Virginia Code 58.1-4045: Liquidity pools.
Current as of: 2024 | Check for updates
|
Other versions
The Board may promulgate rules authorizing permit holders to offset loss and manage risk, directly or with a third party approved by the Director, through the use of a liquidity pool in Virginia or another jurisdiction so long as such permit holder, or an affiliate of such permit holder, is licensed by such jurisdiction to operate a sports betting business. However, a permit holder’s use of a liquidity pool shall not eliminate its duty to ensure that it has sufficient funds available to pay bettors.
Terms Used In Virginia Code 58.1-4045
- Board: means the Virginia Lottery Board established by this chapter. See Virginia Code 58.1-4002
- Director: means the Director of the Virginia Lottery. See Virginia Code 58.1-4002
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Permit holder: means a person to which the Director issues a permit pursuant to §§ Virginia Code 58.1-4030
- Sports betting: includes any system or method of wagering approved by the Director, including single-game bets, teaser bets, parlays, over-under, moneyline, pools, exchange wagering, in-game wagering, in-play bets, proposition bets, and straight bets. See Virginia Code 58.1-4030