11VAC5-70-60: Principal applications

A. An applicant for a principal license who is associated with a sports betting permit applicant shall submit the principal application together with the permit application.

B. A principal who will be employed in a managerial capacity for a sports betting platform on behalf of a permit holder:

1. Shall submit the application separately from the application for the sports betting permit; and

2. May submit the application together with a supplier license application.

C. The application for a principal shall be made using the electronic form required by the department.

D. For an applicant who is a citizen of any country other than the United States, the background investigation shall require an international criminal history records check.

E. The application for each principal license shall be accompanied by a wire transfer of $50,000, $1,000 of which shall be considered an application/license fee, with the remainder constituting a nonrefundable initial deposit toward the department's administrative costs to conduct the background investigation of the applicant.

F. The term of a principal license shall be three years from the date of issuance.

G. At least 60 days before the end of the term of a principal license, a principal shall submit a:

1. Renewal application using the electronic form required by the department; and

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