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Can you summarize 68 INAC 27-5-2?
Internal Controls and House Rules > Internal controls Authority: IC 4-38-3-1 Affected: IC 4-38-11; IC 5-14
Short Summary
This document outlines the internal controls that sports wagering operators must adhere to before commencing sports wagering operations. The internal controls cover various aspects of the sports wagering system and online sports wagering systems. These include procedures for paying winning wagers in the event of system failures, user access controls, segregation of duties, risk management procedures, fraud and suspicious conduct reporting, prevention of wagering by prohibited participants, exclusion of patrons, anti-money laundering compliance standards, submission and approval of wager types, acceptance of multiple wagers from a single patron, revenue reporting for vendor-conducted sports wagering, reconciliation procedures, cashing winning tickets after closure, acceptance of value game chips, issuance and acceptance of promotional funds, integration of third-party systems, identification and restriction of prohibited participants, closure of dormant accounts, adjustments to patron accounts, W-2G issuance, geolocation verification for online wagering, security of patron information, withholding winnings for delinquent child support obligors, problem gambling program procedures, implementation of the statewide Internet self-restriction program, secure issuance and modification of account passwords, patron notification methods, handling of patron complaints, location and security of sports wagering servers, terms and conditions for sports wagering, line setting and moving processes, redemption of lost tickets, identification and cancellation of wagers in accordance with IC 4-38, deployment of changes and updates to the sports wagering system, and any other internal controls deemed necessary for ensuring the integrity of sports wagering. The document also specifies that the internal control procedures submitted to the commission should be marked as ‘CONFIDENTIAL’ if they are not subject to disclosure under IC 4-38 or IC 5-14.
Whom does it apply to?
Sports wagering operators
What does it govern?
Internal controls for sports wagering operators
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Indiana