23-4-304. Gross receipts -- department's percentage -- collection and allocation.
469 words·~2 min read·
/mt/title-23/chapter-4/part-3/23-4-304·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
23-4-304 . Gross receipts -- department's percentage -- collection and allocation.
(a)Each live race meet licensee shall pay to the department within 5 days following receipt by the licensee 1% of the gross receipts of each day's parimutuel betting at each race meet. At the end of each race meet the licensee shall prepare a report to the department showing the amount of the overpayments and underpayments. If the report shows the underpayments to be in excess of the overpayments, the balance must be paid to the department. Money paid to the department may be used for the expenses incurred in carrying out this chapter. The licensee shall, at the same time, pay to the department all funds collected under 23-4-202 (4)(d) on exotic wagering on races. These funds must be deposited in a state special revenue account. The board shall then distribute all funds collected under 23-4-202 (4)(d) to live race purses or for other purposes that the board considers appropriate for the good of the existing horseracing industry.
(b)Each licensed simulcast facility shall pay to the department either 1% of the gross receipts of each day's parimutuel betting at each race meet or the actual cost to the board of regulating the simulcast race meet, whichever is higher. The money must be paid to the department within 5 days after receipt of the money by the licensee. At the end of each race meet the licensed simulcast facility shall prepare a report to the department showing the amount of the overpayments and underpayments. If the report shows the underpayments to be in excess of the overpayments, the balance must be paid to the department. Money paid to the department must be deposited in an account in the state special revenue fund and must be used for the administration of this chapter. The licensed simulcast facility shall, at the same time, pay to the department all funds collected under 23-4-202 (4)(d) on exotic wagering on races. These funds must be deposited in a state special revenue account. The board shall then distribute all funds collected under 23-4-202 (4)(d) to live race purses or for other purposes that the board considers appropriate for the good of the existing horseracing industry.
(c)The licensed parimutuel network conducting fantasy sports league wagering shall pay the funds distributed pursuant to 23-4-302 (5)(b) to the department within 10 days after receipt of the money by the licensee.
(2)Prior to the beginning of the live racing season, funds collected under 23-4-202 (4)(d) must be distributed by the department, after first passing through a state special revenue account, to be used for race purses that are distributed to each live race meet by the board or for other purposes that the board considers appropriate for the good of the horseracing industry.