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Texas Occupations Code - OCC § 2028.102. Horse Racetrack Association Set-Asides for Purses; Purse Accounts

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A horse racetrack association shall set aside for purses an amount not less than:

(1) for live pari-mutuel pools:

(A) seven percent of a live regular wagering pool or live multiple two wagering pool; and

(B) 8.5 percent of a live multiple three wagering pool; and

(2) for simulcast pari-mutuel pools from the takeout of the sending track:

(A) 38.8 percent of the regular wagering pool;

(B) 33.3 percent of the multiple two wagering pool; and

(C) 34 percent of the multiple three wagering pool.

(b) If the cost of the simulcast signal exceeds five percent of the simulcast handle, the receiving horse racetrack association shall split the cost of the signal in excess of five percent evenly with the horsemen's organization by allocating that cost against the purse money derived from that simulcast signal.

(c) The horse racetrack association shall:

(1) transfer the amount set aside for purses from any live and simulcast pool; and

(2) deposit the amounts in purse accounts maintained by breed by the horsemen's organization in one or more federally insured depositories.

(d) Legal title to purse accounts is vested in the horsemen's organization. The horsemen's organization may contract with a horse racetrack association to manage and control the purse accounts and to make disbursements from the purse accounts:

(1) to an owner whose horse won a purse;

(2) to the horsemen's organization for the organization's expenses; or

(3) for other disbursements as provided by contract between the horsemen's organization and the horse racetrack association.

(e) A horse racetrack association may pay a portion of the revenue set aside under this section to an organization recognized under Section 2023.051, as provided by a contract approved by the commission.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2028.102. Horse Racetrack Association Set-Asides for Purses; Purse Accounts - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2028-102/

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