PROPOSED RULES
Original Notice.
Preproposal statement of inquiry was filed as WSR 05-15-027.
Title of Rule and Other Identifying Information: WAC 260-48-800 Parimutuel wagering pools.
Hearing Location(s): Auburn City Council Chambers, 25 West Main, Auburn, WA 98001, on February 9, 2006, at 9:30 a.m.
Date of Intended Adoption: February 9, 2006.
Submit Written Comments to: Robert J. Lopez, 6326 Martin Way, Suite 209, Olympia, WA 98516-5578, e-mail rlopez@whrc.state.wa.us, fax (360) 459-6461, by February 6, 2006.
Assistance for Persons with Disabilities: Contact Patty Sorby by February 6, 2006, TTY (360) 459-6462.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: To adopt into rule the net price calculation. With the adoption of these amendments our rule will be consistent with the international model rule.
Reasons Supporting Proposal: Brings Washington rule into compliance with the model rule, and also allows licensed racing association to conduct international wagering.
Statutory Authority for Adoption: RCW 67.16.020.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Washington horse racing commission, governmental.
Name of Agency Personnel Responsible for Drafting: Robert J. Lopez, 6326 Martin Way, Suite 209, Olympia, WA 98516-5578, (360) 459-6462; Implementation and Enforcement: Robert M. Leichner, 6326 Martin Way, Suite 209, Olympia, WA 98516-5578, (360) 459-6462.
No small business economic impact statement has been prepared under chapter 19.85 RCW. Not applicable.
A cost-benefit analysis is not required under RCW 34.05.328. Not applicable.
January 3, 2006
R. M. Leichner
Executive Secretary
OTS-8558.1
AMENDATORY SECTION(Amending WSR 96-10-014, filed 4/19/96,
effective 6/11/96)
WAC 260-48-800
Parimutuel wagering pools.
(1) All
permitted parimutuel wagering pools shall be separately and
independently calculated and distributed. Takeout shall be
deducted from each gross pool as stipulated by law. The
remainder of the monies in the pool shall constitute the net
pool for distribution as payoff on winning wagers.
(2) ((The)) Either standard price calculation procedure
shall be used to calculate wagering pools; however, net price
calculation shall be used any time international wagering is
conducted.
(a) Standard price calculation procedure:
| SINGLE PRICE POOL (WIN POOL) |
||
| Gross Pool | = | Sum of Wagers on all Betting Interests - Refunds |
| Takeout | = | Gross Pool x Percent Takeout |
| Net Pool | = | Gross Pool - Takeout |
| Profit | = | Net Pool - Gross Amount Bet on Winner |
| Profit Per Dollar | = | Profit/Gross Amount Bet on Winner |
| $1 Unbroken Price | = | Profit Per Dollar + $1 |
| $1 Broken Price | = | $1 Unbroken Price Rounded Down to the Break Point |
| Total Payout | = | $1 Broken Price x Gross Amount Bet on Winner |
| Total Breakage | = | Net Pool - Total Payout |
PROFIT SPLIT (PLACE POOL)
Profit is net pool less gross amount bet on all place
finishers. Finishers split profit 1/2 and 1/2 (place profit),
then divide by gross amount bet on each place finisher for two
unique prices.
PROFIT SPLIT (SHOW POOL)
Profit is net pool less gross amount bet on all show
finishers. Finishers split profit 1/3 and 1/3 and 1/3 (show
profit), then divide by gross amount bet on each show finisher
for three unique prices.
(b) Net price calculation procedure:
| SINGLE PRICE POOL (WIN POOL) |
||
| Gross Pool | = | Sum of Wagers on all Betting Interests - Refunds |
| Takeout | = | Gross Pool x Percent Takeout for each Source |
| Net Pool | = | Gross Pool - Takeout |
| Net Bet on Winner | = | Gross Amount Bet on Winner x (1 - Percent Takeout) |
| Total Net Pool | = | Sum of all Sources Net Pools |
| Total Net Bet on Winner | = | Sum of all Sources Net Bet on Winner |
| Total Profit | = | Total Net Pool - Total Net Bet on Winner |
| Profit Per Dollar | = | Total Profit/Total Net Bet on Winner |
| $1 Unbroken Base Price | = | Profit Per Dollar + $1 for each Source |
| $1 Unbroken Price | = | $1 Unbroken Base Price x (1 - Percent Takeout) |
| $1 Broken Price | = | $1 Unbroken Price Rounded Down to the Break Point |
| Total Payout | = | $1 Broken Price x Gross Amount Bet on Winner |
| Total Breakage | = | Net Pool - Total Payout |
Total profit is the total net pool less the total net amount
bet on all place finishers. Finishers split total profit 1/2
and 1/2 (place profit), then divide by total net amount bet on
each place finisher for two unique unbroken base prices.
PROFIT SPLIT (SHOW POOL)
Total profit is the total net pool less the total net amount
bet on all show finishers. Finishers split total profit 1/3
and 1/3 and 1/3 (show profit), then divide by total net amount
bet on each show finisher for three unique unbroken base
prices.
(3) If a profit split results in only one covered winning
betting interest or combinations it shall be calculated the
same as a single price pool.
(4) The individual pools outlined in these rules may be given alternative names by each association, provided prior approval is obtained from the commission.
(5) In the event a minus pool occurs in any parimutuel pool, the expense of said minus pool shall be borne by the association.
(6) The association must pay to the holder of any ticket or tickets entitling the holder to participate in the distribution of a parimutuel pool the amount wagered by such holder plus a minimum of five percent thereof. This requirement is unaffected by the existence of a parimutuel pool which does not contain sufficient money to distribute said five percent to all persons holding such tickets.
(7) No person or corporation shall directly or indirectly purchase parimutuel tickets or participate in the purchase of any part of a parimutuel pool for another for hire or for any gratuity.
[Statutory Authority: RCW 67.16.040. 96-10-014, § 260-48-800, filed 4/19/96, effective 6/11/96.]