N.J. Admin. Code § 13:74-7.4

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

Section 13:74-7.4 - Credits to a wagering account

(a) Subject to the right of the account wagering licensee to refuse for any reason all or any part of any deposit to a wagering account, and consistent with the internal control procedures of the account wagering licensee, an account holder may make a deposit into his or her wagering account by remitting funds to the account wagering licensee, the licensee's agent, or in the account wagering licensee's discretion, a racetrack, a licensed off-track wagering facility or such other entity as may be approved by the Commission.

(b) Any funds intended for deposit by an account holder into his or her wagering account shall be made payable to the account wagering licensee in the form of: a cash deposit utilizing a properly completed and executed deposit slip approved by the Commission; a credit or debit card or cards specifically approved by the account wagering licensee, upon the account holder's direct and personal instruction (which instruction may be given by telephone or other electronic means); check, money order, negotiable order of withdrawal utilizing a properly executed deposit slip approved by the Commission, or wire transfer or electronic transfer. A deposit to a wagering account shall only be accepted where the account holder first provides a correct confidential account number and a correct confidential personal identification number for the account. A receipt for each deposit shall be issued to the account holder, but the receipt need not reflect the current account balance. A deposit to a wagering account or wagering accounts, by credit cards or cards, shall only be accepted by the account wagering licensee in a maximum amount consistent with its internal control procedures, as approved by the Commission, for each account holder. The funds deposited into a wagering account shall not bear interest to the account holder. The internal control procedures of the account wagering licensee shall set forth procedures addressing the allocation of such interest funds, including as to their disbursement to the account wagering licensee for retention by it, or for such use as the account wagering licensee deems appropriate.

(c) Credit for winnings from wagers placed with funds in a wagering account shall be promptly posted to the wagering account by the account wagering licensee, consistent with its internal control procedures.

(d) Credit for refunded pari-mutuel tickets shall be promptly posted to the wagering account by the account wagering licensee, consistent with its internal control procedures. For races offered for wagering through the account wagering system from an in-State host track, the refund rule set forth at N.J.A.C. 13:70-29.29 shall apply as to account wagers placed on thoroughbred races, and the refund rule set forth at N.J.A.C. 13:71-27.28 shall apply as to account wagers placed on harness races. For races offered for wagering through the account wagering system from an out-of-State host track, and subject to the provisions of N.J.A.C. 13:74-8.6(b) where an interstate common pool is formed, the refund rule as set forth in N.J.A.C. 13:74-8.5 shall apply.

(e) An account holder may not place an account wager drawn upon sums deposited into his or her wagering account, regardless of the manner of deposit of those funds, unless the deposit has first been administratively processed by the account wagering licensee, the funds subject of the deposit have been credited to the wagering account of the account holder, the funds subject of the deposit have satisfied any banker's or other required clearance, and the funds subject of the deposit are actually available within the account. Holding periods shall be determined by the account wagering licensee, who shall make such information available to the account holder upon request.

N.J. Admin. Code § 13:74-7.4