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Can you summarize 58 PACO Section 1408a.3?
Sports Wagering Accounting and Internal Controls > Internal controls.
Short Summary
This document outlines the requirements for internal controls in the context of sports wagering. It applies to sports wagering certificate holders and sports wagering operators. The document mandates that these entities must submit internal controls for approval by the Board prior to commencing sports wagering. The internal controls should cover various aspects such as system security, operations, accounting, and player registration. The document also specifies procedures for cashing checks, withdrawing funds, and protecting player funds. Additionally, it addresses security measures, record-keeping, and measures to prevent cheating and hacking. The Board reviews and approves the system of internal controls before authorizing sports wagering operations. Changes or amendments to the internal controls must be submitted for approval. The document also requires the submission of a Catalog of Events and Wagers for approval, which includes a description of the events and wagers intended to be offered. The Board reserves the right to prohibit wagers and order cancellations or discontinuations if necessary. Overall, this document ensures that sports wagering operations have adequate and effective controls in place.
Whom does it apply to?
Sports wagering certificate holders and sports wagering operators
What does it govern?
Internal controls for all aspects of sports wagering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Pennsylvania