Ask Reggi Your Question Now
Can you summarize NJAC 13:69Q-1.7?
FIXED ODDS WAGERING > Licensing requirements for entities offering fixed odds wagering
Short Summary
This document outlines the licensing requirements for entities offering fixed odds wagering in New Jersey. Racetracks and the Authority must be licensed as a wagering operator, while other entities authorized to operate fixed odds wagering, either online or retail, must be licensed as a casino service industry enterprise. The application form for licensed wagering operators who are not already licensed as casino service industry enterprises is available on the Division’s website and requires a non-refundable fee of $25,000. The fees collected are deposited into a separate program account of the Casino Control Fund for use by the Division in the regulation of fixed odds wagering. The Division has the discretion to allocate a portion of the fees for responsible gaming programs. The Division reviews completed applications within 14 days and makes a determination on whether to issue the license within 60 days. The Attorney General reviews the Division’s findings and makes a decision within 14 days. If the Attorney General does not decide within 14 days, the Division’s decision stands as a final agency decision. The initial approval for a fixed odds wagering license is valid for one year, and thereafter, racetracks must file a renewal application for a five-year period. Annual fees are required to keep the five-year license active. The Division may authorize entities to commence operations for a period of up to six months while their application is pending. Oddsmakers, equipment manufacturers, and other entities providing goods or services related to fixed odds wagering must file a registration form with the Division as a fixed odds vendor. Failure to file the form within 45 days of signing a contract with a licensed wagering operator results in a prohibition from conducting business with a licensed wagering operator. The Director has discretion to order participants to a higher level of licensure. Licensed wagering operators must conduct an annual audit of their fixed odds wagering operations by a third-party accounting firm and provide the results to the Division upon request.
Whom does it apply to?
Racetracks, the Authority, and other entities authorized to operate fixed odds wagering
What does it govern?
Licensing requirements for entities offering fixed odds wagering
What are exemptions?
Racetracks or the Authority, if licensed as a casino service industry enterprise, or an applicant for such licensure, are not required to file an additional application form.
What are the Penalties?
Non-refundable fees of $25,000 for licensed wagering operators and racetracks offering fixed odds wagering. Additional fees for third parties authorized by racetracks.
Jurisdiction
New Jersey