Virginia Administrative Code
Title 11 - GAMING
Agency 5 - VIRGINIA LOTTERY BOARD
Chapter 70 - SPORTS BETTING
Section 11VAC5-70-70 - Sports betting supplier applications

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

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

A. An applicant for a sports betting supplier license shall be made using the electronic form required by the department.

B. A principal who will be employed in a managerial capacity for a sports betting platform may submit the principal application together with a supplier license application.

C. The application for a sports betting supplier license shall include all information required by department staff.

D. The application for a supplier license to operate a permit holder's sports betting platform shall be made using the electronic form required by the department.

E. The application for a supplier license to operate a permit holder's sports betting platform shall be accompanied by a wire transfer of $125,000, $10,000 of which shall be considered an application/license fee, with the remainder constituting a refundable initial deposit toward the department's administrative costs to conduct the background investigation of the applicant and its employees and directors.

F. An applicant for a supplier license to operate a sports betting platform shall identify those individuals who will be employed in a managerial capacity on the platform.

G. The application for a supplier license other than to operate a permit holder's sports betting platform shall be accompanied by a wire transfer of $50,000, $5,000 of which shall be considered an application/license fee, with the remainder constituting a refundable initial deposit toward the department's administrative costs to conduct the background investigation of the applicant and its employees and directors.

H. The term of a supplier license shall be three years form the date of issuance.

I. At least 60 days before the end of the term of a supplier license, a supplier shall submit a:

1. Renewal application in the form required by the department; and

2. Nonrefundable wire transfer of $50,000 as an application/license fee and background investigation fee.

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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