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2011 SESSION

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SB 1429 Virginia Racing Commission; net pool wagering, retainage.

Introduced by: Thomas K. Norment, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Virginia Racing Commission; net pool wagering; retainage.  Changes the name of the Executive Secretary of the Commission to the Executive Director. The bill, among other things, also (i) increases the number of permissible satellite facilities (OTBs) from 10 to 20, (ii) revises the definition of pari-mutuel wagering, (iii) removes the specific retainage percentage on pari-mutuel pools by the licensee and allows the Commission to approve an amount to be so retained as jointly requested by a recognized majority horseman's group and an unlimited licensee, (iv) allows the determination of population for the purposes of the referendum on the establishment of a racetrack or satellite facilities to be based on the U.S. Census or the National Planning Data Corporation or other similar recognized source, and (v) allows the officers, directors, partners, spouses, and immediate family members thereof of a tax-exempt entity granted a limited duration license for thoroughbred or harness racing with pari-mutuel wagering to make contributions to any candidate for public office or public office holder at the state or local level. The bill authorizes net pool wagering on simulcast horse racing transmitted from outside of Virginia. Under the bill, net pool wagering is defined as a method of pari-mutuel wagering whereby amounts are awarded to winning wagers relative to the contribution, net of takeouts, to a pool by each participating jurisdiction or, if applicable, site. The bill requires the Racing Commission to adopt emergency regulations.  The bill incorporates SB 1332 and SB 1333.


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