The bill amends the Code of West Virginia to introduce fixed odds wagering on horse and dog racing, establishing two new funds: 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 can be invested, and any interest earned will also contribute to their growth. The bill also sets forth a regulatory framework for fixed odds wagering, requiring licensed operators to comply with existing laws, including the Interstate Horseracing Act.

Additionally, the bill specifies that for fixed odds dog racing, 25% of the collections (excluding parlays) will be deposited into the newly created fund, with another 25% distributed equally among licensed dog racetracks. For parlays, 25% of the portion wagered on dog racing events will also be allocated to the fund and the racetracks. All collected funds will be placed in an interest-bearing account, with interest credited back to the fund. Within 30 days of each fiscal year, 50% of the total fund will be distributed to the West Virginia Greyhound Breeding Development Fund, while the remaining 50% will be shared equally among licensed dog racetracks. The bill also includes provisions for the use of these funds for operational support and capital improvements, and it reinforces regulations against wagering by racing officials and participants.

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