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Can you summarize 11 VAAC 5-70-230?
Sports Betting > Investigations; reporting
Short Summary
This section of the Virginia Administrative Code governs investigations and reporting related to sports betting. It applies to regulated entities, which include permit holders, license holders, and registrants. Regulated entities are required to cooperate in good faith with investigations conducted by the director, sports governing bodies, or law enforcement agencies. They must provide account-level betting information, data files, and any other necessary information for investigations. The director has the authority to enter the premises of regulated entities during normal business hours to inspect equipment, books, and records. Failure to admit the director or provide access to business records may result in sanctions. Regulated entities are also required to maintain records relating to their sports betting operations for at least five years. The director has the power to investigate various activities, such as prohibited wagers, abnormal betting activity, and violations of money laundering laws. The document also outlines the process for referral of investigations to the appropriate law enforcement agencies. Regulated entities are obligated to report information relating to criminal proceedings, suspicious wagering activity, breaches of sports governing body rules, and other conduct that may affect the integrity of sports betting. The document specifies the confidentiality of reports and the circumstances under which disclosure is allowed. It also establishes the requirement for regulated entities to share information with the director and relevant sports governing bodies. The information may be used for integrity purposes and must be kept confidential unless disclosure is required or consented to. Overall, this section sets out the obligations and procedures for investigations and reporting in the context of sports betting in Virginia.
Whom does it apply to?
Regulated entities, including permit holders, license holders, and registrants
What does it govern?
Investigations and reporting related to sports betting
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Sanctions may be imposed for failure to cooperate with investigations or provide access to records.
Jurisdiction
Virginia