Ask Reggi Your Question Now
Can you summarize SDAR 20:18:35:02?
Requirements of sports wagering operations. > Internal control procedures.
Short Summary
This document outlines the internal control procedures that must be followed by licensees and sports wagering services providers in relation to sports wagering operations. The licensee or sports wagering services provider, or both, are required to submit a description of internal controls to the commission at least 30 days before commencing sports wagering operations. The internal controls must be approved by the executive secretary before the operations can commence. Any changes to the approved internal controls must be submitted to the commission at least 15 days before the changes become effective. The document specifies various areas that must be covered by the internal controls, including risk management procedures, employee management, fraud and suspicious conduct identification and reporting, regulatory compliance, anti-money laundering compliance, accepting and issuing payouts, accepting multiple wagers from one patron, software applications, types of wagers, accounting for third-party systems, reconciling assets and documents, cashing winning tickets, accepting value game chips, issuance and acceptance of promotional funds and free bets, preventing wagering by prohibited persons, preventing past-post wagers, paying winning wagers in case of system failure, filing incident reports for system failures, rejecting or refusing bets exceeding a certain value, and any other information required by the commission.
Whom does it apply to?
Licensees, sports wagering services providers, and their employees
What does it govern?
Internal control procedures for sports wagering operations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
South Dakota