N.J. Admin. Code § 13:74C-5.6

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

Section 13:74C-5.6 - Cancellation of unmatched wagers

(a) The exchange wagering licensee may cancel an unmatched wager at any time, without cause, before it is matched to form one or more identically opposing wagers.

(b) An exchange wagering account holder who offers an unmatched wager may cancel that unmatched wager at any time, without cause, before it is matched by the exchange wagering licensee to form one or more identically opposing wagers. However, the suspected abuse of this cancellation privilege by an account holder, including, but not limited to, where any such cancellation is made pursuant to or in furtherance of fraudulent activity related to horse racing or the exchange wagering system, or where the frequency of such cancellations is determined by the exchange wagering provider to negatively impact the exchange or any given market, shall serve as a basis for the closure or suspension of the exchange wagering account pursuant to N.J.A.C. 13:74C-4.2.

(c) In the event the exchange wagering licensee cancels an unmatched wager, as authorized by this section, the exchange wagering licensee shall promptly cause to be filed with the Commission Executive Director a written report detailing the action taken, and the reasons in support of such action.

N.J. Admin. Code § 13:74C-5.6

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

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