State Codes and Statutes

Statutes > New-york > Pml > Article-9 > 905 

§ 905. Combination of New York wagers with wagers made in other states  or  foreign countries. 1. The combination of New York wagers with wagers  of the same type made in other states or  foreign  countries  is  hereby  authorized  pursuant  to  rules  and regulations of the state racing and  wagering board so as to  produce  a  common  pari-mutuel  pool  for  the  calculation  of  odds  and the determination of pay-outs from such pool,  which payout shall be, as far as may be consistent  herewith,  the  same  for  all  winning  bets  of such type irrespective of whether a wager is  placed in this state or in another state or foreign country.    2. The combination of wagers on New  York  races.  a.  The  board  may  authorize  the  combination  of  out-of-state or foreign wagers on horse  races in New York state with the same type of wagers made  in  New  York  state at the site of the statewide interface designated by the board for  the combination of on-track and off-track wagers made in New York state.    b.  In  this  regard  the  board  shall  enact  rules  and regulations  including but not limited to insuring the following standards: that  the  out-of-state  or foreign wagering operator is duly authorized to conduct  such wagering by the laws of  the  applicable  out-of-state  or  foreign  government and is of satisfactory ethical and financial repute; that all  such  wagers  are  made  in a format consistent with the format for such  wagers in New York state  as  to  number  of  betting  entries  and  the  combination of such entries into coupled entries and fields; that if the  laws  of  such  other  state or foreign country permit, that such wagers  shall be subject to  the  identical  retention  and  breakage  rates  as  pertain  at the site of the New York interface; that if the laws of such  other state or foreign country prescribe a retention  or  breakage  rate  different  from  that  in New York state it would not be contrary to the  public interest to compute odds and payouts  for  such  out-of-state  or  foreign  wagers  consistent with such law; that if it is consistent with  the public interest to compute odds and payouts for such out-of-state or  foreign wagers according to retention or breakage rates  different  from  those  in  New  York  state,  that the site of the New York interface is  ready and able to  carry  out  such  computations  consistent  with  the  formulas hereinafter prescribed; that regarding foreign wagers, that for  computational  purposes  all  foreign  wagers  to  be  combined  will be  converted  into  American  dollars  at  the  prevailing  exchange  rates  established  by  a  money  center bank on the date of the race (although  breakage   will   be   computed   consistent   with   foreign   currency  denominations);  that  other  than the variations caused by retention or  breakage computations that all odds and pay-outs will  be  computed  and  calculated,   refunds   or   cancellations   awarded   or  allowed,  and  overpayments or underpayments corrected solely in  accordance  with  the  applicable  rules in New York state whose laws shall govern all disputes  pertinent thereto; that the means, methods and times of transmission  of  wagering data necessary to the proper implementation of this subdivision  shall  be  as  prescribed  and  approved by the board; that all entities  whose wagers are so  combined  have  agreed  that  the  odds  and  final  pay-offs  will  be  computed  in  accordance with the data available for  computation at the site of the statewide interface at the start  of  the  race  and  that  pay-off  computations  in accordance therewith shall be  final regardless of mistakes in transmission or failures to transmit  or  receive  all  wagers and that the out-of-state or foreign operators will  be solely responsible for claims asserted in that regard for wagers made  through such  operators;  that  the  out-of-state  or  foreign  operator  consents  to  be  subject  to  audit by the commissioner of taxation and  finance or his designee to verify the accuracy and completeness  of  all  wagers  required to be transmitted by it hereunder; and such other rules  and regulations as may be deemed necessary and appropriate by the board.c. If different retention or breakage rates than those  prevailing  at  the  site of the New York interface are prescribed by the laws governing  such  out-of-state  or  foreign  betting  operator,  and  the  board  is  satisfied that it would not be contrary to the public interest to accept  such  wagers  for  combination with New York wagers, calculations of the  current odds and final pay-off prices shall be made as follows:    (i) All New York state and out-of-state and foreign wagers of the same  type shall be combined into single pools for calculation.    (ii) As many tentative payout prices as there are different  retention  and  breakage  rates applicable (including the prevailing New York rate)  shall be calculated on the basis of returning the  appropriate  rate  of  return,  less breaks after imposition of each such rate of retention and  breaks.    (iii) To each such out-of-state or foreign operator shall be allocated  an amount sufficient for it to pay the appropriate pay-off to holders of  winning wagers placed with it together  with  the  applicable  retention  amount on its total wagers.    (iv) To each New York operator shall be allocated an amount sufficient  for  it  to  pay  the  appropriate  pay-off to holders of winning wagers  placed with it together with the applicable New York retention amount on  its total wagers.    (v) The total amount of the combined pool less the combined  total  of  all  allocations  as  determined in subparagraphs (iii) and (iv) of this  paragraph shall be credited to a special breakage account. The amount in  such account giving appropriate weight to rates established for breakage  shall be allocated as breaks among all operators in the combined pool in  accordance with the rules and regulations of the board. Should  a  minus  pool  eventuate  in  which  the  total  combined pool is insufficient to  reimburse each operator for the allocation due to it then the allocation  due to each such operator will be reduced as may be appropriate and such  operator will be responsible for satisfying its liability from  its  own  operating capital.    d.  No  tax  or  surcharge  shall  be  imposed  by  this  state on any  out-of-state or foreign wagering operator participating in any  combined  pool  herein.  Nothing  in  this  paragraph,  however,  shall impair the  imposition of any tax or charge  by  this  state  on  the  consideration  received from an out-of-state or foreign operator by a New York operator  for  its  consent  to  wagering on its races, transmitting the simulcast  thereof, or the agreeing to combination of bets into its pools.    e. The operator of  the  site  of  the  statewide  interface  will  be  responsible  for  the  actual  collection  or  transmittal  of  funds in  settlement of the liabilities of  all  operators  participating  in  the  combined pool.    f.  Nothing  herein  shall  entitle  any  operator  or person claiming  therefrom to participation in any share  of  the  retention  or  payouts  allocated to another operator participating in the combined pool.    g.  Nothing  herein shall affect the validity of any surcharge imposed  upon the winning pay-offs computed herein as may be  prescribed  by  the  laws of this state or another state or foreign country.    h. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    3.  Combining New York wagers on horse races conducted in other states  or foreign countries with wagers on such races made elsewhere.    a. The board may authorize the combination of wagers made in New  York  state  upon  the  outcome  of  out-of-state  or foreign horse races with  wagers made upon such races  elsewhere  in  accordance  with  rules  and  regulations  of  the board which shall include but not be limited to the  following provisions:(i) that if such combination is authorized that  all  New  York  state  operators  must  participate therein to assure uniform New York odds and  pay-outs;    (ii)  that  if  the out-of-state or foreign computation is made on the  basis of different retention or breakage rates and (A) such out-of-state  or foreign laws do  not  permit  New  York  wagers  to  be  computed  in  accordance  with  New  York  retention  and  breakage  rates,  that such  variation does not exceed twenty percent and will be allocated pro  rata  among  winning wagers in New York state and recipients of such retention  and breakage rates in New York state, or (B)  if  such  out-of-state  or  foreign  laws  do permit New York bets to be computed in accordance with  New York retention and breakage rates that such rates  will  be  applied  and that the out-of-state or foreign operator doing such calculations is  willing and able to properly perform such function;    (iii) that the out-of-state or foreign rules governing such wagers are  understandable  to  New  York  wagerers  and in the best judgment of the  board  will  not  deviate  substantially  from  customary  and  standard  pari-mutuel practice in general;    (iv) that the New York operators are able to perform such transmission  and computer retrieval functions as may be required;    (v)  that  such  combination  will enhance the best interest of racing  generally; and    (vi) such other rules and regulations as may be deemed  necessary  and  appropriate by the board.    b. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    4. In those instances in which the retention rates of the out-of-state  track are different from the retention rates authorized in this section,  distribution  to  each of the entities entitled to receive payment under  section five hundred twenty-seven or article ten of this  chapter  after  payment   of   state   taxes  and  regulatory  fees  shall  be  adjusted  proportionately in an appropriate manner to account for higher or  lower  retention  rates.  For  purposes  of determining payment on out-of-state  wagers the retention rate shall be the amount sufficient to pay  holders  of  winning  wagers  plus  any  payments  required  to  be  made  to the  out-of-state track which exceeds two per centum of handle.

