NJ S3466

New Jersey corporations, partnerships, limited partnerships, and LLCs would be permitted to establish wagering accounts with horse racing and sports pool operators, with designated individuals (officers, directors, partners, managers, or authorized persons) placing bets on behalf of the entity

Business entities must disclose to operators the names, addresses, photo IDs, and Social Security numbers of all equity owners, debt holders, directors, officers, managers, partners, profit recipients, and designated individuals, with updates required within five business days of any changes

Entities must maintain wagering records in New Jersey, keep a bank account with a New Jersey financial institution for all wagering fund transfers, and make records available for regulatory review

Distributing profits to undisclosed individuals, wagering with funds from undisclosed persons, placing bets on behalf of undisclosed persons, or submitting false information constitutes a second-degree crime punishable by 5-10 years imprisonment and/or fines up to $50,000

The law takes effect 180 days after enactment, with the Casino Control Commission, Division of Gaming Enforcement, and Racing Commission authorized to adopt implementing regulations