Virginia Law

A. A permit holder shall engage a certified public accountant to prepare in accordance with generally accepted accounting principles an annual audit of the financial transactions and condition of the permit holder's sports betting operation and submit that audit to the director.

B. A permit holder shall establish and maintain books, records, and documents, including electronic storage media, in accordance with generally accepted accounting principles and practices that sufficiently and properly reflect all revenues and expenditures of funds associated with its sports betting operation.

C. A permit holder shall retain all records, financial records, supporting documents, statistical records, and any other documents, including electronic storage media, pertinent to its sports betting operation for at least five years from their creation.

D. Books and records pertaining to a permit holder's sports betting operation shall be subject to inspection, review, and audit by the director or department staff at any time within the sole discretion of the director.

E. A permit holder shall deliver all data requested by the director either by report or data file in the form and frequency required by the director while achieving compliance with the standards of integrity, security, and control.

F. A permit holder shall generate reports necessary to record all the components of the adjusted gross revenue calculation over a specific period as required by the director.

G. All requested data shall be made available in the report formats and database formats required by the director.

H. All required reports shall be generated by the permit holder even if the period specified contains no data to be presented, in which case the report shall indicate all required information and contain an indication of "No Activity" or similar message.

I. A permit holder shall generate reports for each day of operation in order to calculate the adjusted gross revenue and to ensure the integrity of its sports betting platform.

J. A permit holder shall maintain an operating account with a financial institution that is federally insured by the FDIC and licensed to transact business in the Commonwealth of Virginia.

K. A permit holder shall maintain an escrow account with a financial institution federally insured by the FDIC and licensed to transact business in the Commonwealth of Virginia, into which shall be deposited all taxes and fees due to be transferred to the department pursuant to procedures to be established by the director. The department shall be designated as sole beneficiary on the account. This escrow account shall be separate from all other operating accounts of the permit holder to ensure the security of funds due to the Commonwealth of Virginia.