SB 576
Authorizing fixed odds racing in horse and dog racing
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill authorizes fixed odds racing for both horse and dog racing in West Virginia. It creates two special revenue funds – one for horse racing and one for dog racing – to supplement purses for these events. The bill defines key terms related to fixed odds wagering, establishes rules for the administration and investment of these funds, and outlines how the funds will be distributed to racetrack licensees. It also prohibits certain individuals, such as owners, trainers, and racing officials, from wagering.
Key provisions
- Creates the ‘Fixed Odds Horse Racing Wagering Purse Supplement Fund’ to support horse racing purses.
- Creates the ‘Fixed Odds Dog Racing Wagering Purse Supplement Fund’ to support dog racing purses.
- Specifies how a portion of fixed odds wagering revenue will be allocated to these funds (10% of gross wagering receipts).
- Defines key terms related to fixed odds wagering, including ‘fixed odds wager’ and ‘adjusted gross sports wagering receipts’.
- Prohibits wagering by owners, trainers, jockeys, and racing officials.
- Allows funds in the supplement funds to be invested.
- Establishes a process for distributing funds to racetrack licensees based on handle.
- Requires the West Virginia Lottery Commission to adopt regulations similar to those in other states.
Who is affected
- Horse racing industry
- Dog racing industry
- West Virginia Lottery Commission
- Racetrack licensees
- Horse and dog owners
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