Sponsored by:
Assemblyman RONALD S. DANCER
District 12 (Burlington, Middlesex, Monmouth and Ocean)
Assemblyman RALPH R. CAPUTO
District 28 (Essex)
SYNOPSIS
Authorizes fixed odds wagering on horse races through fixed odds wagering system.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the placement of wagers on horse races, and supplementing chapter 5 of Title 5 of the Revised Statutes and amending P.L.2002, c.89.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. (New section) This act shall be known and may be cited as the Fixed Odds Wagering Act.
2. (New section) The Legislature finds and declares that:
a. The horse racing industry is economically important to this State, and the general welfare of the people of the State will be promoted by the advancement of horse racing and related projects and facilities in the State.
b. It is the intent of the Legislature, by authorizing fixed odds wagering, to promote the economic future of the horse racing industry in this State, to foster the potential for increased commerce, employment, and recreational opportunities in this State and to preserve the State's open spaces.
c. It is the further intent of the Legislature that fixed odds wagers may be taken in person, by direct telephone call, or by communication through other electronic media from residents of this State on horse races conducted within and outside of this State.
d. It is the further intent of the Legislature to permit persons located in New Jersey who are not residents or account holders to wager on fixed odds at racetracks in person or by electronic means.
e. The Legislature has determined that the Division of Gaming Enforcement, in consultation with the New Jersey Racing Commission, is best suited to oversee, license, and regulate fixed odds wagering in the State.
3. (New section) As used in this act:
"Authority" means the New Jersey Sports and Exposition Authority created by section 4 of P.L.1971, c.137 (C.5:10-4).
Division means the New Jersey Division of Gaming Enforcement in the New Jersey Department of Law and Public Safety created by section 55 of P.L.1977, c.110 (C.5:12-55).
Fixed odds wagering means a form of horse racing wagering against odds offered by a bookmaker in which account holders may lock in their odds when the bet is first placed and no fluctuation in potential payout may occur.
Fixed odds wagering account means the account established with the fixed odds wagering licensee by a person participating in fixed odds wagering.
Fixed odds wagering licensee means the authority, provided that the division has granted its approval for the authority or a racetrack permit holder to establish fixed odds wagering as provided for in this act, P.L. , c. (pending before the Legislature as this bill).
Fixed odds wagering system means a system through which fixed odds wagers are processed.
Operating board means the board established to negotiate, manage, and oversee any agreements made for the purposes of operating an account wagering system, off-track wagering facility, exchange wagering system, or fixed odds wagering system.
"Participation agreement" means the written contract entered into pursuant to this act, P.L. , c. (pending before the Legislature as this bill), that shall set forth the manner in which the fixed odds wagering system shall be managed, operated, and capitalized, as well as how expenses and revenues shall be allocated and distributed by and among the authority and the other eligible participants subject to the agreement, including standardbred and thoroughbred permit holders in this State.
"Permit holder" means the holder of an annual permit to conduct a horse race meeting issued by the commission.
4. (New section) Notwithstanding any law, rule, or regulation to the contrary, fixed odds wagering by residents of this State on the results of horse races conducted in this State or jurisdictions outside of this State shall be lawful provided that:
a. fixed odds wagering shall only be conducted by the fixed odds wagering licensee pursuant to a valid fixed odds wagering license issued by the division as provided for in this act;
b. fixed odds wagering shall be conducted pursuant to and in compliance with the provisions of the Interstate Horse Racing Act of 1978, 15 U.S.C. ss.3001 - 3007, as amended, this act, any related intrastate contracts, and rules and regulations promulgated by the division pursuant to this act;
c. in addition to the provisions of the Interstate Horse Racing Act of 1978, 15 U.S.C. ss.3001 3007, fixed odds wagering conducted on in-State races shall require a written agreement with the Standardbred Breeders and Owners Association of New Jersey and the New Jersey Thoroughbred Horsemen's Association for such wagering on the associations respective breeds;
d. the division has approved a contract or agreement, if any, with a person or entity to conduct or operate fixed odds wagering and to act as the agent for the authority or racetrack permit holder in all fixed odds wagering matters approved by the division, pursuant to section 5 of this act, P.L. , c. (C. )(pending before the Legislature as this bill), including but not limited to the portion of fixed odds revenues payable to such person or entity conducting or operating fixed odds wagering;
e. fixed odds wagers are submitted to and accepted by the fixed odds wagering licensee in person, by direct telephone call, or by communication through other electronic media, as appropriate; and
f. fixed odds wagers are placed through the fixed odds wagering system authorized in accordance with the provisions of this act, P.L. , c. (C. )(pending before the Legislature as this bill), and in accordance with division rules, regulations, and conditions established therefor.
5. (New section) a. The division is hereby authorized to issue a license to the authority, or to the racetrack permit holder, to establish fixed odds wagering in accordance with the provisions of this act, P.L. , c. (C. )(pending before the Legislature as this bill). The licensing process shall include the filing by the authority of a fixed odds wagering license application developed by the division. The division may issue more than one license to the authority for the purpose of establishing additional fixed odds wagering systems. The division may issue an individual license to a racetrack permit holder if the authority and racetrack permit holder have mutually agreed to a transfer of licensing, pursuant to the provisions of section 6 of P.L. , c. (C. ) (pending before the Legislature as this bill). Each new wagering system shall require a license.