Administrative Code

Virginia Administrative Code
3/4/2021

Part IV. Distribution of Purse Money

11VAC10-20-350. Purse amounts.

Pursuant to § 59.1-392 of the Code of Virginia, 8.0% of the pari-mutuel pools for straight wagering, and 9.0% of the pari-mutuel pools for multiple wagers shall be allocated for purse money to participants by the licensee. In making the distribution of purse money, the licensee shall, to the extent possible, maintain purse amounts in proper relationship to actual pari-mutuel handles.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.1, Volume 06, Issue 13, eff. April 25, 1990.

11VAC10-20-360. Adjustments to purses.

Should levels of pari-mutuel handle create overpayment or underpayment of purses paid during the course of the race meeting, the licensee shall make adjustments in each publication of its condition book to attempt to keep purses consistent with mutuel handles.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.2, Volume 06, Issue 13, eff. April 25, 1990.

11VAC10-20-370. Overpayments carried over.

If, at the end of the horse race meeting, an overpayment of purses has occurred, the overpayment shall be carried over to the next horse race meeting of the same breed and the overpayment may be recovered by the licensee. The licensee shall recover the overpayment on an even basis over the course of the horse race meeting to prevent serious inconsistencies in purse levels during the horse race meeting.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.3, Volume 06, Issue 13, eff. April 25, 1990.

11VAC10-20-380. Underpayments carried over.

If, at the end of a horse race meeting, an underpayment of purses has occurred, the underpayment shall be carried over to the next horse race meeting of the same breed. The underpayment must be paid to the horse owners by adding the underpayment to the purses. The licensee shall repay the underpayment on an even basis over the course of the horse race meeting to prevent serious inconsistencies in purse levels during the horse race meeting.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.4, Volume 06, Issue 13, eff. April 25, 1990.

11VAC10-20-390. Willful underpayment.

Should the commission determine that a licensee willfully failed to adjust purse levels in violation of these regulations for the purposes of retaining purse underpayments from one race meeting to the next, the licensee will be the subject of disciplinary action of the commission.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.5, Volume 06, Issue 13, eff. April 25, 1990.

11VAC10-20-400. Escrow accounts.

All money received by a licensee for races that require nominating, sustaining, entry, or starting fees must be placed in interest bearing escrow accounts, and all accrued interest must be added to these races if: (i) the total fees received for the race exceed $15,000; or (ii) fees are due and payable for the race more than 180 days in advance of the advertised date of the running of the race.

Statutory Authority

§ 59.1-369 of the Code of Virginia.

Historical Notes

Derived from VR662-01-02 § 4.6, eff. Volume 06, Issue 13, eff. April 25, 1990.

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