The board shall:
(1) approve, disapprove, amend, or modify the budget recommended by the executive director for the operation of the commission;
(2) approve, disapprove, amend, or modify the terms of procurements recommended by the executive director;
(3) hear appeals of hearings required by this chapter;
(4) promulgate regulations relating to the categories of lottery games and the conduct of lottery games pursuant to the Administrative Procedures Act and as specified in this chapter; and
(5) perform other functions specified by this chapter.