As used in ORS 462.301 to 462.340: (1) “Back” means to wager on a selected outcome occurring in a given market. (2) “Exchange” means a system operated by an exchange wagering licensee in which the exchange wagering licensee maintains one or more markets in which persons may back or lay a selected outcome. (3) “Exchange […]
(1) The Legislative Assembly finds and declares that the horse racing industry is economically important to this state and that the general welfare of the residents of this state will be promoted by the advancement of horse racing and related projects and facilities in this state. (2) It is the intent of the Legislative Assembly, […]
Notwithstanding any other provision of law or rule to the contrary, exchange wagering by residents of this state and other jurisdictions on the results of horse races conducted in this state or other jurisdictions are lawful, provided that: (1) Exchange wagering may be conducted only by an exchange wagering licensee through an exchange wagering system […]
(1) A person may not open an exchange wagering account or place an exchange wager except in accordance with federal law, ORS 462.301 to 462.340 and the rules adopted pursuant to ORS 462.301 to 462.340. (2) Only a person with a valid exchange wagering account may place wagers through an exchange. (3) To establish an […]
(1) The Oregon Racing Commission may issue an exchange wagering license to an applicant that meets the requirements of this section and the rules adopted by the commission pursuant to this section. (2) An applicant shall submit an application in a form and manner determined by the commission by rule and shall include information about […]
(1) An exchange wagering licensee may not accept an exchange wager, or series of exchange wagers, from an exchange wagering account holder if the results of the exchange wager or series of exchange wagers would create a liability for the holder in excess of moneys on the deposit in the holder’s exchange wagering account. (2) […]
Subject to the approval of the Oregon Racing Commission, an exchange wagering licensee may collect exchange revenues in the manner and amounts determined by the exchange wagering licensee, including but not limited to assessing a surcharge on any person’s net winnings. [2019 c.313 §8]
An exchange wagering licensee may cancel or allow to be canceled any unmatched wagers, without cause, at any time. [2019 c.313 §9]
The Oregon Racing Commission may adopt rules to regulate when an exchange wagering licensee may cancel or void a matched wager or part of a matched wager, and the actions that an exchange wagering licensee may take when all or part of a matched wager is canceled or voided. [2019 c.313 §10]
An exchange wager may be posted in a market after the start of a race if so authorized by the Oregon Racing Commission by rule and agreed to by the race track or fair that is conducting the race on which the exchange wager is made. [2019 c.313 §11]
Subject to applicable federal law, an exchange wagering licensee may post exchange wagers submitted by residents of this state in an interstate exchange pool in order to form identically opposing wagers, and may treat any resulting matched wager as part of one or more common pools with any other matched wagers in the interstate exchange […]
(1) The Oregon Racing Commission may require an exchange wagering licensee to: (a) Pay a fee to the commission of not more than two percent of the exchange wagering licensee’s exchange revenue; and (b) Pay a portion of the exchange wagering licensee’s exchange revenues as may be required by ORS 462.307. (2) Moneys collected under […]
The Oregon Racing Commission may not require an exchange wagering licensee to: (1) Retain, withhold or take out any amounts from exchange wagers; or (2) Assure any minimum payoff amount for an exchange wager or to calculate payoffs of winning exchange wagers in a manner inconsistent with exchange wagering authorized by ORS 462.301 to 462.340. […]
The Oregon Racing Commission may: (1) Adopt rules: (a) To regulate exchange wagering in this state, including the manner in which exchange wagers may be accepted and the requirements for a person to participate in exchange wagering; (b) Regarding the issuance, renewal, revocation and suspension of exchange wagering licenses; (c) To require an annual audit […]
