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Subcommittee clears bill to change horse-racing ‘breakage’ to penny rate and direct proceeds to track improvements
Summary
House Bill 2166, as substituted, lowers the breakage rate on live and simulcast wagering from 10 cents to 1 cent per dollar, allocates breakage revenue (70% capital improvements, 30% racing benevolence), and keeps historical horse racing (HHR) breakage at 10 cents; the measure reported out by the committee 8-0.
The subcommittee reported House Bill 2166, a bill that lowers the statutory definition of “breakage” for live and simulcast pari-mutuel wagering from 10 cents on the dollar to 1 cent on the dollar, by an 8-0 vote.
Delegate Kreesick, sponsor of the bill, said the change — referred to in the discussion as “penny breakage” — would increase the amount…
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