Millionaire Party Law and Legal Definition
The term 'Millionaire Party' is used to refer to an event where bets are placed using imitation money or chips, in games conducted at or associated with a gambling casino. Such parties can be conducted only after obtaining a license. On holding a license, the organization is allowed to conduct a millionaire party for a specific number of days. The number of licenses permitted in an year may be limited or restricted.
The following is an example of a state statute (Michigan) which defines the term:
According to MCLS § 432.103a, Millionaire Party means "an event at which wagers are placed upon games of chance customarily associated with a gambling casino through the use of imitation money or chips that have a nominal value equal to or greater than the value of the currency for which they can be exchanged."