The gambling business must be regulated in every country. It is the work of the government to regulate any business in their respective place of operation. Normally the casinos business is regulated by three arms authority. The local regulation, the federal regulation, and the regulation of the state. Each of the arms of authority gives a direction as to how the business should be conducted. On top of these, there are unwritten rules that also govern the operation of a casino. This is the ethical principles that apply to every business. What are the general laws and policies that guide casinos?
The interstate wire act
These are a regulation that operates within one state. It is a very countervail rule governing gambling. It is interpreted to mean that every gambling activity made through wire communication is illegal. When the interpretation was made, it rendered all the Internet casinos illegal. A recent further interpretation has allowed some kind of online casino games. The act claims that gambling is a two man’s show that should be in contact.
It was interpreted to mean that online betting eliminated the rule of two gamers by the fact that the business can plant an artificial or a dummy player. This law does not aim at limiting the number of players or blocking people far from the casino to play. It is the rule to cut in into the profit of organized crime parties aimed corrupting people bank account by proxy online casinos. No one has been prosecuted for placing a bet online, the authority aim at prosecuting the big fish in the business.
Daily fantasy sport betting law
It was noticed that casinos made crazy profits every day. Despite the business being fully licensed by the government, there was a need to investigate why there was steady and very predictable income every day. It was suspected that the machine of the game together with the rules set by the casino programs are designed to make a specific and certain profit to the owner. It was noticed that it was beyond the understanding of very business expert for a business to have steady shooting profits every day. Due to these, the government saw the need to inspect the operations of the business daily.
Annual and semiannual financial reports
The casinos are expected by the law to submit audited reports of the financial statement of the business every year. Normally they should include the tax compliance certificate in the reports. The report will show all the current assets of the business. The fixed assets of the business will be stated down in monetary terms. The amount of both current and fixed assert will be subtracted from the value of net liabilities. The answer should be equal to the sum of the net capital employed in the business. There should also be a statement of daily affairs signed by the investigative authorities.
There should be a certificate of social corporate responsibility the business has undertaken. The tax for the year should be clearly calculated and paid.