N.J. Admin. Code § 13:69N-1.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:69N-1.3 - Sports pool license eligibility and approval

(a) Only a casino licensed by the Casino Control Commission, or operating pursuant to an interim casino authorization, a racetrack, or former racetrack shall be eligible to obtain a sports wagering license. Casino sports wagering licenses shall be issued by the Division. Initial sports wagering licenses for racetracks shall be issued by the Racing Commission. Renewals of sports wagering licenses for racetracks shall be issued by the Division.

(b) A casino sports wagering license shall be valid for one year.

(c) All agreements to operate a sports pool or online sports pool shall be approved by the Division for a casino licensee and by the Racing Commission for a racetrack licensee.

(d) A prohibited sports pool participant shall not be permitted to have any ownership interest in, control of, or otherwise be employed by an operator, a sports wagering licensee, or a facility in which a sports wagering lounge is located. This prohibition shall not apply to any person who is a direct or indirect owner of a specific sports governing body member team and:

1. Has less than 10 percent direct or indirect ownership interest in a casino or racetrack; or

2. The shares of such person are registered pursuant to section 12 of the Securities Exchange Act of 1934, as amended ( 15 U.S.C. § 781) , and the value of the ownership of such team represents less than one percent of the person's total enterprise value, as reflected on the most recent financial statements.

(e) Any person who is a direct or indirect legal or beneficial owner of 10 percent or greater of a sports governing body or any of its member teams, shall not place or accept wagers on a sports event in which any member team of that sports governing body participates.

(f) Any employee of a sports governing body or its member teams who is not prohibited from wagering on a sports event shall, nevertheless, register with the Division prior to placing a wager on a sports event.

N.J. Admin. Code § 13:69N-1.3

Adopted by 50 N.J.R. 1652(a), effective 7/16/2018

Amended by 51 N.J.R. 1514(b), effective 10/7/2019