New Jersey § 5:5-170

§ 5:5-170.

As used in this act: 1 “ Authority ” means the New Jersey Sports and Exposition Authority created by section 4 of P.L.1971,

c. 137 ( C.5:10-4 ). “ Back ” means to wager on a selected outcome occurring in a given market. “ Commission ” means the New Jersey Racing Commission created by section 1 of P.L.1940, c. 17 ( C.5:5-22 ). “ Corrective wager ” means an exchange wager placed by the exchange wagering licensee in a given market,

under circumstances approved by the commission, in order to address the impact on

that market of the cancellation or voiding of a given matched wager or given part

of a matched wager. “ Exchange ” means a system operated by the exchange wagering licensee in which the exchange

wagering licensee maintains one or more markets in which persons may back or lay a

selected outcome. “ Exchange revenues ” means all charges and fees of any kind assessed or collected by the exchange wagering

licensee in connection with the submission of any exchange wagers to the exchange

wagering licensee by residents of this State. “ Exchange wagers ” means wagers submitted to the exchange wagering licensee to be posted in a market

on an exchange. “ Exchange wagering ” means a form of parimutuel wagering in which two or more persons place identically

opposing wagers in a given market. “ Exchange wagering account ” means the account established with the exchange wagering licensee by a person participating

in exchange wagering and may include an account wagering account established with

the exchange wagering licensee pursuant to applicable law. “ Exchange wagering licensee ” means the authority, provided that the commission has granted its approval for the

authority to establish an exchange as provided for in this act. “ Exchange wagering system ” means a system through which exchange wagers are processed. “ Identically opposing wagers ” means wagers in which one or more persons offer to lay a selected outcome at the

same price at which one or more persons offer to back that same outcome, with the

amount subject to the lay being proportionately commensurate to the amount subject

to the back. “ Interstate Exchange Pool ” means an exchange wagering system established within this State or in another state

or foreign nation within which is combined unmatched wagers on one or more horse races

in order to form identically opposing wagers. “ Lay ” means to wager on a selected outcome not occurring in a given market. “ Market ” means, in relation to a given horse race or a given set of horse races, a particular

outcome that is subject to exchange wagering as determined by the exchange wagering

licensee. “ Matched wager ” means the wager that is formed when two or more persons are confirmed by the exchange

operator as having placed identically opposing wagers in a given market on the exchange. “ Net winnings ” means the aggregate amounts payable to a person as a result of that person's winning

matched wagers in a pool less the aggregate amount paid by that person as a result

of that person's losing matched wagers in that pool. “ Parimutuel ” means any system whereby wagers with respect to the outcome of a horse race are

placed with, or in, a wagering pool conducted by an authorized person, and in which

the participants are wagering with each other and not against the person conducting

the wagering pool. “ Pool ” means the total of all matched wagers in a given market. “ Price ” means the odds for a given exchange wager. “ State ” means the State of New Jersey. “ Unmatched Wager ” means a wager or portion of a wager placed in a given market within an exchange

that does not become part of a matched wager because there are not one or more available

exchange wagers in that market with which to form one or more identically opposing

wagers. 1

L.2011, c. 15 (N.J.S.A. § 5:5-168 et seq.).