Md. Code Regs. 36.10.13.01

Current through Register Vol. 51, No. 21, October 18, 2024

Section 36.10.13.01 - Accounting Records

A. Definition. Unless context or the individual regulation dictates otherwise, for purposes of this chapter, "sports wagering licensee" includes:

(1) Sports wagering facility licensee;

(2) Mobile sports wagering licensee;

(3) Sports wagering facility operator licensee; and

(4) Online sports wagering operator licensee.

B. A sports wagering licensee shall maintain complete, accurate, and legible records of all transactions pertaining to the revenues and expenses of sports wagering operations.

C. General ledger records shall be maintained on a double entry system of accounting with transactions recorded on a basis consistent with generally accepted accounting principles in the United States.

D. Subsidiary ledgers and records supporting general ledger records shall be prepared in accordance with generally accepted accounting principles in the United States.

E. Subsidiary ledgers and records shall include, at a minimum, documents that:

(1) Support the financial statements and all transactions impacting the financial statements including contracts or agreements with sports wagering contractors;

(2) Identify all sports wagering activity on a week-to-date, month-to-date, and year-to-date basis for the following:

(a) Handle;

(b) Payout;

(c) Win amount;

(d) Win percentage; and

(e) Average payout percentage;

(3) Summarize the cost, by category of service, of complimentary services under Regulation .08 of this chapter;

(4) Identify all costs and expenses associated with the sports wagering operation;

(5) Are prepared in compliance with the internal controls approved by the Commission under Regulation .04 of this chapter; and

(6) Relate to:

(a) Loans and other amounts payable by a sports wagering licensee;

(b) Bettor disputes including bettor complaint forms filed with the Commission under Regulation .37 of this chapter;

(c) Negotiable instruments accepted, deposited, returned as uncollected or ultimately written-off by a sports wagering licensee under this chapter; and

(d) Investments in property and equipment for the benefit of a sports wagering licensee.

Md. Code Regs. 36.10.13.01

Amended effective 49:1 Md. R.16, eff. 1/13/2022