Rutgers Law

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

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

      Section: 5:5-198: Credits made to fixed odds wagering account.

          9. a. Credits to a fixed odds wagering account shall be made as follows:

(1) The fixed odds wagering account holder's deposits to the fixed odds wagering account shall be submitted by the fixed odds wagering account holder to the fixed odds wagering licensee and shall be in the form of one of the following:

(a) cash given to the fixed odds wagering licensee;

(b) check, money order, negotiable order of withdrawal, or wire or electronic transfer, payable and remitted to the fixed odds wagering licensee; or

(c) charges made to a fixed odds wagering account holder's debit or credit card upon the fixed odds wagering account holder's direct and personal instruction, which instruction may be given by telephone communication or other electronic means to the fixed odds wagering licensee or its agent by the fixed odds wagering account holder if the use of the card has been approved by the fixed odds wagering licensee.

(2) Credit for winnings from wagers placed with funds in a fixed odds wagering account shall be posted to the fixed odds wagering account by the fixed odds wagering licensee.

(3) The fixed odds wagering licensee shall have the right to refuse for any reason all or part of any fixed odds wager or deposit to the fixed odds wagering account.

(4) Funds deposited in the fixed odds wagering account shall not bear interest to the fixed odds wagering account holder.

b. Debits to a fixed odds wagering account shall be made as follows:

(1) Upon receipt by the fixed odds wagering licensee of a fixed odds wager properly placed pursuant to section 10 of this act, P.L.2021, c.193 (C.5:5-199), the fixed odds wagering licensee shall determine whether there are sufficient funds in the fixed odds wagering account holder's fixed odds wagering account to cover the total liability resulting from the fixed odds wager, taking into consideration other fixed odds wagers made by the fixed odds wagering account holder in the same market, and any additional applicable transaction or other fees due to the fixed odds wagering licensee under the division's rules and regulations, and deduct such amounts from the fixed odds wagering account holder's fixed odds wagering account.

(2) The fixed odds wagering licensee may authorize a withdrawal from a fixed odds wagering account when the fixed odds wagering account holder submits to the fixed odds wagering licensee, the fixed odds wagering licensee's agent, or such other entity as may be approved by the division, his or her fixed odds wagering account number and proper means of identification pursuant to procedures approved by the division. Fixed odds wagering account holders may request a withdrawal in person, by mail, by telephone, or by other electronic means. If there are sufficient funds in the fixed odds wagering account to cover the withdrawal, after taking into consideration any existing fixed odds wagers made by the fixed odds wagering account holder, the fixed odds wagering licensee shall make payment within three business days of receipt of the fixed odds wagering account holder's withdrawal request. Notwithstanding the foregoing, the fixed odds wagering licensee may decline or delay fulfilling a withdrawal request if the fixed odds wagering licensee reasonably suspects: (a) fraud; (b) that the fixed odds wagering account holder was ineligible to make one or more of the fixed odds wagers made from the fixed odds wagering account; or (c) any other conditions which the division may prescribe or approve. At the discretion of the fixed odds wagering licensee, withdrawals may be payable in cash, by a check sent to the fixed odds wagering account holder's verified residence address, by wire transfer, or by other electronic transfer. Withdrawals shall be made payable only to the holder of the fixed odds wagering account and in no more than the amount of the requested withdrawal.

L.2021, c.193, s.9.

This section added to the Rutgers Database: 2021-11-04 15:05:39.

Older versions of 5:5-198 (if available):

Court decisions that cite this statute: CLICK HERE.