N.J. Admin. Code § 13:70-29.42

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:70-29.42 - Payments

(a) Payments due on all wagers shall be made in conformity with the well established practice of the pari-mutuel system known as the "gross pool pricing" method as defined in N.J.A.C. 13:70-2.1, Definitions. However, with the prior approval of the Commission, payments due on all wagers may be made in conformity with the "net pool pricing" method as defined in N.J.A.C. 13:70-2.1.

1. The Racing Commission shall consider such applications on a case by case basis in the best interest of racing before granting approval for a change in the method of payment.

2. The Racing Commission may approve or disapprove, at a public meeting, applications from permitholders for a change in the method of calculating payments. All requests must be filed with the Racing Commission a minimum of 30 days prior to a scheduled public meeting and must include the reason and supporting justification for the request.

3. The application shall include a certification from the totalisator company confirming the method of calculation has been successfully programmed, tested and conforms with the permitholder's rules of the wager in all respects.

4. The application shall include a description by the permitholder of notification provided to the public explaining the impact of net pool pricing.

(b) Money wagered on winning tickets is returned in full plus the profits.

(c) The practice is to work in dollars and not in the number of tickets.

(d) The break permitted by law is deducted in all of the calculations arriving at the pay-off prices; that is, the odd cents over any multiple of ten cents of winnings per dollar wagered are deducted and retained by the licensee, to be paid to the State.

(e) Unless contingencies arise not covered herein, the practice shall be as follows.

N.J. Admin. Code § 13:70-29.42

Amended by R.2007 d.324, effective 10/15/2007.
See: 39 N.J.R. 2587(a), 39 N.J.R. 4409(a).
Rewrote the introductory paragraph of (a); and added (a)1 through (a)4.