N.J. Admin. Code § 13:45A-36.10

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:45A-36.10 - Annual audits

(a) Fantasy sports operators shall contract with a licensed certified public accountant to perform a financial audit of the operator and submit the accountant's report to the Division annually, no later than the first day of the seventh month following the close of the fantasy sports operator's fiscal year.

(b) Along with the audit required by (a) above, fantasy sports operators shall provide an addendum prepared by a licensed certified public accountant that break s down for each quarter:

1. Total entry fees for the fantasy sports operator;

2. Total prizes paid out by the fantasy sports operator;

3. Total entry fees paid by participants in New Jersey;

4. Amount in participant accounts for participants in New Jersey; and

5. If the fantasy sports operator maintains reserves in cash, cash equivalents, payment processor reserves and receivables, an irrevocable letter of credit, a bond, or a combination thereof, pursuant to N.J.A.C. 13:45A-36.9(e), a report on such reserves in cash, cash equivalents, payment processor reserves and receivables, an irrevocable letter of credit, a bond, or a combination thereof.

N.J. Admin. Code § 13:45A-36.10

Adopted by 51 N.J.R. 1764(a), effective 12/2/2019