In a recent feature with Indian Gaming, REDW Principal Tony Gerlach highlights important Minimum Internal Control Standards (MICS) considerations for tribal sports betting operations:
As the old adage goes, time flies. It’s hard to believe the gaming industry is approaching three years past the repeal of the Professional and Amateur Sports Protection Act (PASPA). Seemingly every month, additional states are passing legislation to legalize sports betting, and in turn, tribes look to compact with those states in order to offer that gaming outlet in their casinos.
As more tribes move past planning sports betting operations to actual implementation, let’s look at some of the important Minimum Internal Control Standards (MICS) tribes should consider. Since the NIGC’s non-authoritative Class III MICS (Section 542) address only pari-mutuel race books and are silent regarding sports wagering, we turn to the Nevada Gaming Control Board MICS for insight, as several state jurisdictions have already done.
The first major point of emphasis of the MICS is on the integrity of the race and sports book computer system and related equipment. System integrity is paramount in ensuring the authenticity of wagers and payouts, and correctly recognizing and recording the results of events wagered upon. This begins with verifying the date and time recognized by the computer system during ticket writing, a critical piece in ensuring wagers are legitimate and not accepted after the event has begun. The Nevada MICS even go so far as requiring a daily verification of the date and time with the Naval Observatory Master Clock.
Focus next shifts to wagering standards, including maintaining appropriate documentation to support all wagers made…
Access the full article, here.
This article was originally published on April 14, 2021 by Indian Gaming. Shared with permission.
Learn the essentials of how to conduct an efficient and effective audit of your sports book operation in our upcoming complimentary, one-hour webinar from the gaming audit experts at REDW:
“The Essentials of Auditing the Sports Book”
Monday, May 10, 2021 | 2 pm -3 pm PDT
You’ll come to understand the risks involved in sports book operations and the Minimum Internal Control Standards (MICS) you need to put in place to mitigate those risks. Our gaming professionals will also help you develop a compliance plan you can implement on a daily, weekly, quarterly and annual basis, to ensure your sports book adheres to all MICS requirements and follows industry best practices.
