N.J. Admin. Code § 13:74C-5.7

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

Section 13:74C-5.7 - Finalization of exchange wagers; cancellation of matched wagers under limited circumstances

(a) Except as provided at (b) below, once an unmatched wager is confirmed by the exchange wagering licensee as having been matched to an identically opposing wager in a given market on the exchange, and a matched wager is thereby formed, such matched wager shall be final and shall not be canceled.

(b) The exchange wagering licensee shall only cancel a matched wager, or part of a matched wager, if such cancellation is ordered by the Commission or, where in its sole discretion, the exchange wagering licensee determines that:

1. There is a technological failure of the exchange wagering system and the entire market, within which the exchange wager was made, must as a result be voided in accordance with the procedure at N.J.A.C. 13:74C-5.4(c);

2. There is good cause to suspect that a person placing a wager through the exchange wagering system has acted in violation of the terms and conditions entered into with the exchange wagering licensee at the time such person's exchange wagering account was established, or at the time the terms thereof were amended;

3. It is in the interest of maintaining the integrity and fairness in a particular market, including as provided at N.J.A.C. 13:74C-5.8(a); or

4. Human error, by the exchange wagering licensee, occurred in the recording of the exchange wager.

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

N.J. Admin. Code § 13:74C-5.7

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

Adopted by56 N.J.R. 413(a), effective 3/18/2024