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Can you summarize 58 PACO VII(O)(1206a)?
Fantasy Contests > Accounting and Internal Controls
Short Summary
This document governs the requirements for accounting and internal controls for fantasy contests in Pennsylvania. It applies to fantasy contest licensees or applicants in Pennsylvania. The document mandates that licensees or applicants must submit their internal control systems and audit protocols to the Gaming Control Board for approval at least 45 days before commencing fantasy contests. If an applicant is already conducting fantasy contests in Pennsylvania prior to the effective date of 4 Pa.C.S. Chapter 3, they must submit their internal control systems and audit protocols simultaneously with their license application. The internal controls and audit protocols must include provisions for reliable records, accurate financial records, procedures and security for wagering and taxation, maintenance of fantasy contests and associated equipment, rules for the conduct of fantasy contests, collection and deposit of revenue, reporting procedures, segregation of duties, confidentiality of participant information, and segregation of participant funds. The document also specifies the required contents of the submissions, the review process by the Board, and the procedures for making changes or amendments to the internal controls. The aim of this document is to ensure the integrity and accountability of fantasy contests in Pennsylvania.
Whom does it apply to?
Fantasy contest licensees or applicants in Pennsylvania
What does it govern?
Requirements for accounting and internal controls for fantasy contests in Pennsylvania
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Pennsylvania