The bill amends the Code of West Virginia to introduce fixed odds wagering on horse and dog racing, establishing the Fixed Odds Horse Racing Wagering Purse Supplement Fund and the Fixed Odds Dog Racing Wagering Purse Supplement Fund. These funds will be managed by the Director of the West Virginia Lottery, who will collect 10% of the adjusted gross wagering receipts from fixed odds wagers. Of this amount, 25% will be allocated to the respective funds, while the remainder will be distributed among licensed racetracks. The funds will be invested, and any interest earned will also contribute to the funds, enhancing financial support for local racetracks.

The bill sets forth a regulatory framework for fixed odds wagering, requiring licensed operators to comply with existing laws, including the Interstate Horseracing Act. It details the distribution and administration of the funds, as well as minimum internal control standards for operators. Additionally, it allows licensed racetrack facilities to use the distributed funds for authorized operations or capital improvements. The bill also reinforces the prohibition against wagering by racing officials and individuals directly involved in the events. It is scheduled to take effect 90 days after passage.

Statutes affected:
Introduced Version: 29-22D-3, 29-22D-4, 29-22D-15a, 29-22D-17a, 29-22D-17b, 29-22D-25
Committee Substitute: 29-22D-3, 29-22D-4, 29-22D-15a, 29-22D-17a, 29-22D-17b, 29-22D-17c, 29-22D-25
Engrossed Committee Substitute: 29-22D-3, 29-22D-4, 29-22D-15a, 29-22D-17a, 29-22D-17b, 29-22D-17c, 29-22D-25
Enrolled Committee Substitute: 29-22D-3, 29-22D-4, 29-22D-15a, 29-22D-17a, 29-22D-17b, 29-22D-17c, 29-22D-25