Am i right in assuming there is no need for the board to be round as long as the markings on the board are correct.
Uh, define 'need'. I don't see how the right markings are any more of a need than a round board. You could probably have a good fun time on a board with unusual markings, so even that's not a 'need'. But if you want to be playing on a board like those used at the World Crokinole Championships, round is pretty much a staple.