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Can you summarize 11 VAAC 5-70-270?
Sports Betting > Sports betting platform requirements
Short Summary
This document outlines the requirements for sports betting platforms in the Commonwealth of Virginia. It states that all wagers on sporting events must be initiated, received, and made within Virginia, unless permitted by federal law. The document also requires permit holders to submit their equipment and software to an approved independent testing laboratory. The sports betting platform must include a comprehensive description and explanation, detailed operating procedures, and a risk management framework. The platform should have controls for user access, segregation of duties, automated risk management, fraud detection, regulatory compliance, and anti-money laundering standards. It should also record and provide information on wagers, including description, selection, type, amount, date, unique identifiers, player identification, status, location, results, and winnings. Live betting capabilities, wager creation, settlement, voiding, cancellation, and prevention of prohibited sports events are also required. The platform must perform authentication processes, review data feeds, and provide access to the director for system queries and exports. The document emphasizes the importance of data integrity, error logging, and maintaining transactional wagering data for five years. Additional system specifications may be specified through technical bulletins issued by the director.
Whom does it apply to?
Permit holders and suppliers providing a permit holder's sports betting platform
What does it govern?
Sports betting platform requirements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Penalties are not specified in the document.
Jurisdiction
Virginia