New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 5 - CONDUCT OF EXCHANGE WAGERING › Section 13:74C-5.2 - Procedure for Commission approval of markets

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before any market, including those
				specifically identified at
				N.J.A.C.
				13:74C-5.1, may be offered for exchange
				wagering for the first time within the exchange, the exchange wagering
				licensee, and/or the exchange management agent where such is employed by the
				exchange wagering licensee, shall file a written petition with the Commission.
				In the filing of any such petition, any exchange services agent may participate
				as a joint petitioner.
(b) The
				petition shall identify the type of market for which Commission approval is
				sought, as identified at
				N.J.A.C.
				13:74C-5.1, and shall include: a narrative
				description of the possible exchange wagers that can be placed within the
				market, including a statement of rules for such exchange wagers; a statement as
				to whether the same market has been offered to the public in any other
				jurisdiction, by any person or entity, and whether such offering encountered
				any known technological or practical problems; a statement as to whether any
				exchange services agent employed by the exchange wagering licensee has itself
				offered the market in another jurisdiction and, if so, whether any problems
				were encountered with the market; the minimum and maximum dollar amount of the
				exchange wagers that will be accepted for the market; a certified statement
				that the hardware and software components of the exchange wagering system have
				been successfully tested to handle the market; the particular race or races in
				connection with which the market is proposed; and a certified statement by the
				petitioner that the market is in compliance with all laws that may be
				implicated thereby.
(c) In
				considering any petition filed pursuant to this section, the Commission may
				impose such conditions on approval as it deems reasonable and necessary to
				insuring the integrity of the exchange wagering system and horse racing
				industry in this State, including that the exchange wagering system be subject
				to independent testing for technological and wagering data reliability, in
				connection with any proposed market, before the market is approved, at cost to
				the exchange wagering licensee.
(d)
				Where the Commission approves a market, the Commission Executive Director, or
				designee, shall have discretion to subsequently approve written applications of
				the exchange wagering licensee or exchange management agent to offer that same
				market in connection with other races or groups of races, provided that the
				market subject of such application comprises the same exchange wager (including
				the rules for the exchange wager to be offered within the given market) as
				previously approved by the Commission. In its written application to the
				Commission Executive Director, the exchange wagering licensee or any exchange
				management agent shall: identify the market type; that the Commission has
				previously approved the market; state that the market is comprised of the same
				exchange wager (including the rules for the exchange wager to be offered within
				the given market) as previously approved by the Commission; identify the races
				for which exchange wagering will be offered in the market; and include a
				statement as to whether any technological or other problems arose in connection
				with the offering of such market in the matter previously approved by the
				Commission or Commission Executive Director. In acting on such application, the
				Commission Executive Director may approve the application, refer the
				application to the Commission for consideration, or deny the application for
				good cause. In approving any such application, the Commission Executive
				Director may impose conditions as he or she deems reasonable and necessary to
				ensure the integrity of the exchange wagering system and horse racing industry
				in this State.
(e) Nothing in this
				section shall be interpreted to preclude the Commission or Commission Executive
				Director from ordering that an approved market, or previously approved market,
				be discontinued where the continuance thereof would be inconsistent with the
				integrity of the exchange wagering system, including its wagering and
				technological reliability aspects, or the maintenance of the integrity of the
				horse racing industry in this State.