• May07

    MGC Public Hearing

    Posted: May 07, 2024

  • Location
    Remote Collaboration Technology
    Call-in, See Notice for Info,
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  • Date
    Tuesday, May 07, 2024
  • Time
    9:30 AM

Notice is hereby provided that in accordance with G.L. c. 30A § 2, the Massachusetts Gaming Commission (“Commission”) will convene a public hearing for purposes of gathering comments, ideas, and information relative to the proposed adoption of a regulation. The regulation was promulgated pursuant to G.L. c. 23N § 4, as part of the Commission’s regulatory process, and concern the following regulation:

205 CMR 238.12: Additional Uniform Standards of Accounting Procedures and Internal Controls for Sports Wagering; Specifically, 205 CMR 238.12: Reserve Requirement. This regulation is being amended to allow Operators to backup patron funds in Sports Wagering Accounts through a letter of credit, cash reserves, Segregated Account, or a combination thereof. The effect of the amendment would allow an Operator to commingle funds for use in operations where an Operator has secured patron funds through a letter of credit. However, an Operator would be required to protect patron funds through a Segregated Account or cash reserves where an Operator did not utilize a letter of credit.

Scheduled hearing date and time: Tuesday, May 7, 2024, at 9:30 AM EST

Given the unprecedented circumstances, Governor Charles Baker issued an order to provide limited relief from certain provisions of the Open Meeting Law to protect the health and safety of the public and individuals interested in attending public meetings during the global Coronavirus pandemic. In keeping with the guidance provided, the Commission will conduct this hearing utilizing remote collaboration technology.

PARTICIPANT CODE: 111 146 2747

A complete copy of the draft regulations referenced above may be downloaded by visiting www.massgaming.com, clicking on ‘Regulations and Compliance’ and selecting the ‘Proposed Rulemaking’ Section. Anyone wishing to offer comments on this regulation can email Judith.Young@massgaming.gov and request the virtual hearing link to appear and speak. Alternatively, written comments may also be submitted to the same email address with ‘Regulation Comment’ in the subject line.

Comments must be received by 5:00PM EST on May 6, 2024.

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