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§ 11-525. Takeout allocation

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 III. Special Thoroughbred Racing (Refs & Annos)

MD Code, Business Regulation, § 11-525

§ 11-525. Takeout allocation

Currentness

(a) On all races the State Fair Society holds each year, the State Fair Society may keep:

(1) 10.25% of each regular mutuel pool;

(2) 10.25% of each multiple mutuel pool on 2 horses;

(3) 10.25% of the money bet in the first race of the day with a multiple mutuel pool on 3 or more horses;

(4) 14% of the money bet in every other race with a multiple mutuel pool on 3 or more horses; and

(5) 50% of the breakage.

(b)(1) Within 5 days after the end of a race meeting the State Fair Society each year shall pay to the Commission, from the State Fair Society's share of the takeout, a 3.5% State tax on the handle for the race meeting.

(2) However, the State Fair Society is exempt from paying the tax on the handle for all racing days held at Timonium Race Course during the State Fair.

(3) The Commission promptly shall pay the tax collected under this subsection to the Comptroller.

(1) 5% of each regular mutuel pool;

(2) 7% of each multiple mutuel pool on 2 horses;

(3) 13% of the money bet in the first race of the day with a multiple mutuel pool on 3 or more horses;

(4) 9.25% of the money bet in every other race with a multiple mutuel pool on 3 or more horses; and

(5) 45% of the breakage.

(d) The State Fair Society shall allocate to the Maryland-Bred Race Fund:

(1) 5% of the breakage; and

(2) 1.50% of the mutuel pools.

(e) The State Fair Society shall allocate 0.25% of the mutuel pools to the Maryland Race Track Employees Pension Fund.

Credits

Added by Acts 1992, c. 4, § 2.

Formerly Art. 78B, § 16.

MD Code, Business Regulation, § 11-525, MD BUS REG § 11-525

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