No later than 90 days after July 16, 1973, the horse racing commission shall adopt, pursuant to chapter
34.05 RCW, reasonable rules implementing to the extent applicable to the circumstances of the horse racing commission the conflict of interest laws of the state of Washington as set forth in chapter
42.52 RCW. In no case may a commissioner make any wager on the outcome of a live horse race at a race meet conducted in Washington state under the authority of the commission. For authorized simulcast races held outside the state of Washington, a commissioner is permitted to wager.