Hi john,
Yes you can have multiple child portals. The license logic validates the primary domain name in the url giving you the ability to setup and run the module on multiple sub domains and child portals for your domain name. For example, if your live domain name is mywebsite.com then you are able to use the module on the following domain Urls using a single license:
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www.mywebsite.com
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mywebsite.com
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test.mywebsite.com
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dev.mywebsite.com
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mywebsite.com/childportal1
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mywebsite.com/childportal2
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mywebsite.com/childportal3
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etc, etc.
Thanks, Kevin