N.J. Admin. Code § 13:74D-2.1

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

Section 13:74D-2.1 - Grant of initial sports wagering license to racetrack permit holder or owner and/or lessee of a former racetrack

(a) The racetrack permit holder or the owner and/or lessee of a former racetrack shall make an application for an initial sports wagering license on a form prescribed by the Racing Commission. The application shall be accompanied by a non-refundable filing fee of $ 100,000.

(b) An application for an initial sports wagering license shall not be considered complete unless:

1 . The permit holder or the owner and/or lessee of a former racetrack demonstrates, and the Racing Commission's investigation into the application confirms, that the requirements of the Act and this chapter have been satisfied;

2. The permit holder or the owner and/or lessee of a former racetrack has completely answered each question within the application, submitted the original and two copies of the application, and has fully complied with all of the Executive Director's requests for additional information;

3. The permit holder has demonstrated that it has given a one-time right of first refusal offer of employment at the sports pool to any person employed by the permit holder on the effective date of the Act (June 11, 2018) in the admissions department or parimutuel clerk department of the racetrack; and

4. The application is accompanied by a certification signed by a high managerial agent attesting that the disclosures within the application and within its attachments are true, accurate, and complete.

(c) Following the Executive Director's determination that the application for an initial sports wagering license is complete, the Racing Commission shall consider the application at a public meeting to make a final determination on the application.

1 . The Racing Commission shall not grant an initial sports wagering license, unless the permit holder or the owner and/or lessee of a former racetrack shall have demonstrated its financial stability, integrity, and responsibility and its good character, honesty, and integrity by clear and convincing evidence. In demonstrating its financial stability, integrity, and responsibility, the permit holder or the owner and/or lessee of a former racetrack shall submit to the Racing Commission information, documentation, and assurances concerning its financial background and resources. The permit holder or the owner and/or lessee of a former racetrack shall document to the Racing Commission, by clear and convincing evidence, that it is in compliance with the Division's rules promulgated pursuant to the Act including, but not limited to, the rules applicable to the amount of cash reserves that must be maintained by operators of sports pools.

2. The permit holder or the owner and/or lessee of a former racetrack shall demonstrate that it is in good standing with the Racing Commission and has complied with all statutes, rules, and orders of the Racing Commission.

(d) The Racing Commission may refuse to issue a license if it shall find that the permit holder or the owner and/or lessee of a former racetrack has failed to demonstrate its suitability for an initial sports wagering license by clear and convincing evidence.

1 . If the permit holder obtained a sports wagering license pursuant to a transactional waiver, the permit holder shall be granted up to 365 days from the date the sports wagering license was issued to amend its application, correct any deficiencies, and demonstrate its suitability for licensure. If the permit holder fails to demonstrate its suitability for licensure, the sports wagering license shall expire.

(e) If the Racing Commission approves the application for the grant of an initial sports wagering license, the Racing Commission shall issue a final determination and order granting the license with such conditions or terms the Racing Commission deems appropriate. In imposing such conditions or terms, the Racing Commission shall order that the permit holder or the owner and/or lessee of a former racetrack comply with the Division's rules promulgated pursuant to the Act applicable to sports pools and online sports pools including, but not limited to, those rules applicable to persons or entities that must be licensed or registered with the Casino Control Commission or the Division.

N.J. Admin. Code § 13:74D-2.1

Adopted by 50 N.J.R. 1666(a), effective 7/16/2018

Amended by 51 N.J.R. 474(a), effective 4/1/2019