Iowa Admin. Code r. 491-8.5 - Interstate common-pool wagering
(1)
General.
a. All contracts
governing participation in interstate common pools shall be submitted to the
commission representative for prior approval. Financial reports shall be
submitted daily or as otherwise directed by the commission representative.
Contracts and reports shall be of such content and in such format as required
by the commission representative.
b. Individual wagering transactions are made
at the point of sale in the state where placed. Pari-mutuel pools are combined
for computing odds and calculating payoffs but will be held separate for
auditing and all other purposes.
c.
Any surcharges or withholdings in addition to the takeout shall be applied only
in the jurisdiction otherwise imposing such surcharges or
withholdings.
d. In determining
whether to approve an interstate common pool which does not include the host
facility or which includes contests from more than one facility, the commission
representative shall consider and may approve use of a bet type which is not
utilized at the host facility, application of a takeout rate not in effect at
the host facility, or other factors which are presented to the commission
representative.
e. The content and
format of the visual display of racing and wagering information at facilities
in other jurisdictions where wagering is permitted in the interstate common
pool need not be identical to the similar information permitted or required to
be displayed under these rules.
(2)
Guest state participation in
interstate common pools.
a. With the
prior approval of the commission representative, pari-mutuel wagering pools may
be combined with corresponding wagering pools in the host state or with
corresponding pools established by one or more other jurisdictions.
b. The commission representative may permit
adjustment of the takeout from the pari-mutuel pool so that the takeout rate in
this jurisdiction is identical to that of the host facility or identical to
that of other jurisdictions participating in a merged pool.
c. When takeout rates in the merged pools are
not identical, the net-price calculation shall be the method by which the
differing takeout rates are applied.
d. Rules established in the state of the host
facility designated for a pari-mutuel pool shall apply.
e. The commission representative shall
approve agreements made between the facility and other participants in
interstate common pools governing the distribution of breakage between the
jurisdictions.
f. If, for any
reason, it becomes impossible to successfully merge the bets placed into the
interstate common pool, the facility shall make payoffs in accordance with
payoff prices that would have been in effect if prices for the pool of bets
were calculated without regard to wagers placed elsewhere, except that, with
the permission of the commission representative, the facility may alternatively
determine either to pay winning tickets at the payoff prices at the host
facility or to declare such accepted bets void and make refunds in accordance
with the applicable rules.
(3)
Host state participation in
merged pools.
a. With the prior
approval of the commission representative, a facility licensed to conduct
pari-mutuel wagering may determine that one or more of its contests be utilized
for pari-mutuel wagering at guest facilities in other jurisdictions and may
also determine that pari-mutuel pools in guest jurisdictions be combined with
corresponding wagering pools established by it as the host facility or
comparable wagering pools established by two or more jurisdictions.
b. When takeout rates in the merged pool are
identical, the net-price calculation shall be the method by which the differing
takeout rates are applied.
c. Rules
of racing established for races held in this state shall also apply to
interstate common pools unless the commission representative specifically
determines otherwise.
d. The
commission representative shall approve agreements made between the facility
and other participants in interstate common pools governing the distribution of
breakage between the jurisdictions.
e. Any contract for interstate common pools
entered into by the facility shall contain a provision to the effect that if,
for any reason, it becomes impossible to successfully merge the bets placed in
another jurisdiction into the interstate common pool formed by the facility or
if, for any reason, the commission representative or facility determines that
attempting to effect transfer of pool data from the guest jurisdiction may
endanger the facility's wagering pool, the facility shall have no liability for
any measure taken which may result in the guest's wagers not being accepted
into the pool.
(4)
Takeout rates in interstate common pools.
a. With the prior approval of the commission
representative, a facility wishing to participate in an interstate common pool
may change its takeout rate so as to achieve a common takeout rate with all
other participants in the interstate common pool.
b. A facility wishing to participate in an
interstate common pool may request that the commission representative approve a
methodology whereby host facility and guest facility jurisdictions with
different takeout rates for corresponding pari-mutuel pools may effectively and
equitably combine wagers from the different jurisdictions into an interstate
common pool.
Notes
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