Preproposal statement of inquiry was filed as WSR 02-01-089.
Title of Rule: New section WAC 260-48-930 Future wager pool.
Purpose: Enable associations to offer a wager to patrons that would allow them to participate in wagering contests on future wagers such as the Kentucky Derby.
Statutory Authority for Adoption: RCW 67.16.040.
Summary: Allow Washington patrons of racing facilities to participate in pools on major racing events months prior to the race actually taking place, as in a contest.
Name of Agency Personnel Responsible for Drafting, Implementation and Enforcement: Bruce Batson, Olympia, (360) 459-6462.
Name of Proponent: Washington Horse Racing Commission, governmental.
Rule is not necessitated by federal law, federal or state court decision.
Explanation of Rule, its Purpose, and Anticipated Effects: This new section to the mutuel chapter will allow horse racing patrons to participate in wagering on major racing events months prior to the race being run as in a contest.
Proposal does not change existing rules.
No small business economic impact statement has been prepared under chapter 19.85 RCW. The changes will not affect more than 20% or less than 10% of the population. A small business economic impact statement was not prepared.
Hearing Location: Auburn City Hall, Council Chambers, 25 West Main, Auburn, WA 98001, on April 24, 2002, at 1:00 p.m.
Submit Written Comments to: Bruce Batson, Executive Secretary, Washington Horse Racing Commission, 6326 Martin Way, Suite 209, Olympia, 98516, fax (360) 459-6461, by April 23, 2002.
Date of Intended Adoption: April 24, 2002.
February 11, 2002
(2) The association shall apply in writing to the Washington horse racing commission for approval to offer the future wager on the specified contest and shall not offer the wager until the commission approval has been granted. The written application shall include the date and time for the pool to be opened and closed, a description of the system for compiling the pool and calculating odds and payout prices, and the time interval for displaying the odds.
(3) The association, or in the case of interjurisdiction common pool wagering the host track, shall name the contestants included in each betting interest on which future wagers may be made and shall assign a program number to each betting interest.
(4) The amount wagered on the betting interest which finishes first in the specified race is deducted from the net pool, the balance remaining being the profit; the profit is divided by the amount wagered on the betting interest finishing first, such quotient being the profit per dollar wagered in the future pool on that betting interest.
(5) The net future pool shall be distributed as a single price pool to winning wagers in the following precedence, based upon the official order of finish:
(a) To those whose selection finished first; but if there are no such wagers, then
(b) To those whose selection finished second; but if there are no such wagers, then
(c) To those whose selection finished third; but if there are no such wagers, then
(d) The entire pool shall be refunded on future pool wagers for that contest.
(6) If there is a dead heat for first involving:
(a) Contestants representing the same betting interest, the future pool shall be distributed as if no dead heat occurred.
(b) Contestants representing two or more betting interests, the future pool shall be distributed as a profit split.
(7) No refund shall be issued for future wager pool wagers on betting interests that do not start or finish the race. If the association becomes aware or is notified that a betting interest is ineligible or unable to start the race and the pool is still open, the association shall immediately close betting on that betting interest.
(8) The entire future wager pool shall be refunded if:
(a) The situation described at subsection 5(d) occurs; or
(b) The specified race is declared no contest by the judges/stewards having jurisdiction over the specified race; or
(c) The specified race does not occur; or
(d) For whatever reason, the future wager pool cannot be determined and the payout price cannot be calculated.