5:5-176 Acceptance of exchange wagers, conditions.
263 words·~1 min read·
/nj/title-5/chapter-5/5-5-176A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
9. The exchange wagering licensee may accept exchange wagers from residents of this State only in accordance with this act, federal law, and as follows:
a. 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 exchange wagering licensee by the holder of the exchange wagering account.
b. The exchange wagering account holder placing the wager shall provide the exchange wagering licensee with the correct personal identification number of the holder of the exchange wagering account.
c. An exchange wagering licensee may not accept an exchange wager, or series of exchange wagers, where the results of which would create a liability for the exchange wagering account holder in excess of funds on deposit in the exchange wagering account of that holder.
d. Only the holder of an exchange wagering account shall place a wager. Unless otherwise approved by the commission, 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 exchange wagering account; provided, however, that the use of credit or debit cards specifically approved by the exchange 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 exchange wagering account holder to place such wagers shall not be prohibited.
e. The exchange wagering account holder may place a wager in person, by direct telephone call or by communication through other electronic media.
L.2011, c.15, s.9.