Virginia Administrative Code
Title 11 - GAMING
Agency 5 - VIRGINIA LOTTERY BOARD
Chapter 70 - SPORTS BETTING
Section 11VAC5-70-300 - Internal control standards

Universal Citation: 1 VA Admin Code 5-70-300

Current through Register Vol. 41, No. 3, September 23, 2024

A. A permit holder and its sports betting platform supplier shall develop and maintain internal control standards that meet or exceed industry standards as approved by the director.

B. A permit holder's internal control standards shall address at a minimum:

1. Safeguarding assets and revenues;

2. Safeguarding player accounts;

3. Requirements for internal and independent audits of the permit holder and its sports betting platform supplier;

4. User access controls for all personnel;

5. Segregation of duties among personnel;

6. Automated and manual risk management procedures;

7. Procedures for identifying and reporting fraud, cheating, and suspicious or unusual wagering activity;

8. Procedures for identifying and preventing sports betting by prohibited individuals;

9. Description of its AML compliance standards;

10. Description of all types of wagers available to be offered by the permit holder;

11. Description of all integrated third-party hardware, software, or systems;

12. A monitoring system to identify irregularities in volume or odds and swings that could signal unusual or suspicious wagering activity that should require further investigation; and

13. A wager or attempt to wager above any maximum wager threshold set by the permit holder that qualifies as unusual or suspicious wagering.

Statutory Authority: §§ 58.1-4007, 58.1-4015.1, and 58.1-4030 through 58.1-4047 of the Code of Virginia.

Disclaimer: These regulations may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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