New Jersey Statutes Title 5. Amusements, Public Exhibitions and Meetings 5 § 5-171

a. exchange wagering shall only be conducted by the exchange wagering licensee pursuant to a valid exchange wagering license issued by the commission as provided for in this act;

b. exchange 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, and rules and regulations promulgated by the commission pursuant to this act;

c. the commission has approved a contract or agreement, if any, with a person or entity to conduct or operate the exchange and to act as the agent for the authority in all exchange wagering matters approved by the commission, pursuant to section 5 of this act, P.L.2011, c. 15 (C. 5:5-172), including but not limited to the portion of exchange revenues payable to such person or entity conducting or operating the exchange;

d. exchange wagers are submitted to and accepted by the exchange wagering licensee in person, by direct telephone call, or by communication through other electronic media; and

e. exchange wagers are placed through the exchange wagering system authorized in accordance with the provisions of this act, P.L.2011, c. 15 (C. 5:5-168 et al.), and in accordance with commission rules, regulations, and conditions established therefor.