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Can you summarize 11 VAAC 5-70-260?
Sports Betting > House rules
Short Summary
This document outlines the requirements for house rules that must be adopted by sports betting permit holders in Virginia. The permit holders are required to submit comprehensive house rules to the director for approval along with their initial application for a permit. Amendments to the house rules also need to be submitted for approval. The house rules should cover various aspects including the calculation and payment of winning wagers, the effect of schedule changes, notifying players of odds or proposition changes, acceptance of wagers at terms other than those posted, contacting the permit holder for questions and complaints, description of prohibited individuals and others who may be restricted from placing a wager, permissible methods of funding a wager, and a description of all types of wagers that may be accepted. Additionally, the house rules should include provisions prohibiting the structuring of bets to avoid federal currency transaction reporting thresholds, put players on notice that wagers are subject to AML (Anti-Money Laundering) standards, disclose the operator’s ability to limit the maximum bet amount, and be readily available on the permit holder’s websites and mobile applications.
Whom does it apply to?
Sports betting permit holders in Virginia
What does it govern?
House rules for sports betting permit holders
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Virginia