(a) Any permitted or licensed game sponsoring organization or organizations shall have discretionary authority to promulgate rules and regulations on the eligibility of persons permitted to participate in the game or games; provided, however, they have been approved by the Board, and further provided, that if approved by the Board, such rules and regulations shall be conspicuously displayed at the main entrance where all patrons can observe same.
(b) The Board may make reasonable rules and regulations with respect to the size of bets and prizes with respect to the conduct of games.