Bill > HB199

This bill amends the Horse Racing Act to provide for advance deposit wagering. The key provisions are: 1. It defines "advance deposit wagering" as a form of pari-mutuel wagering where an individual can deposit money in an account with an authorized licensee and use that balance to place wagers on horse races through electronic means. This is not considered gambling under state law. 2. It authorizes advance deposit wagering to be conducted by racetrack licensees with approval from the Gaming Control Board, and outlines the requirements for racetrack licensees to obtain approval, including providing a description of the operational plan and identity validation procedures. 3. It establishes that racetrack licensees or advance deposit wagering service providers conducting this business in the state must retain up to 5% of wagers on races run at New Mexico racetracks from within the state, with the remainder apportioned as specified in existing law. 4. It also requires these entities to pay a 5% source market fee on wagers accepted from New Mexico residents on out-of-state horse races, with the funds allocated to racetrack licensees, the breeder award fund, and the racehorse testing fund. 5. Finally, it allows pari-mutuel wagering on simulcast horse races to be conducted via advance deposit wagering accounts, in addition to on the licensed premises of racetrack licensees.

Business and Industry, Justice

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=199&year=21