Financial & Operational Returns
The Gambling (Gaming and Betting) Control Act, 2021 provides a transitional mechanism for persons who were lawfully conducting gambling activities immediately before the commencement of the relevant provisions of the Act.
Eligible persons are required to notify the Commission of their existing operations within the period prescribed by the Act in order to continue operating pending determination of their licence application.
Licensees must provide complete, accurate, current and timely reports, returns and notifications as required by the Act, Regulations, licence conditions and directions issued by the Commission.
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Financial & Operational Returns
Periodic Regulatory Returns
Licensees may be required to submit financial and operational returns at intervals specified in the Act, Regulations, licence conditions, Reporting Obligations Schedule or a written direction from the GCC.
The exact returns will depend on the licence category and regulated activity.
Financial Returns
Financial reporting may include:
Financial returns must reconcile with the licensee’s books, accounting records, gaming systems and supporting documents. Material variances should be clearly explained.
Financial & Operational Returns
Operational Returns
Operational reporting may include:
Schedule 4 of the Act requires device records and provides for daily, monthly and annual summaries of device handle, payouts and take. The Act also permits the GCC to require accounting and administrative reports at the times and in the form specified in writing.
Financial & Operational Returns
Nil Returns and Corrections
Where the GCC requires a return for every reporting period, a licensee may still be required to submit a nil return when no reportable activity occurred.
If a submitted return is later found to contain an error, the licensee should submit a corrected return promptly, explain the correction and preserve both the original and revised versions.