New Jersey Statutes 5:5-199. Acceptance of wagers
Terms Used In New Jersey Statutes 5:5-199
- 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.
- 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
(1) A wager to back or lay a particular outcome in a given market, specifying the price of the wager, shall be placed directly with the fixed odds wagering licensee by the holder of the fixed odds wagering account.
(2) The fixed odds wagering account holder placing the wager shall provide the fixed odds wagering licensee with the correct personal identification number of the holder of the fixed odds wagering account.
(3) A fixed odds wagering licensee may not accept a fixed odds wager, or series of fixed odds wagers, when the results of which would create a liability for the fixed odds wagering account holder in excess of funds on deposit in the fixed odds wagering account of that holder.
(4) Only the holder of a fixed odds wagering account shall place a wager. Unless otherwise approved by the division, no person, corporation, or other entity shall directly or indirectly act as an intermediary, transmitter, or agent in the placing of wagers for a holder of an fixed odds wagering account; provided, however, that the use of credit or debit cards specifically approved by the fixed odds wagering licensee or the use of checks, money orders, or negotiable orders of withdrawal or the use of telephonic, computer, or electronic means by the fixed odds wagering account holder to place such wagers shall not be prohibited.
(5) The fixed odds wagering account holder may place a wager in person, by direct telephone call or by communication through other electronic media.
b. A fixed odds wager may also be placed at a racetrack or off-track wagering facility in person without opening a fixed odds wagering account through a teller who shall issue a tote ticket for the wager which may then be cashed by the teller.
L.2021, c.193, s.10.