The bill amends existing laws related to pari-mutuel wagering in Wyoming by introducing a new definition for "breakage" and outlining the distribution of breakage amounts from historic pari-mutuel events. Specifically, "breakage" is defined as the odd cents by which the amount distributable on each dollar wagered exceeds a multiple of ten cents ($.10). The bill also mandates that every Wednesday following a pari-mutuel event, permittees must report the total amount wagered and pay specific percentages of that amount to various accounts, including a new requirement to pay an amount equal to the breakage on historic pari-mutuel events to the legislative stabilization reserve account.

Additionally, the bill modifies the existing provisions regarding the distribution of funds from pari-mutuel events. It deletes the previous requirement for permittees to pay a quarter percent of the total amount wagered on historic events to the legislative stabilization reserve account and replaces it with the new requirement to pay the breakage amount. The act is set to take effect on July 1, 2025.

Statutes affected:
25LSO-0053 v0.4: 11-25-102, 11-25-201