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Can you summarize 11 ILAC Chapter I, Part 1900, Subpart 1900?
SPORTS WAGERING > ACCOUNTING, RECORDS, AND DATA
Short Summary
The provided legal document content covers various aspects related to sports wagering in Illinois. It governs the filing of financial and statistical records for sports wagering, requiring master sports wagering licensees to submit daily, monthly, quarterly, and annual reports of financial and statistical data. The document also specifies the requirements for cash reserves and guarantees that master sports wagering licensees must maintain to protect wagerers against defaults on gaming debts. Additionally, it outlines the payment of wagering taxes by license holders, including the calculation of tax and fee liability and the due date for filing tax and fee schedules. The document also governs the accounting records for sports wagering activity, requiring license holders to maintain specific records in an approved format. It further addresses the requirements for annual and special audits, as well as other reporting obligations for license holders. Lastly, the document outlines the ownership records that license holders must keep and provide to the Illinois Racing Board upon request. Overall, these documents apply to master sports wagering licensees in Illinois and aim to ensure transparency, compliance, and accountability in the sports wagering industry. No specific exemptions or penalties are mentioned in the documents.
Whom does it apply to?
Master sports wagering licensees in Illinois
What does it govern?
Filing of financial and statistical records for sports wagering in Illinois, requirements for cash reserves and guarantees for master sports wagering licensees, payment of wagering taxes by holders of a master sports wagering license, accounting records for sports wagering activity, annual and special audits and other reporting obligations for holders of a master sports wagering license, ownership records that holders of master sports wagering licenses or management services provider licenses are required to keep and provide
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Illinois