|SB 0449||Authority For Off-Track Pari-Mutuel Wagering|
|Last Action:||05/15/95 - S Inf Calendar S Bills For Perfection w/SCA 1|
|Effective Date:||August 28, 1995|
SB 449 - The Missouri Horse Racing Commission is given the power to regulate off-track pari-mutuel wagering. Any rules promulgated under this authority will be subject to approval by the Joint Committee on Administrative Rules.
Only persons licensed by the Commission shall accept off- track pari-mutuel wagers. The Commission shall issue no more than five such licenses, except that two years after the fifth license is issued the Commission may issue two additional licenses.
Each license authorizes the licensee to operate, and receive simulcasts at, one off-track pari-mutuel wagering facility. A person may hold more than one license to accept off-track pari- mutuel wagering. A nonrefundable fee of $50,000 is required of all applicants for an off-track pari-mutuel wagering license. Only Missouri residents are eligible for a license.
Prior approval by the Commission for any kind of transfer of a licensed off-track pari-mutuel wagering facility is an express condition of the issuance of a license. A further condition of licensing shall be that the licensee agree to provide to the Commission 2% of all wagers collected by the licensee. Twenty- five percent of the money received by the Commission may be used for interest free loans for applicants to build horse racing tracks in this state. The remaining 75% may be used to augment horse racing purses.
The Commission has full jurisdiction over and shall supervise all off-track pari-mutuel wagering. This jurisdiction includes the ability to assess penalties of up to $2,000 per day for violation of this act.
No off-track pari-mutuel licensee shall use an off-track pari-mutuel system unless the system has been approved by the Commission. In order to be approved by the Commission, a system must meet several guidelines.
The percentage of off-track pari-mutuel wagers to be deducted as a commission on wagers shall be distributed quarterly as follows:
1. 2 1/2% shall be paid to the state.
2. Remainder to be retained by the licensee.
Weekly reports of the total amount of money wagered shall be filed with the Commission.
The operation of an off-track pari-mutuel wagering facility
without a license or accepting wagers other than as permitted by
this act is a Class A misdemeanor.
SCA 1 - RACE TRACK OPERATOR AUTOMATICALLY GETS LICENSE; 2% VOLUNTARY PAYMENT TO BE MADE QUARTERLY AND PUT IN ESCROW ACCOUNT; TOTAL OF 2% PAYMENT TO BE CAPPED AT $20M.