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Can you summarize 1 COCR 207-2 RULE 7 7.5?
REQUIREMENTS OF SPORTS BETTING OPERATIONS Effective 4/14/20 > Internal control procedures.
Short Summary
This document outlines the internal control procedures that Sports Betting Operations must adhere to before beginning sports betting activity. The procedures cover various aspects including the method of paying winning wagers in the event of a system failure, user access controls, segregation of duties, risk management procedures, fraud and suspicious conduct reporting, prevention of betting by prohibited participants, exclusion of patrons, anti-money laundering compliance standards, approval of wager types, accepting wagers and issuing payouts, reconciliation of assets, cashing winning tickets, acceptance of value game chips, issuance and acceptance of promotional funds and free bets, integration of third-party systems, identification and restriction of prohibited participants, closing out dormant accounts, making adjustments to patron accounts, geolocation verification for online betting, security of patron information, problem gambling program procedures, responsible gaming and self-exclusion program, secure issuance and modification of account passwords, patron notification methods, handling of patron complaints, location and security of sports betting servers, terms and conditions for sports betting, line setting and moving, redeeming lost tickets, identifying and canceling wagers, voiding wagers, change management process, and any other internal control deemed necessary by the Director or the Director’s designee. Additionally, starting from July 1, 2023, Sports Betting Operations must ensure compliance with IRS standards and perform a gaming intercept for all sports betting payments. The document also specifies that the internal control procedures submitted to the Commission should be marked as ‘CONFIDENTIAL’ if not subject to disclosure under the applicable law.
Whom does it apply to?
Sports Betting Operations
What does it govern?
Internal control procedures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Colorado