Committee approves reporting of bill to allow fixed-odds wagering on dog and horse racing

The Senate Finance Committee voted to report a committee substitute for Senate Bill 576 to the full Senate with the recommendation that it do pass. Committee counsel described the bill as authorizing fixed-odds wagering for dog and horse racing, subject to licensing and regulation by the racing commission.

Counsel said fixed-odds wagering allows a bettor to place a bet at predetermined odds. The substitute restricts fixed-odds wagering to licensed operators, licensed gaming facilities or licensed management service providers and prohibits racing officials—owners, trainers, jockeys and related employees—from placing wagers. The bill establishes two interest-bearing funds, one dedicated to dog racing and one to horse racing, and prescribes the distribution percentages of adjusted gross wagering receipts; funds may be invested and will be used for repairs, improvements and maintenance on licensed racetrack facilities within the state.

Counsel said the bill gives the racing commission rulemaking authority to implement fixed-odds wagering. There were no amendments recorded in committee and the vice chairman moved that the committee substitute be reported to the full Senate with the recommendation that it do pass. The chair called a voice vote; the chair declared "the ayes have it" and the motion was adopted.

Next steps: The committee reported the substitute to the full Senate. The racing commission would be responsible for drafting implementing rules if the measure becomes law.