11VAC5-70-70. Sports betting supplier applications

A. 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; and

2. Nonrefundable wire transfer of $50,000 as an application/license fee and background investigation fee.