Arizona Laws 5-1204. Financial responsibility
On or before July 1 of each year, a licensed fantasy sports contest operator shall contract with a certified public accountant to perform an independent audit in accordance with generally accepted accounting principles of the financial condition of the licensed fantasy sports contest operator’s total operation for the previous fiscal year and to ensure compliance with this chapter and for any other purpose as prescribed by rule. Not later than one hundred eighty days after the end of the fantasy sports contest operator’s fiscal year, a licensed fantasy sports contest operator shall submit the audit results under this section to the department. The results of an audit submitted to the department under this section are confidential and privileged and are not subject to disclosure as provided in Title 39, Chapter 1, Article 2.
Terms Used In Arizona Laws 5-1204
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the department of gaming. See Arizona Laws 5-1201
- Fantasy sports contest: means a simulated game or contest that is offered to the public with an entry fee and that meets all of the following conditions:
(a) No fantasy sports contest team is composed of the entire roster of a real-world sports team. See Arizona Laws 5-1201
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- operator: means a person that is engaged in the business of professionally conducting paid fantasy sports contests for cash or other prizes or awards for members of the general public that requires cash or cash equivalent as an entry fee to be paid by a member of the general public who participates in a paid fantasy sports contest. See Arizona Laws 5-1201