La. Admin. Code tit. 42 § VI-701

Current through Register Vol. 50, No. 9, September 20, 2024

Section VI-701 - Financial Statements and Records

A. Each operator, in such manner as the division may approve or require, shall keep accurate, complete, legible, and permanent records of all transactions pertaining to revenue that is taxable or subject to fees under the Act.

B. Each operator shall keep general accounting records on a double entry system of accounting, with transactions recorded on a basis consistent with generally accepted accounting principles, maintaining detailed, supporting, subsidiary records, including but not limited to:

1. records identifying:

a. revenues by day;

b. expenses;

c. assets; and

d. liabilities;

2. records required by the internal controls;

3. journal entries and all work papers, electronic or manual, prepared by the operator and their independent accountant;

4. financial statements and supporting documents; and

5. any other records the division requires.

C. Each licensee or its operators shall create and maintain records sufficient to accurately reflect income and expenses relating to its operations.

D. If a licensee or its operators fail to keep the records used to calculate gross revenue, net gaming proceeds, winnings paid out to patrons, and the amount of eligible promotional play wagers, or if the records are not adequate to determine these amounts, the division may compute and determine the amount of gross revenue, net gaming proceeds, winnings paid out to patrons, and the amount of eligible promotional play wagers based on an audit and statistical analysis conducted by the division.

E. Reporting net gaming proceeds.

1. Each licensee or its operators shall report the net gaming proceeds by providing the total gross revenue of all wagers placed by patrons, the total amount of all winnings paid out to patrons, and the total amount of all eligible promotional play wagers in accordance with requirements provided by the division. This report is due monthly by the tenth of the following month. Daily records shall be maintained, including those providing revenues by event type (for example: NFL, NBA, MLB, NCAA by sports, parlay, etc.).

2. The payment of taxes in accordance with R.S. 27:625 shall be paid monthly and is due by the twentieth of the following month.

3. Taxes shall be deposited electronically in accordance with guidelines provided by the division. Overpayments may be deducted from future taxes owed, but shall not result in a refund to the licensee or operator unless caused by the division or if the licensee or operator is withdrawing from the state and returning its license or permit to operate.

F. Each licensee or its operators shall submit accounting controls to the division for review and approval prior to conducting sports wagering. These accounting controls shall include, at a minimum:

1. a process for documenting and verifying beginning of day cash balance;

2. processes for recording collection of sports wagers, payment of sports wager, and cancellation of sports wagers issued;

3. processes for handling cash within a sports book lounge or from a sports wagering mechanism, including segregation of duties related to counting and storage of cash;

4. the establishment of a segregated account related to sports wagering activities in the state of Louisiana; and

5. any other requirements as required by the division.

La. Admin. Code tit. 42, § VI-701

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 47, Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 4864 (1/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.