Records and Record Retention

PURPOSE: This rule establishes requirements for records and record retention. (1) Each licensed operator shall maintain complete, accurate, legible, and permanent records of all transactions pertaining to its revenues, expenses, assets, liabilities, and equity. Records shall be sufficient to adequately reflect total entry fees, entry fees collected from players located in Missouri, net revenue, winnings paid, prizes awarded, and other fantasy sports contest transactions which accurately reflect the requirements and restrictions contained in this chapter and in Chapter 313, RSMo. (2) The licensed operator’s accounting records shall be maintained in accordance with generally accepted accounting principles using a double entry system of accounting, with transactions recorded on the accrual basis and supported by detailed, supporting, and subsidiary records. (3) Unless the commission approves or requires otherwise in writing, each licensed operator shall retain records required by this chapter and Chapter 313, RSMo, for at least five (5) years after they are made. (4) Each licensed operator shall maintain a record, by date, of the total entry fees received from players located in the United States, grouped by state, and the total entry fees received from players located outside the United States. AUTHORITY: sections 313.910 and 313.930, RSMo 2016, and sections 313.950 and 313.955, RSMo Supp. 2019.* Emergency rule filed Aug. 29, 2016, effective Sept. 8, 2016, expired March 6, 2017. Original rule filed Aug. 29, 2016, effective March 30, 2017. Amended: Filed Oct. 31, 2019, effective June 30, 2020. *Original authority: 313.910, RSMo 2016; 313.930, RSMo 2016; 313.950, RSMo 2016, amended 2019; and 313.955, RSMo 2016, amended 2019.