-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">The following table identifies the changes made to this Subtopic.</div><div class=\"norm-text\"><table class=\"asc-table\" id=\"SL108316112-217475\"><tr><td class=\"entry\"><strong class=\"ph b\">Paragraph</strong></td><td class=\"entry\"><strong class=\"ph b\">Action</strong></td><td class=\"entry\"><strong class=\"ph b\">Accounting Standards Update</strong></td><td class=\"entry\"><strong class=\"ph b\">Date</strong></td></tr><tr><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td><td class=\"entry\"></td></tr><tr><td class=\"entry\"><a href=\"/asc/815/924/#815-924-05-1\" class=\"xref\">924-815-05-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-20/\" class=\"xref\">Accounting Standards Update No. 2016-20</a></td><td class=\"entry\">12/21/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/815/924/#815-924-15-1\" class=\"xref\">924-815-15-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-20/\" class=\"xref\">Accounting Standards Update No. 2016-20</a></td><td class=\"entry\">12/21/2016</td></tr><tr><td class=\"entry\"><a href=\"/asc/815/924/#815-924-25-1\" class=\"xref\">924-815-25-1</a></td><td class=\"entry\">Added</td><td class=\"entry\"><a href=\"/updates/asu-2016-20/\" class=\"xref\">Accounting Standards Update No. 2016-20</a></td><td class=\"entry\">12/21/2016</td></tr></table></div></div>","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\n924-815-05-1 | Added | Accounting Standards Update No. 2016-20 | 12/21/2016 |\n924-815-15…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:99df021dece3b923df188938d43ee77fca1a576ac3f1c6f84d178724948a77e5","downloaded_from":"2026-09-10T01:39:58.369Z","last_downloaded_at":"2026-09-10T01:39:58.369Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval 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id=\"sfr_DFA0BFA8-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">This Subtopic includes the accounting and reporting standards for entities operating as casinos and for the casino operations of other entities, for derivative instruments, including certain derivative instruments embedded in other contracts, and hedging activities.</span></span></div></div>","snippet":"This Subtopic includes the accounting and reporting standards for entities operating as casinos and for the casino operations of other entities, for derivative instruments, including certain derivative instruments embedd…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:447a7a4567fa3cc3c21c6e9d0587d626c7b51b15551e96164e7ad82143cdfb8a","downloaded_from":"2026-09-10T01:40:00.662Z","last_downloaded_at":"2026-09-10T01:40:00.662Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478464","source_sha256":"f144fee68e2da210237b8feb5f401067b4481d4f260d4affcee361e4077202d0"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e91b12f9eb245732ce9abf63048076f5deea40028f23e7e96f3e496676844a4a","downloaded_from":"2026-09-10T01:40:00.662Z","last_downloaded_at":"2026-09-10T01:40:00.662Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not 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class=\"sfragment\" id=\"sfr_DFAE00E4-6E93-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The scope of this Subtopic is the same as Scope and Scope Exceptions as outlined in the Overall Subtopic (see Section <a altsource=\"GUID-0D4A8710-06BB-4ABF-B94B-2DC3334B442D.ditamap\" class=\"ditamap\">924-10-15</a>).</span></span></div></div>","snippet":"The scope of this Subtopic is the same as Scope and Scope Exceptions as outlined in the Overall Subtopic (see Section 924-10-15).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fd6720c1a6747f649f3eecf7a6ab50f9e379caa9b855ca511e31c3919305928f","downloaded_from":"2026-09-10T01:40:03.172Z","last_downloaded_at":"2026-09-10T01:40:03.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478424","source_sha256":"be2f0859141582acaa9c71328e5c71e113e0577994d36b52c2e3c5cf8add86d1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42e36ec994ab07728f207abc1a3a5163fae22ab782174d384484026693d6b22b","downloaded_from":"2026-09-10T01:40:03.172Z","last_downloaded_at":"2026-09-10T01:40:03.