Home Table of Contents

§ 11-518. Open purses distribution

West's Annotated Code of MarylandBusiness Regulation

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 5. Thoroughbred Racing (Refs & Annos)
Part II. Mile Thoroughbred Racing (Refs & Annos)
MD Code, Business Regulation, § 11-518
§ 11-518. Open purses distribution
Currentness
(a) In this section, “open purse” means any purse, except for one offered in a race funded by the Maryland-Bred Race Fund.
(b) The Commission may direct a deduction from open purse money of 0.25% of all mutuel pools to be paid to the Maryland Backstretch Employees Pension Fund.
(c) Subject to the approval of the Commission, the licensees and an organization that represents a majority of the owners and trainers in the State shall agree on a formula for distributing open purse money.
(d) The formula shall distribute approximately 85% of the open purse money to the overnight races of the current year and approximately 15%, but not more than 17%, to the stakes races of the current year.
(e) The organization that represents a majority of the owners and trainers in the State shall set an amount not less than 1% but not more than 2% that shall be deducted from all open purses and paid to the organization.

Credits

Added by Acts 1992, c. 4, § 2.
Formerly Art. 78B, § 11.
MD Code, Business Regulation, § 11-518, MD BUS REG § 11-518
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.
End of Document