(a) Except as provided in subsection (b) of this section, a licensee shall deduct from the handle:
(1) all the breakage;
(2) not more than 18% from each regular mutuel pool;
(3) not more than 21% from each multiple mutuel pool on 2 horses; and
(4) not more than 25.75% from each multiple mutuel pool on 3 or more horses.
(b)(1) For specific wagers authorized under regulations adopted by the Commission, a licensee shall deduct from the handle:
(i) all the breakage; and
(ii) not more than 40% from each multiple mutuel pool on 3 or more horses.
(2) A licensee may offer the wagers described in this subsection only with the consent of:
(i) the Commission;
(ii) the group that represents a majority of the owners and trainers licensed in the State; and
(iii) the group that represents a majority of the breeders in the State.
(c) Money that remains after deductions are made under subsection (a) of this section shall be returned as winnings to successful bettors.
(d)(1) The amount deducted by the licensee under subsection (a) of this section shall be the sum of the allocations provided in § 11-515 of this subtitle, unless otherwise provided in a written agreement signed by the authorized representatives of:
(i) the licensee;
(ii) the group that represents a majority of the owners and trainers licensed in the State at the time the agreement is signed; and
(iii) the group that represents a majority of the breeders in the State at the time the agreement is signed.
(2) Nothing in this subsection may be construed to permit the licensee to in any way alter the mandatory takeout allocated to the Commission for the State tax.
Credits
Added by Acts 1992, c. 4, § 2. Amended by Acts 2000, c. 309, § 2, eff. July 1, 2000; Acts 2004, c. 97, § 3, eff. July 1, 2004; Acts 2013, c. 78, § 1, eff. June 1, 2013.
Formerly Art. 78B, § 11.
MD Code, Business Regulation, § 11-514, MD BUS REG § 11-514
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
