Bill > A05940

This bill amends the racing, pari-mutuel wagering and breeding law to allow off-track betting (OTB) corporations to establish a special reserve fund as an alternative to their current capital acquisition fund. The new special reserve fund can be used to make statutory payments to New York state entities, including payments to state tracks. Corporations can contribute up to 1% of their total pari-mutuel wagering pools for a quarter to this fund, but this contribution cannot be made simultaneously to the capital acquisition fund. The fund has specific restrictions: the contribution cannot reduce quarterly net revenues below 50%, and the fund's balance cannot exceed either 1% of the previous twelve months' total pari-mutuel wagering pools or the undepreciated value of the corporation's offices, facilities, and premises. Pari-mutuel wagering is a betting system where all bets of a particular type are placed together in a pool, and payoff odds are calculated by sharing the pool among all winning bets. The bill provides OTB corporations with more financial flexibility while maintaining constraints to ensure fiscal responsibility.

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https://www.nysenate.gov/legislation/bills/2025/A5940