The Kentucky Horse Racing Commission adopted revised regulations that change the current bond requirement for entities conducting advanced deposit wagering for horse races.
Under prior regulations, the bond or letter of credit had to be for an amount not to exceed $500,000. The revised regulations establish a formula for determining the bond amount based on the amount of excise taxes and account wagering balances that the licensee reports.
The bond or letter of credit must be in an amount equal to the amount calculated using the formula, except if the amount is less than or equal to $50,000, then the bond or letter of credit must be for $50,000, or if the amount calculated exceeds $500,000, the bond or letter of credit must be for $500,000. New licensees must post a $50,000 bond or letter of credit.
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