State Codes and Statutes

Statutes > New-york > Pml > Article-9 > 905 

§ 905. Combination of New York wagers with wagers made in other states  or  foreign countries. 1. The combination of New York wagers with wagers  of the same type made in other states or  foreign  countries  is  hereby  authorized  pursuant  to  rules  and regulations of the state racing and  wagering board so as to  produce  a  common  pari-mutuel  pool  for  the  calculation  of  odds  and the determination of pay-outs from such pool,  which payout shall be, as far as may be consistent  herewith,  the  same  for  all  winning  bets  of such type irrespective of whether a wager is  placed in this state or in another state or foreign country.    2. The combination of wagers on New  York  races.  a.  The  board  may  authorize  the  combination  of  out-of-state or foreign wagers on horse  races in New York state with the same type of wagers made  in  New  York  state at the site of the statewide interface designated by the board for  the combination of on-track and off-track wagers made in New York state.    b.  In  this  regard  the  board  shall  enact  rules  and regulations  including but not limited to insuring the following standards: that  the  out-of-state  or foreign wagering operator is duly authorized to conduct  such wagering by the laws of  the  applicable  out-of-state  or  foreign  government and is of satisfactory ethical and financial repute; that all  such  wagers  are  made  in a format consistent with the format for such  wagers in New York state  as  to  number  of  betting  entries  and  the  combination of such entries into coupled entries and fields; that if the  laws  of  such  other  state or foreign country permit, that such wagers  shall be subject to  the  identical  retention  and  breakage  rates  as  pertain  at the site of the New York interface; that if the laws of such  other state or foreign country prescribe a retention  or  breakage  rate  different  from  that  in New York state it would not be contrary to the  public interest to compute odds and payouts  for  such  out-of-state  or  foreign  wagers  consistent with such law; that if it is consistent with  the public interest to compute odds and payouts for such out-of-state or  foreign wagers according to retention or breakage rates  different  from  those  in  New  York  state,  that the site of the New York interface is  ready and able to  carry  out  such  computations  consistent  with  the  formulas hereinafter prescribed; that regarding foreign wagers, that for  computational  purposes  all  foreign  wagers  to  be  combined  will be  converted  into  American  dollars  at  the  prevailing  exchange  rates  established  by  a  money  center bank on the date of the race (although  breakage   will   be   computed   consistent   with   foreign   currency  denominations);  that  other  than the variations caused by retention or  breakage computations that all odds and pay-outs will  be  computed  and  calculated,   refunds   or   cancellations   awarded   or  allowed,  and  overpayments or underpayments corrected solely in  accordance  with  the  applicable  rules in New York state whose laws shall govern all disputes  pertinent thereto; that the means, methods and times of transmission  of  wagering data necessary to the proper implementation of this subdivision  shall  be  as  prescribed  and  approved by the board; that all entities  whose wagers are so  combined  have  agreed  that  the  odds  and  final  pay-offs  will  be  computed  in  accordance with the data available for  computation at the site of the statewide interface at the start  of  the  race  and  that  pay-off  computations  in accordance therewith shall be  final regardless of mistakes in transmission or failures to transmit  or  receive  all  wagers and that the out-of-state or foreign operators will  be solely responsible for claims asserted in that regard for wagers made  through such  operators;  that  the  out-of-state  or  foreign  operator  consents  to  be  subject  to  audit by the commissioner of taxation and  finance or his designee to verify the accuracy and completeness  of  all  wagers  required to be transmitted by it hereunder; and such other rules  and regulations as may be deemed necessary and appropriate by the board.c. If different retention or breakage rates than those  prevailing  at  the  site of the New York interface are prescribed by the laws governing  such  out-of-state  or  foreign  betting  operator,  and  the  board  is  satisfied that it would not be contrary to the public interest to accept  such  wagers  for  combination with New York wagers, calculations of the  current odds and final pay-off prices shall be made as follows:    (i) All New York state and out-of-state and foreign wagers of the same  type shall be combined into single pools for calculation.    (ii) As many tentative payout prices as there are different  retention  and  breakage  rates applicable (including the prevailing New York rate)  shall be calculated on the basis of returning the  appropriate  rate  of  return,  less breaks after imposition of each such rate of retention and  breaks.    (iii) To each such out-of-state or foreign operator shall be allocated  an amount sufficient for it to pay the appropriate pay-off to holders of  winning wagers placed with it together  with  the  applicable  retention  amount on its total wagers.    (iv) To each New York operator shall be allocated an amount sufficient  for  it  to  pay  the  appropriate  pay-off to holders of winning wagers  placed with it together with the applicable New York retention amount on  its total wagers.    (v) The total amount of the combined pool less the combined  total  of  all  allocations  as  determined in subparagraphs (iii) and (iv) of this  paragraph shall be credited to a special breakage account. The amount in  such account giving appropriate weight to rates established for breakage  shall be allocated as breaks among all operators in the combined pool in  accordance with the rules and regulations of the board. Should  a  minus  pool  eventuate  in  which  the  total  combined pool is insufficient to  reimburse each operator for the allocation due to it then the allocation  due to each such operator will be reduced as may be appropriate and such  operator will be responsible for satisfying its liability from  its  own  operating capital.    d.  No  tax  or  surcharge  shall  be  imposed  by  this  state on any  out-of-state or foreign wagering operator participating in any  combined  pool  herein.  Nothing  in  this  paragraph,  however,  shall impair the  imposition of any tax or charge  by  this  state  on  the  consideration  received from an out-of-state or foreign operator by a New York operator  for  its  consent  to  wagering on its races, transmitting the simulcast  thereof, or the agreeing to combination of bets into its pools.    e. The operator of  the  site  of  the  statewide  interface  will  be  responsible  for  the  actual  collection  or  transmittal  of  funds in  settlement of the liabilities of  all  operators  participating  in  the  combined pool.    f.  Nothing  herein  shall  entitle  any  operator  or person claiming  therefrom to participation in any share  of  the  retention  or  payouts  allocated to another operator participating in the combined pool.    g.  Nothing  herein shall affect the validity of any surcharge imposed  upon the winning pay-offs computed herein as may be  prescribed  by  the  laws of this state or another state or foreign country.    h. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    3.  Combining New York wagers on horse races conducted in other states  or foreign countries with wagers on such races made elsewhere.    a. The board may authorize the combination of wagers made in New  York  state  upon  the  outcome  of  out-of-state  or foreign horse races with  wagers made upon such races  elsewhere  in  accordance  with  rules  and  regulations  of  the board which shall include but not be limited to the  following provisions:(i) that if such combination is authorized that  all  New  York  state  operators  must  participate therein to assure uniform New York odds and  pay-outs;    (ii)  that  if  the out-of-state or foreign computation is made on the  basis of different retention or breakage rates and (A) such out-of-state  or foreign laws do  not  permit  New  York  wagers  to  be  computed  in  accordance  with  New  York  retention  and  breakage  rates,  that such  variation does not exceed twenty percent and will be allocated pro  rata  among  winning wagers in New York state and recipients of such retention  and breakage rates in New York state, or (B)  if  such  out-of-state  or  foreign  laws  do permit New York bets to be computed in accordance with  New York retention and breakage rates that such rates  will  be  applied  and that the out-of-state or foreign operator doing such calculations is  willing and able to properly perform such function;    (iii) that the out-of-state or foreign rules governing such wagers are  understandable  to  New  York  wagerers  and in the best judgment of the  board  will  not  deviate  substantially  from  customary  and  standard  pari-mutuel practice in general;    (iv) that the New York operators are able to perform such transmission  and computer retrieval functions as may be required;    (v)  that  such  combination  will enhance the best interest of racing  generally; and    (vi) such other rules and regulations as may be deemed  necessary  and  appropriate by the board.    b. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    4. In those instances in which the retention rates of the out-of-state  track are different from the retention rates authorized in this section,  distribution  to  each of the entities entitled to receive payment under  section five hundred twenty-seven or article ten of this  chapter  after  payment   of   state   taxes  and  regulatory  fees  shall  be  adjusted  proportionately in an appropriate manner to account for higher or  lower  retention  rates.  For  purposes  of determining payment on out-of-state  wagers the retention rate shall be the amount sufficient to pay  holders  of  winning  wagers  plus  any  payments  required  to  be  made  to the  out-of-state track which exceeds two per centum of handle.

