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History
- Referred to racing, gaming and wagering
- Referred to racing, gaming and wagering
Full text
The text isn't available here yet. Check nysenate.gov.
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Title of bill
An act to amend the racing, pari-mutuel wagering and breeding law, in relation to authorizing the payment of rebates on pari-mutuel wagers
Purpose
The purpose of this bill is to clearly authorize in the law the ability of host racetracks, simulcast racetracks, and regional off-track betting corporations (OTBs) to offer rebate benefits to preferred customers and to volume bettors. Under current law, there are no standards for establishing such rebate programs. This bill creates a statutory framework in which to establish such rebate programs.
Summary of provisions
Section 1: Adds Racing & Wagering Law section 113 to clearly establish in the law the ability of host racetracks and OTBs to establish rebate programs for new or preferred customers. The definition of a rebate is are reduction in the takeout percentage, adding a bonus on winnings obtained, or awards of merchandise or services for certain previously designated customers. The Racing & Wagering Board must annually approve of the rebate programs.
There are conditions to approving rebate programs. The conditions are that: the rebates have been approved by the horseowner's association, a disclosure of benefits of past rebate programs is required, rebates are granted solely on the amount wagered or the frequency of betting. and accurate record keeping is maintained on rebate program disbursements.
The racetrack operator may provide rebate programs in conjunction with out-of,state racetracks or with multi-state account wagering providers.
Existing law
There is currently no statutory framework to assist a racetrack or OTB to develop and implement a rebate program.
Justification
Certain offshore betting houses are offering rebate programs for their racing events. These rebate programs may be one reason why increases in New York State betting handle has been depressed. This bill merely authorizes New York racetrack operators and OTBs to offer their patrons the same types of rebate programs that are being offered elsewhere.
Legislative history
S.6925 of 2005/2006, S.7187 of 2007/2008
Fiscal implications
None.
Local fiscal implications
None
Effective date
The first of January next succeeding the date it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.