The commission may refuse to issue a license to conduct a race meet. The commission will consider the following factors in making its decision:

(1) Opportunity for the sport to properly develop;

(2) Avoidance of competition with established tracks;

(3) Extent of community support for the promotion and continuance of the tracks;

(4) The character and reputation of the individuals identified in the license application; and

(5) Any other relevant factors.