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State Codes and Statutes

Statutes > New-york > Pml > Article-9 > 905 

§ 905. Combination of New York wagers with wagers made in other states  or  foreign countries. 1. The combination of New York wagers with wagers  of the same type made in other states or  foreign  countries  is  hereby  authorized  pursuant  to  rules  and regulations of the state racing and  wagering board so as to  produce  a  common  pari-mutuel  pool  for  the  calculation  of  odds  and the determination of pay-outs from such pool,  which payout shall be, as far as may be consistent  herewith,  the  same  for  all  winning  bets  of such type irrespective of whether a wager is  placed in this state or in another state or foreign country.    2. The combination of wagers on New  York  races.  a.  The  board  may  authorize  the  combination  of  out-of-state or foreign wagers on horse  races in New York state with the same type of wagers made  in  New  York  state at the site of the statewide interface designated by the board for  the combination of on-track and off-track wagers made in New York state.    b.  In  this  regard  the  board  shall  enact  rules  and regulations  including but not limited to insuring the following standards: that  the  out-of-state  or foreign wagering operator is duly authorized to conduct  such wagering by the laws of  the  applicable  out-of-state  or  foreign  government and is of satisfactory ethical and financial repute; that all  such  wagers  are  made  in a format consistent with the format for such  wagers in New York state  as  to  number  of  betting  entries  and  the  combination of such entries into coupled entries and fields; that if the  laws  of  such  other  state or foreign country permit, that such wagers  shall be subject to  the  identical  retention  and  breakage  rates  as  pertain  at the site of the New York interface; that if the laws of such  other state or foreign country prescribe a retention  or  breakage  rate  different  from  that  in New York state it would not be contrary to the  public interest to compute odds and payouts  for  such  out-of-state  or  foreign  wagers  consistent with such law; that if it is consistent with  the public interest to compute odds and payouts for such out-of-state or  foreign wagers according to retention or breakage rates  different  from  those  in  New  York  state,  that the site of the New York interface is  ready and able to  carry  out  such  computations  consistent  with  the  formulas hereinafter prescribed; that regarding foreign wagers, that for  computational  purposes  all  foreign  wagers  to  be  combined  will be  converted  into  American  dollars  at  the  prevailing  exchange  rates  established  by  a  money  center bank on the date of the race (although  breakage   will   be   computed   consistent   with   foreign   currency  denominations);  that  other  than the variations caused by retention or  breakage computations that all odds and pay-outs will  be  computed  and  calculated,   refunds   or   cancellations   awarded   or  allowed,  and  overpayments or underpayments corrected solely in  accordance  with  the  applicable  rules in New York state whose laws shall govern all disputes  pertinent thereto; that the means, methods and times of transmission  of  wagering data necessary to the proper implementation of this subdivision  shall  be  as  prescribed  and  approved by the board; that all entities  whose wagers are so  combined  have  agreed  that  the  odds  and  final  pay-offs  will  be  computed  in  accordance with the data available for  computation at the site of the statewide interface at the start  of  the  race  and  that  pay-off  computations  in accordance therewith shall be  final regardless of mistakes in transmission or failures to transmit  or  receive  all  wagers and that the out-of-state or foreign operators will  be solely responsible for claims asserted in that regard for wagers made  through such  operators;  that  the  out-of-state  or  foreign  operator  consents  to  be  subject  to  audit by the commissioner of taxation and  finance or his designee to verify the accuracy and completeness  of  all  wagers  required to be transmitted by it hereunder; and such other rules  and regulations as may be deemed necessary and appropriate by the board.c. If different retention or breakage rates than those  prevailing  at  the  site of the New York interface are prescribed by the laws governing  such  out-of-state  or  foreign  betting  operator,  and  the  board  is  satisfied that it would not be contrary to the public interest to accept  such  wagers  for  combination with New York wagers, calculations of the  current odds and final pay-off prices shall be made as follows:    (i) All New York state and out-of-state and foreign wagers of the same  type shall be combined into single pools for calculation.    (ii) As many tentative payout prices as there are different  retention  and  breakage  rates applicable (including the prevailing New York rate)  shall be calculated on the basis of returning the  appropriate  rate  of  return,  less breaks after imposition of each such rate of retention and  breaks.    (iii) To each such out-of-state or foreign operator shall be allocated  an amount sufficient for it to pay the appropriate pay-off to holders of  winning wagers placed with it together  with  the  applicable  retention  amount on its total wagers.    (iv) To each New York operator shall be allocated an amount sufficient  for  it  to  pay  the  appropriate  pay-off to holders of winning wagers  placed with it together with the applicable New York retention amount on  its total wagers.    (v) The total amount of the combined pool less the combined  total  of  all  allocations  as  determined in subparagraphs (iii) and (iv) of this  paragraph shall be credited to a special breakage account. The amount in  such account giving appropriate weight to rates established for breakage  shall be allocated as breaks among all operators in the combined pool in  accordance with the rules and regulations of the board. Should  a  minus  pool  eventuate  in  which  the  total  combined pool is insufficient to  reimburse each operator for the allocation due to it then the allocation  due to each such operator will be reduced as may be appropriate and such  operator will be responsible for satisfying its liability from  its  own  operating capital.    d.  No  tax  or  surcharge  shall  be  imposed  by  this  state on any  out-of-state or foreign wagering operator participating in any  combined  pool  herein.  Nothing  in  this  paragraph,  however,  shall impair the  imposition of any tax or charge  by  this  state  on  the  consideration  received from an out-of-state or foreign operator by a New York operator  for  its  consent  to  wagering on its races, transmitting the simulcast  thereof, or the agreeing to combination of bets into its pools.    e. The operator of  the  site  of  the  statewide  interface  will  be  responsible  for  the  actual  collection  or  transmittal  of  funds in  settlement of the liabilities of  all  operators  participating  in  the  combined pool.    f.  Nothing  herein  shall  entitle  any  operator  or person claiming  therefrom to participation in any share  of  the  retention  or  payouts  allocated to another operator participating in the combined pool.    g.  Nothing  herein shall affect the validity of any surcharge imposed  upon the winning pay-offs computed herein as may be  prescribed  by  the  laws of this state or another state or foreign country.    h. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    3.  Combining New York wagers on horse races conducted in other states  or foreign countries with wagers on such races made elsewhere.    a. The board may authorize the combination of wagers made in New  York  state  upon  the  outcome  of  out-of-state  or foreign horse races with  wagers made upon such races  elsewhere  in  accordance  with  rules  and  regulations  of  the board which shall include but not be limited to the  following provisions:(i) that if such combination is authorized that  all  New  York  state  operators  must  participate therein to assure uniform New York odds and  pay-outs;    (ii)  that  if  the out-of-state or foreign computation is made on the  basis of different retention or breakage rates and (A) such out-of-state  or foreign laws do  not  permit  New  York  wagers  to  be  computed  in  accordance  with  New  York  retention  and  breakage  rates,  that such  variation does not exceed twenty percent and will be allocated pro  rata  among  winning wagers in New York state and recipients of such retention  and breakage rates in New York state, or (B)  if  such  out-of-state  or  foreign  laws  do permit New York bets to be computed in accordance with  New York retention and breakage rates that such rates  will  be  applied  and that the out-of-state or foreign operator doing such calculations is  willing and able to properly perform such function;    (iii) that the out-of-state or foreign rules governing such wagers are  understandable  to  New  York  wagerers  and in the best judgment of the  board  will  not  deviate  substantially  from  customary  and  standard  pari-mutuel practice in general;    (iv) that the New York operators are able to perform such transmission  and computer retrieval functions as may be required;    (v)  that  such  combination  will enhance the best interest of racing  generally; and    (vi) such other rules and regulations as may be deemed  necessary  and  appropriate by the board.    b. Nothing herein shall be construed to authorize or prescribe any act  contrary to federal law.    4. In those instances in which the retention rates of the out-of-state  track are different from the retention rates authorized in this section,  distribution  to  each of the entities entitled to receive payment under  section five hundred twenty-seven or article ten of this  chapter  after  payment   of   state   taxes  and  regulatory  fees  shall  be  adjusted  proportionately in an appropriate manner to account for higher or  lower  retention  rates.  For  purposes  of determining payment on out-of-state  wagers the retention rate shall be the amount sufficient to pay  holders  of  winning  wagers  plus  any  payments  required  to  be  made  to the  out-of-state track which exceeds two per centum of handle.

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