N.J. Admin. Code § 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.
Notes
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