Virginia Administrative Code › Title 11 - GAMING › Agency 10 - VIRGINIA RACING COMMISSION › Chapter 20 - REGULATIONS PERTAINING TO HORSE RACING WITH PARI-MUTUEL WAGERING › Part I - General Provisions › Section 11VAC10-20-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms, when used in this chapter,
					 shall have the following meaning, unless the context clearly indicates
					 otherwise:
"Act" means Chapter 29 (§ 59.1-364 et seq.) of Title
					 59.1 of the Code of Virginia.
"Breakage" means the odd cents by which the amount payable
					 on each dollar wagered exceeds a multiple of $ .10.
"Carryover" means the nondistributed pool moneys which are
					 retained and added to a corresponding pool in accordance with this
					 chapter.
"Commission" means the Virginia Racing Commission.
"Enclosure" means all areas of the property of a track to
					 which admission can be obtained only by payment of an admission fee or upon
					 presentation of authorized credentials, and any additional areas designated by
					 the commission.
"Entry" means two or more horses in a race that are treated
					 as a single wagering interest for pari-mutuel wagering purposes.
"Expired ticket" means an outstanding ticket which was not
					 presented for redemption within the required time period for which it was
					 issued.
"Handle" means the total amount of all pari-mutuel wagering
					 sales excluding refunds and cancellations.
"Horse owner" means a person owning an interest in a
					 horse.
"Horse racing" means a competition on a set course
					 involving a race among horses on which pari-mutuel wagering is
					 permitted.
"Licensee" includes any person holding an owner's or
					 operator's license, or any other license issued by the commission.
"Limited license" means a license issued by the commission
					 allowing the holder to conduct a race meeting or meetings, with pari-mutuel
					 wagering privileges, for a period not exceeding 14 days in any calendar
					 year.
"Member" includes any person designated a member of a
					 nonstock corporation, and any person who by means of a pecuniary or other
					 interest in such corporation exercises the power of a member.
"Minus pool" means that the payout is in excess of the net
					 pool.
"Mutuel field" means two or more horses are treated as a
					 single wagering interest because the number of wagering interests exceeds the
					 number that can be handled individually by the totalizator.
"Net pool" means the amount of gross pari-mutuel ticket
					 sales less refundable wagers and retainage.
"Official order of finish" means the order of finish of the
					 horses in a contest as declared official by the stewards.
"Off time" means the moment at which the starter dispatches
					 the field.
"Operator's license" means a license issued by the
					 commission allowing the holder to conduct a horse race meeting with pari-mutuel
					 wagering privileges.
"Outstanding ticket" means a winning or refundable
					 pari-mutuel ticket which was not cashed during the program for which it was
					 issued.
"Owner's license" means a license issued by the commission
					 allowing the holder to construct a horse racing facility for the purpose of
					 conducting a race meeting with pari-mutuel wagering privileges.
"Pari-mutuel wagering" means the system of wagering on
					 horse racing in which those who wager on horses that finish in the position or
					 positions for which wagers are taken share in the total amounts wagered, less
					 deductions required or permitted by law.
"Permit holder" includes any person holding a permit to
					 participate in horse racing subject to the jurisdiction of the commission or in
					 the conduct of a race meeting where pari-mutuel wagering is offered thereon as
					 provided in the Act.
"Person" includes a natural person, partnership, joint
					 venture, association or corporation.
"Pool" means the amount wagered during a race meeting in
					 straight wagering, in multiple wagering, or during a specified period
					 thereof.
"Principal stockholder" means any person who individually
					 or in concert with his spouse and immediate family members, owns or controls,
					 directly or indirectly, 5.0% or more of the stock of any person who is a
					 licensee, or who in concert with his spouse and immediate family members has
					 the power to vote or cause the vote of 5.0% or more of any such stock.
"Profit" means the net pool after the deduction of the
					 amount wagered on the winners.
"Profit split" means a division of profit among the
					 separate wagering interests or winning combinations resulting in two or more
					 payout prices.
"Program" means a schedule of races run consecutively at a
					 racetrack or simulcast to a satellite facility.
"Race meeting" means the whole consecutive period of time
					 during which horse racing with pari-mutuel wagering is conducted by a
					 licensee.
"Recognized majority horsemen's group" means the
					 organization recognized by the commission as the representative of the majority
					 of owners and trainers racing at race meetings subject to the commission's
					 jurisdiction.
"Retainage" means the total amount deducted, from the
					 pari-mutuel wagering pool in the percentages designated by statute for the
					 Commonwealth of Virginia, purse money for the participants, Virginia Breeders
					 Fund, and the operators.
"Single price pool" means an equal distribution of profit
					 to winning wagering interests or winning wagering combinations through a single
					 payout price.
"Stock" includes all classes of stock of an applicant or
					 licensee corporation, and any debt or other obligation of such corporation or
					 stockholder thereof or stock of any affiliated corporation if the commission
					 finds that the holder of such obligation or stock derives therefrom such
					 control of or voice in the operation of the applicant or licensee corporation
					 that he should be deemed a stockholder.
"Totalizator" means an electronic data processing system
					 for registering wagers placed on the outcomes of horse racing, deducting the
					 retainage, calculating the mutuel pools and returns to ticket holders, and
					 displaying approximate odds and payouts, including machines utilized in the
					 sale and cashing of wagers.
"Unlimited license" means a license issued by the
					 commission allowing the holder to conduct a race meeting or meetings, with
					 pari-mutuel wagering privileges, for periods of 15 days or more in any calendar
					 year.
"Virginia Breeders Fund" means the fund established to
					 foster the industry of breeding racehorses in the Commonwealth of
					 Virginia.
"Wagering interest" means one or more horses in a race
					 which are identified by a single program number for wagering
					 purposes.
Statutory Authority: § 59.1-369 of the Code of
						Virginia.