New Jersey Statutes 5:5-194. Issuance of license to establish fixed odds wagering
Terms Used In New Jersey Statutes 5:5-194
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
Any participation agreement shall include an agreement by the operator to pay a proportional share of the available net project revenues determined by the operating board to the standardbred or thoroughbred permit holder, as the case may be, and a re-negotiation mechanism to adjust a proportional share following the addition or removal of an operator.
b. At the time of filing an application for licensure under this section, the authority shall submit to the division a nonrefundable filing fee in an amount established by regulation by the division, and a certification in a form prescribed by the division which specifies, but is not limited to, information about the operation of the system and the authority’s participation therein.
c. Within 14 days of receipt of a completed application, certification and applicable fees, the division’s director shall determine whether the same is in due form and meets the requirements of law and regulations in all respects. No later than 60 days following the receipt of the application, the division shall make a final determination on the application. The division shall approve the application if it determines that the authority has demonstrated by clear and convincing evidence that wagers placed through the proposed fixed odds wagering system will be accurately processed and that there will be sufficient safeguards to maintain the integrity of the horse racing industry in this State.
d. The division’s determination shall be submitted to the Attorney General for review and approval. The determination of the division shall be deemed approved by the Attorney General if affirmatively approved or not disapproved by the Attorney General within 14 days of the date of submission. The decision of the Attorney General shall be deemed a final decision. Upon approval by the Attorney General, the division shall issue to the authority a license to establish the system. The fixed odds wagering license shall be valid for a term of one year, and shall be subject to renewal annually, unless a different timeframe is otherwise prescribed by regulation of the division.
e. With the approval of the division, the authority or racetrack permit holder may enter into a contract or agreement with a person or entity to conduct or operate the system and to act as the agent of the authority in all fixed odds wagering matters approved by the division. The fixed odds wagering license may not be transferred or assigned to a successor in interest without the approval of the division and the Attorney General, which approval may not be unreasonably withheld.
L.2021, c.193, s.5.