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Racing Commission approves Instant Racing wagers at tracks Note: Some see this new form of betting as a form of casino gambling. Others see it as a step toward saving Kentucky's huge horse breeding industry. Under new regulations, bettors will be using terminals to bet on races from the past - but they won't know the names of the horses they are betting on. The change in regulations is designed to conform to Attorney General's opinion on this type betting. -CM By Dick Brown News from Commonwealth News Center Wagering on historical horse races will be allowed at licensed Kentucky horse racing tracks under proposed regulations approved today by the Kentucky Horse Racing Commission (KHRC). Commissioners voted to change the language in existing regulations that address definitions applicable to thoroughbred racing, standardbred racing, and quarter horse/appaloosa/Arabian racing. The existing regulations that govern pari-mutuel wagering for those breeds will be replaced by new regulations that address so-called instant racing or wagering on historical races for all three classifications of racing. The KHRC also approved new regulations that formalize the approval process for "exotic wagering" with the regulations specific to all three racing classifications. These new regulations will require each exotic wager, whether on a live or historical horse race, to be approved by the KHRC before it can be offered to the public. Previously approved exotic wagers, such as Exactas, Trifectas, and carryover Pick 6, are grandfathered into the new regulations. They also require the racing associations and horsemen to come to an agreement on how to share the tracks' statutorily approved takeout. "The Commission staff, at our request, took into account the opinion of the Office of the Attorney General in recommending we adopt these regulations," said Bob Beck, KHRC chair. "I believe the approval of these regulations will help our ailing racing industry by providing much needed revenue to increase purses and help keep owners, trainers and their horses in Kentucky." The Attorney General's opinion states that wagering on historical horse races is not currently allowed because that type of wagering is not defined by the administrative regulations. The Commissioners, in filing the amended and new regulations, believe this course of action will remedy that issue. Wagering is identical to pari-mutuel betting The wagering on historical races is identical to pari-mutuel wagering on live horse races, in that patrons are wagering among themselves, and not against the race track, with the money going into designated pari-mutuel pools. Winning wagers on historical races will be paid solely from these designated pools. Bettors will place wagers on historical races using terminals that operate like the self-service totalizators that many tracks are using today to sell tickets on live races. The regulations will be filed with the Legislative Research Commission and will go through the administrative regulation review process.Also today, the Commission, all eight of the licensed horse racing associations in Kentucky and the Kentucky Department of Revenue are filing a petition in Franklin Circuit Court asking the Court to confirm that:
This story was posted on 2010-07-21 07:00:21
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Overwhelmed by sweet spirit and generous folks of Adair Co., KY Homecoming at Acton Camp Ground, Sept. 4, 2010 Charity Baptist Church Homecoming, Sunday, July 25, 2010 Surprised to see photo of adopted NC hometown on CM Only two tickets remain for Courthouse Cajun Dinner! Road crew out twice during Monday/Tuesday night 31,239 take part in 2010 Spring PRIDE cleanup A few Hope for Sarah t-shirts still available Major greenery is needed in Downtown Columbia, KY Ridge Lizards place 3rd at Bluegrass State Games View even more articles in topic News |
 
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