A lot of new sports bettors don’t give much thought to how their winning wagers will actually be settled once the game is over. This is a hugely important aspect of betting and one that can make or break your account. It’s important for NY betting sites to follow certain rules when it comes to official betting, so that bettors can have peace of mind that their winning bets will actually be paid out.
In this article, we’ll take a look at the basic rules of official betting and how they affect how bets are settled. We’ll also cover how this process works with different sports and betting types. This is an essential topic for anyone looking to get started in online sports betting.
SS 58.1-4044
The Director may allow permit holders to offset loss and manage risk through a liquidity pool established in Virginia or another jurisdiction, provided that the pool is regulated by the Director and a permit holder maintains sufficient funds to pay bettors upon demand. Permit holders shall comply with all requirements and regulations of the Department and any other applicable law governing such pools.
SS 58.1-4045
A sports governing body may notify the Director that it desires permit holders to use official league data for settling tier 2 bets. The notification must be made according to forms and procedures prescribed by the Director. Permit holders shall notify bettors of the availability of such data within five days after receiving the notification.