11 Va. Admin. Code § 5-70-70
Current through Register Vol. 41, No. 8, December 2, 2024
Section 11VAC5-70-70 - Sports betting supplier applicationsA. 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; and2. Nonrefundable wire transfer of $50,000 as an application/license fee and background investigation fee.11 Va. Admin. Code § 5-70-70
Derived from Virginia Register Volume 37, Issue 04, eff. 10/12/2020.Statutory Authority: §§ 58.1-4007, 58.1-4015.1, and 58.1-4030 through 58.1-4047 of the Code of Virginia.