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Can you summarize 13 NJAC Chapter 69Q, Subchapter 1?
FIXED ODDS WAGERING > FIXED ODDS WAGERING
Short Summary
These legal documents govern the operation and requirements for fixed odds wagering in New Jersey. They cover both retail and online fixed odds wagering, outlining the obligations and responsibilities of race tracks, licensed wagering operators, and patrons. The documents establish various terms and definitions related to fixed odds wagering, such as ‘authority,’ ‘best odds guarantee,’ ‘division,’ ‘fixed odds,’ ‘fixed odds vendor,’ ‘fixed odds wagering system,’ ‘kiosk,’ ’licensed wagering operator,’ ‘odds,’ ‘oddsmaker,’ ‘operating board,’ ‘participation agreement,’ ‘race track,’ ‘racing commission,’ ‘stake,’ ‘starting post price,’ ‘suspicious betting activity,’ ’ticket writer,’ ‘void,’ and ‘wagering ticket.’ The requirements for retail fixed odds wagering include maintaining a cash reserve, investigating and responding to complaints, using approved equipment and kiosks, complying with currency transaction and anti-money laundering laws, collecting personal information for large wagers, redeeming winning tickets, recording wager information, and more. The requirements for online fixed odds wagering include system integrity and security assessments, accepting wagers only from patrons located in approved locations, age verification, responsible gambling messages, logging previous log-on times, suspending accounts, and ensuring the integrity of client terminal software. The documents also outline the requirements for establishing online fixed odds wagering accounts, including the collection and encryption of personal information, verification of identity, establishment of passwords, and funding methods. Communication standards for online fixed odds wagering systems are also addressed, emphasizing the integrity, confidentiality, and secure transfer of patron communications. Licensing requirements for fixed odds wagering operators are detailed, including the application process, fees, and renewal procedures. Internal controls and house rules for fixed odds wagering operations are established, covering aspects such as user access controls, fraud detection, redemption procedures, and responsible gambling measures. The documents also address accounting controls for retail fixed odds wagering booths, logging and data retention requirements for online systems, and the legality of fixed odds wagering on horse races. Overall, these documents provide a comprehensive framework for the regulation and operation of fixed odds wagering in New Jersey.
Whom does it apply to?
Race tracks, licensed wagering operators, and patrons
What does it govern?
Fixed odds wagering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are specified.
Jurisdiction
New Jersey