The bill SB 432-FN amends RSA 284 to include provisions for advanced deposit wagering on horse racing, aligning with the Interstate Horseracing Act of 1978 and state regulations. It sets forth requirements for licensed advance deposit wagering providers, such as financial responsibility through a surety bond or equivalent, and mandates a plan of operation that addresses dispute resolution, security, identity verification, and record-keeping. The bill introduces a revenue sharing model where 1.25 percent of all wagers are paid to the commission and then deposited with a charitable third party financial intermediary after administrative costs. It also allows entities offering such services as of July 1, 2022, to continue during the licensing process until January 1, 2025, and clarifies that these provisions do not apply to entities licensed under RSA 284:22-a.

Furthermore, the bill establishes a charitable third-party financial intermediary program, defining eligible organizations and setting application and reporting requirements. These intermediaries must be tax-exempt, comply with state and federal laws, and be registered with the director of charitable trusts. The bill prohibits grants to relatives of intermediary personnel and requires separate accounts for charitable and operating funds. Organizations must apply annually for approval and submit reports, with the commission having the authority to deny applications that do not meet the criteria. The bill amends RSA 284:12, IV by inserting RSA 284:22-d and deleting the word "and" before it, indicating a legislative update. The bill is expected to have no net impact on state revenue or expenditures, with all funds from advanced deposit wagering being transferred to intermediaries for charitable grants. It is set to take effect on July 1, 2024.

Statutes affected:
Introduced: 284:12
As Amended by the Senate: 284:12