Bill > SB362

This bill amends the Horse Racing Act to provide for advance deposit wagering. Advance deposit wagering is a form of pari-mutuel wagering where individuals can deposit money into an account with an authorized licensee and use that balance to place bets on horse races through electronic means. The bill outlines the requirements for racetrack licensees to offer advance deposit wagering, including obtaining commission approval, implementing operational and identity validation procedures, and retaining a portion of the wagers. The bill also establishes a source market fee on wagers placed by New Mexico residents on out-of-state races, with the proceeds distributed to racetrack licensees, the breeder award fund, and the racehorse testing fund.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=362&year=21