The purpose and effect of the proposed rule will be to amend the Division’s rule regarding foreign wagers.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Division of Pari-Mutuel Wagering

RULE NO: RULE TITLE
61D-7.020: Pari-Mutuels
PURPOSE AND EFFECT: The purpose and effect of the proposed rule will be to amend the Division’s rule regarding foreign wagers.
SUMMARY: The rule addresses the conversion to United States Dollars of foreign wagers that are commingled with Florida on-track pari-mutuel pools.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: No Statement of Estimated Regulatory Cost was prepared.
Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
SPECIFIC AUTHORITY: 550.0251(3), (7), 550.105(2)(b), 550.155(1), 550.3551(10), 550.495(4), 550.6305(5) FS.
LAW IMPLEMENTED: 550.0251, 550.0425, 550.105, 550.155, 550.495, 550.70 FS.
IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):
DATE AND TIME: November 28, 2007, 10:00 a.m. – 12:00 noon
PLACE: Florida Department of Business and Professional Regulation, Northwood Centre, Board Room, 1940 N. Monroe Street, Tallahassee, Florida 32399
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Mary Polombo at [phone]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Mary Polombo, Clerk, Division of Pari-Mutuel Wagering, 1940 North Monroe Street, Tallahassee, Florida 32399-1035

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61D-7.020 Pari-Mutuels.

(1) Win, Place and Show Pari-mutuel wagers may not be sold in not less than $1 denominations, and may be sold only in $1 increments, except when a guest track in Florida commingles into the pools of an-out-of state host and the out-of-state host offers a lower incremental minimum. A minimum base bet of at least 10 U.S. dollars (ten cents), and any increment greater, may be sold by a Florida permitholder or commingled into a Florida host permitholder’s pools by an out-of-state guest for exotic wagers only.

(a) Foreign guests’ pools may be commingled into a Florida host permitholder’s pools utilizing a currency conversion formula that may result in fractional monetary amounts, provided that the Florida host’s established minimum individual bet unit values shall be followed by such guests.

(b) Wagers from foreign sites commingling with the on-track pari-mutuel pool shall be converted to U.S. currency by the guest track, using the exchange rate as of 12:00 P.M. the prior day as established by the Federal Reserve Bank of New York, for the current day’s races or games.

(2) through (19) No change.

Specific Authority 550.0251(3), (7), 550.105(2)(b), 550.155(1), 550.3551(10), 550.495(4), 550.6305(5) FS. Law Implemented 550.0251, 550.0425, 550.105, 550.155, 550.495, 550.70 FS. History– New 10-20-96, Amended 12-15-97, 2-24-03, 9-19-04,________.

NAME OF PERSON ORIGINATING PROPOSED RULE: David J. Roberts, Director, Division of Pari-Mutuel Wagering
NAME OF SUPERVISOR OR PERSON WHO APPROVED THE PROPOSED RULE: Holly Benson, Secretary, Department of Business and Professional Regulation
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 17, 2007
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: January 5, 2007