038-7 Wyo. Code R. §§ 7-8 - Accounting Records

(a) Sports wagering operators and sports wagering vendors must maintain complete, accurate, and legible records of all transactions related to their online sports wagering operations, including transactions pertaining to revenues, expenses, assets, liabilities, and equity in conformance with generally accepted accounting principles.

(b) The Commission may direct sports wagering operators and sports wagering vendors to alter the manner in which the records are maintained if a sports wagering operator's or sports wagering vendor's records are not in accordance with generally accepted accounting principles or if the records are not in sufficient detail.

(c) The accounting records must be maintained using a double entry system of accounting with transactions recorded on the accrual basis and supported by detailed subsidiary records.

(d) The detailed subsidiary records must include, at a minimum, all of the following:

(i) Detailed general ledger accounts identifying all revenue, expenses, assets, liabilities, and equity;

(ii) A record of all investments, advances, loans, and accounts receivable balances due the establishment;

(iii) A record of all loans and other accounts payable;

(iv) A record of all accounts receivable written off as uncollectible;

(v) Journal entries prepared;

(vi) Tax work papers used in preparation of any state or federal tax return if applicable;

(vii) Records supporting the accumulation of the costs for complimentary services and items. A complimentary service or item provided to individuals in the normal course of a sports wagering business must be recorded in an amount based upon the full retail price normally charged for the service or item or as is otherwise consistent with generally accepted accounting principles;

(viii) Records required by the internal control system; and

(ix) Other records that the Commission requires to be maintained.

(e) The sports wagering operator and sports wagering vendor must maintain all records supporting the online sports wagering revenue.

(f) If a sports wagering operator or sports wagering vendor, or both, fails to maintain the records used by it to calculate the online sports wagering revenue, the Commission may compute and determine the amount upon the basis of an audit conducted by the Commission using available information.

Notes

038-7 Wyo. Code R. §§ 7-8

Amended, Eff. 10/5/2021.