New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74 - OFF-TRACK WAGERING AND ACCOUNT WAGERING › Subchapter 7 - STANDARDS FOR ACCOUNT WAGERING SYSTEM › Section 13:74-7.4 - Credits to a wagering account

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to
				the right of the account wagering licensee to refuse for any reason all or any
				part of any deposit to a wagering account, and consistent with the internal
				control procedures of the account wagering licensee, an account holder may make
				a deposit into his or her wagering account by remitting funds to the account
				wagering licensee, the licensee's agent, or in the account wagering licensee's
				discretion, a racetrack, a licensed off-track wagering facility or such other
				entity as may be approved by the Commission.
(b) Any funds intended for deposit by an
				account holder into his or her wagering account shall be made payable to the
				account wagering licensee in the form of: a cash deposit utilizing a properly
				completed and executed deposit slip approved by the Commission; a credit or
				debit card or cards specifically approved by the account wagering licensee,
				upon the account holder's direct and personal instruction (which instruction
				may be given by telephone or other electronic means); check, money order,
				negotiable order of withdrawal utilizing a properly executed deposit slip
				approved by the Commission, or wire transfer or electronic transfer. A deposit
				to a wagering account shall only be accepted where the account holder first
				provides a correct confidential account number and a correct confidential
				personal identification number for the account. A receipt for each deposit
				shall be issued to the account holder, but the receipt need not reflect the
				current account balance. A deposit to a wagering account or wagering accounts,
				by credit cards or cards, shall only be accepted by the account wagering
				licensee in a maximum amount consistent with its internal control procedures,
				as approved by the Commission, for each account holder. The funds deposited
				into a wagering account shall not bear interest to the account holder. The
				internal control procedures of the account wagering licensee shall set forth
				procedures addressing the allocation of such interest funds, including as to
				their disbursement to the account wagering licensee for retention by it, or for
				such use as the account wagering licensee deems appropriate.
(c) Credit for winnings from wagers placed
				with funds in a wagering account shall be promptly posted to the wagering
				account by the account wagering licensee, consistent with its internal control
				procedures.
(d) Credit for refunded
				pari-mutuel tickets shall be promptly posted to the wagering account by the
				account wagering licensee, consistent with its internal control procedures. For
				races offered for wagering through the account wagering system from an in-State
				host track, the refund rule set forth at
				13:70-29.29 shall apply as to
				account wagers placed on thoroughbred races, and the refund rule set forth at
				13:71-27.28 shall apply as to
				account wagers placed on harness races. For races offered for wagering through
				the account wagering system from an out-of-State host track, and subject to the
				provisions of
				13:74-8.6(b) 
				where an interstate common pool is formed, the refund rule as set forth in
				13:74-8.5 shall apply.
(e) An account holder may not place an
				account wager drawn upon sums deposited into his or her wagering account,
				regardless of the manner of deposit of those funds, unless the deposit has
				first been administratively processed by the account wagering licensee, the
				funds subject of the deposit have been credited to the wagering account of the
				account holder, the funds subject of the deposit have satisfied any banker's or
				other required clearance, and the funds subject of the deposit are actually
				available within the account. Holding periods shall be determined by the
				account wagering licensee, who shall make such information available to the
				account holder upon request.