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Can you summarize Chapter 260-49 WAAC?
Horse Racing Commission > Advance deposit wagering.
Short Summary
These legal documents pertain to advance deposit wagering in Washington state and are governed by the Washington Administrative Code, specifically the rules of the Horse Racing Commission. The documents cover various aspects of advance deposit wagering, including the distribution of the source market fee, the issuance of advance deposit wagering service provider licenses, the establishment of advance deposit wagering accounts, the requirements for conducting authorized advance deposit wagering, and the enforcement and penalties for violations. Class 1 racing associations and recognized horsemen’s associations are involved in the distribution of the source market fee, which is generated from wagers on live races. The fee is distributed to the racing association conducting the meet after deducting contributions to the commission, owners’ bonus, breeders awards, and purse fund. The remaining fee is distributed according to agreements between the racing association and the horsemen’s association. The documents also outline the requirements for applying for an advance deposit wagering service provider license, including the submission of an application and plan of operation. The license allows the racing association to establish and operate the advance deposit wagering service provider, with certain conditions and restrictions. The documents further govern the process of establishing advance deposit wagering accounts, including the application requirements and the responsibilities of account holders and service providers. They also specify the fees associated with the license application and renewal. The documents emphasize the commission’s authority to ensure compliance, conduct investigations, and impose penalties for violations. The penalties can include the suspension or revocation of licenses, withdrawal of contract approval, and fines. Overall, these legal documents provide the framework and regulations for advance deposit wagering in Washington state, ensuring the integrity and fairness of the industry.
Whom does it apply to?
Class 1 racing associations, recognized horsemen's associations, advance deposit wagering service providers, account holders, license applicants, licensees
What does it govern?
Distribution of source market fee, issuance of advance deposit wagering service provider license, establishment of advance deposit wagering accounts, conducting authorized advance deposit wagering, enforcement and penalties for violations
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Suspension or revocation of licenses, withdrawal of contract approval, fines
Jurisdiction
Washington