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Can you summarize NJAC 13:69Q-1.8?
FIXED ODDS WAGERING > Internal controls; house rules
Short Summary
This legal document governs the internal controls and house rules for fixed odds wagering operations conducted by licensed wagering operators. Licensed wagering operators are required to file internal controls with the Division prior to commencing operations and maintain them. The internal controls should address various aspects such as user access controls, segregation of duties, risk management procedures, fraud detection and reporting procedures, prevention of wagering by prohibited patrons, anti-money laundering compliance standards, description of wagers and integrated third-party systems, procedures for ensuring registration of fixed odds vendors, and procedures for telephone wagering. The internal controls should also detail the reconciliation of assets and documents, procedures to redeem lost tickets, reprinting procedures for failed tickets, and other related procedures. Additionally, licensed wagering operators are required to adopt comprehensive house rules approved by the Division, which cover aspects such as calculation and payment of winning wagers, handling of incorrectly posted events or results, schedule changes, notifying patrons of odds or proposition changes, acceptance of wagers at other terms, expiration of winning tickets, contact information for questions and complaints, prohibited participants, maximum winning limits, funding methods, and redemption methods. The house rules should be displayed in wagering areas, posted on the operator’s website, and included in the account wagering system’s terms and conditions. Copies of the house rules should be readily available to patrons.
Whom does it apply to?
Licensed wagering operators
What does it govern?
Internal controls; house rules
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Jersey