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478424","source_sha256":"be2f0859141582acaa9c71328e5c71e113e0577994d36b52c2e3c5cf8add86d1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:64d5c1095624852c24c4ae813382075b58e22b3a177d4d8b65a5dcc1989e3551","downloaded_from":"2026-09-10T01:40:03.172Z","last_downloaded_at":"2026-09-10T01:40:03.172Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478424","source_sha256":"be2f0859141582acaa9c71328e5c71e113e0577994d36b52c2e3c5cf8add86d1"}},{"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"}}],"enrichment":{"summary":"This Subtopic applies the derivatives and hedging guidance of Topic 815 to casinos and to the casino operations of other entities. Its single substantive rule is a scope-out: fixed-odds wagering contracts — bets where the odds of winning are known or knowable when placed (e.g., certain sports and race wagers) — are not accounted for as derivatives by the casino that issues them. Instead, the casino treats them as revenue transactions under Topic 606.","key_points":["The Subtopic covers derivative instruments, including certain embedded derivatives, and hedging activities of casinos and casino operations of other entities (815-924-05-1).","Scope is the same as the Overall Entertainment—Casinos Subtopic, Section 924-10-15 (815-924-15-1).","A wagering contract is a 'fixed-odds wagering contract' if the odds of winning are known or knowable at the time the bettor places the bet with the casino (815-924-25-1).","The issuer (casino) shall not apply Topic 815 derivative accounting to fixed-odds wagering contracts (815-924-25-1).","Fixed-odds wagering contracts are revenue transactions for the casino and shall be recognized under Topic 606, Revenue from Contracts with Customers (815-924-25-1)."],"categories":["Derivatives and hedging","Revenue","Industry-specific","Recognition"],"audience_level":"intermediate","student_note":"Exam-relevant point: a sports bet looks like a derivative (underlying, notional, net settlement), but GAAP expressly routes fixed-odds wagers to Topic 606 revenue accounting for the casino. The common mistake is assuming the exception applies to the bettor or to all wagering contracts — it is stated for the issuer and for wagers whose odds are known or knowable when placed.","related_topics":["924-10","924-605","815-10","606-10"],"key_concepts":["fixed-odds wagering contract","sports and race wagers","derivative scope exception","casino operations","revenue from contracts with customers","embedded derivatives","issuer accounting"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3135521d493b5b43631d53e894eac1a4756183bfa020c8a30e92299b9efe06c5","downloaded_from":"2026-09-10T01:39:58.369Z","last_downloaded_at":"2026-09-10T01:40:04.850Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"924-10","title":"Overall","topic_title":"Entertainment—Casinos","score":0.7172,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7040d08fc007371eb74da912fb0c3d3136a3700d7fb625a01afaf18cf0e1b136","downloaded_from":"2026-09-10T02:11:02.015Z","last_downloaded_at":"2026-09-10T02:11:22.837Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"720-924","title":"Entertainment—Casinos","topic_title":"Other Expenses","score":0.715,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6b78070c80cdff4325ee682cf059c3e7d46557722e3aff34a5c65cfe42b86e4e","downloaded_from":"2026-09-10T01:09:57.559Z","last_downloaded_at":"2026-09-10T01:10:03.676Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"280-924","title":"Entertainment—Casinos","topic_title":"Segment Reporting","score":0.7048,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:014ab9f7ed359990b43007ebf1083a889fd2aaa75652fab819a013b47d0e2655","downloaded_from":"2026-09-09T23:23:20.429Z","last_downloaded_at":"2026-09-09T23:23:26.099Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"740-924","title":"Entertainment—Casinos","topic_title":"Income Taxes","score":0.6867,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:511f6c7e323c4d4063b9c08a53b9592dfcfd2611a445a94275b8f594577da459","downloaded_from":"2026-09-10T01:19:35.937Z","last_downloaded_at":"2026-09-10T01:19:46.163Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"815-944","title":"Financial Services—Insurance","topic_title":"Derivatives and Hedging","score":0.6823,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:730b664fd48358239a07e51a591d7aac421da99c7712606e942ff928040bf047","downloaded_from":"2026-09-10T01:40:24.221Z","last_downloaded_at":"2026-09-10T01:40:44.205Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"605-924","title":"Entertainment—Casinos","topic_title":"Revenue Recognition","score":0.677,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3a3e01af98cad03dd310a26e904157126ccad2c2821f6888aa5d70917b45c2c9","downloaded_from":"2026-09-10T00:47:28.279Z","last_downloaded_at":"2026-09-10T00:47:49.424Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not 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