C.M.R. 16, 633, ch. 61 - SPORTS WAGERING REVENUE RECONCILIATIONS
1. Payments due
to the state for sports wagering operations shall be due by 5:00 pm EST on
April 10th, July 10th,
October 10th and January
10th for each previous quarter in the calendar year.
The tax imposed on the adjusted gross sports wagering receipts is 10% due to
the Director for distribution by the Treasurer of State. Late payments shall be
charged a 1.5% interest fee on the unpaid balance per month until paid in
addition to any monetary disciplinary action for violation of this
rule.
2. For calculating gross
sports wagering revenue due the state, free play, sign on bonuses or any other
marketing promotion shall not be given credit towards the calculation of
adjusted gross wagering receipts.
3. A list of all reports available from the
sports wagering system and a brief description shall be part of the internal
controls approved by the Director.
4. The sports wagering system shall be
required to generate reports of adjusted gross sports wagering receipts,
wagering liability, ticket redemption, and such other information relating to
sports wagering as deemed necessary by the Director. Such reporting shall be
done using cash basis accounting.
5. All required reports shall be generated by
the sports wagering system, even if the period specified contains no data to be
presented. The report generated shall indicate all required information and may
contain an indication of "No Activity" or similar message if no data appears
for the period specified.
6. All
system generated data required by this rule must be available in report image
formats as well as database type formats as approved by the Director.
7. A sports wagering system shall, at a
minimum, generate the daily reports for each gaming day in order to calculate
the taxable revenue or to ensure the integrity of operations related to
operating sports wagering.
8. All
reports available by any sports wagering system shall be immediately available
upon request by the Director and forwarded to the auditor assigned to the
sports wagering area.
Notes
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