N.J. Admin. Code § 13:74C-5.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:74C-5.2 - Procedure for Commission approval of markets

(a) Before any market, including those specifically identified at N.J.A.C. 13:74C-5.1, may be offered for exchange wagering for the first time within the exchange, the exchange wagering licensee, and/or the exchange management agent where such is employed by the exchange wagering licensee, shall file a written petition with the Commission. In the filing of any such petition, any exchange services agent may participate as a joint petitioner.

(b) The petition shall identify the type of market for which Commission approval is sought, as identified at N.J.A.C. 13:74C-5.1, and shall include: a narrative description of the possible exchange wagers that can be placed within the market, including a statement of rules for such exchange wagers; a statement as to whether the same market has been offered to the public in any other jurisdiction, by any person or entity, and whether such offering encountered any known technological or practical problems; a statement as to whether any exchange services agent employed by the exchange wagering licensee has itself offered the market in another jurisdiction and, if so, whether any problems were encountered with the market; the minimum and maximum dollar amount of the exchange wagers that will be accepted for the market; a certified statement that the hardware and software components of the exchange wagering system have been successfully tested to handle the market; the particular race or races in connection with which the market is proposed; and a certified statement by the petitioner that the market is in compliance with all laws that may be implicated thereby.

(c) In considering any petition filed pursuant to this section, the Commission may impose such conditions on approval as it deems reasonable and necessary to insuring the integrity of the exchange wagering system and horse racing industry in this State, including that the exchange wagering system be subject to independent testing for technological and wagering data reliability, in connection with any proposed market, before the market is approved, at cost to the exchange wagering licensee.

(d) Where the Commission approves a market, the Commission Executive Director, or designee, shall have discretion to subsequently approve written applications of the exchange wagering licensee or exchange management agent to offer that same market in connection with other races or groups of races, provided that the market subject of such application comprises the same exchange wager (including the rules for the exchange wager to be offered within the given market) as previously approved by the Commission. In its written application to the Commission Executive Director, the exchange wagering licensee or any exchange management agent shall: identify the market type; that the Commission has previously approved the market; state that the market is comprised of the same exchange wager (including the rules for the exchange wager to be offered within the given market) as previously approved by the Commission; identify the races for which exchange wagering will be offered in the market; and include a statement as to whether any technological or other problems arose in connection with the offering of such market in the matter previously approved by the Commission or Commission Executive Director. In acting on such application, the Commission Executive Director may approve the application, refer the application to the Commission for consideration, or deny the application for good cause. In approving any such application, the Commission Executive Director may impose conditions as he or she deems reasonable and necessary to ensure the integrity of the exchange wagering system and horse racing industry in this State.

(e) Nothing in this section shall be interpreted to preclude the Commission or Commission Executive Director from ordering that an approved market, or previously approved market, be discontinued where the continuance thereof would be inconsistent with the integrity of the exchange wagering system, including its wagering and technological reliability aspects, or the maintenance of the integrity of the horse racing industry in this State.

N.J. Admin. Code § 13:74C-5.2

Adopted by 47 N.J.R. 807(b), effective 4/20/2015.

Adopted by 56 N.J.R. 413(a), effective 3/18/2024