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Terms Used In New Jersey Statutes 5:5-197

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
  • State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
8. a. A person within this State shall not be permitted to open a fixed odds wagering account, or place a fixed odds wager through the fixed odds wagering system, except in accordance with federal law and this act, and through the fixed odds wagering licensee, and no entity, other than the fixed odds wagering licensee, shall accept a fixed odds wager from a person within this State. A person may not place a fixed odds wager unless the person has established a fixed odds wagering account with the fixed odds wagering licensee and is physically present in New Jersey at the time of placing the account wager, except that persons physically present at a racetrack or off-track wagering facility may place a wager through a teller at a window without opening a fixed odds wagering account. To establish a fixed odds wagering account, a person shall be physically present in New Jersey at the time of establishing the wagering account, at least 18 years of age, except that any person on the self-exclusion list established pursuant to section 1 of P.L.2002, c.89 (C. 5:5-65.1) shall be prohibited from establishing a fixed odds wagering account. A resident of this State who has established an account with a fixed odds wagering licensee may place a fixed odds wager through the licensee while physically present in New Jersey, or while physically present in another jurisdiction if placing such a wager is not inconsistent with the law of that jurisdiction or with federal law. The division shall develop protocols to accurately determine a person’s location within the State to effectuate the provisions of this subsection.

b. The fixed odds wagering account shall be in the name of a natural person and may not be in the name of any beneficiary, custodian, joint trust, corporation, partnership, or other organization or entity.

c. A fixed odds wagering account may be established in person, by mail, telephone, or other electronic media, by a person completing an application form approved by the division. The form shall include the address of the principal residence of the prospective fixed odds wagering account holder and a statement that a false statement made in regard to an application may subject the applicant to prosecution. The fixed odds wagering licensee shall verify the identification, residence, and age of the fixed odds wagering account holder using methods and technologies approved by the division.

d. The prospective fixed odds wagering account holder shall submit the completed application in person, by mail, telephone, or other electronic media, including the Internet and wireless devices, to the fixed odds wagering licensee or such other person or entity as may be approved by the division. The fixed odds wagering licensee may accept or reject an application after receipt and review of the application and certification, or other proof, of age and residency for compliance with this act.

e. Any prospective fixed odds wagering account holder who provides false or misleading information on the application is subject to rejection of the application or cancellation of the fixed odds wagering account by the fixed odds wagering licensee without notice.

f. The fixed odds wagering licensee shall have the right to suspend or close any fixed odds wagering account at its discretion.

g. Any person not in good standing with the division shall not be entitled to maintain a fixed odds wagering account.

h. The address provided by the applicant in the application shall be deemed the proper address for the purposes of mailing checks, fixed odds wagering account withdrawals, notices, and other materials.

i. A fixed odds wagering account shall not be assignable or otherwise transferable.

j. The fixed odds wagering licensee may at any time declare the fixed odds wagering system closed for receiving any wagers on any race or closed for all fixed odds wagering.

L.2021, c.193, s.8.

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