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Can you summarize NJAC 13:69Q-1.2?
FIXED ODDS WAGERING > General requirements for retail fixed odds wagering
Short Summary
This document outlines the general requirements for retail fixed odds wagering in New Jersey. It applies to race tracks, licensed wagering operators, and patrons. The requirements include maintaining a cash reserve to cover outstanding wagering liability, investigating and responding to patron complaints, using approved totalisator equipment and kiosks for wagering, transporting receipts to a secure location for counting, complying with state and federal laws regarding currency transactions and anti-money laundering protocols, collecting personal information for wagers over $10,000, redeeming winning tickets through ticket writers or kiosks, recording information for each wager made, including event description, wager selection, odds, amount, and date/time, issuing tickets with operator information and unique identifiers, recording information for redeemed lost tickets, preventing redemption of previously redeemed or altered tickets, expiring unclaimed winning tickets after one year, accepting various methods of payment, prohibiting credit to patrons, setting fixed odds for wagering, offering fixed odds wagers only on approved races, restricting wagering to patrons 18 years or older and not self-excluded, requiring Division consent to void wagers, and allowing recalculation of starting post price but not adjustment of odds after a wager is made. The document does not specify penalties for non-compliance.
Whom does it apply to?
Race tracks, licensed wagering operators, patrons
What does it govern?
Retail fixed odds wagering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New Jersey