Rutgers Law

New Jersey Statutes, Title: 5, AMUSEMENTS, PUBLIC EXHIBITIONS AND MEETINGS

    Chapter 5: New Jersey Racing Commission, powers, duties; definitons.

      Section: 5:5-192: Definitions.

          3. As used in this act:

"Advance deposit wagering" means a form of horse racing wagering in which account holders must fund their account before being permitted to place bets and refers to a fixed odds wagering licensee.

"Authority" means the New Jersey Sports and Exposition Authority created by section 4 of P.L.1971, c.137 (C.5:10-4).

"Division" means the New Jersey Division of Gaming Enforcement in the New Jersey Department of Law and Public Safety created by section 55 of P.L.1977, c.110 (C.5:12-55).

"Fixed odds wagering" means a form of horse racing wagering against odds offered by a bookmaker in which account holders may lock in their odds when the bet is first placed and no fluctuation in potential payout may occur.

"Fixed odds wagering account" means the account established with the fixed odds wagering licensee by a person participating in fixed odds wagering.

"Fixed odds wagering licensee" means the authority, provided that the division has granted its approval for the authority or a racetrack permit holder to establish fixed odds wagering as provided for in this act, P.L.2021, c.193.

"Fixed odds wagering system" means a system through which fixed odds wagers are processed.

"Internet sports pool operator" means an entity that is licensed as a casino service industry enterprise pursuant to section 92 of P.L.1977, c.110 (C.5:12-92) and that holds a permit issued by the division to operate an online sports pool.

"Operating board" means the board established to negotiate, manage, and oversee any agreements made for the purposes of operating an account wagering system, off-track wagering facility, exchange wagering system, or fixed odds wagering system.

"Participation agreement" means the written contract entered into pursuant to this act, P.L.2021, c.193, that shall set forth the manner in which the fixed odds wagering system shall be managed, operated, and capitalized, as well as how expenses and revenues shall be allocated and distributed by and among the authority and the other eligible participants subject to the agreement, including standardbred and thoroughbred permit holders in this State.

"Permit holder" means the holder of an annual permit to conduct a horse race meeting issued by the commission.

L.2021, c.193, s.3.

This section added to the Rutgers Database: 2021-11-04 15:05:29.

Older versions of 5:5-192 (if available):

Court decisions that cite this statute: CLICK HERE.