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Can you summarize 11 VAAC 5-70-300?
Sports Betting > Internal control standards
Short Summary
This document outlines the internal control standards that permit holders and their sports betting platform suppliers must develop and maintain. These standards should meet or exceed industry standards as approved by the director. The internal control standards for permit holders should address various aspects, including safeguarding assets and revenues, safeguarding player accounts, requirements for internal and independent audits, user access controls, segregation of duties, risk management procedures, procedures for identifying and reporting fraud and suspicious wagering activity, procedures for preventing sports betting by prohibited individuals, AML compliance standards, description of available wager types, description of integrated third-party hardware, software, or systems, a monitoring system to identify irregularities in volume or odds, and a maximum wager threshold for identifying unusual or suspicious wagering. The statutory authority for these standards is derived from 58.1-4007, 58.1-4015.1, and 58.1-4030 through 58.1-4047 of the Code of Virginia.
Whom does it apply to?
Permit holders and their sports betting platform suppliers
What does it govern?
Internal control standards for permit holders and sports betting platform suppliers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Virginia