Section 11-518 - Distribution of open purses. - Maryland Statutes

§ 11-518. Distribution of open purses.
 

(a)  "Open purse" defined.- In this section, "open purse" means any purse, except for one offered in a race funded by the Maryland-Bred Race Fund. 

(b)  Pension Fund.- The Commission may direct a deduction from open purse money of 0.25% of all mutuel pools to be paid to the Maryland Backstretch Employees Pension Fund. 

(c)  Formula.- Subject to the approval of the Commission, the licensees and an organization that represents a majority of the owners and trainers in the State shall agree on a formula for distributing open purse money. 

(d)  Shares for overnight and stakes races.- The formula shall distribute approximately 85% of the open purse money to the overnight races of the current year and approximately 15%, but not more than 17%, to the stakes races of the current year. 

(e)  Share for owners and trainers organization.- The organization that represents a majority of the owners and trainers in the State shall set an amount not less than 1% but not more than 2% that shall be deducted from all open purses and paid to the organization. 
 

[An. Code 1957, art. 78B, § 11; 1992, ch. 4, § 2.]