Original Section(s)

11 VAC 5-70-290 Administration of an Account

GLI Recommendations

11 VAC 5-70-290.I

11 VAC 5-80-100.E.6

G.   A permit holder shall implement and prominently publish the following on its platform procedures that allow a sports bettor to request withdrawal of funds from his user account, whether such account is open or closed, including:

1. A player’s request for withdrawal of funds (i.e., deposited and cleared funds or funds won) in the individual’s player account shall be completed within a reasonable time frame
2. the later of 5 days after receipt of the request or 10 days after submission of any tax reporting paperwork required by law, unless there is a pending unresolved player dispute or investigation prompted by a player dispute or the Director or the permit holder believes in good faith that the player has engaged in either fraudulent conduct or other conduct that would put the permit holder in violation of this chapter, in which case the permit holder may decline to honor the request for withdrawal for a reasonable investigatory period until its investigation is resolved if it provides notice of the nature of the investigation to the player.
3. Funds for withdrawal may be withheld from withdrawal until the funding transaction clears or the chargeback period ends. For the purposes of this subdivision, a request for withdrawal shall be considered honored if it is processed by the permit holder but delayed by a payment processor, a credit card issuer, or the custodian of a segregated account;

GLI recommends merging in 11 VAC 5-80-100.E.6 and specifying a number of days where it currently says “later of days”.  “5” has been put in as a placeholder.

11 VAC 5-70-290.J

H.   All adjustments to a player account for individual amounts of $500 or less shall be periodically reviewed by the permit holder consistent with the permit holder’s internal control standards MICS. All other adjustments shall be authorized by the permit holder’s management before being entered.

GLI recommends changing “MICS” to “Internal Control Standards” as this is the more correct term.

11 VAC 5-70-290.O

11 VAC 5-80-100.E.6

I.    A permit holder shall implement and prominently publish procedures that allow offer an easily accessible method for a player to permanently close the player’s a user account at any time and for any reason

1. The procedures shall allow for cancellation by any means, including by a sports bettor on any platform used by that sports bettor to make deposits into a segregated player account.

GLI recommends merging in 11 VAC 5-80-100.E.6.

11 VAC 5-80-100.F

2. The account may remain in pending closure status if there are outstanding confirmed wagers. Otherwise, if a prize is awarded to a sports bettor with a closed account, that prize, to the extent that it consists of funds, shall be distributed by the permit holder within seven days, provided, however, that if an account is closed on the basis of the permit holder's good faith belief, after investigation, that the sports bettor has engaged in fraud or has attempted to engage in behavior that would put the permit holder in violation of this chapter, such prize may be withheld, provided that, for pari-mutuel or peer-to-peer wagering, the prize is redistributed in a manner that reflects the outcome that would have resulted had that sports bettor not participated.

GLI recommends adding allowance for an account to be in pending closure status.

GLI recommends clarity be added about prizes being “redistributed”. Is this referring to cases of pari-mutuel or peer-to-peer wagering where one player’s prize or outcome affects another?

11 VAC 5-70-290.O

3. Any balance remaining in an account closed by a player shall be refunded pursuant to the permit holder’s internal control standards MICS within ten days of notice from the player.

GLI recommends changing “MICS” to “Internal Control Standards” as this is the more correct term.