Iowa Admin. Code r. 491-8.3

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 491-8.3 - Approval of pari-mutuel wagers

(1)Pools permitted. All pari-mutuel wagering pools approved by the commission shall be separately and independently calculated and distributed. Takeout shall be deducted from each gross pool as stipulated by Iowa Code section 99D. 11. The remainder of the moneys in the pool shall constitute the net pool for distribution as payoff on winning wagers.

(2)Pari-mutuel wagering submissions. Prior to conducting a new pari-mutuel wager, a facility shall submit proposals for the wager including, but not limited to, the wager type, calculation of payoff, refunds and distribution of pools. The wager submission, or requests for modification to an approved wager, shall be in writing and approved by the administrator or an administrator's designee prior to implementation.

(3)Public notice. The public shall have access to the wagering rules and the calculation of payoffs and distribution of pools which are approved by the commission. Signage shall be conspicuously posted in the wagering area to direct patrons to the wagering area where this information can be viewed.

Iowa Admin. Code r. 491-8.3

ARC 0734C, IAB 5/15/2013, effective 6/19/2013