Vote Smart's Synopsis:

Vote to pass a bill that authorizes casinos to offer fixed-odds betting for horse racing.

Highlights:

• Authorizes changes to present gambling laws by allowing the gambling board to issue permits to conduct wagering at licensed locations (Sec. 1). 

• Specifies that licensed sports operators must promulgate rules and regulations concerning wagering at licensed locations (Sec. 1). 

• Specifies that the new rules changes apply to fixed-odds horse betting (Sec. 1). 

• Specifies that the racehorse wagering operator must provide 15% of their audited net profits to the licensed racing organization (Sec. 1).

• Defines Audited net profits as gross revenue minus promotions of not more than 25% of gross revenue, state taxes, and fixed-odds content or distribution fees of not more than three percent of gross revenue (Sec. 1).

Full Bill Text