Current through Register Vol. 41, No. 3, September 23, 2024
A. Before beginning operations in Virginia,
the account wagering licensee must be qualified to do business in
Virginia.
B. Any action that
suspends or otherwise prohibits an account wagering licensee of the commission
from operating in another state may be used as grounds for a suspension of its
account wagering license in Virginia pursuant to § 59.1-385C of the Code
of Virginia.
C. All employees
working on behalf of the account wagering licensee's account wagering center
must either have a Virginia commission permit or be licensed, permitted or
otherwise authorized by the state where the account wagering center is
located.
D. Only individuals who
have established accounts with an account wagering company licensed by the
commission may wager through an account and that account must be with an
account wagering company licensed in Virginia.
E. Opening an account.
1. An account wagering licensee shall require
from an applicant the following information including, but not limited to:
a. Name;
b. Principal residence address;
c. Telephone number;
d. Social security number;
e. Age; and
f. Other information necessary for the
account administration.
2. The information obtained from the
applicant shall be verified by the account wagering licensee using means
acceptable to the commission.
F. Administration of an account.
1. Each account holder's wagering account
shall be administered in accordance with the terms of agreement, which have
been approved by the commission, including but not limited to:
a. Deposits;
b. Credits to accounts;
c. Debits to accounts;
d. Withdrawals;
e. Minimum deposit; and
f. Fees, if any, per wager.
2. A person may not directly or
indirectly act as an intermediary, transmitter or agent in the placing of
wagers for an account holder. A person may not place a wager on behalf of an
account holder. Only an account holder may place an account wager. Direct or
indirect involvement as an intermediary, transmitter or agent in the placing of
wagers includes a system, known as a transfer account or master account,
whereby funds are deposited to one account from another account. This section
does not prohibit use of credit or debit cards specifically approved by the
account wagering center or the use of checks, money orders or negotiable orders
of withdrawal.
3. An account
wagering licensee shall maintain for at least one year all records of the
opening and closing of accounts, wagers, earnings and withdrawals;
4. An account wagering licensee may close
accounts for violation of its terms of agreement or other appropriate
reasons;
5. An account wagering
licensee may close wagering on any particular race or racetrack;
6. An account wagering licensee shall provide
the account holder with appropriate identification materials and the terms of
agreement; and
7. The principal
residence address provided in writing by the account holder at the time of
application is deemed to be the proper address for the purposes of mailing
checks, statements of account, account withdrawals, notices, or other
appropriate correspondence. The mailing of checks or other correspondence to
the address given by the account holder shall be at the sole risk of the
account holder.
Statutory Authority: § 59.1-369 of the Code of
Virginia.
