New Jersey § 5:5-174

§ 5:5-174.

a. A person within this State shall not be permitted to open an exchange wagering

account, or place an exchange wager through the exchange wagering system, except in

accordance with federal law and this act, and through the exchange wagering licensee,

and no entity, other than the exchange wagering licensee, shall accept an exchange

wager from a person within this State. A person may not place an exchange wager unless the person has established an exchange

wagering account with the exchange wagering licensee. To establish an exchange wagering account, a person shall be at least 18 years of

age, and a resident of this State, except that any person on the self-exclusion list

established pursuant to section 1 of P. L.2002, c. 89 ( C.5:5-65.1 ) shall be prohibited from establishing an exchange wagering account. b. The exchange wagering account shall be in the name of a natural person and may

not be in the name of any beneficiary, custodian, joint trust, corporation, partnership

or other organization or entity. c. An exchange wagering account may be established in person, by mail, telephone,

or other electronic media, by a person completing an application form approved by

the commission. The form shall include the address of the principal residence of the prospective

exchange wagering account holder and a statement that a false statement made in regard

to an application may subject the applicant to prosecution. The exchange wagering licensee must verify the identification, residence, and age

of the exchange wagering account holder using methods and technologies approved by

the commission. d. The prospective exchange wagering account holder shall submit the completed application

in person, by mail, telephone, or other electronic media, including the Internet and

wireless devices, to the exchange wagering licensee or such other person or entity

as may be approved by the commission. The exchange wagering licensee may accept or reject an application after receipt

and review of the application and certification, or other proof, of age and residency

for compliance with this act. e. Any prospective exchange wagering account holder who provides false or misleading

information on the application is subject to rejection of the application or cancellation

of the exchange wagering account by the exchange wagering licensee without notice. f. The exchange wagering licensee shall have the right to suspend or close any exchange

wagering account at its discretion. g. Any person not in good standing with the commission shall not be entitled to maintain

an exchange wagering account. h. The address provided by the applicant in the application shall be deemed the proper

address for the purposes of mailing checks, exchange wagering account withdrawals,

notices and other materials. i. An exchange wagering account shall not be assignable or otherwise transferable. j. The exchange wagering licensee may cancel or allow to be cancelled, any unmatched

wagers, without cause, at any time. Except as otherwise provided in this act or in regulations which the commission

may adopt hereunder, all matched wagers shall be final and no wager shall be canceled

by the exchange wagering account holder at any time after the wager has been matched

by the exchange wagering licensee. k. The commission may prescribe rules governing when an exchange wagering licensee

may cancel or void a matched wager or part of a matched wager, and the actions which

an exchange wagering licensee may take when all or part of a matched wager is cancelled

or voided. Such rules may include, but are not limited to, permitting the exchange wagering

licensee to place corrective wagers under circumstances approved in the rules adopted

by the commission. l . The exchange wagering licensee may at any time declare the exchange wagering system

closed for receiving any wagers on any race or closed for all exchange wagering.