Action:
Amendment to 10-20-260
Action 2015
General Information
Action Summary |
At the request of the unlimited license holder Colonial Downs, the Virginia Racing Commission has decided to amend the minimum amount for multiple wagering from one dollar to ten cents. This is being done to allow Colonial Downs to offer a ten cent superfecta wager on the live racing held at Colonial Downs. A superfecta is a wager in which the bettor has to pick the first four finishers of a given race. By lowering the minimum amount of this particular wager to ten cents, it allows the bettors to play more combinations for less money which in turn increases the likely hood of having a winning wager. This change has been instituted in other states recently and has had nothing but positive results.
The only consideration is that the minimum payout in Virginia for any wager must be the amount of the wager plus a minimum profit of 5%. Since 5% of ten cents is a half of a cent, the Commission also decided to change the wording in the paragraph which deals with minimum payouts to insure that the bettor in Virginia would at least receive a penny for each ten cent wager that is made in the unlikely instance that the profit on a ten cent wager would not be at least one cent. While the odds of this happening are one in million, the Commission wanted to make sure that all of the considerations of this regulation amendment were addressed.
|
Chapters Affected |
Only affects this chapter.
|
Executive Branch Review |
This Action is exempt from Article 2 of the Administrative Process Act.
The normal executive branch review process is not required. As such, it can be submitted directly for publication and
is effective upon publication.
Exempt Citation:
2.2-4002 (B)(22)
|
RIS Project |
No project yet assigned to this action |
New Periodic Review |
This action will not be used to conduct a new periodic review.
|
Stages
Stages associated with this regulatory action.
Stage ID |
Stage Type |
Status |
3595
|
Final
|
Stage complete. This regulation became effective on 03/07/2006. |
Contact Information
Name / Title:
|
Kimberly Mackey
/
Regulatory Coordinator
|
Address:
|
Virginia Racing Commission
10700 Horsemens Road
New Kent, VA 23124
|
Email Address:
|
kimberly.mackey@vrc.virginia.gov
|
Phone:
|
(804)966-7406
FAX: ()-
TDD: ()-
|
This person is the primary contact for this agency.