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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 58.1. Taxation |
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SUBTITLE IV. Other Sources of State Revenue |
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CHAPTER 40. Virginia Lottery Law; Sports Betting |
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ARTICLE 2. Sports Betting |
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SECTION 58.1-4045. Liquidity pools |
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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. |