N.J. Stat. § 5:5-170
As used in this act:
"Authority" means the New Jersey Sports and Exposition Authority created by section 4 of P.L. 1971, c.137 (C.5:10-4).
"Back" means to wager on a selected outcome occurring in a given market.
"Commission" means the New Jersey Racing Commission created by section 1 of P.L. 1940, c.17 (C.5:5-22).
"Corrective wager" means an exchange wager placed by the exchange wagering licensee in a given market, under circumstances approved by the commission, in order to address the impact on that market of the cancellation or voiding of a given matched wager or given part of a matched wager.
"Exchange" means a system operated by the exchange wagering licensee in which the exchange wagering licensee maintains one or more markets in which persons may back or lay a selected outcome.
"Exchange revenues" means all charges and fees of any kind assessed or collected by the exchange wagering licensee in connection with the submission of any exchange wagers to the exchange wagering licensee by residents of this State.
"Exchange wagers" means wagers submitted to the exchange wagering licensee to be posted in a market on an exchange.
"Exchange wagering" means a form of parimutuel wagering in which two or more persons place identically opposing wagers in a given market.
"Exchange wagering account" means the account established with the exchange wagering licensee by a person participating in exchange wagering and may include an account wagering account established with the exchange wagering licensee pursuant to applicable law.
"Exchange wagering licensee" means the authority, provided that the commission has granted its approval for the authority to establish an exchange as provided for in this act.
"Exchange wagering system" means a system through which exchange wagers are processed.
"Identically opposing wagers" means wagers in which one or more persons offer to lay a selected outcome at the same price at which one or more persons offer to back that same outcome, with the amount subject to the lay being proportionately commensurate to the amount subject to the back.
"Interstate Exchange Pool" means an exchange wagering system established within this State or in another state or foreign nation within which is combined unmatched wagers on one or more horse races in order to form identically opposing wagers.
"Lay" means to wager on a selected outcome not occurring in a given market.
"Market" means, in relation to a given horse race or a given set of horse races, a particular outcome that is subject to exchange wagering as determined by the exchange wagering licensee.
"Matched wager" means the wager that is formed when two or more persons are confirmed by the exchange operator as having placed identically opposing wagers in a given market on the exchange.
"Net winnings" means the aggregate amounts payable to a person as a result of that person's winning matched wagers in a pool less the aggregate amount paid by that person as a result of that person's losing matched wagers in that pool.
"Parimutuel" means any system whereby wagers with respect to the outcome of a horse race are placed with, or in, a wagering pool conducted by an authorized person, and in which the participants are wagering with each other and not against the person conducting the wagering pool.
"Pool" means the total of all matched wagers in a given market.
"Price" means the odds for a given exchange wager.
"State" means the State of New Jersey.
"Unmatched Wager" means a wager or portion of a wager placed in a given market within an exchange that does not become part of a matched wager because there are not one or more available exchange wagers in that market with which to form one or more identically opposing wagers.
N.J.S. § 5:5-170