Current through Register Vol. XLI, No. 36, September 6, 2024
Section 179-9-8 - Sports pool reports; wagering revenue; computation of taxes; reconciliation8.1. The sports pool system shall be required to generate those reports necessary to record total gross sports wagering receipts, wagering liability, ticket redemption, and such other information relating to sports wagering as deemed necessary by the Commission or as required by MICS. Such reports shall distinguish information by type and status where applicable and shall meet the Commission's MICS.8.2. Adjusted gross wagering receipts from sports wagering subject to the 10% privilege tax shall equal the total of all wagers received less cancelled wagers and less amounts paid out for winning wagers.8.3. To determine the daily win amount, the sports pool operator's accounting department shall compare a win report from the sports wagering system to the reconciliation of the sports wagering drawers. The operator shall be required to calculate and report adjusted gross sports wagering receipts using the higher amount identified in such comparison, unless otherwise authorized by the Commission in its MICS.8.4. The sports pool operator shall permit duly authorized representatives of the Commission to examine the operator's accounts and records for the purpose of certifying total gross revenue receipts and adjusted gross sports revenue receipts. The Director shall notify the operator of any deficiencies disclosed during the gross revenue receipts certification process.