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When does the Location Owner/Operator need to start making deposits to its COAM Electronic Funds Transfer Authorization (EFT) account?
Once the COAMs are connected to the Central Accounting Systems, each Location Owner/Operator is responsible for depositing the net receipts to their dedicated COAM EFT account. The COAM law requires that the location licensee place all of the COAM proceeds in a separate bank account (just for COAM proceeds) no later than the next business day after the location licensee collects the proceeds. At such time of deposit, the proceeds become the property of GLC. Once a week, GLC will electronically sweep 52.5% of the COAM net proceeds due from the previous week’s accounting period from each location licensee’s designated COAM bank account. After each weekly sweep, GLC will retain its 5% of the proceeds, and then electronically transfer 47.5% of the COAM net proceeds to the master licensee for each location. After GLC’s sweep, the location licensee may withdraw its share of the proceeds (and only its share).
Does the Location Owner/Operator still need to continue inputting information on the GLC Reporting website?
After June 2015, Location Owner/Operators will ONLY be responsible for inputting the “Gross Retailer Receipts for the Business” into the COAM Reporting website.
When will the funds be swept from the EFT account?
Upon connection to the central system, electronic withdrawals of funds will commence on the Wednesday following the connection date and continue on a weekly basis. The accounting week runs from Sunday at 5:00 am to the following Sunday at 4:59 am. Timeliness of sweeps to Locations Owner/Operators may be affected by national and observed bank holidays.
How will the Master License Holder be paid its money?
The GLC will transfer funds due to the Master License Holder the following Tuesday after the Wednesday sweep of the Location Owner/Operators COAM EFT account. Timeliness of fund transfers to Master License Holders may be affected by national and observed bank holidays.
How can the Location Owner/Operator find out how much should be deposited to the COAM EFT account for their specific Location?
The Location Owner/Operator may access the “Location Period Accounting” report on the Intralot website portal at https://www.gacoamrpt.com and obtain the amount (Location Total Deposit) which shall be deposited to their dedicated COAM EFT account for the designated accounting week. The Location Owner/Operator will access the website portal by inputting the same username as on the GLC Licensing website and the password that was emailed to the primary contact on the GLC Licensing website.
Is the Location Owner/Operator responsible for the site controller or the COAMs connected to the site controller?
Any person who intentionally damages or tampers with a site controller or COAMs connected to a site controller at a location may be subject to severe penalties, including large fines and may be subject to criminal penalties.
Who should the Location Operator/Owner contact if its COAMs become inoperable or are in need of repair?
A Location Owner/Operators should contact its Master License Holder if any of its COAMs becomes inoperable or should need repair.